Islamic Arab Insurance Company (Salama) reported a 118% increase in net profit for the year ending December 31, 2024, reaching Dh24.6 million. Insurance revenue was Dh1.04 billion. Total assets stood at Dh3.30 billion, compared to Dh3.32 billion in 2023.
The company resolved audit qualifications outstanding since 2019 by making provisions for asset impairments in line with accounting standards. Chairman HE Fahad AlQassim emphasised Salama’s focus on addressing legacy issues, advancing digital transformation, and enhancing underwriting performance.
In the first nine months of 2024, Salama reported a net profit of Dh30.41 million, a 64% increase from Dh18.56 million in the same period of 2023.
Salama continues to invest in digital initiatives and talent development, including a UAE National Development Programme aligned with the Central Bank’s Emiratisation targets. As a Participating Insurer since 2022, the company offers affordable healthcare coverage through the Essential Benefit Plan for low-income workers in the UAE.
