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.
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SALAMA's premium increase by 50% to reach Dhs684m
- United Arab Emirates: Monday, November 12 - 2007 at 13:57
- PRESS RELEASE
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SALAMA (IAIC) of UAE announced that its interim net profit for the third quarter of 2007 is Dhs35m compared to Dhs41m for the same quarter in 2006.
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Posted by Lara Lynn Golden, News EditorMonday, November 12 - 2007 at 13:57 UAE local time (GMT+4)
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SALAMA has a paid-up capital of Dhs1.1bn (about US$300m). Its shares are traded on the Dubai Financial Market. It enjoys the rating of BBB+ from S&P and B++ from A M Best, making it one of the very few Takaful companies in the region to have been rated by either one of the two rating agencies. It holds the distinction of being the first Takaful group to be rated by S&P.
SALAMA enjoys both Arab and international presence. The company embarked from Dubai on its quest for expansion through acquisitions and participation in a number of Takaful and Re-Takaful companies in many Arab and Islamic countries. Among the prominent subsidiaries of SALAMA, is the wholly owned Tunisia-based BEST Re which operates in 70 countries around the globe through its regional offices. SALAMA is also a founder and the largest shareholder in Saudi IAIC for Cooperative insurance, owns 52% in SOSAR of Senegal, has 96% shareholding in the Bahrain-based Takaful and Re-Takaful International Investment Co. (TARIIC) as well owns 51% shareholdings in the Cairo-based Egyptian Saudi Insurance Home (ESIH) in addition to 90% shareholdings in SALAMA Algeria.
SALAMA enjoys both Arab and international presence. The company embarked from Dubai on its quest for expansion through acquisitions and participation in a number of Takaful and Re-Takaful companies in many Arab and Islamic countries. Among the prominent subsidiaries of SALAMA, is the wholly owned Tunisia-based BEST Re which operates in 70 countries around the globe through its regional offices. SALAMA is also a founder and the largest shareholder in Saudi IAIC for Cooperative insurance, owns 52% in SOSAR of Senegal, has 96% shareholding in the Bahrain-based Takaful and Re-Takaful International Investment Co. (TARIIC) as well owns 51% shareholdings in the Cairo-based Egyptian Saudi Insurance Home (ESIH) in addition to 90% shareholdings in SALAMA Algeria.
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