Dubai – Mubasher: The net profits attributable to the shareholders of Islamic Arab Insurance Company (Salama) reached AED 137.06 million in the first nine months of 2020, up from AED 34.99 million in the year-ago period.

Salama's net underwriting income increased to AED 121.579 million in the January-September period of 2020 from AED 108.215 million in the corresponding period of 2019, according to the company's consolidated interim financials for the period ended on 30 September 2020.

Meanwhile, the company's gross written premium rose by 7.5% to AED 949 million in the first nine months of 2020 from AED 883 million in the prior-year period.

The basic and diluted earnings per share (EPS) settled at AED 0.107 in the January-September period of 2020, compared to AED 0.028 in the corresponding period of 2019.

As of the third quarter (Q3) of 2020, the company logged accumulated losses of AED 284.825 million, accounting for 23.53% of the capital.

Salama’s Group Managing Director, Mustafa G. Kheriba, commented: "During the first nine months of 2020, Salama has maintained its positive growth despite the challenges arising from the global COVID-19 pandemic."

It is noteworthy to mention that in the first half (H1) of 2020, the company reported net profits of AED 47.05 million, compared to AED 33.33 million in the same period of 2019.