Dubai –  Islamic Arab Insurance Company (Salama) achieved a net profit of AED 25.10 million during the first nine months (9M) of 2022, according to a press release on Monday.

Gross written contributions (GWC) amounted to AED 886 million in 9M-22 amid a price-sensitive and competitive market environment.

Meanwhile in the third quarter (Q3) of 2022, Salama achieved a 102% year-on-year (YoY) leap to AED 5.90 million in net profit.

The insurer registered an annual growth of 48% to AED 312 million in GWC during the three-month period which ended on 30 September 2022.

Salama remained profitable in the UAE, while its subsidiaries in Algeria and Egypt outperformed on an annual basis with a profitability growth of 54%.

In Q3-22, the company’s general, administrative, and other expenses decreased by 5.60% YoY, due to improved cost control measures.

The firm will prepare for the planned consolidation and acquisition of Takaful Emarat as well as the insurance portfolios of Dubai Islamic Insurance and Reinsurance Company (Aman) over the coming quarters, with the portfolio consolidation expected to be completed in the second half (H2) of 2023. Last October, Salama received initial approval to merge with Takaful Emarat and announced its potential investment in Aman.

CEO of Salama, Fahim Al Shehhi, said: "Salama's performance in Q3-22 is a true testament to how our direct-to-customer approach and aggressive customer acquisition strategy continues to pay off.”

Al Shehhi added: “Our efforts in the strategic pillars of digitalisation, innovation, and collaboration will accelerate and lead to enhanced customer experiences and omnichannel services, as well as our ongoing digital marketing efforts and campaigns for our large customer base.”

During the first half (H1) of 2022, Salama recorded net profits attributable to the shareholders worth AED 12.18 million, compared to AED 34.58 million in H1-21.

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