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.