Statement of Financial Position
Statement of Financial Position
For the year ended 31 December 2021
| Notes | 2021 | 2020 | |
| AED | AED | ||
| ASSETS | |||
| Property and equipment | 4 | 43,261,817 | 43,349,716 |
| Statutory deposit | 6 | 6,000,000 | 6,000,000 |
| Investments carried at fair value through other
comprehensive income (FVTOCI) |
5 | 51,296,714 | 49,164,336 |
| Investments carried at fair value through
profit and loss (FVTPL) |
5 | 12,249,031 | 10,554,455 |
| Premium and insurance balances receivable | 7 | 101,172,076 | 70,439,271 |
| Other receivables and prepayments | 8 | 25,542,510 | 25,494,906 |
| Reinsurance contract assets | 13 | 77,279,041 | 42,223,836 |
| Fixed deposits | 9 | 14,000,000 | 16,000,000 |
| Cash and cash equivalents | 9 | 54,857,557 | 72,626,824 |
| TOTAL ASSETS |
385,658,746 |
335,853,344 |
|
| 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 | (7,548,693) | (5,446,912) | |
| Board of directors’ proposed remuneration | 856,796 | 979,729 | |
| Reinsurance reserve | 10 | 422,793 | 423,698 |
| Investment revaluation reserve | 14,271,093 | 20,861 | |
| Legal reserve | 10 | 7,243,671
—————— |
6,291,675
——————— |
| Total shareholders’ equity | 149,026,160
—————- |
136,049,551
——————– |
|
| LIABILITIES | |||
| Provision for employees’ end-of-service benefits | 11 | 2,883,016 | 3,252,942 |
| Insurance liability | |||
| Insurance and other payables | 12 | 69,390,241
———- |
59,986,696
———- |
| Technical provisions | |||
| Unearned premiums reserve | 13 | 81,376,611 | 79,368,272 |
| Claims under settlement reserve | 13 | 51,604,276 | 35,513,092 |
| Incurred but not reported claims reserve | 13 | 28,869,141 | 20,133,725 |
| Unexpired risk reserve | 13 | 252,338 | – |
| Unallocated loss adjustment expenses reserve | 13 | 2,256,963
———- |
1,549,066
———- |
| Total technical provisions | 164,359,329
———- |
136,564,155
———- |
|
| TOTAL LIABILITIES | 236,632,586 | 199,803,793
|
|
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES |
385,658,746 |
335,853,344 |
These financial statements were approved by the Board of Directors on 10 February 2022 and signed on their behalf by:
| Mr. Amr Hindawi | Mr. Mohammed Alqubaisi | |
| Deputy Chief Executive Officer |
|
Chairman |
The notes from 1 to 24 form an integral part of these financial statements
