Salama Reports 67% Surge in Net Profit for H1 2024
The Islamic Arab Insurance Company, widely known as Salama (DFM listing: “Salama”), the UAE’s largest Takaful solutions provider, has announced a significant 67% increase in net profit for the first half of 2024. The company reported a net profit of AED 20.53 million, a substantial rise from AED 12.26 million in the same period in 2023. Despite a challenging revenue environment, Salama’s Takaful revenue reached AED 528.58 million for H1 2024, while total assets grew modestly to AED 3,701.08 million.
Salama’s strong performance comes amid the recent appointment of new leadership. H.E. Fahad AlQassim, who has extensive experience in transformation and investment growth within the financial services sector, has taken the helm as Chairman of the Board of Directors. AlQassim’s background includes leadership roles at ADQ, Emirates Capital, Waha Capital, and The Executive Council – Government of Dubai. He also serves as a Board member at Aramex PJSC and as Board Chairman of Eshraq Investments PJSC.
Additionally, Mr. Fareed Lutfi has been appointed Vice Chairman of the Board. Lutfi, a prominent figure with over 40 years of experience in the insurance industry, currently serves as Secretary General of the Emirates Insurance Federation and Gulf Insurance Federation. His leadership and expertise are expected to further strengthen Salama’s strategic direction.
Walter Jopp, Chief Executive Officer at Salama, expressed satisfaction with the company’s financial results: “Our strategy of focusing on underwriting discipline and addressing customer needs is paying off. The performance reflects the positive outcomes of our customer-centric approach, strategic partnerships, and the digitization of our services. With the support of our new Board members, we are confident in sustaining our momentum and achieving our goal of becoming the leading Takaful provider in the region.”
Salama’s H1 results also highlight the company’s expansion efforts, including the opening of a new office in Abu Dhabi and strategic appointments within the management team. These initiatives align with Salama’s commitment to providing peace of mind to customers through a range of Takaful solutions. The company continues to demonstrate resilience and growth, underpinned by a strong Shariah-compliant foundation and dedication to creating long-term value for its partners and customers.
Salama has been recognized with various industry awards, reflecting its commitment to customers and its unwavering support to partners, solidifying its position as a leader in the Takaful industry for over 45 years.
