Islamic Arab Insurance Company, listed as “SALAMA” on DFM, has received board approval for its audited financial statements for the year ended December 31, 2023. The company reported Takaful revenue of AED 1.111 billion in 2023, an increase of 20% from the year ended December 31, 2022.
SALAMA posted a net loss of AED 139.327 million, attributed to goodwill impairment of AED 49.007 million due to adverse macroeconomic factors and provision for expected credit losses of AED 83.287 million. The company’s net loss also includes a one-time loss of AED 28.02 million on account of a legacy fire insurance claim for which reinsurance was not recovered totally. The company reported total assets at AED 3.613 billion in 2023, in comparison to AED 3.573 billion in 2022.
H.E. Saeed Alhajeri, Chairman of SALAMA, commented: “The year 2023 was focused on staying resilient in evolving market conditions. SALAMA remains optimistic and growth oriented in a challenging business environment. As the UAE insurance industry sees the impact of new regulatory and industry developments, SALAMA is strengthening its foundation to leverage these opportunities and provide further value to our policyholders and shareholders. We remain steadfast in our commitment to sustainable growth and providing our expanding customer base with best-in-class Takaful solutions.”
Walter Jopp, Chief Executive Officer at SALAMA, said: “SALAMA is undergoing transformation, and we’re focused on fortifying our balance sheet to ensure stability, transparency, and sustainable growth. Our goal is to create a strong foundation that allows us to serve our customers better and drive long-term success. With a commitment to responsible financial management and operational excellence, we’re positioning SALAMA for a bright future that benefits all our stakeholders. Our customers remain at the heart of our business, and we aim to continuously exceed their expectations by providing innovative products and quality services.”
SALAMA continues to build on its core objective of providing peace of mind to customers. The company remains resilient, backed by a solid Takaful foundation, while prioritising growth through strategic objectives. The Takaful provider has won 10 awards in 2023 at various forums, reflecting SALAMA’s commitment to customers and untiring support to partners.