Standard and Poor's upgrades SALAMA's rating

Standard and Poor's has upgraded the financial strength rating of Islamic Arab Insurance Company (SALAMA), from BBB- to BBB with stable outlook.

During the first quarter of 2019, the company reported an increase of 25% in its net result at 4.9 million USD. SALAMA has also managed to improve its operating performances over the past two years. Its combined net ratio stabilized at 97%.

Founded in 1979, SALAMA is endowed with a paid-up capital worth 1.21 billion AED (329 million USD). The Emirati group has several subsidiaries in Saudi Arabia, Egypt, Jordan, Algeria and Senegal.

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