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Standard and Poor's upgrades SALAMA's rating

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Magazine Issue: 
Highlights [3]
Magazine date: 
Jul 2019

SALAMAStandard and Poor's has upgraded the financial strength rating of Islamic Arab Insurance Company (SALAMA), from BBB- to BBB with stable outlook.

During the first quarter of 2019, the company reported an increase of 25% in its net result at 4.9 million USD. SALAMA [4] has also managed to improve its operating performances over the past two years. Its combined net ratio stabilized at 97%.

Founded in 1979, SALAMA is endowed with a paid-up capital worth 1.21 billion AED (329 million USD). The Emirati group has several subsidiaries in Saudi Arabia, Egypt, Jordan, Algeria and Senegal.

Read more about the UAE insurance market [5]

Tue, 23/07/2019 - 12:26

Source URL: https://www.atlas-mag.net/en/article/standard-and-poor-s-upgrades-salama-s-rating

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[3] https://www.atlas-mag.net/en/issue/highlights
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[5] https://www.atlas-mag.net/en/article/emirati-insurance-market-slightly-decreasing-premiums-in-2018