The accumulated losses of Dubai Islamic Insurance and Reinsurance Company (Aman) hit AED 153.08 million as of 31 March 2023, representing 68% of the capital.

In a bourse disclosure, Aman highlighted that it is exiting the insurance sector and turning into an investment company instead.

This followed the announced plans of Islamic Arab Insurance Company (Salama) to acquire Aman’s insurance portfolio, which covers its motor, medical, non-motor, and group life insurance business.

During the first quarter (Q1) of 2023, Aman turned profitable at AED 2.27 million, against net losses valued at AED 7.67 million in Q1-22.

Net income plummeted to AED 3.64 million in January-March 2023 from AED 17.98 million in the year-ago period. Meanwhile, the earnings per share (EPS) hit AED 0.038, versus a loss per share of AED 0.034.