SALAMA H1 profit more than triples to Dh28.3 million

Q2 profit reached Dh14.3m while insurance service result turned positive

Last updated: August 17, 2026 | 14:23

Nivetha Dayanand, Assistant Business Editor

2 MIN READ

SALAMA H1 profit more than triples to Dh28.3 million

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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.

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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.

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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.

Nivetha DayanandAssistant Business Editor

Nivetha Dayanand is Assistant Business Editor at Gulf News, covering aviation, financial markets and commodities. A business and financial journalist with a strong interest in multimedia storytelling, she regularly takes complex financial and economic subjects beyond the written word, producing explainer videos that make them easier for a wider audience to understand. Nivetha has interviewed senior policymakers, business leaders and global financial figures both on and off camera. Her past guests include UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri, Khaled bin Alwaleed Al Saud, a member of the House of Saud and the founder and CEO of KBW Ventures, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund and Indian ministers Hardeep Singh Puri and N. Chandrababu Naidu. She has also hosted and moderated panels, conferences and awards shows, bringing her newsroom experience to live conversations on business, finance and the economy. An Erasmus Mundus journalism alum, Nivetha is drawn to stories that affect people directly and to reporting that gives a platform to voices that might otherwise go unheard. She was among the first journalists to speak to Petrofac employees in the UAE about unpaid salaries, broke the news of the planned demolition of Dubai’s well-known “Toyota Building”, and helped set the record straight on widely circulated claims that a giant replica of the Moon was coming to Dubai. More recently, her exclusive interview with EDGE Group CEO Hamad Al Marar revealed how the UAE-based defence group deployed its systems along the country’s shore border and established a geofence around the UAE within 48 hours of the February 28 escalation. Prior to joining Gulf News, Nivetha worked at ITP Media, where she helped launch Finance Middle East, a new publication covering the region’s financial sector. Her role spanned reporting and editing, video production, interviews and events. Across print, digital, and video, she focuses on finding the people behind business stories and explaining why those stories matter to the audience reading or watching them.