DUBAI: Islamic Arab Insurance Company, (SALAMA) reported net profit for H1 2019 ended June 30, 2019 increased 4.7% to AED 33.3 million from AED 31.8 million in H1 2018.
Gross written premium (GWP) grew by 18.8% from AED 547 million in H1 2018 to AED 650 million in H1 2019. Plan holder’s assets under management (AUM) increased by 20% in the six months from January 1 to June 30, 2019, when compared to Dec 31, 2018.
SALAMA reported significant growth of 18.8% in gross written contribution with continued momentum in net profit. The results highlighted an increase in SALAMA’s total assets, with a 20% increase in assets under management.
SALAMA has continued to deliver growth in gross written contribution with improved underwriting performance and sustained profitability. It remains committed to providing innovative solutions and seamless service to customers and partners while enhancing shareholder returns.
SALAMA has already embarked on its plan to improve the existing Investment portfolio across all subsidiaries by moving away from unrated speculative grade instruments.
The restructuring planned may have a short-term impact but will improve the overall investment risk profile in the long run and enhance investment income.