Jassim Al-Siddiqi, Chairman of the Board of Directors of "Salama Insurance" listed on the Dubai Financial Market, said that the Corona pandemic has boosted the growth of demand for health and life insurance products.
He stated that the company is gradually moving to obtain a larger share in the UAE insurance market, pointing out that it aims to be among the top 3 insurance companies in the UAE within two to three years.
And he indicated that the company succeeded during the first half of this year in facing the doubts and challenges imposed by the "Corona" epidemic, according to Al Khaleej newspaper.
He pointed out that the company is continuing its upward growth path despite the uncertainty caused by the "Corona" crisis, explaining that the company is working to follow up economic developments with the aim of modifying coverage standards and defining sound frameworks for its base of products in line with market conditions.
He added that the company monitors and studies the available and appropriate opportunities before it to achieve sustainable growth, whether through direct expansion or through deliberate deals.
Today, Salama Company disclosed the size and percentage of its accumulated losses and ways to deal with them, indicating that the amount of accumulated losses amounted to 373.2 million dirhams, which constitutes 30.84 percent of its capital of 1,210 million dirhams.
The Islamic Arab Insurance Company (Salama) recently obtained the approval of the Securities and Commodities Authority to increase the percentage of foreign ownership in its shares to 49 percent, instead of 25 percent.
The company indicated that it has contacted the Dubai Depository Company to start the procedures for activating this decision, confirming that it will announce the activation decision upon its implementation.
The General Assembly of Salama Company in May of this year approved a proposal to raise the percentage of foreign ownership in the company's shares from 25 percent to 49 percent.
The company's financial results showed a decline in net profits during the first quarter of 2020, by 8.7% year-on-year, to reach 13.65 million dirhams, compared to a profit of 14.96 million dirhams for the first quarter of 2019.
He stated that the company is gradually moving to obtain a larger share in the UAE insurance market, pointing out that it aims to be among the top 3 insurance companies in the UAE within two to three years.
And he indicated that the company succeeded during the first half of this year in facing the doubts and challenges imposed by the "Corona" epidemic, according to Al Khaleej newspaper.
He pointed out that the company is continuing its upward growth path despite the uncertainty caused by the "Corona" crisis, explaining that the company is working to follow up economic developments with the aim of modifying coverage standards and defining sound frameworks for its base of products in line with market conditions.
He added that the company monitors and studies the available and appropriate opportunities before it to achieve sustainable growth, whether through direct expansion or through deliberate deals.
Today, Salama Company disclosed the size and percentage of its accumulated losses and ways to deal with them, indicating that the amount of accumulated losses amounted to 373.2 million dirhams, which constitutes 30.84 percent of its capital of 1,210 million dirhams.
The Islamic Arab Insurance Company (Salama) recently obtained the approval of the Securities and Commodities Authority to increase the percentage of foreign ownership in its shares to 49 percent, instead of 25 percent.
The company indicated that it has contacted the Dubai Depository Company to start the procedures for activating this decision, confirming that it will announce the activation decision upon its implementation.
The General Assembly of Salama Company in May of this year approved a proposal to raise the percentage of foreign ownership in the company's shares from 25 percent to 49 percent.
The company's financial results showed a decline in net profits during the first quarter of 2020, by 8.7% year-on-year, to reach 13.65 million dirhams, compared to a profit of 14.96 million dirhams for the first quarter of 2019.
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