Islamic Arab Insurance Company (Salama) has posted insurance revenue of AED1.11 billion ($300 million) in 2023, an increase by 20% from fiscal year 2022. 

 

Total assets registered an increase at AED3.70 billion in 2023, in comparison to AED3.57 billion in 2022, showing an increase of AED129.3 million. The net operating profit year-on-year has reduced by 13% to AED101.64 million. 

 

Salama also reported a net loss of AED43.45 million, largely due to goodwill impairment of AED36.1 million on account of currency depreciation in Egypt. The net loss includes a one-time loss of AED28.02 million on account of a legacy fire insurance claim for which reinsurance was not recovered. Excluding the impact of these two events, the company would have reported a profit AED20.60 million.

 

Staying resilient

Saeed Alhajeri, Chairman of Salama, said: “In the year 2023, we focused on staying resilient with innovation within evolving market conditions. As the UAE insurance industry sees the impact of new regulatory and industry developments, Salama is confident of providing immense value to our policyholders and shareholders. While the country advances into the future, we persist with our mission to progress sustainably and secure our ever-growing clientele with world-class insurance solutions.”

 

Walter Jopp, Chief Executive Officer at Salama, added: “We are committed to strengthening our balance sheet position and enhancing our leadership position in the market with focused strategic initiatives. With four decades of expertise, Salama is uniquely placed to provide Takaful solutions with the highest quality standards, personalised service, and access. Our customers are at the heart of our business, and we will continue our ongoing efforts to exceed expectations and be the Takaful leader in the region.”

 

Salama continues to build on its core objective of risk assessment and providing peace of mind to customers in the most convenient way. The company remains resilient, backed by solid Takaful foundations, a strong balance sheet and an ‘AAA’ capital adequacy rating from S&P. 

 

The company has won 10 awards in 2023 at various forums, reflecting Salama’s commitment to customers and untiring support to partners.--TradeArabia News Service