UAE’s Salama reports net profit of Dhs19.20m for H1 2022

UAE’s Salama reports net profit of Dhs19.20m for H1 2022

Islamic Arab Insurance Company (Salama) has reported a net profit of Dhs19.20m in the first half of the year. The company said it remained on track to achieve its operational objectives in H1 2022, led by the continued development of its digital capabilities, bolstering other aspects of the business, including prudent underwriting, client portfolio diversification, new partnerships, and improved distribution channels – providing seamless access to its offerings across varied consumer segments. Salama’s gross written contributions reached Dhs574m in the first half of the year in a price-sensitive and competitive market environment. The first half also saw Salama establishing new strategic tie-ups with banks in the UAE to provide omnichannel Takaful solutions to bank customers. In addition, Salama partnered with insuretech providers such as Wellx, to provide hyper-personalised takaful solutions to their customers via wearables technology. As part of its strategy to cater to a diverse customer base and reach untapped market segments, Salama has partnered with policybazaar to offer online insurance for non-GCC specification cars. Through this partnership, Salama is providing seamless and fast online insurance for owners of non-GCC-specification cars who have not had access to comprehensive auto insurance in the past. As more partners, including banks, broker