NOTES TO FINANCIAL STATEMENT
Segment information
The Company has two reportable segments, as described below, which are the Company’s strategic business units. The business units are managed separately because they require different approach technology and marketing strategies. For each of the strategic business units, the Chief Operating Decision Maker reviews internal management reports on at least a quarterly basis.
The following summary describes the two main business segments:
- Underwriting of general insurance business – incorporating all classes of general insurance such as fire, marine, motor, medical, general accident and miscellaneous.
- Investments – incorporating investments in marketable equity securities and investment funds, development bonds, term deposits with banks and other securities.
Primary segment information – business segment
| 31 December 2023
AED |
31 December 2022
(Restated) AED |
||||||
| Underwriting | Investments | Total | Underwriting | Investments | Total | ||
| Segment revenue | 242,946,852 | 3,779,514 | 246,726,366 | 249,971,841 | 6,074,287 | 256,046,128 | |
| Segment result | (46,379,294) | 3,779,514 | (42,599,780) | (32,012,819) | 6,074,287 | (25,938,532) | |
| Unallocated income/expense, net | 625,165 |
(1,814,221) |
|||||
| Net loss for the year | (41,974,615) | (27,752,753) | |||||
The following is an analysis of the Company’s assets, liabilities and equity by business segment:
| 31 December 2023 | 31 December 2022 | ||||||||||
| AED | Restated) AED | ||||||||||
| Underwriting | Investments | Total | Underwriting | Investments | (Total | ||||||
| Segment assets | 168,327,461 | 11,108,035 | 179,435,496 | 178,225,665 | 54,451,411 | 232,677,076 | |||||
| Unallocated assets | 37,779,645 | 55,930,903 | |||||||||
| Total assets | 217,215,141 | 288,607,979 | |||||||||
|
Segment liabilities |
195,845,468 | (6,069) | 195,839,399 | 223,988,160 | 7,198,968 | 231,187,128 | |||||
| Equity | 18,844,719 | 54,212,533 | |||||||||
| Unallocated liabilities | 2,531,023 | 3,208,318 | |||||||||
| Total liabilities and equity | 217,215,141 | 288,607,979 | |||||||||
- Secondary segment information – revenue from underwriting departments
The following is an analysis of the Company’s revenues classified by major underwriting department.
| (Restated) | |||
|
|
31 December
2023 |
31 December
2022 |
|
| AED | AED | ||
| Non – Marine | 143,464,248 | 144,860,432 | |
| Medical and personal assurance | 98,881,399 | 103,323,413 | |
| Marine | 601,205 | 1,787,996 | |
| 242,946,852 | 249,971,841 |
There were no transactions between the business segments during the year.
Gross written premium
Details relating to gross written premium are disclosed below to comply with the requirements of CBUAE and are not calculated as per requirements of IFRS 17
| 31 December 2023 | Non- Marine | Medical and personal assurance | Marine insurance | All types of business combined |
| Direct written premiums | 112,604,800 | 113,524,047 | 679,052 | 226,807,899 |
| Assumed business | ||||
| Foreign | 1,359,186 | – | – | 1,359,186 |
| Local | 1,697,456 | – | – | 1,697,456 |
| Total assumed business | 3,056,642 | – | – | 3,056,642 |
| Gross written premiums | 115,661,442 | 113,524,047 | 679,052 | 229,864,542 |
| 31 December 2022
(Restated) |
Non- Marine | Medical and personal assurance | Marine insurance | All types of business combined |
| Direct written premiums | 176,768,944 | 101,430,623 | 1,693,138 | 279,892,705 |
| Assumed business | ||||
| Foreign | 223,442 | – | – | 223,442 |
| Local | 1,135,800 | – | – | 1,135,800 |
| Total assumed business | 1,359,242 | – | – | 1,359,242 |
| Gross written premiums | 178,128,186 | 101,430,623 | 1,693,138 | 281,251,947 |
