NOTES TO FINANCIAL STATEMENT

	2022	2021
	AED	AED
Due from policyholders	49,374,608	41,841,082
Due from insurance and reinsurance companies	91,984,353	52,914,469
Due from brokers and agencies	12,931,714	12,686,644
Due from related parties (Note 18)	4,271,318	2,492,527
	158,561,993	109,934,722
Expected credit loss	(9,110,170)	(9,110,170)
	149,451,823	100,824,552
Refundable deposits and other advances	184,989	347,524
Premium and insurance balances receivables – net	149,636,812	101,172,076

 

Inside UAE:

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 receivables as follows:

	2022	2021
	AED	AED
Due from policyholders	49,374,608	41,841,082
Due from brokers and agencies	12,931,714	12,686,644
Due from insurance and reinsurance companies	3,219,928	2,965,005
Total	65,526,250	57,492,731

 

The ageing for the insurance receivables inside UAE is as follows:

	2022	2021
	AED	AED
0 – 30 Days	4,514,747	19,378,861
31 – 90 days	39,055,760	19,804,174
91 – 180 days	6,764,273	4,125,682
181 – 270 days	1,887,228	3,760,822
271 – 360 days	2,547,093	1,844,593
More than 360 days	10,575,148	8,578,599
Total	65,526,250	57,492,731

 

Outside UAE:

	2022	2021
	AED	AED
Due from insurance and reinsurance companies	88,764,425	49,949,464

 

 

The ageing for the insurance receivables outside UAE is as follows:

	2022	2021
	AED	AED
31-90 days	88,764,425	53,998,199

 

Expected credit loss

	2022	2021
	AED	AED
Beginning balance	(9,110,170)	(8,025,259)
Charge during the year	–	(1,084,911)
Ending balance	(9,110,170)	(9,110,170)