SALAMA reports 9-month net profit of AED 25.1mln

SALAMA reports 9-month net profit of AED 25.1mln

- Q3 Gross Written Contributions up 48% year-on-year to AED 312 million, while for the 9-month period it reached AED 886 million.

- Strong performance of subsidiaries in Egypt and Algeria, which achieved profitability growth of 54% YOY.

- Q3 Net Profit grows 102% YoY to AED 5.9 million.

- 5.6% YoY decline in general, administrative, and other expenses in Q3 2022, resulting from the deployment of improved cost control measures.

- Leading in offering the largest number of digital takaful solutions to customers and partners, with progress to date and future efforts to accelerate digital capabilities and enable further business growth.

- Regaining solvency status and maintaining a good solvency ratio, indicating financial stability and a high ability to pay claims.

- Preparing for the proposed consolidation of insurance portfolios, which once completed will scale up SALAMA’s capabilities and place it among the top five Takaful insurers in the world.

- The new board appointed in April 2019, is committed to safeguarding the interests of SALAMA and its shareholders and has worked relentlessly in this direction, which is rightly reflected in the recent decisions of the UAE courts in favour of SALAMA.

Dubai: Islamic Arab Insurance Company, listed as "SALAMA" on DFM, today announced its audited financial