Salama reports net profit of MAD 43.23 million in nine months – News
Salama maintained its momentum with better operational performance, generating net technical income of MAD 122.5 million, up 0.75% year-on-year
Salama’s subsidiaries in Egypt and Algeria also posted positive results, generating a combined profit of Dh 25 million for the nine months ended September 30, 2021. – Photo file
The Arab Islamic insurance company, listed as “Salama” on the DFM, on Monday reported net profit of 43.23 million dirhams for the nine-month period ended September 30, 2021.
The company also recorded net subscription income of MAD 122.5 million, an increase of 0.75% compared to the same period last year. This is the result of continuous measures to evaluate and restructure operations and processes and the related IT infrastructure to improve digital business opportunities, as well as a disciplined approach to underwriting.
âWe are delighted to report the resilient financial performance of Salama for the nine month period. It reflects the chosen strategy that we are deploying and builds on the investments we have made to date to create sustainable and long-term value for our policyholders and shareholders. We confidently look forward to a stable final quarter of the year as SALAMA continues to accelerate its digitization efforts and streamline costs, âsaid Jassim Alseddiqi, President of Salama.
Salama’s strategic focus on the local UAE market, where it sees the greatest potential for growth, has enabled the company to maintain its gross written contributions at Dh866.1 million during the nine-month period. months, demonstrating its operational excellence despite a changing environment.
Salama’s subsidiaries in Egypt and Algeria also posted positive results, generating a combined profit of Dh 25 million for the nine months ended September 30, 2021.
Salama recorded strong growth in net investment income, driven by a 19.60% increase in invested assets, from Dh 1.143 billion to Dh 1.368 billion in the third quarter of 2021, demonstrating the effectiveness of the strategy of investment made by the Board last year.
âOur performance in the third quarter reflects our team’s tireless efforts to adapt and meet the changing needs of our clients, the successful execution of board strategy and our focus on developing our digital capabilities. We have also adjusted our strategy to reflect recent regulatory developments, particularly with respect to strengthening our partnerships, exploring new cross-selling opportunities and diversifying our distribution channels – and we believe this will help to further develop our business and expand our customer base. “said Fahim AlShehhi, CEO of Salama.
Salama is the largest Sharia-compliant Takaful operator with an âAAAâ level capital adequacy according to S&P. He remains committed to serving his partners and clients while improving shareholder returns in 2021 and beyond.