Dubai-listed Islamic Arab Insurance Company, known as Salama, reported a net loss of 43.45 million dirhams ($11.83 million) in 2023, compared to a profit of AED 35.43 million in 2022.

The loss was driven by a goodwill impairment of AED 36.1 million on account of currency depreciation in Egypt and a one-time loss of AED 28.02 million on a legacy fire insurance claim for which reinsurance was not recovered.

Excluding the impact of these two events, the insurer would have reported a profit of AED 20.60 million, the company said in a statement on the DFM on Thursday.

Revenue rose 20% year-on-year (YoY) to AED1.11 billion last year.

Total assets increased to AED 3.7 billion in 2023, compared to AED 3.57 billion in 2022.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)