Dubai – Mubasher: The net profits attributable to the shareholders of Islamic Arab Insurance Company (Salama) decreased to AED 40.05 million in 2021, compared to AED 149.36 million in 2020, according to the company's consolidated financials for the year ended 31 December 2021.

The company's net underwriting income retreated to AED 161.37 million in 2021 from AED 166.59 million in the earlier year.

The basic and diluted earnings per share (EPS) settled at AED 0.03 last year, versus AED 0.12 in 2020.

The company's board has recommended a cash dividend distribution of 3 fils per share for 2021.

Meanwhile, the company incurred accumulated losses of AED 371.67 million as of 2021, representing 30.72% of the capital.

The company's Chairman, Jassim Alseddiqi, commented: "Despite the uncertain economic environment in 2021, we have remained focused on executing our strategy and delivering value for our shareholders."

The CEO of Salama, Fahim Al Shehhi, said: "We entered 2022 with good momentum in most areas, particularly in the way we have very effectively implemented our digital transformation efforts to improve operational efficiency, adopted industry best practices, introduced more digitally focused and customer-centric product offerings and product lines, expanded strategic relationships with key partners, and continue to help support key ecosystems that are critical to our economy."

It is noteworthy to mention that during the first nine months (9M) of 2021, Salama recorded a net income of AED 43.23 million.