Islamic Arab Insurance Company, listed as “SALAMA” on DFM, has received board approval for its audited financial statements for the year ended December 31, 2022.
· Net profit for the year reached AED 42.46mn.
· Despite challenging macroeconomic conditions, gross written contributions reached AED 1.12 billion.
· Subsidiaries in Egypt and Algeria contributed positively to SALAMA Group net profit in 2022.
· SALAMA has proactively strengthened its balance sheet through a range of measures, including the reduction of capital to offset previous losses, enhancements to underwriting performance and partnerships, and a customer-centric focus on investments in digital transformation initiatives.
SALAMA posted a net profit of AED 42.46mn in FY 2022. With a firm focus on the UAE market, the Company’s solid performance follows its strategy to enhance its market-leading position in the Takaful industry. In 2022, SALAMA invested in strategic partnerships to enhance its standing in addition to recording consistent growth in gross written contributions (GWC) with prudent underwriting controls.
Maintaining its commitment to operational excellence and quality service, SALAMA registered gross written contributions of AED 1.12bn in 2022, crossing the billion mark and marking a 2.8% growth over previous year’s GWC.
The Board considered a proposal during the meeting held on 20/3/2023 the distribution of cash dividends to Shareholder for the year 2022 subject to regulatory approvals of CBUAE and SCA. The proposal shall be submitted to the AGM for approval upon securing necessary regulatory approvals.
In 2022, SALAMA continued to advance its ongoing digital transformation strategy prioritizing the development of its digital insurance offerings. The Company rolled out automation of its health Takaful product range and expanded its Takaful product range, creating tailored solutions and better access for diverse customer segments, in line with industry trends.
SALAMA's subsidiaries, particularly Algeria and Egypt, continued to outperform as compared to previous year.
Jassim Alseddiqi, SALAMA’s Chairman, said: “We are proud to have achieved significant growth this year through the successful execution of our strategic plan, which has centered on forging prudent partnerships, advancing our digital capabilities, and expanding access to innovative Takaful solutions across diverse market segments. Our collaborative partnerships, along with our commitment to delivering exceptional customer experiences, exemplify our dedication to providing unparalleled value to both our policyholders and shareholders. With over 43 years of leadership in the UAE Takaful industry, we are confident that SALAMA is well positioned for sustained and continuous growth in the years ahead.”
Ajit Vijay Joshi, board member of SALAMA, said: “The continued momentum and profits reflect SALAMA’s strategic priorities to drive innovation and growth. Our astute new synergies have improved overall business performance and market share. We are pleased to become a preferred insurance partner for local brands government entities, SME’s along with banks and other corporates as we continue to grow new segments. SALAMA is well poised and committed to delivering increasing customer and shareholder value.”
SALAMA stands as the largest sharia'h compliant Takaful operator with 'AAA' capital adequacy rating as per S&P. SALAMA remains committed to serving partners and customers while enhancing shareholder returns in 2022 and beyond.