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Salama posts highest Q1 profit since 2011
Jassim Alseddiqi, chairman, Salama.
The company has achieved significant growth in net investment income.
Islamic Arab Insurance Company, listed as ‘Salama’ reported a net income of Dh24.22 million in the first quarter of 2021, its highest Q1 net profit since 2011, and an increase of 84.43 per cent compared to Dh13.13 million in the first quarter of 2020.
Salama started the year on a strong note, continuing the upward trend in achieving its strategic objectives. In particular, the company delivered a solid performance in improving core business profitability and investment income, which increased by 60.05 per cent to Dh12.25 million in the first quarter of 2021, compared to Dh 7.65 million in the same period last year.
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Stand to gain
One UAE company that can benefit from rising yields is Islamic Arab Insurance Company (Salama), which announced a good set of 2020 earnings. One of the oldest insurers, it saw its gross written premiums grow 5.5 per cent to Dh1.17 billion, while there was significant growth in net profit - by 162 per cent - to Dh157.04 million.
Even after excluding the one-off net profit of Dh67 million from the sale of a stake in Salama Cooperative Insurance Co. in Saudi Arabia, the underlying net profit expanded by more than 50 per cent to Dh90 million compared to Dh59.8 million in 2019.