UAE: SALAMA records 20% revenue growth in 2023
Source: Middle East Insurance Review | Mar 2024
Islamic Arab Insurance Company (SALAMA) has announced its preliminary results for the 2023 fiscal year. The company recorded insurance revenue of AED1.11bn ($302m), an increase by 20% from 2022, according to a press release SALAMA has issued last month.
Total assets registered an increase at AED3.70bn in 2023, in comparison to AED3.57bn in 2022, an increase of AED129.3m. The net operating profit y-o-y has reduced by 13% to AED101.64m. SALAMA also reported a net loss of AED43.45m, largely due to goodwill impairment of AED36.1m on account of currency depreciation in Egypt. The net loss includes a one-time loss of AED28.02m 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 AED20.60m.
In 2023, SALAMA continued to strive for growth with focused strategic objectives that included delivery of a vast number of customer-centric initiatives, strengthening of operational and digital capabilities and further consolidations of current portfolio. M