Statement of Financial Position

			(Restated)	(Restated)
	Notes	31 December	31 December	1 January
		2023	2022	2022
		AED	AED	AED
ASSETS
Property and equipment	4	7,719,510	43,010,347	43,261,817
Financial assets	6	11,108,035	54,451,411	63,545,745
Statutory deposits	7	6,000,000	6,000,000	6,000,000
Reinsurance contract assets	5	111,451,345	116,878,610	68,286,045
Other receivables and prepayments	8	43,156,606	12,336,708	9,552,361
Fixed deposits	9	–	14,000,000	14,000,000
Cash and cash equivalents	9	37,779,645	41,930,903	54,857,557
TOTAL ASSETS		217,215,141	288,607,979	259,503,525
SHAREHOLDERS’ EQUITY AND LIABILITIES
Capital and reserves
Share capital	10	118,780,500	118,780,500	118,780,500
Tier 1 capital	10	15,000,000	15,000,000	15,000,000
Treasury shares	10	(4,660,318)	(4,660,318)	–
Accumulated losses		(119,136,157)	(83,630,247)	(60,085,062)
Reinsurance reserve	10	1,181,192	650,848	422,793
Investment revaluation reserve		(6,069)	7,198,968	14,271,093
Statutory reserve	10	7,679,502	7,679,502	7,243,671
Proposed board of directors’ remuneration		–	392,248	856,796
TOTAL SHAREHOLDERS’ EQUITY		18,838,650	61,411,501	96,489,791
LIABILITIES
Provision for employees’ end-of-service benefits	11	2,531,023	3,208,318	2,883,016
Insurance contract liabilities	5	178,175,765	206,111,065	148,082,335
Other payables	12	17,669,703	17,877,095	12,048,383
TOTAL LIABILITIES		198,376,491	227,196,478	163,013,734
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		217,215,141	288,607,979	259,503,525

These financial statements were approved by the Board of Directors on 29 March 2024 and signed on their behalf by:

Mr. Mohammed Othman

Mr. Mohammed Alqubaisi

Chief Executive Officer & Associate Director

Chairman

The notes from 1 to 25 form an integral part of these financial statements.

The report of the auditor is set out on pages 3 to 7