NOTES TO FINANCIAL STATEMENT
Premium and insurance balances receivables
| 2021 | 2020 | |
| AED | AED | |
| Due from policyholders | 41,841,082 | 42,202,901 |
| Due from brokers and agencies | 12,686,644 | 14,310,160 |
| Due from insurance and reinsurance companies | 52,914,469 | 20,979,076 |
| Due from related parties (Note 18) |
2,492,527 |
891,043 |
| 109,934,722 | 78,383,180 | |
| Expected credit loss |
(9,110,170) |
(8,025,259) |
| 100,824,552 | 70,357,921 | |
| Refundable deposits and other advances | 347,524 | 81,350 |
| Premium and insurance balances receivables – net |
101,172,076 |
70,439,271 |
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:
| 2021 | 2020 | |
| AED | AED | |
| Due from policyholders | 41,841,082 | 42,202,901 |
| Due from brokers and agencies | 12,686,644 | 14,310,160 |
| Due from insurance and reinsurance companies |
2,965,005 |
1,376,272 |
| Total |
57,492,731 |
57,889,333 |
The ageing for the insurance receivables inside UAE is as follows:
| 2021 | 2020 | |
| AED | AED | |
| 0 – 30 Days | 19,378,861 | 2,863,520 |
| 31 – 90 days | 19,804,174 | 10,783,318 |
| 91 – 180 days | 4,125,682 | 15,840,747 |
| 181 – 270 days | 3,760,822 | 15,568,809 |
| 271 – 360 days | 1,844,593 | 6,647,949 |
| More than 360 days | 8,578,599 | 6,184,990 |
| Total |
57,492,731 |
57,889,333 |
Outside UAE:
| 2021 | 2020 | |
| AED | AED | |
| Due from insurance and reinsurance companies |
49,949,464 |
19,602,804 |
The ageing for the insurance receivables outside UAE is as follows:
| 2021 | 2020 | |
| AED | AED | |
| 31-90 days |
49,949,464 |
19,602,804 |
Expected credit loss
| 2021 | 2020 | |
| AED | AED | |
| Beginning balance | (8,025,259) | (7,123,244) |
| Charge during the year | (1,084,911) | (902,015) |
| Ending balance |
(9,110,170) |
(8,025,259) |
