UAE - SALAMA announces AED 13.65 m profit for Q1 2020
Saturday, 05 23 2020, Category: Islamic Insurance, Country: U.A.E
Islamic Arab Insurance Company (“SALAMA”), UAE’s largest and oldest takaful provider, announced its reviewed financial results for the quarter ending March 31, 2020, reporting a net profit attributable to shareholders of AED 13.65 million as compared to AED 14.96 million in Q1 2019. The Gross Written Contribution grew by 26% to reach AED 441 million in Q1 2020 compared to AED 351 million in Q1 2019.
SALAMA continues to maintain its leading position in the Takaful segment of the UAE market. Despite global uncertainty due to COVID-19, SALAMA continued on its growth trajectory, achieving a substantial increase in its Gross Written Contribution. All lines of business and subsidiaries performed as per expectations, except SALAMA Algeria, which reported decreased Gross Written Contribution and increased claims cost in the first quarter of 2020, contributing to decrease in the overall net profits of SALAMA. The prudent investment strategy has shielded SALAMA from fluctuation in international and local equity markets.