The Islamic Arab Insurance Company (Salama) has achieved net profits attributable to the shareholders worth AED 9.92 million during the first quarter (Q1) of 2022, compared to AED 22.22 million in Q1-21.

The company’s net underwriting income reached AED 32.01 million in the January-March 2022 period, lower than AED 41.07 million in the year-ago period, according to a bourse disclosure.

The basic and diluted earnings per share (EPS) stood at AED 0.008 in Q1-22, versus AED 0.019 in Q1-21.

Meanwhile, the company incurred accumulated losses of AED 361.85 million, representing 29.90% of the capital.

In a separate note, the annual general meeting of the company granted its green light for a cash dividend distribution of 2 fils per share for 2021.

Jassim Alseddiqi, Salama’s Chairman, said: “As we focus on ensuring the resilience of our business operations, building a robust digital infrastructure and bringing new technologies to market, and as there are signs of stabilization in the market, we remain optimistic about achieving our strategic business objectives and creating value in line with shareholder and policyholder expectations in the coming quarters.”

Last year, Salama posted net profits attributable to the shareholders worth AED 40.05 million, lower than AED 149.36 million in 2020.