Income Statement
Income Statement
For the year ended 31 December 2019
| Notes | 2019 | 2018 | |
| AED | AED | ||
| Gross premiums | 20 | 235,821,191 | 210,881,530 |
| Reinsurance share of premiums | (75,409,203) | (53,881,057) | |
| Reinsurance share of ceded business premiums |
(6,154,694) |
(4,377,681) |
|
| Net premiums | 154,257,294 | 152,622,792 | |
| Net transfer to unearned premium reserve |
(1,128,589) |
(4,248,341) |
|
| Net premiums earned | 153,128,705 | 148,374,451 | |
| Commission earned | 11,695,867 | 7,860,605 | |
| Commission paid | (23,394,150) | (19,183,310) | |
| Gross underwriting income |
141,430,422 |
137,051,746 |
|
| Gross claims paid | (137,318,495) | (134,365,186) | |
| Reinsurance share of insurance claims and loss adjustment |
49,555,224 |
41,914,198 |
|
| Net claims paid | (87,763,271) | (92,450,988) | |
| Decrease/(Increase) in claims under settlement reserve | 1,962,203 | (6,638,709) | |
| (Decrease)/Increase in reinsurance share of claims under settlement reserve | (867,140) | 4,658,376 | |
| Decrease in incurred but not reported claims
reserve – net |
2,234,526 | 9,397,120 | |
| Decrease in unallocated loss adjustment expenses reserve – net | 22,454 | 591,492 | |
| Net claims incurred |
(84,411,228) |
(84,442,709) |
|
| Other underwriting income | 1,545,309 | 1,380,263 | |
| Other underwriting and claim handling expenses |
(6,990,476) |
(8,240,158) |
|
| Net underwriting income | 51,574,027 | 45,749,142 | |
| Income from investments – net | 15 | 6,820,890 | 2,365,517 |
| Income from investment properties – net | 64,548 | 1,997,871 | |
| Other income |
1,507,885 |
– |
|
| Gross income |
59,967,350 |
50,112,530 |
|
| General and administrative expenses | 16 |
(43,801,176) |
(39,469,440) |
| Net profit for the year |
16,166,174 |
10,643,090 |
|
| Earnings per share: | |||
| Basic and diluted earnings per share | 17 |
0.14 |
0.09 |
