SALAMA, a leading Takaful provider, reported a significant financial turnaround in Q1 2026, achieving a net profit of AED 14 million, up from AED 0.4 million in Q1 2025. Shareholders' equity increased by 40% to AED 505 million, and the solvency ratio improved from 76% to 159% following a successful capital raise. Earnings per share rose dramatically by 2,400% to AED 0.023. The UAE business recorded its first positive net underwriting result since Q2 2022. This performance is attributed to disciplined underwriting, operational efficiency, and strategic initiatives focused on sustainable profitability. SALAMA's insurance revenue decreased to AED 229.5 million from AED 256.4 million in Q1 2025, reflecting a strategic focus on profitability over volume growth. The Group's subsidiaries in Algeria and Egypt also contributed positively, with Algeria showing strong operational resilience and Egypt benefiting from investment and foreign exchange income.

The document is a review report and interim condensed consolidated financial statements for Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries, dated 31 March 2026. The financial statements are unaudited.

On April 30, 2026, the Board of Directors of the Islamic Arab Insurance Company (SALAMA) passed resolutions by circulation concerning the company's business. This information was addressed to H.E. Waleed Saeed Abdul Salam Al Awadhi, CEO of the Capital Market Authority in Abu Dhabi, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. The notice was signed by Ahmad Abdelrahim, Senior Manager of Legal & Compliance.

The Islamic Arab Insurance Company – SALAMA has appointed Mr. Ravikanth Petluri as the Chief Financial Officer. This appointment follows the necessary regulatory approvals from the Central Bank of the UAE, in accordance with the Corporate Governance Regulations for Insurance Companies. The announcement was made by Ahmad Abdelrahim, Senior Manager of Legal & Compliance.

The Islamic Arab Insurance Company (SALAMA) has appointed Mr. Ravikanth Petluri as its Chief Financial Officer. This appointment follows the necessary regulatory approvals from the Central Bank of the UAE, in accordance with the Corporate Governance Regulations for Insurance Companies. The announcement was made by Ahmad Abdelrahim, Senior Manager of Legal & Compliance.

The Islamic Arab Insurance Company, SALAMA, held its General Assembly Meeting on Tuesday, April 28, 2026, from 3:00 pm to 3:54 pm at their headquarters in Dubai and via virtual participation. The meeting, chaired by Mr. Essa Ali Bin Salem Alzaabi, had a quorum of 64.7935% of the total capital, with 56.4035% authenticity and 8.3901% proxy. The assembly approved several resolutions, including the appointment of Mr. Ahmad Abdelrahim as AGM Secretary and Mr. Mohamed Shaaban as Vote Collector. They also approved the Board of Director’s Report, Auditor’s Report, Sharia Supervisory Committee Report, Balance Sheet, and Profit & Loss Account for the year ended December 31, 2025. Additionally, the reappointment of the Internal Sharia Supervision Committee members was confirmed.

Salama Islamic Arab Insurance Company PJSC has successfully completed a capital restructuring program, restoring its financial strength and compliance with the Central Bank of the UAE's requirements. The restructuring involved a capital reduction of AED 456 million and the issuance of an AED 155 million Mandatory Convertible Sukuk, which was fully subscribed by strategic investors. This process resolved over AED 420 million of legacy exposures, enhancing financial transparency and stability. With a renewed focus on disciplined underwriting and sustainable growth, Salama is re-engaging distribution channels and aiming for profitable expansion across its core business segments. The company's leadership expressed confidence in Salama's strengthened position and future growth potential.