Salama Reports A 67% Increase In Net Profit In H1 2024
Date
8/15/2024 3:23:08 PM
(MENAFN- Khaleej Times)
Islamic Arab Insurance Company (Salama), UAE's largest Takaful solutions provider, on Thursday reported a net profit of Dh20.53 million, compared to Dh12.26 million during the same period in 2023.
Takaful revenue was recorded at Dh528.58 million - despite facing a challenging revenue environment, while total assets rose to Dh3.701 billion. The statement of financial position remains stable with a modest increase in total assets. Other operating income increased to Dh20.68 million, a 277 per cent increase compared to same period of last year while foreign currency adjustments were negatively impacted given the depreciation of the Egyptian Pound.
Salama's H1 performance follows the appointment of new Board members. Fahad AlQassim has joined as Chairman of the Board of Directors bringing with him extensive experience in transformation and investment growth within the financial services landscape. AlQassim has held leadership positions with ADQ, an Abu Dhabi-based investment vehicle, Emirates Capital, Waha Capital, The Executive Council – Government of Dubai, and more. He also currently serves as a Board member of Aramex PJSC as well as the Board Chairman of Eshraq Investments PJSC.
The company recently welcomed Fareed Lutfi as Vice Chairman of the Board of Directors as well. With over 40 years of experience, Lutfi remains one of the most recognised leaders within the insurance industry. Currently serving as Secretary General of the Emirates Insurance Federation and Gulf Insurance Federation, he is a critical influencer towards the cause of correct insurance practices across the UAE, the GCC, and the wider region.
Walter Jopp, Chief Executive Officer at Salama, said:“As we implement our strategy and focus on delivering profitable growth, I am pleased with the progress we have made by focusing on underwriting discipline and supporting customer needs. The company's performance shows the positive outcomes of our customer-focused approach, including strategic partnerships and digitization of solutions and services. With our new Board members and a robust leadership team, we are confident of our ambitious growth strategy and that we will sustain this momentum to become the leading Takaful provider in the region. We will continue to accelerate this growth and create value for our customers and shareholders with world-class solutions. We remain committed to contributing to the progress of the UAE as a Shariah-compliant market leader surpassing 45 years.”
Salama's financial results follow significant market penetration with an approach to being a trusted, human-centric and transparent Takaful provider, reflected in its newly revamped website. The recent opening of the company's new Abu Dhabi office and strategic appointments within the management team have complemented Salama's efforts in creating long-term value for partners and customers.
Salama continues to build on its core objective of providing peace of mind to customers through its range of insurance solutions. The company remains resilient, backed by a solid Takaful foundation, while prioritising growth through strategic objectives. The Takaful provider has won various industry awards, reflecting Salama's commitment to customers and unwavering support to partners.
MENAFN15082024000049011007ID1108560313
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.