Dubai – Islamic Arab Insurance Company (Salama) generated net profits attributable to the shareholders of AED 12.18 million in the first half (H1) of 2022, lower than AED 34.58 million in H1-21.

The basic and diluted earnings per share (EPS) plunged to AED 0.010 in H1-22 from AED 0.029, according to the income statements.

Salama reported incurred claims of AED 125.18 million during the first six months (6M) of 2022, higher than AED 101.52 million in the year-ago period.

The company registered accumulated losses of AED 383.86 million, representing 31.70% of the capital.

During the second quarter (Q2) of 2022, the net profits attributable to the owners plummeted to AED 2.25 million from AED 12.36 million in Q2-21.

Furthermore, the basic and diluted EPS fell to AED 0.002 in April-June 2022 from AED 0.010 in Q2-21.

The incurred claims in Q2-22 increased to AED 52.55 million from AED 37.74 million in Q2-21.

In the January-March 2022 period, the UAE-based firm posted a drop in net profit attributable to the shareholders to AED 9.92 million, compared to AED 22.22 million in Q1-21.

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