Salama reports strong financial performance with 19% growth in net profit, achieving AED 18.6 million for 9M 2023

• Salama reported a 19% increase in net profit, reaching AED 18.6 million for 9M 2023, and a notable 21% growth in revenue, amounting to AED 824.3 million for 9M 2023
• The company’s substantial financial growth is attributed to effective strategic initiatives, including enhanced underwriting, digital development, client portfolio expansion, and new partnership channels

Dubai, November 14, 2023: Islamic Arab Insurance Company (DFM listing: “Salama”), UAE’s largest Takaful solutions provider, posted a net profit of AED 18.6 million for the first nine months of 2023 (9M 2023), a healthy 19% rise from AED 15.6 million reported in the corresponding period of the previous year.

The company reported a significant 21% growth in revenue for the 9M 2023, reaching AED 824.3 million, compared to AED 679.0 million during the same period last year. The substantial increase highlights SALAMA’s robust market presence and the successful execution of its strategic business initiatives including a renewed focus on underwriting, further development of digital capabilities, an expanded client portfolio, and expansion of distribution channels through new partnerships.

Shareholder’s investment income increased to AED 65.9 million, a notable rise reflecting the company’s growth trajectory. Total assets registered a slight increase at AED 3,596.6 million, in comparison to the previous quarter at AED 3,588.8 million.

Salama’s commitment to transparent and accountable financial practices is exemplified by the successful adoption of IFRS 17 standards. This step enhances clarity, consistency, and comparability in financial reporting.

H.E. Saeed Alhajeri, Salama’s Chairman, remarked: “In the first nine months of this year, Salama has achieved strategic growth by combining resilience with profitable expansion, underpinned by innovation and agility. Our investments in expanding our network, enhancing our products and services, and forging new partnerships have been pivotal in delivering value to our modern and technologically adept customers. Emphasizing our commitment to Emiratisation, we continue to foster the development of local talent, aligning with the nation’s vision and contributing to the UAE’s solid economic progress. This approach is integral to our objective of generating sustainable, long-term value for all our stakeholders, while nurturing a workforce that reflects the rich heritage and ambitious future of the UAE.”

Salama’s agile transformation is positioning the company to be future-ready, elevating the customer journey and broadening our portfolio with innovative product lines including life, health/medical, motor, and other line of businesses. This expansion, supported by robust underwriting and efficient business operations, ensures the highest level of service excellence for our clients.

Walter Jopp, Salama’s CEO, added: “In an ever-evolving market landscape, our unwavering commitment lies in the customer-centricity of our Shariah-compliant products. By leveraging technology and fostering robust partnerships, we aim to sustain and enhance our strong market position. Our credibility and reputation for quality, along with our dedication to high service standards and adherence to Takaful best practices, distinctively position us as a leading provider of quality Takaful solutions. This focus on customer needs and experiences is at the heart of our operations, ensuring we consistently deliver superior value and service to our clients.”

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