NOTES TO FINANCIAL STATEMENT
Insurance and other payables
| 2022 | 2021 | |
| AED | AED | |
| Payables-inside UAE | 85,108,040 | 59,787,553 |
| Payables-outside UAE |
21,131,056 |
9,602,688 |
106,239,096 |
69,390,241 |
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 payables as follows:
Inside UAE:
| 2022 | 2021 | |
| AED | AED | |
| Due to insurance and reinsurance companies | 31,675,000 | 24,803,420 |
| Due to brokers and agents | 15,628,083 | 7,292,919 |
| Related party payables (Note 18) | 14,047,973 | 8,900,000 |
| Claims payable | 13,166,912 | 5,806,174 |
| Due to policyholders | 5,981,492 | 6,273,082 |
| Unearned commission on premium ceded | 258,887 | 3,021,801 |
| Due to reinsurance companies – inside UAE | 242,673 | 541,774 |
| VAT output tax payable (Net) | – | 18,208 |
| Other accrued expenses |
4,107,020 |
3,130,175 |
85,108,040 |
59,787,553 |
Outside UAE:
| 2022 | 2021 | |
| AED | AED | |
| Due to insurance and reinsurance companies | 15,517,180 | 3,692,079 |
| Funds held for reinsurers |
5,613,876 |
5,910,609 |
21,131,056 |
9,602,688 |
