SALAMA triples half-year profit to AED 28.3 million as operations stabilize

Islamic Arab Insurance Company (SALAMA) reported a profit after tax of AED 28.3 million for the first half of 2026, marking a significant increase from the AED 8.2 million recorded during the same period in 2025. The results, released on Tuesday, 18 August, show the Dubai-listed insurer has more than tripled its bottom-line performance year-on-year. Underwriting performance drives growth The Group’s second-quarter profit reached AED 14.3 million, up from AED 7.9 million in the second quarter of 2025. This growth was primarily driven by a turnaround in core insurance operations. The Insurance Service Result swung to a profit of AED 28.3 million in the first half of 2026, compared to a loss of AED 1.9 million in the prior-year period. Despite the profit surge, insurance revenue declined to AED 469.7 million from AED 515.4 million in H1 2025. The company attributed this decrease to a deliberate strategy favoring underwriting quality and portfolio optimization over high-volume growth. This shift indicates a focus on sustainable profitability rather than simply increasing market share through lower-margin contracts. Strategic shift to sustainable value Humaid Mohammad Obaid Alqutami, Chairman of SALAMA, stated that the results demonstrate progress in strengthening the firm's financial position and building a business capable of delivering long-term value. The company has now delivered two consecutive profitable quarters, indicating a stabilization of its operational model…