Salama reports a 67% increase in net profit in H1 2024

DUBAI: Islamic Arab Insurance Company (DFM listing: 'Salama'), UAE's largest Takaful solutions provider, has reported a net profit of AED 20.53 million, compared to AED 12.26 million during the same period in 2023. In line with the company's commitment to delivering core business profitability, Takaful revenue was recorded at AED 528.58 million - despite facing a challenging revenue environment, while total assets rose to AED 3,701.08 million. The statement of financial position remains stable with a modest increase in total assets. Other operating income increased to AED 20.68 million, a 277% increase compared to same period of last year while foreign currency adjustments were negatively impacted given the depreciation of the Egyptian Pound. Commenting on the H1 2024 financial results, Walter Jopp, Chief Executive Officer at Salama, said: 'As we implement our strategy and focus on delivering profitable growth, I am pleased with the progress we have made by focusing on underwriting discipline and supporting customer needs. The company's performance shows the positive outcomes of our customer-focused approach, including strategic partnerships and digitization of solutions and services. We will continue to accelerate this growth and create value for our customers and shareholders with world-class solutions. We remain committed to contributing to the progress of the UAE as a Shariah-compliant market leader surpassing 45 years.' Source : Emirates News Agency