Dubai – Mubasher: Islamic Arab Insurance Company (Salama) turned to a net loss of AED 43.45 million in 2023 against net profits worth AED 35.43 million in 2022.
The company posted a loss per share that stood at AED 0.06 last year, versus earnings per share (EPS) of AED 0.01 in 2022.
Salama further generated insurance revenues worth AED 1.11 billion in 2023, marking a 20% year-on-year surge from AED 924.13 million, according to the income statements.
The total assets hit AED 3.70 billion at the end of December 2023, which came higher by AED 129.30 million compared with AED 3.57 billion in the year-ago period.
The net operating profit, meanwhile, decreased by 13% to AED 101.64 million in 2023 from AED 117.25 million in 2022.
Chairman of Salama, Saeed Alhajeri, commented on 2023 financial results by saying: “As the UAE insurance industry sees the impact of new regulatory and industry developments, Salama is confident of providing immense value to our policyholders and shareholders.”
Alhajeri concluded: “While the country advances into the future, we persist with our mission to progress sustainably and secure our ever-growing clientele with world-class insurance solutions.”
During the first half (H1) of 2023, Salama registered an annual decline in net profit to AED 12.26 million.
