Statement of profit or loss
Statement of profit or loss
For the year ended 31 December 2021
| Notes | 2021 | 2020 | |
| AED | AED | ||
| Gross premiums | 19 | 207,314,824 | 217,371,704 |
| Reinsurance share of premiums | (78,751,861) | (77,800,645) | |
| Reinsurance share of ceded business premiums |
(5,806,642) |
(6,938,884) |
|
| Net premiums | 122,756,321 | 132,632,175 | |
| Net transfer from unearned premium reserve | 11,674,447 | 17,540,933 | |
| Net premiums earned | 134,430,768 | 150,173,108 | |
| Commission earned | 16,546,396 | 10,925,538 | |
| Commission paid |
(26,250,798) |
(25,015,434) |
|
| Gross underwriting income |
124,726,336 |
136,083,212 |
|
| Gross claims paid | (147,136,773) | (152,570,446) | |
| Reinsurance share of insurance claims and loss adjustment |
84,914,782 |
72,608,170 |
|
| Net claims paid | (62,221,991) | (79,962,276) | |
| Increase in claims under settlement reserve | (9,405,647) | (1,721,586) | |
| Decrease / (Increase) in reinsurance share of claims under settlement reserve | 8,769,840 | (532,546) | |
| Increase in incurred but not reported claims
reserve – net |
(2,818,369) | (2,028,500) | |
| Increase in unexpired risk reserve | (252,338) | – | |
| (Increase) / Decrease in unallocated loss adjustment expenses reserve – net |
(707,900) |
32,988 |
|
| Net claims incurred |
(66,636,405) |
(84,211,920) |
|
| Other underwriting income | 1,997,184 | 4,626,366 | |
| Other underwriting and claim handling expenses |
(13,605,630) |
(9,492,896) |
|
| Net underwriting income | 46,481,515 | 47,004,762 | |
| Income from investments – net | 14 | 5,053,325 | 6,814,389 |
| Other income |
– |
18,315 |
|
| Gross income |
51,534,840 |
53,837,466 |
|
| General and administrative expenses | 15 | (42,014,884) | (42,951,587) |
| Profit for the year |
9,519,956 |
10,885,879 |
|
| Earnings per share: | |||
| Basic and diluted earnings per share | 16 |
0.08 |
0.09 |
