UAE – 41% Growth in Salama’s mid-term profit to 47 million

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(MENAFN – Al-Bayan) Source: Date: August 11, 2020 The net profit of the Islamic Arab Insurance Company, Salama, increased to 47.05 million dirhams in the first half of 2020 compared to 33.36 million dirhams in the same period in 2019, with a growth of 41%, and despite the challenges of the emerging coronavirus pandemic, the total written premiums increased By 6.9%, from 650 million dirhams in the first half of 2019 to 695 million dirhams in the first half of 2020. Salameh continued her growth path, achieving a significant increase in total premium income.

All businesses and subsidiaries performed according to expectations, with the exception of Salama Algeria, which announced a drop in gross premium income, and its heavily fortified investment strategy protected Salameh from volatility in the stock market.

Underwriting income increased from 76.72 million dirhams in 2019 to 83.89 million dirhams in 2020, reflecting a growth of 9.34%.

“The company remained resilient in the first half in the face of the unseen doubts and challenges posed by the epidemic,” said Mustafa Ghazi Khriba, managing director of Salama Group. Our customer-focused approach supported by specific business and investment strategies paved the way for the company’s success.

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