SALAMA’s FY 2022 preliminary net profit reaches AED 45.27mln

SALAMA’s FY 2022 preliminary net profit reaches AED 45.27mln

Dubai: Islamic Arab Insurance Company, listed as “SALAMA” on DFM, announced its preliminary results for the 2022 fiscal year.

Highlights:

- Net profit for the year reached AED 45.27mn.

- Gross written contributions reached AED 1.12bn.

- Subsidiaries in Egypt and Algeria contributed positively to SALAMA Group net profit in 2022.

- SALAMA has taken proactive measures to strengthen its balance sheet through varied measures such as reducing its capital to offset old outstanding losses, improving underwriting performance and partnerships, and customer centric investment in digital transformation initiatives.

SALAMA posted a net profit of AED 45.27mn in FY 2022, which was a result of the Company’s strategy to extend its leadership position in the UAE Takaful industry led by consistent growth in gross written contributions and prudent underwriting controls, as well as continuing investment in strategic partnerships.

SALAMA's gross written contributions for 2022 exceeded the billion mark with the Company achieving 1.12bn (2.8% growth) in GWC in 2022 with profits of 45.27mn.

The Company’s digital transformation strategy continued to advance through 2022 with automation of SALAMA’s health Takaful product range and ongoing improvement of products and service offerings to ensure that takaful solutions are accessible to varied segments of consumers.

On the operational level, SALAMA continued to focus on