SALAMA's premium increase by 50% to reach Dhs684m

The volume of insurance premiums up to the third quarter of 2007 reached Dhs684m compared to the Dhs463m of the third quarter of 2006, showing a growth rate of about 50%.

SALAMA's operating income reflected through the "Net Underwriting Income" reached to Dhs95m against last years amount of Dhs75m, which is an impressive increase of 25%. Income through investment dropped to Dhs91m against Dhs130m.

Sheikh Khaled Bin Zayed Bin Saqr Al-Nahayan, the company's chairman, said that profitability of the core business has increased continuously however income from investments has fallen behind. Nevertheless the performance of the investments will improve by the end of the year, given the recent positive momentum in the stock market.

Dr. Saleh J. Malaikah, SALAMA's Vice Chairman and CEO, believes that the increase in "Net Underwriting Income" shows that the performance of SALAMA's core activities have yielded better result and as expected the core activities will gradually contribute to the overall profitability of Salama in a more meaningful manner. He was confident that the recent positive movement in the market will help us in improving the performance of investments in the 4th Quarter.