Statement of Financial Position

Statement of Financial Position

As at 31 December 2019

	Notes	2019	2018
		AED	AED
ASSETS
Property and equipment	4	40,008,043	2,337,753
Investment properties	5	–	38,961,039
Investments carried at fair value through other comprehensive income (FVTOCI)	6	59,996,256	61,532,290
Investments carried at fair value through profit and loss (FVTPL)	6	13,607,267	19,205,049
Statutory deposit	7	6,000,000	6,000,000
Premium and insurance balances receivable	8	67,552,199	54,812,235
Reinsurance contract assets	14	46,109,459	42,434,042
Other receivables and prepayments	9	26,116,336	20,198,648
Cash and cash equivalents	10	74,964,225	58,986,672
TOTAL ASSETS		334,353,785	304,467,728
SHAREHOLDERS’ EQUITY AND LIABILITIES
Capital and reserves
Share capital	11	118,780,500	118,780,500
Tier 1 capital	11	15,000,000	–
Accumulated losses		(8,920,743)	(19,026,036)
Board of directors’ proposed remuneration		1,454,955	–
Cumulative change in fair value through other comprehensive income		865,535	(4,242,730)
Statutory reserve	11	5,203,087	3,586,470
Total shareholders’ equity		132,383,334	99,098,204
LIABILITIES
Provision for employees’ end-of-service benefits	12	2,777,662	2,577,585
Insurance liability
Insurance and other payables	13	45,451,722	50,502,835
Technical provisions
Unearned premiums reserve	14	94,889,993	88,938,184
Claims under settlement reserve	14	33,791,506	35,753,709
Incurred but not reported claims reserve	14	23,477,514	25,992,703
Unallocated loss adjustment expenses reserve	14	1,582,054	1,604,508
Total technical provisions		153,741,067	152,289,104
TOTAL LIABILITIES		201,970,451	205,369,524
TOTAL EQUITY AND LIABILITIES		334,353,785	304,467,728

 

These financial statements were approved by the Board of Directors on 16 February 2020 and signed on their behalf by:

Mr. Mohammed Othman		Mr. Mohammed Alqubaisi
Chief Executive Officer		Chairman