UAE: SALAMA records US$44 million loss
Source: Middle East Insurance Review | Apr 2016
Islamic Arab Insurance Co – SALAMA’s preliminary financial results for 2015 have shown a net loss of AED162.8 million (US$44.3 million), a reversal from the net profit of AED36.7 million in the previous year.
Net operating profit stood at AED56.2 million in 2015, declining 42% y-o-y. Revenues stood at AED933.3 million, up 22% y-o-y.
AED1 = US$0.27