SALAMA H1 profit more than triples to Dh28.3 million

Dubai: Islamic Arab Insurance Company, SALAMA, reported profit after tax of Dh28.3 million for the first half of 2026, more than three times the Dh8.2 million recorded in the same period last year.

The insurer also delivered a second consecutive profitable quarter, with profit after tax reaching Dh14.3 million in the second quarter compared with Dh7.9 million a year earlier.

Insurance operations return to profit

SALAMA’s Insurance Service Result rose to Dh28.3 million in the six months ended June 30, representing a Dh30.2 million turnaround from a loss of Dh1.9 million in H1 2025.

Insurance revenue stood at Dh469.7 million, compared with Dh515.4 million in the corresponding period last year, reflecting the company’s focus on underwriting quality, portfolio optimisation and sustainable profitability over volume growth.

The improvement in core insurance performance was driven primarily by stronger underwriting discipline, portfolio optimisation, pricing actions and tighter expense management.

Solvency ratio reaches 154%

Following the capital raise and capital reduction completed during the first half of 2026, SALAMA returned to a solvency surplus position of Dh111.6 million.

Its solvency ratio stood at 154% on June 30, remaining above regulatory requirements.

“These results demonstrate continued progress in strengthening SALAMA's financial position and building a business capable of delivering sustainable long-term value," said Humaid Mohammad Obaid Alqutami, Chairman of SALAMA. "The Board remains focused on supporting management as it continues to strengthen governance, enhance operational discipline and position the Group for its next phase of growth.”

SALAMA said it continued to strengthen its operating model during the period through enhanced governance, leadership renewal and greater alignment across its regional operations.

The group operates through three business divisions covering Life & Wealth, Health and Property & Casualty, with operations across the UAE, Egypt and Algeria.