Income Statement
Income Statement
For the year ended 31 December 2020
| Notes | 2020 | 2019 | |
| AED | AED | ||
| Gross premiums | 19 | 217,371,704 | 235,821,191 |
| Reinsurance share of premiums | (77,800,645) | (75,409,203) | |
| Reinsurance share of ceded business premiums |
(6,938,884) |
(6,154,694) |
|
| Net premiums | 132,632,175 | 154,257,294 | |
| Net transfer to unearned premium reserve |
17,540,933 |
(1,128,589) |
|
| Net premiums earned | 150,173,108 | 153,128,705 | |
| Commission earned | 10,925,538 | 11,695,867 | |
| Commission paid | (25,015,434) | (23,394,150) | |
| Gross underwriting income |
136,083,212 |
141,430,422 |
|
| Gross claims paid | (152,570,446) | (137,318,495) | |
| Reinsurance share of insurance claims and loss adjustment |
72,608,170 |
49,555,224 |
|
| Net claims paid | (79,962,276) | (87,763,271) | |
| (Increase)/Decrease in claims under settlement reserve | (1,721,586) | 1,962,203 | |
| Decrease in reinsurance share of claims under settlement reserve | (532,546) | (867,140) | |
| (Increase)/Decrease in incurred but not reported claims
reserve – net |
(2,028,500) | 2,234,526 | |
| Decrease in unallocated loss adjustment expenses reserve – net |
32,988 |
22,454 |
|
| Net claims incurred |
(84,211,920) |
(84,411,228) |
|
| Other underwriting income | 4,626,366 | 1,545,309 | |
| Other underwriting and claim handling expenses |
(9,492,896) |
(6,990,476) |
|
| Net underwriting income | 47,004,762 | 51,574,027 | |
| Income from investments – net | 14 | 6,814,389 | 6,820,890 |
| Income from investment properties – net | – | 64,548 | |
| Other income |
18,315 |
1,507,885 |
|
| Gross income |
53,837,466 |
59,967,350 |
|
| General and administrative expenses | 15 | (42,951,587) | (43,801,176) |
| Profit for the year |
10,885,879 |
16,166,174 |
|
| Earnings per share: | |||
| Basic and diluted earnings per share | 17 |
0.09 |
0.14 |
