Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

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.

Source: mid-east.info
All copyrights reserved, Arab Reinsurance 2016 ©