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Jul 2021

UAE: Salama posts highest 1Q profit since 2011

Source: Middle East Insurance Review | Jun 2021

Islamic Arab Insurance Co (Salama) has reported a 84.4% increase in net profit to AED24.22m ($6.6m) in the first quarter of 2021, compared to the same period last year. Meanwhile, gross written contributions for the period fell 3.6% to AED427.6m from AED441m in the first quarter of 2020.
 
Earnings per share increased by almost 36% from AED0.14 to AED0.19.
 
A statement posted on the Dubai Financial Market (DFM) said that the company has delivered a solid performance in improving core business profitability and investment income, which increased by 60.05% to AED12.25m in the first quarter.
 
In another recent statement on DFM, Salama revealed that its accumulated losses by the end of the first quarter have reached AED286.7m, representing 23.69% of its capital. Losses were accumulated over several previous years due to significant losses in 2012-2013 and 2015-2016, totalling AED843m, primarily from the loss-making UAE motor business and the company’s (then) subsidiary Best Re. M 
 
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