Dubai – Mubasher: Islamic Arab Insurance Company (Salama) reported net profits of AED 47.05 million in the first half (H1) of 2020, compared to AED 33.33 million in the same period of 2019.

The company's net underwriting income rose by 9.3% to AED 83.897 million in H1-20 from AED 76.466 million in the year-ago period, according to the company's consolidated interim financial results for the period ended on 30 June 2020.

Meanwhile, the insurer's gross written premium grew by 6.9% to AED 695 million in the first six months of 2020 from AED 650 million in the corresponding months of 2019.

The earnings per share (EPS) stood at AED 0.034 in H1-20, against AED 0.027in the same half of the earlier year.

On the other hand, the company has logged accumulated losses of AED 373.2 million as of 30 June 2020, representing 30.84% of the capital.

Commenting on the company's performance, Salama group managing director, Mustafa G. Kheriba, noted: "Our customer-centric approach backed with specific business and investment strategies have paved the way for SALAMA's success."

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net profits retreated by 8.7% to AED 13.65 million from AED 14.96 million in Q1-19.