News

Salama records steady performance for H1 2023 with a net profit of AED 12.26 million

August 15, 2023

Highlights:

  • H1 2023 net profit recorded at AED 12.26 million.
  • Insurance revenue soared by 28% to AED 544 million.
  • Shareholders’ investment income increased substantially by 261% to AED 47 million.
  • Company’s recent leadership appointments emphasize commitment to a solid growth strategy and enhanced Emiratisation objectives.

Dubai, August 14, 2023: Islamic Arab Insurance Company (DFM listing: “Salama”), UAE’s largest Takaful solutions provider, has announced its financial results for the first half of 2023. The company recorded a net profit of AED 12.26 million for the period ending June 30, 2023.

 Development of digital capabilities, improved underwriting discipline, expansion of the client portfolio, engaging in new partnerships, and reinforcement of distribution channels have revitalized Salama’s offerings and contributed to the H1 2023 results.

Insurance Revenue witnessed a substantial growth of 28%, reaching AED 544 million, while Shareholders’ Investment income reached AED 47 million, a remarkable 261% increase from the same period last year.

The company’s total assets were recorded at AED 3,588.835 million, a slight increase from AED 3,573.183 million at the end of 2022, despite the depreciation of the Egyptian currency relative to its standing on December 31, 2022.

The company successfully implemented IFRS 17 standards, achieving a significant milestone in enhancing transparency, consistency, and comparability in the financial reporting process.

The company is poised to embark on a new phase of expansion and growth. The appointment of H.E Saeed Alhajeri as Chairman and Walter Jopp as CEO highlights Salama’s ambition to continue as a thought leader and innovator in the Takaful sector, a role it has maintained for over 43 years, in line with its objective of being the preferred Takaful provider for both customers and partners, while strengthening Emiratisation goals and nurturing UAE National talent and leadership.

H.E. Saeed Alhajeri, Salama’s Chairman, remarked: “In the first six months of the year, we demonstrated resilience, maintaining stability in challenging global economic conditions. Our investment in network expansion, launch of new products and services, and collaborations will enable us to deliver modern, digitally enabled convenience to our end-users. We anticipate that the rapidly growing UAE economy, continued infrastructure spending, and higher demand for insurance will boost our business.”

Walter Jopp, Salama’s CEO, added: “Our focus on innovation, customer-centricity, and robust partnerships have enabled us to maintain a strong market position. We remain committed to delivering world-class product offerings and services for our ever-growing clientele and generating long-term value for our stakeholders.”

Salama’s growth journey continues to resonate as a testament to its exceptional Shari’ah-compliant insurance products while upholding the highest standards of governance. The Company continues to progress strategic initiatives including recruiting and fostering Emirati talent acquisition across various managerial levels.

Salama is the largest Sharia’h Compliant Takaful solutions provider in the UAE with a “AAA” capital adequacy rating from S&P.