SALAMA reports audited FY 2023 results

SALAMA, also known as the Islamic Arab Insurance Company, is a leading Takaful operator listed on the Dubai Financial Market (DFM). In its recently released audited financial statements for the year ended December 31, 2023, the company reported significant financial figures.

The total revenue generated from Takaful operations during the year was AED 1.111 billion, marking a substantial increase of approximately 20% compared to the previous year's revenue of AED 925.5 million. This growth can be attributed to the successful implementation of various strategic initiatives and the expansion of the company's customer base.

Despite the impressive revenue growth, SALAMA reported a net loss of AED 139.327 million for the year. This loss can be attributed to various factors, including increased underwriting expenses, higher claims payouts, and investment losses. However, the company's management remains optimistic and is committed to addressing these challenges and improving the bottom line in the upcoming fiscal year.

As of December 31, 2023, SALAMA's total assets stood at AED 3.613 billion, representing an increase of around 15% compared to the previous year's total assets of AED 3.145 billion. This growth can be attributed to the company's successful investment strategies and the increase in policyholder funds.

Moving forward, SALAMA's management has announced its commitment to strengthening the balance sheet and prioritizing strategic objectives. These objectives include actioning customer-centric initiatives, such as enhancing customer service and experience, and strengthening digital capabilities, such as implementing advanced technology solutions to streamline operations and improve efficiency. By focusing on these areas, the company aims to maintain its competitive edge in the Takaful market and deliver sustainable growth in the long term.