Statement of Financial Position

Statement of Financial Position

For the year ended 31 December 2020

	Notes	2020	2019
		AED	AED
ASSETS
Property and equipment	4	43,349,716	40,008,043
Statutory deposit	6	6,000,000	6,000,000
Investments carried at fair value through other comprehensive income (FVTOCI)	5	49,164,336	59,996,256
Investments carried at fair value through profit and loss (FVTPL)	5	10,554,455	13,607,267
Premium and insurance balances receivable	7	70,439,271	67,552,199
Other receivables and prepayments	8	25,494,906	26,116,336
Reinsurance contract assets	13	42,223,836	46,109,459
Fixed deposits	9	16,000,000	–
Cash and cash equivalents	9	72,626,824	74,964,225
TOTAL ASSETS		335,853,344	334,353,785
SHAREHOLDERS’ EQUITY AND LIABILITIES
Capital and reserves
Share capital	10	118,780,500	118,780,500
Tier 1 capital	10	15,000,000	15,000,000
Accumulated losses		(5,446,912)	(8,920,743)
Board of directors’ proposed remuneration		979,729	1,454,955
Reinsurance reserve	10	423,698	–
Investment revaluation reserve		20,861	865,535
Legal reserve	10	6,291,675	5,203,087
Total shareholders’ equity		136,049,551	132,383,334
LIABILITIES
Provision for employees’ end-of-service benefits	11	3,252,942	2,777,662
Insurance liability
Insurance and other payables	12	59,986,696	45,451,722
Technical provisions
Unearned premiums reserve	13	79,368,272	94,889,993
Claims under settlement reserve	13	35,513,092	33,791,506
Incurred but not reported claims reserve	13	20,133,725	23,477,514
Unallocated loss adjustment expenses reserve	13	1,549,066	1,582,054
Total technical provisions		136,564,155	153,741,067
TOTAL LIABILITIES		199,803,793	201,970,451
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		335,853,344	334,353,785

 

These financial statements were approved by the Board of Directors on 10 February 2021 and signed on their behalf by:

 

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