UAE’s biggest and oldest takaful provider, Islamic Arab Insurance Company (SALAMA) has published its evaluated financial results for the quarter ending March 31, 2020 with a net profit of AED 13.65 million (AED 14.96 million in Q1 2019).
SALAMA continues to keep its leading position in the Takaful segment of the UAE market. Irrespective of the global uncertainty created due to COVID-19, SALAMA remained on its growth path, delivering an ample rise in its Gross Written Contribution.
All segments of business and subsidiaries operated as per expectations, except SALAMA Algeria, which published reduced Gross Written Contribution and raised claims costs in the first quarter of 2020, adding to a decrease in the overall net profits of SALAMA. The judicious investment strategy has protected SALAMA from variation in international and local equity markets.
SALAMA is vigilantly observing the situation from COVID-19 and altering its underwriting and product parameters in response to the market conditions. With cautious cash flow management and rigorous control of expenses, SALAMA foresees to weather this crisis.
SALAMA has efficiently transitioned to Work From Home and is serving customers and its distribution partners seamlessly and satisfying all its customer service benchmarks.
SALAMA sustains a strong solvency position, AAA-rated capital adequacy as recognized by S&P.