SALAMA reports AED 12.26 million net profit in H1 2023

DUBAI, UAE: SALAMA, UAE’s largest Takaful solutions provider, has announced a net profit of AED 12.26 million for the first half of 2023, driven by the development of digital capabilities, improved underwriting discipline, expansion of the client portfolio, engaging in new partnerships, and reinforcement of distribution channels.

The company’s insurance revenue grew by 28%, reaching AED 544 million, while its shareholders’ investment income increased by 261%, reaching AED 47 million, compared to the same period last year. The company’s total assets stood at AED 3,588.835 million, a slight increase from AED 3,573.183 million at the end of 2022, despite the depreciation of the Egyptian currency.

The company also successfully implemented IFRS 17 standards, enhancing transparency, consistency, and comparability in the financial reporting process.

The company is poised to embark on a new phase of expansion and growth, with the appointment of H.E Saeed Alhajeri as Chairman and Walter Jopp as CEO. The company aims to continue as a thought leader and innovator in the Takaful sector, a role it has maintained for over 43 years, in line with its objective of being the preferred Takaful provider for both customers and partners, while strengthening Emiratisation goals and nurturing UAE national talent and leadership.

AMAN Insurance posts AED 4 million net profit in Q2 2023

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