SALAMA reports H1 net profit of AED 19.20mln, achieving market leadership in digital takaful solutions

SALAMA reports H1 net profit of AED 19.20mln, achieving market leadership in digital takaful solutions

Highlights: Net profit for H1 2022 compared to same period last year was adversely impacted by lower investment income. Robust business performance with Gross written contribution of AED 574 million. Achieves market leadership in offering largest number of digital takaful solutions to customers and partners, well poised to benefit from this growth opportunity in the second half of 2022. Strong performance by subsidiaries in Egypt and Algeria, which achieved profitability growth of 64% YOY. 15.88% YOY improvement in General and Administrative expenses in H1 2022, thanks to the deployment of strict cost control measures. Optimistic on delivering sustained, profitable growth for remaining part of 2022 with focused execution towards partnerships, product innovation and hyper-personalised digital solutions. Dubai: Islamic Arab Insurance Company, listed as "SALAMA" on DFM, today announced its audited financial results for the period ending June 30, 2022. The Company reported a net profit of AED 19.20 million in the first half of the year. SALAMA 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