Gross written premiums in the second quarter settled at 655.5 million dirhams
“Salama” records a net income of 40.29 million dirhams for the first half
Jassim Al Seddiqi: “We have succeeded in continuing to grow, and we are witnessing an increase in investment income and underwriting income.”
The Islamic Arab Insurance Company, listed on the Dubai Financial Market under the name “Salama”, announced yesterday its audited financial results for the second quarter of 2021.
The company stated in a statement that it recorded a net income of 40.29 million dirhams for the first half of 2021, and continued to move towards achieving its strategic goals, as it showed strong performance in improving the profitability of the core business, and investment income with an increase of 87.53% to 31.91 million dirhams in the half. The first is 2021, compared to 17.01 million dirhams for the same period last year.
The net underwriting income amounted to AED 84.96 million, an increase of 1.2%, compared to the same period last year.
Salama attributed this to the important steps it took to enhance its digital capabilities, by restructuring its procedures, operations, and infrastructure services for the related information technology sector, as well as strict underwriting controls.
She explained that with its strategic focus on the local UAE market, in which it sees the greatest potential for growth, the company's total written premiums stabilized in the second quarter of 2021 at 655.51 million dirhams, which reflects the strong operational performance, despite the prevailing economic challenges amid the continuing repercussions of the pandemic. Covid-19.
SALAMA’s subsidiaries in Egypt and Algeria also achieved positive results, recording joint profits of 15 million dirhams in the first half of 2021, compared to 18.83 million dirhams for the same period in 2020.
Jassem Al-Siddiqi, Chairman of the Board of Directors of Salama, said that the results achieved by Salama in the second quarter of 2021 reflect the company's strong performance and its great flexibility in the face of difficult market conditions.
He added: “We have succeeded in continuing to grow, and we are witnessing an increase in investment income and underwriting income.
As for the second half of 2021, we are confident in our ability to increase our operating profit, and achieve our goal of providing sustainable and long-term value to shareholders and takaful policyholders alike.”
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