 | 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 office | 4th Floor, Block A, Spectrum Building. Oud Metha, Sheikh Rashid Road, Dubai. UAE. P.O. Box: 10214 |
| Phone | +971 4 4079999 / +971 4 3577000 |
| E-mail | info [at] salama [dot] ae / customerservices [dot] gt [at] salama [dot] ae |
| Website | https://salama.ae/ |
SALAMA Insurance: rating
| Agency | Rating | Outlook |
| Standard and Poor’s | BBB | Negative |
SALAMA Insurance: management
| Chairman of the board of directors | Jassim Alseddiqi |
| CEO | Fahim Al Shehhi |
SALAMA Insurance: share capital, shareholder’s equity and shareholding
Figures in USD| | 2021 | 2020 | ▲ |
| Share capital | 329 386 200 | 329 386 200 | - |
| Shareholder’s equity | 229 525 287 | 247 629 279 | -7.31% |
| Main shareholders | % | | % |
| Abu Dhabi Capital Management | 13.3 | Dimensional Fund Advisors | 0.48 |
| Mohammad bin Ahmad bin Saeed Al-Qassimi | 13.2 | Chimera Capital Management | 0.041 |
| Ajman Bank | 12.5 | Dimensional Fund Advisors | 0.0047 |
SALAMA Insurance: turnover and result
Figures in USD
| | 2022 | 2021 | 2020 |
| Turnover | 304 900 000 | 296 196 321 | 317 686 729 |
| Net result | 13 100 000 | 13 113 654 | 42 751 879 |
SALAMA Insurance: turnover breakdown per class of business
Figures in USD| | 2021 | 2020 | ▲ | 2021% |
| General takaful (1) | 187 219 305 | 207 453 418 | -9.75% | 63.21% |
| Family takaful (2) | 108 977 016 | 110 233 311 | -1.14% | 36.79% |
| Total | 296 196 321 | 317 686 729 | -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 %| | 2021 | 2020 | ▲ |
| Net loss ratio (1) | 62.34 | 57.95 | 7.58 |
| Management expenses ratio | 63.77 | 62.69 | 1.72 |
| Net combined ratio (1) | 126.11 | 120.64 | 4.53 |
| Shareholder's equity / Technical reserves | 19.55 | 23.22 | -15.81 |
| Shareholder's equity / Gross written premiums | 77.49 | 77.95 | -0.59 |
| Net result / Gross written premiums | 4.43 | 13.46 | -67.10 |
| Net result / Shareholder's equity (ROE) | 5.71 | 17.26 | -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
