.GA/OiiuJCl) jgJLoJI i. JQ»pJ (IV) fcwjJI ot.j.q.q
Registration No. (17) under Federal Law No. (6) of 2007.
SALAMA
(.£fo (jij)QioLLU diijglld iq\I mill d Sj iti II
ISLAMIC ARAB INSURANCE CO.(P.S.C.)
■j___oi J___!___Q___J___III oJ _____52__o
SECURING OUR FUTURE, together.
Date: 14/11/2023
SALAMA reports strong financial performance with 19% growth in
net profit, achieving AED 18.6 million for 9M 2023
• SALAMA reported a 19% increase in net profit, reaching AED 18.6 million for 9M 2023,
and a notable 21% growth in revenue, amounting to AED 824.3 million for 9M 2023
• The company's substantial financial growth is attributed to effective strategic initiatives,
including enhanced underwriting, digital development, client portfolio expansion, and
new partnership channels
Dubai, November 14, 2023: Islamic Arab Insurance Company (DFM listing: “SALAMA”),
UAE’s largest Takaful solutions provider, posted a net profit of AED 18.6 million for the first
nine months of 2023 (9M 2023), a healthy 19% rise from AED 15.6 million reported in the
corresponding period of the previous year.
The company reported a significant 21% growth in revenue for the 9M 2023, reaching AED
824.3 million, compared to AED 679.0 million during the same period last year. The
substantial increase highlights SALAMA’s robust market presence and the successful
execution of its strategic business initiatives including a renewed focus on underwriting,
further development of digital capabilities, an expanded client portfolio, and expansion
of distribution channels through new partnerships.
Shareholder’s investment income increased to AED 65.9 million, a notable rise reflecting
the company’s growth trajectory. Total assets registered a slight increase at AED 3,596.6
million, in comparison to the previous quarter at AED 3,588.8 million.
SALAMA's commitment to transparent and accountable financial practices is exemplified
by the successful adoption of IFRS 17 standards. This step enhances clarity, consistency,
and comparability in financial reporting.
H.E. Saeed Alhajeri, SALAMA’s Chairman, remarked: “In the first nine months of this year,
SALAMA has achieved strategic growth by combining resilience with profitable expansion,
underpinned by innovation and agility. Our investments in expanding our network,
enhancing our products and services, and forging new partnerships have been pivotal in
delivering value to our modern and technologically adept customers. Emphasizing our
commitment to Emiratisation, we continue to foster the development of local talent,
aligning with the nation's vision and contributing to the UAE’s solid economic progress. This
approach is integral to our objective of generating sustainable, long-term value for all our
stakeholders, while nurturing a workforce that reflects the rich heritage and ambitious
future of the UAE.”
SALAMA’s agile transformation is positioning the company to be future-ready, elevating
the customer journey and broadening our portfolio with innovative product lines including
life, health/medical, motor, and other line of businesses. This expansion, supported by
ijuxujjll .litnll Head Office
[Ogjliim djLu - IjJI 4th Floor - Spectrum Building
Oud Metha - Dubai, U.A.E.
' " I’.rit P.O.Box: 10214
A. .VFonr Tel: 800725262
info@salama.ae :l_pJgjJlSJ_iJI xijJI E-mail: info@)salama.ae
www.salama.ae jmgzJI Web: www.salama.ae
SALAMA - Public.GA/OiiuJCl) jgJLoJI i. JQ»pJ (IV) fOcdjJI ot.j.q.q
Registration No. (17) under Federal Law No. (6) of 2007.
SALAMA
(.£p.(ju) U±oLLU diijglld iq\I mill d Sj iti II
ISLAMIC ARAB INSURANCE CO.fP.S.C.)
■j___oi J___!___Q___J___III oJ _____52__o
SECURING OUR FUTURE, together.
robust underwriting and efficient business operations, ensures the highest level of service
excellence for our clients.
Walter Jopp, SALAMA’s CEO, added: “In an ever-evolving market landscape, our
unwavering commitment lies in the customer-centricity of our Shariah-compliant products.
By leveraging technology and fostering robust partnerships, we aim to sustain and
enhance our strong market position. Our credibility and reputation for quality, along with
our dedication to high service standards and adherence to Takaful best practices,
distinctively position us as a leading provider of quality Takaful solutions. This focus on
customer needs and experiences is at the heart of our operations, ensuring we consistently
deliver superior value and service to our clients.”
SALAMA is the largest Sharia’h Compliant Takaful solutions provider in the UAE with a “AAA”
capital adequacy rating from S&P.
Ends
Press Contact
SALAMA ASDA’A BCW
Sadia Noori Omar Nasro
Head of Marketing Associate Director
Tel: +971 4 407 9940 Tel: +971 4 450 7600
Email: sadia.noori@salama.ae Email: omar.nasro@bcw-global.com
Notes to editor:
About SALAMA Islamic Arab Insurance Company
SALAMA Islamic Arab Insurance Company is one of the world’s largest and longest-established Shari’ah
compliant Takaful solutions providers listed on the Dubai Financial Market, with paid-up capital of Dh 939
million. SALAMA has been a pioneer in the Takaful industry from its incorporation in 1979 to the present
day.
SALAMA’s stability and success can be attributed to its customer-centric approach, keeping clients and
partners at the heart of the business, and its commitment to its core values and principles. SALAMA
continues to design and develop solutions that meet the ever-changing demand of customers. Today,
SALAMA is recognized for providing the most competitive and diverse range of Takaful solutions in the
region.
SALAMA serves individual customers and institutions in the UAE and, through its extensive network of
subsidiaries and associates in Egypt and Algeria.
As the UAE’s leading Takaful company, SALAMA offers a comprehensive range of family, motor, general
and health Takaful solutions. Due to its reputation for high-quality products and services and
implementation of Takaful best practice, SALAMA won the “Family Takaful Company of the Year” at
Middle East Insurance Industry Awards 2015, “Best Family Takaful Operator ME” at Islamic Banking &
Finance Awards 2016, “Best Takaful Operator” at Islamic Business and Finance Awards 2019, “Takaful
Company of the Year” at Middle East Insurance Industry Awards 2020, “Takaful Company of the Year -
UAE ” at Global Business Outlook Awards 2021, “Best Takaful Service Provider” at Global Economics
Awards 2021, “Decade of Excellence Takaful Provider - UAE” at Global Banking & Finance Awards 2021,
“Takaful Specialist of the Year” at The Mena Insurance Awards 2022, and the recent “Leading Innovative
ijuxujjll .litnll Head Office
[Ogjliim djLu - IjJI 4th Floor - Spectrum Building
Oud Metha - Dubai, U.A.E.
' " i.rit P.O.Box: 10214
A. .VFonr Tel: 800725262
info@salama.ae ^'gjillill xijJI E-mail: info@)salama.ae
www.salama.ae g-Sg^oJI Web: www.salama.ae
SALAMA - Public.GA/OiiuJCl) jgJLoJI i. JQ»pJ (IV) fcwjJI ot.j.q.q
Registration No. (17) under Federal Law No. (6) of 2007.
SALAMA
(.£p.(ju) U±oLLU diijglld iq\I mill d Sj iti II
ISLAMIC ARAB INSURANCE CO.(P.S.C.)
■j___oi J___!___Q___J___III oJ _____52__o
SECURING OUR FUTURE, together.
Takaful Solution Provider” at Insuretek Middle East Insurance Industry Awards 2022. In 2023 SALAMA won
Takaful Specialist at the MENA Insurance Awards 2023 and Takaful Solution Provider” at Insuretek Middle
East Insurance Industry Awards 2023. SALAMA continues to be the preferred Takaful partner by its partners
and customers, remaining committed to ‘Securing our future - together.’
ijuxujjll < lllflll Head Office
[Ogjliim djLu - IjJI 4th Floor - Spectrum Building
Oud Metha - Dubai, U.A.E.
' " i.rit P.O.Box: 10214
A. .Vforir Tel: 800725262
info@salama.ae ^yySJjJI xijJI E-mail: info@)salama.ae
www.salama.ae g-Sg^oJI Web: www.salama.ae
SALAMA - Public

Sentiment: positive