Search DubaiPRNetwork.com

Home >> Banking & Investments

SALAMA Announces AED 13.65 Million Profit for Q1 2020

Saturday, May 23, 2020/ Editor -  

Share

Home >> Banking & Investments

Dubai - United Arab Emirates, May 23, 2020: 

Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest and oldest Takaful provider, has announced its reviewed financial results for the quarter ending March 31, 2020, reporting a net profit attributable to shareholders of AED 13.65 million compared to AED 14.96 million in Q1 2019. The Gross Written Contribution grew by 26% to reach AED 441 million in Q1 2020 compared to AED 351 million in Q1 2019.

SALAMA continues to maintain its leading position in the Takaful segment of the UAE market. Despite global uncertainty due to COVID-19, SALAMA continued on its growth trajectory, achieving a substantial increase in its Gross Written Contribution. All lines of business and subsidiaries performed as per expectations, except SALAMA Algeria, which reported decreased Gross Written Contribution and increased claims cost in the first quarter of 2020, contributing to a decrease in the overall net profits of SALAMA. The prudent investment strategy has shielded SALAMA from fluctuation in international and local equity markets.  

SALAMA is very carefully monitoring the situation from COVID-19 and adjusting its underwriting and product parameters in response to the market conditions. With prudent cashflow management and stringent control of expenses, SALAMA expects to weather this crisis. SALAMA has not seen a significant deterioration in claim experience due to the COVID-19 crisis. 

SALAMA has effectively transitioned to Work From Home and is serving customers and its distribution partners seamlessly and is meeting all its customer service benchmarks.  

SALAMA maintains a strong solvency position, AAA-rated capital adequacy as recognised by S&P. 


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Live from BMW Welt: The Esports Industry Assembles Virtually at BMW Esports Boos ...

SEHA Introduces Specialized Saturday Clinics Across the Network

Standard Chartered Global Focus Q3 2021: Navigating a Vulnerable Recovery

Jaguar Racing ‘Clones' Takeover Iconic London Underground Ahead of Heineken Lond ...

You Know About the Diamond 4cs, but There Is Another ‘c' You Should Know About — ...

MAX&Co. FW21

Sharjah Chamber, South Korea Explore Fostering Economic Ties

Aesop's Parsley Seed Essentials - Your New Skincare Routine Favourites

Breathe Easy with the New Ranges from Crate & Kids

Galaxy Ecosystem Excellence Emphasized through the Galaxy Tab S7 FE's Brilliance

5th Al Dhaid Date Festival begins at Expo Al Dhaid

Sunsets to Remember @ OSH with 50% off!

Herman Miller and Knoll Announce New Name: MillerKnoll

Emirates Mars Mission Marks Busy First Year

Tadej Pogacar Makes History as Back-to-back Tour De France Champion

Jawhara Jewelery Launches Your Eidiya Is From Jawhara Campaign

Sharjah Summer Promotions: Up to 80% off during Eid al-Adha Holidays

Team Abu Dhabi Crowned World Endurance Champions For Second Time in a Row

Legend Spa Launches Kids Spa Pop-Up at Modhesh World

HAYAWIIA, A Female Emirati Owned Exclusive Online and Instore Health and Wellnes ...