UAE - SALAMA half-year net profit increases 41.03%
Friday, 08 14 2020, Category: Islamic Insurance, Country: U.A.E
Dubai: Islamic Arab Insurance Company, listed as “SALAMA” on DFM, announced its interim results for the first six months of 2020.
SALAMA reported growth of 6.9% in gross written contribution, from AED 650m in H1 2019 to AED 695m in H1 2020. SALAMA’s net profit increased to AED 47.05m in H1 2020 from AED 33.33m in H1 2019, and this has been possible due to the strategies implemented at Board Level focusing on core business profitability, enhancement of investment income and implementation of superior governance standards.
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 Premium Income. All lines of the business and its subsidiaries performed as per expectations except SALAMA Algeria, which reported a decrease in gross premium income in the first half of 2020. The prudent investment strategy has shielded SALAMA from the fluctuations in international and local equity markets.