UAE - SALAMA reports FY 2020 net profit of AED 157.04 m
Monday, 03 15 2021, Category: Islamic Insurance, Country: U.A.E
Dubai: Islamic Arab Insurance Company, listed as “SALAMA” on DFM, has received board approval for its audited financial statements for the year ended December 31, 2020.
In 2020, SALAMA made excellent progress in achieving its business objectives. In particular, the Company has greatly improved core business profitability and investment returns, nearly tripling its net profit to AED 157.04 million (2019: AED 59.8 million).
At an operational level, SALAMA has successfully focused on the local UAE market in 2020, where the Company sees the greatest growth potential. This is reflected in gross written premiums, which increased by 5.5% overall to AED 1.17 billion for the full year 2020 (2019: AED 1.11 billion), despite the challenges posed by COVID-19. Excluding the one-off net profit of AED 67 million from the partial sale of SALAMA’s stake in SALAMA Cooperative Insurance Co (SALAMA KSA), underlying net profit increased by more than 50% to AED 90 million compared to AED 59.8 million in 2019.