Islamic Arab Insurance Company (SALAMA), UAE's largest Takaful solutions provider, saw insurance revenue soar by 28% to AED 544m and a net profit of AED 12.26m in its financial results for the first half of 2023 ending 30 June.
In a statement on 14 August, it said development of digital capabilities, improved underwriting discipline, expansion of the client portfolio, engaging in new partnerships, and reinforcement of distribution channels revitalised SALAMA's offerings and contributed to the results.
Shareholders' Investment income reached AED 47m, a remarkable 261% increase from the same period last year.
The company's total assets were recorded at AED 3,588.835m, a slight increase from AED 3,573.183m at the end of 2022, despite the depreciation of the Egyptian currency relative to its standing on December 31, 2022.
The company further said it successfully implemented IFRS 17 standards, "achieving a significant milestone in enhancing transparency, consistency, and comparability in the financial reporting process".
The company said it is poised to embark on a new phase of expansion and growth.
"The appointment of H.E Saeed Alhajeri as chairman and Walter Jopp as CEO highlighted SALAMA's ambition to continue as a thought leader and innovator in the Takaful sector, a role it has maintained for over 43 years, in line with its objective of being the preferred Takaful provider for both customers and partners, while strengthening Emiratisation goals and nurturing UAE National talent and leadership", the statement said.
H.E. Saeed Alhajeri, SALAMA's chairman, said: "In the first six months of the year, we demonstrated resilience, maintaining stability in challenging global economic conditions. Our investment in network expansion, launch of new products and services, and collaborations will enable us to deliver modern, digitally enabled convenience to our end-users.
"We anticipate that the rapidly growing UAE economy, continued infrastructure spending, and higher demand for insurance will boost our business."
Walter Jopp, SALAMA's CEO, said: "Our focus on innovation, customer-centricity, and robust partnerships have enabled us to maintain a strong market position. We remain committed to delivering world-class product offerings and services for our ever-growing clientele and generating long-term value for our stakeholders."
SALAMA's "growth journey continued to resonate as a testament to its exceptional Shari'ah-compliant insurance products while upholding the highest standards of governance. The Company continues to progress strategic initiatives including recruiting and fostering Emirati talent acquisition across various managerial levels", the statement added.
SALAMA is the largest Sharia'h Compliant Takaful solutions provider in the UAE with a "AAA" capital adequacy rating from S&P.
