NOTES TO FINANCIAL STATEMENT

	2020	2019
	AED	AED
Due from policyholders	42,202,901	46,879,288
Due from brokers and agencies	14,310,160	15,600,046
Due from insurance and reinsurance companies	20,979,076	9,317,032
Due from related parties (Note 18)	891,043	2,756,857
	78,383,180	74,553,223
Expected credit loss	(8,025,259)	(7,123,244)
	70,357,921	67,429,979
Refundable deposits and other advances	81,350	122,220
Premium and insurance balances receivables – net	70,439,271	67,552,199

 

Inside UAE:

In accordance with the Board of Directors’ Decision Number 25 of 2014 pertinent to the Financial Regulations for Insurance Companies, the company has categorized the insurance receivables as follows:

	2020	2019
	AED	AED
Due from policyholders	42,202,901	46,879,288
Due from brokers and agencies	14,310,160	15,600,046
Due from insurance and reinsurance companies	1,376,272	1,054,612
Total	57,889,333	63,533,946

 

The ageing for the insurance receivables inside UAE is as follows:

	2020	2019
	AED	AED
0 – 30 Days	2,863,520	4,084,747
31 – 90 days	10,783,318	13,151,471
91 – 180 days	15,840,747	31,394,258
181 – 270 days	15,568,809	5,921,942
271 – 360 days	6,647,949	2,010,163
More than 360 days	6,184,990	6,971,365
Total	57,889,333	63,533,946

 

Outside UAE:

	2020	2019
	AED	AED
Due from insurance and reinsurance companies	19,602,804	8,262,420

 

 

The ageing for the insurance receivables outside UAE is as follows:

	2020	2019
	AED	AED
31-90 days	19,602,804	8,262,420

 

Expected credit loss

	2020	2019
	AED	AED
Beginning balance	(7,123,244)	(6,663,119)
Charge during the year	(902,015)	(460,125)
Ending balance	(8,025,259)	(7,123,244)