UAE: Salama reaffirms its growth strategy with encouraging results in 1Q2025
Source: Middle East Insurance Review | Jun 2025
Dubai-headquartered regional operator Islamic Arab Insurance Company (Salama), a leading regional takaful provider, reported AED256.36m ($67.8m) in takaful revenue in the first quarter of the year, reflecting robust topline performance in a challenging environment, said the company in a press release.
While 1Q2025 net profit stood at AED390,000 compared to AED17.6m in Q1 2024, the prior year reflected a gain of AED19.4m which was an exceptional one-off item. Excluding this one-off gain, core performance remains resilient. Total comprehensive income improved to AED4.07m, compared to a loss of AED23.1m during the same period last year. This was driven by favourable foreign currency adjustments at each subsidiary level.
Salama’s total assets reached AED3.164bn and the company’s equity position benefitted from the appreciation of both the Algerian dinar as well as the Egyptian pound, reflecting improving macroeconomic conditions in important markets.
Salama’s improving outlook was recently affirmed by S&P Global Ratings, which maintained the company’s long-term issuer credit and insurer financial strength rating at ‘BBB-’ with a developing outlook reflecting Salama’s potential for sustainable progress as it strengthens its operating fundamentals. M