SALAMA Releases Audited Financial Results for FY 2023

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Dubai, UAE: Islamic Arab Insurance Company, commonly known as “SALAMA” and listed on the Dubai Financial Market (DFM), has announced the board’s approval of its audited financial statements for the year ending December 31, 2023. The company reported Takaful revenue of AED 1.111 billion for 2023, marking a notable 20% increase from the previous year.

Despite this revenue growth, SALAMA reported a net loss of AED 139.327 million for 2023. This loss is attributed to various factors, including goodwill impairment of AED 49.007 million due to adverse macroeconomic conditions, provisions for expected credit losses amounting to AED 83.287 million, and a one-time loss of AED 28.02 million related to a legacy fire insurance claim where reinsurance was not fully recovered. Total assets for 2023 stood at AED 3.613 billion, compared to AED 3.573 billion in 2022.

H.E. Saeed Alhajeri, Chairman of SALAMA, emphasized the company’s resilience amidst evolving market conditions and its commitment to leveraging opportunities in the UAE insurance industry. He reiterated SALAMA’s dedication to sustainable growth and providing value to policyholders and shareholders.

Walter Jopp, Chief Executive Officer at SALAMA, highlighted the company’s ongoing transformation aimed at strengthening its balance sheet for stability and sustainable growth. Jopp emphasized SALAMA’s focus on customer satisfaction through innovative products and quality services, underpinned by responsible financial management and operational excellence.

SALAMA continues its mission of providing peace of mind to customers, maintaining resilience, and prioritizing growth through strategic objectives. The company’s commitment to customer satisfaction and support for partners is reflected in the ten awards it received in 2023 from various forums.