profits of the Islamic Arab Insurance Company Salama Insurance doubled by 162.5%, reaching 157.04 million dirhams during the year 2020 compared to 59.8 million dirhams in 2019.
According to Arabnet, the company said in a statement that the total written premiums recorded a growth of 5.5% to 1.17 billion UAE dirhams despite the challenges of Covid 19, noting that these results are supported by the strong performance in the United Arab Emirates and the significant improvement in investment income.
In a related context, the Board of Directors recommended to the General Assembly the distribution of cash dividends of 8.25 fils per share for the six months ending December 31, 2020.
On the operational front, the company focused during the year 2020 on the UAE domestic market, which has greater opportunities for growth, which resulted in a 5.5% increase in total written premiums This amounted to 1.17 billion dirhams for the whole year, compared to 1.11 billion dirhams in 2019, despite the challenges posed by the emerging coronavirus pandemic, Covid 19. With the exception of the one-off profit of 67 million dirhams as a result of selling a part of the shares of Salama Holding in the Salama Cooperative Insurance Company Salama Saudi Arabia, the net basic profit increased by more than 50% to 90 million dirhams, compared to 59.8 million in 2019.
Salama had disclosed the accumulated losses of 308.06 million dirhams, representing 25.45% of its capital of 1,210 million dirhams, due to losses in 2012, 2013 and 2015 , In addition to 2016.
