Dubai - Mubasher: Islamic Arab Insurance Company (Salama), listed on the Dubai Financial Market (DFM), on Thursday announced its interim financial results for the first half of 2019.

The company has logged AED 33.3 million in net profit for H1-19, versus AED 31.8 million in the prior-year period, according to a press release.

Gross written premium (GWP) stood at AED 650 million during the six-month period ended 30 June 2019, up 18.8% from AED 547 million in H1-18, Salama revealed.

Moreover, plan holder’s assets under management (AUM) grew by 20% as at 30 June 2019, compared to AUM as at 31 December 2018.

In the same vein, Salama’s board of directors called for general meeting upon which shareholders would vote on raising foreign ownership cap to 49% from 25%, as well as on allowing GCC ownership to 100% which is subject to regulatory approvals.

“The board of directors also expressed its aspirations of full foreign ownership laws to be implemented for insurance companies in UAE,” the company indicated.

Salama previously reported a 9% increase in its net profit for the first quarter of 2019, recording AED 18 million, versus AED 16.5 million Q1-18.