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Salama net profits stand firm at Dh45.27m in 2022

Gross written contributions reached Dh1.12 billion; Subsidiaries in Egypt and Algeria contributed positively to Salama Group net profit in 2022

Islamic Arab Insurance Company, listed as Salama on DFM, posted a net profit of Dh45.27 million in 2022 due to the company’s strategy to extend its leadership position in the UAE takaful industry.

In a statement, the insurance company said positive results led by consistent growth in gross written contributions (GWC) and prudent underwriting controls, as well as continuing investment in strategic partnerships.

The company has taken proactive action to strengthen its balance sheet through varied measures such as reducing its capital to offset old outstanding losses, improving underwriting performance and partnerships, and customer centric investment in digital transformation initiatives.

Salama's gross written contributions for 2022 exceeded the billion mark with the company achieving Dh1.12 billion (2.8 per cent growth) in GWC in 2022.

“We have delivered a year of good growth by executing a successful strategy of prudent partnerships, digitisation and making new takaful solutions accessible to varied segments of the market to make progress," Jassim Alseddiqi, Salama’s chairman, said.

"Our highly collaborative partnerships and digital and customer experience advancements further reflect our commitment to providing exceeding value to our policyholders and shareholders. As a leader in the UAE takaful industry for over 43 years, we remain optimistic that Salama is well positioned for consistent and sustainable growth,” he said.

Digital transformation continues

The company’s digital transformation strategy continued to advance through 2022 with automation of Salama’s health takaful product range and ongoing improvement of products and service offerings to ensure that takaful solutions are accessible to varied segments of consumers.

On the operational level, Salama continued to focus on its turnaround in the UAE market in 2022. Salama's subsidiaries, particularly Algeria and Egypt, continued to outperform as compared to previous year.

“Last year reflected further delivery of our growth plan, with consistent profits as well as market share. Our new strategic synergies have continued to improve overall business performance and market share," Ajit Vijay Joshi, board member of Salama, said.

"We are proud to become a preferred insurance partner for local brands and entrepreneurs. Looking ahead, we look forward to a robust pipeline of new products and innovation to deliver further customer and shareholder value,” he said.

Salama stands as the largest shariah-compliant takaful operator with 'AAA' capital adequacy rating as per S&P. It remains committed to serving partners and customers while enhancing shareholder returns in 2022 and beyond.

— muzaffarrizvi@khaleejtimes.com