«Salama» achieves 48.17 million dirhams in net profits... and a proposal to distribute 3 fils per share as cash dividends
The Islamic Arab Insurance Company, listed on the Dubai Financial Market under the name “Salama”, announced that the Board of Directors approved its audited financial statements for the year ending on December 31, 2021.
The company stated in a statement that its net profit for the fiscal year 2021 amounted to 48.17 million dirhams, with total written premiums amounting to 1.09 billion dirhams.
In turn, assets under management increased by 7.5% on an annual basis, as a result of the growing confidence of participants in the company. Subsidiaries in Egypt and Algeria achieved net profits of 38 million dirhams in 2021, an increase of 19% year on year.
cash dividends
The Board of Directors will propose a cash dividend of 3 fils per share for the fiscal year ending on December 31, 2021, during the annual general assembly to be held in April 2022, provided that the required regulatory approvals are obtained.
The company confirmed that in 2022 it will focus on expanding its business, based on the strong performance of its balance sheet.
Process improvement
Jassim Al Seddiqi, Chairman of the Board of Directors of Salama, said: “Despite the volatile economic environment in 2021, we continued to focus on implementing our strategy and providing value to our shareholders.
Our strong approach to improving our operations has led to a radical transformation of the company on various levels, whether in terms of digitization of operations or product innovation;
And its position as a leading Takaful company in the UAE is stronger than ever.”
He added: "As for our future outlook, we are very confident in our medium and long-term growth prospects, and we are well positioned to achieve sustainable value for our shareholders, and to consolidate our position as the preferred partner for takaful policy holders."
digital transformation
For his part, the CEO of SALAMA, Fahem Al Shehhi, said: “We are entering 2022 with good momentum in most areas, especially in the way of implementing the digital transformation strategy to improve operational efficiency, adopt the best practices of the sector, and launch more customer-centric digital product offerings. As well as expanding our strategic relationships with key partners, and continuing to support key ecosystems that are critical to our economy.”
Dubai - Emirates today
Follow our latest local and sports news and the latest political and economic developments via Google news