Salama's net profits hike 84% in Q1 2021

The company's gross written premiums maintained at $116.50mln in Q1 2021

Image used for illustrative purpose.

Image used for illustrative purpose.

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Dubai –  The net income of Islamic Arab Insurance Company (Salama) surged by 84.43% to AED 24.22 million in the first three months of 2021, compared to AED 13.13 million in the corresponding quarter of 2020, according to the company's audit financial statements.

The company's Q1 profits hit their highest levels in 10 years, driven by the benefit of strategic focus on core profitability and investment income.

The company's gross written premiums maintained at AED 427.55 million in Q1-21, despite the challenging macroeconomic conditions.

The earnings per share (EPS) rose by 35.71% to AED 0.019 in Q1-21 from AED 0.014 in Q1-20.

In addition, the company's accumulated losses declined to AED 286.67 million, versus AED 308.05 million as of 31 December 2020.

Commenting on the company's performance, Salama's Chairman, Jassim Alseddiqi, said: "Salama is well-positioned to accelerate this growth trajectory and create sustainable, long-term value for our policyholders and shareholders."

Meanwhile, the CEO of Salama, Fahim AlShehhi, remarked: "Our digital transformation efforts are aimed at improving our bottom line and taking the customer experience to a new level. We are very pleased with how this is unfolding."

It is noteworthy to mention that in 2020, the company showed an increase in net profits attributable to the shareholders to AED 149.368 million, compared to AED 55.038 million in 2019.

Source: Mubasher

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