Dubai – Mubasher: Islamic Arab Insurance Company (Salama) recorded an annual plunge in net profit to AED 45.27 million in 2022 from AED 62.37 million, according to the unaudited income statements.

Revenues hiked to AED 1.11 billion in 2022 from AED 1.08 billion a year earlier.

The earnings per share (EPS) stood at AED 0.02 last year, down from AED 0.04 during the 12-month period that ended on 31 December 2021.

Moreover, the DFM-listed firm reported total assets of AED 4.07 billion in 2022, versus AED 4.76 billion in 2021.

Jassim Alseddiqi, Chairman of Salama, indicated: “We have delivered a year of good growth by executing a successful strategy of prudent partnerships, digitisation, and making new takaful solutions accessible to varied segments of the market to make progress.”

In the first nine months (9M) of 2022, the company’s net profits amounted to AED 25.10 million, whereas the gross written contributions (GWC) hit AED 886 million.