Dubai – Mubasher: Islamic Arab Insurance Company (Salama) recorded a net income of AED 43.23 million during the first nine months of 2021.

The company's net underwriting income amounted to AED 122.5 million in the January-September period of 2021, up of 0.75% in the year-ago period, according to a press release on Monday.

Higher net underwriting income is attributed to continued measures to assess and restructure operations and processes and related IT infrastructure to enhance digital business opportunities.

In the meantime, the insurer has logged accumulated losses of AED 371.74 million, representing 30.72% of the capital.

Salama's Chairman, Jassim Alseddiqi, said: "It is testament to the chosen strategy that we are deploying and is supported by the investments we have made to date to create sustainable and long-term value for our policyholders and shareholders."

Meanwhile, the CEO of Salama, Fahim AlShehhi, commented: "We have also adjusted our strategy to reflect recent regulatory developments, particularly in relation to strengthening our partnerships, exploring further cross-selling opportunities, and diversifying our distribution channels - and we believe that this will help to further grow our business and expand our customer base."