Islamic Arab Insurance Company

On 11th March 2024, Mr. Ajit Joshi, a member of the Board of Directors of SALAMA - Public, expressed his wish to resign from the board for personal reasons. His resignation has been accepted by the board, appreciating his services during his tenure. The information was conveyed by Khaled Barakat, the General Counsel of the company, to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market.

The preliminary results of the Public Joint Shareholders Company for the year ending 31st December 2023 are unaudited and unreviewed. The company in question is the Islamic Arab Insurance Co. - Salama, established on 29th April 1979. The paid-up, subscribed, and authorized capital of the company is AED 939,588,998. The Chairman of the Board is H.E. Saeed Mubarak Al-Hajeri and the CEO is Walter Jopp. Ernst & Young are the external auditors. The company is based on the 4th floor of the Spectrum Building, Oud Metha, Dubai.

In 2023, the Islamic Arab Insurance Company, SALAMA, saw a 20% increase in insurance revenue to AED 1.11 billion and a rise in total assets to AED 3.70 billion. However, net operating profit dropped by 13% to AED 101.64 million, and a net loss of AED 43.45 million was reported, largely due to currency depreciation in Egypt and an unrecovered legacy fire insurance claim. Excluding these events, the company would have reported a profit of AED 20.60 million. SALAMA is focusing on customer-centric initiatives, operational and digital capabilities strengthening, and portfolio consolidations.

On February 14, 2024, the Islamic Arab Insurance Co. (SALAMA) PSC held a board meeting with six members in attendance via modern technology. The board approved the minutes from the previous meeting on November 14, 2023. They also reviewed and approved the preliminary financial results for the fiscal year ending on December 31, 2023, and discussed other general business matters. The meeting began at 3:00 pm and concluded at 4:00 pm. The authorized signatory of the meeting was Khaled Barakat, the General Counsel.

The Islamic Arab Insurance Company, SALAMA (PSC), has announced a board meeting to be held on 14th February 2024 at 3:00pm. The agenda includes approving the minutes from the previous board meeting held on 14th November 2023, discussing and approving the preliminary financial results for the fiscal year ended on 31st December 2023, and discussing other general matters. The announcement was made by the General Counsel, Khaled Barakat, on 9th February 2024.

On February 6, 2024, the Islamic Arab Insurance Company - Salama (P.J.S.C.) issued a notice regarding the decrease in its stock price on the Dubai Financial Market. The company assured its investors that there are no undisclosed significant news or events causing this decline. It also stated its commitment to disclose any significant news promptly in line with legal and regulatory requirements. The company further noted that this decline is not specific to Salama but has affected several companies.

On November 14, 2023, the Islamic Arab Insurance Co. (SALAMA) PSC held a board meeting with six members in attendance. The meeting had a quorum of 85.71%. During the meeting, the board approved the minutes from the August 14, 2023 meeting and the financial statements for the third quarter ending on September 30, 2023. They also discussed other regular business matters. The meeting was concluded by Khaled Barakat, the General Counsel and Board Secretary.

SALAMA, the UAE's largest Takaful solutions provider, reported a 19% increase in net profit for the first nine months of 2023, reaching AED 18.6 million. This is a significant rise from AED 15.6 million reported in the same period in 2022. The company also reported a 21% increase in revenue, amounting to AED 824.3 million. The growth is attributed to strategic initiatives such as enhanced underwriting, digital development, client portfolio expansion, and new partnership channels. Total assets saw a slight increase, and shareholder's investment income rose to AED 65.9 million. The company also adopted IFRS 17 standards to enhance financial reporting transparency.

The text presents a review report and interim condensed consolidated financial statements of the Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries, as of 30th September 2023. The document is unaudited.