SALAMA: significant profit increase in 2020

SALAMABy the end of 2020, Islamic Arab Insurance Company (SALAMA) has recorded a 5.4% turnover increase with a total of 1.17 billion AED (318.5 million USD) against 1.11 billion AED (302.15 million USD) in 2019.

Net profit improved by 127.6% to reach 136.13 million AED (37.05 million USD) compared to 59.82 million AED (16.28 million USD) as at 31 December 2019. In 2020, the investment income grew by 104.5% reaching 45 million AED (12.25 million USD).

During the period under review, the Emirati insurer managed to significantly reduce its losses to 314.78 million AED (85.68 million USD) against 376.82 million AED (102.574 million USD) during the previous financial year.

Read also | Emirati insurance market: forecasts for 2020

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