Gross Written Contributions of UAE's Salama Expected to Reach AED 1 Billion With Aman Acquisition

January 02, 2023 | Updated at January 10, 2023

The United Arab Emirates-based Islamic insurer, Salama, has announced that it will see an increase in its gross written contributions (GWCs) to AED 1 billion (USD 272 million) following its acquisition of a portfolio from takaful company, AMAN.

Why it Matters?

The acquisition was officially announced in October 2022, with both parties, both publicly traded on the Dubai Financial Market (DFM), confirming that the purchase is expected to be completed in the first quarter of 2023, subject to receiving regulatory approvals. The targeted portfolio generated AED 198.59 million (USD 54 million) in GWCs and AED 5.46 million (USD 1.49 million) in net takaful income before accounting for administrative expenses, during the first nine months of 2022.