SALAMA Insurance

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Company: Islamic Arab Insurance Company
Date of creation: 1979
Classes of business: General and family takaful
Geographical presence: 5 subsidiaries ( 2 in Egypt, 1 in Bahrain, 1 in Senegal and 1 in Algeria)

SALAMA Insurance: contact

Head office4th Floor, Block A, Spectrum Building. Oud Metha, Sheikh Rashid Road, Dubai. UAE. P.O. Box: 10214
Phone+971 4 4079999 / +971 4 3577000
E-mailinfo [at] salama [dot] ae / customerservices [dot] gt [at] salama [dot] ae
Websitehttps://salama.ae/

SALAMA Insurance: rating

AgencyRatingOutlook
Standard and Poor’sBBBNegative

SALAMA Insurance: management

Chairman of the board of directorsJassim Alseddiqi
CEOFahim Al Shehhi

SALAMA Insurance: share capital, shareholder’s equity and shareholding

Figures in USD
 20212020▲
Share capital329 386 200329 386 200-
Shareholder’s equity229 525 287247 629 279-7.31%
Main shareholders% %
Abu Dhabi Capital Management13.3Dimensional Fund Advisors0.48
Mohammad bin Ahmad bin Saeed Al-Qassimi13.2Chimera Capital Management0.041
Ajman Bank12.5Dimensional Fund Advisors0.0047

SALAMA Insurance: turnover and result

Figures in USD

 202220212020
Turnover304 900 000296 196 321317 686 729
Net result13 100 00013 113 65442 751 879

SALAMA Insurance: turnover breakdown per class of business

Figures in USD
 20212020▲2021%
General takaful (1)187 219 305207 453 418-9.75%63.21%
Family takaful (2)108 977 016110 233 311-1.14%36.79%
Total296 196 321317 686 729-6.76%100%

(1) Including property damage, marine, third part liability, money related, workmen compensation/employers liability.
(2) Including protection, savings and investment plans.

SALAMA Insurance: main indicators

Figures in %
 20212020▲
Net loss ratio (1)62.3457.957.58
Management expenses ratio63.7762.691.72
Net combined ratio (1)126.11120.644.53
Shareholder's equity / Technical reserves19.5523.22-15.81
Shareholder's equity / Gross written premiums77.4977.95-0.59
Net result / Gross written premiums4.4313.46-67.10
Net result / Shareholder's equity (ROE)5.7117.26-66.91

(1) Calculated only for the non life activity.

Notes:

  • Net loss ratio = Net incurred losses (paid losses+outstanding losses ) / Net earned premiums
  • Management expenses ratio = Overhead expenses and acquisition costs / Net written premiums
  • Net combined ratio = Loss ratio + Management expenses ratio

Exchange rate as at 31/12/2020 : 1 AED = 0.27222 USD ; at 31/12/2021 : 1 AED = 0.27222 USD

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Tue, 28/03/2023 - 10:29
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