Dubai – Mubasher: Islamic Arab Insurance Company (Salama) recorded net profits valued at AED 17.58 million in its first quarter (Q1) of 2024, up by 118% from AED 8.04 million in Q1-23.

Takaful revenue amounted to AED 271.47 million as of 31 March 2024, an annual increase from AED 265.23 million, according to a press release.

Net assets hit AED 3.60 billion in the first three months (3M) of 2024, while the total equity declined by 3.46% to AED 634.46 million, impacted primarily by the currency value depreciation in Egypt.

Saeed Alhajeri, Chairman of Salama, said: “Our Q1-24 results demonstrate our vision for growth and our focus on profitability. We are committed to strengthening our resilient market position by providing personalised and accessible solutions with the highest quality standards.”

Walter Jopp, CEO at Salama, commented: “As we sustain momentum on our ambitious growth strategy to being the leading Takaful provider in the region, we continue with strategic initiatives that include digitalisation of our services and tactical partnerships to put our customers’ needs at the core of our business.”

In 2023, the DFM-listed company shifted to net losses worth AED 43.45 million, against net profits valued at AED 35.43 million in 2022.