Salama reports profits of AED 17.58 million in Q1 2024

Q1 2024 net profit records 118% increase of AED 17.58 million

• Takaful revenue expands to AED 271.47 million

• Salama strengthens market penetration with strategic partnerships and launch of new Abu Dhabi headquarters

Dubai, May 14, 2024: Islamic Arab Insurance Company (DFM listing: “Salama”), UAE’s largest Takaful solutions provider, has reported topline growth with a profit of AED 17.58 million in its first quarter (Q1) results of 2024 today.

Continuing in its growth trajectory, Salama’s profit increased by 118%, compared to AED 8.04 million in Q1 2023.

Takaful revenue recorded at AED 271.47 million, compared to AED 265.23 million in Q1 2023.

Net assets stood at AED 3,600.39 million. Total equity declined 3.46% reaching AED 634.46 million impacted primarily by the currency value depreciation in Egypt.

Salama’s positive financial results follow recent announcements of the opening of the Company’s new Abu Dhabi headquarters, signifying further market penetration within the UAE. The new headquarters complements its efforts in creating long-term value for partners and customers.

Commenting on the first quarter results, H.E Saeed Alhajeri, Chairman of Salama, said: “Our Q1 2024 results demonstrate our vision for growth and our focus on profitability. We are committed to strengthening our resilient market position by providing personalised and accessible solutions with the highest quality standards. We remain optimistic about achieving our strategic business objectives and creating value for our customers and shareholders as a Shariah-compliant market leader with experience surpassing 45 years.”

Walter Jopp, Chief Executive Officer at Salama, said: “We are very pleased to announce this growth in profits in the first quarter of 2024, this is part of our overall strategy of focusing on underwriting discipline and customer outcomes. As we sustain momentum on our ambitious growth strategy to being the leading Takaful provider in the region, we continue with strategic initiatives that include digitalisation of our services and tactical partnerships to put our customers’ needs at the core of our business.”