Statement of Financial Position
Statement of Financial Position
For the year ended 31 December 2022
| Notes | 2022 | 2021 | |
| AED | AED | ||
| ASSETS | |||
| Property and equipment | 4 | 43,010,347 | 43,261,817 |
| Statutory deposit | 6 | 6,000,000 | 6,000,000 |
| Investments carried at fair value through other | 5 | 40,502,582 | 51,296,714 |
| comprehensive income (FVTOCI) | |||
| Investments carried at fair value through | 5 | 13,948,829 | 12,249,031 |
| profit and loss (FVTPL) | |||
| Premium and insurance balances receivable | 7 | 149,636,812 | 101,172,076 |
| Other receivables and prepayments | 8 | 48,225,047 | 25,542,510 |
| Reinsurance contract assets | 13 | 102,577,633 | 77,279,041 |
| Fixed deposits | 9 | 14,000,000 | 14,000,000 |
| Cash and cash equivalents | 9 | 41,930,903 | 54,857,557 |
| TOTAL ASSETS |
459,832,153 |
385,658,746 |
|
| 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 |
| Treasury Shares | 10 | (4,660,318) | – |
| Retained earnings/(accumulated losses) | 1,017,186 | (7,548,693) | |
| Board of directors’ proposed remuneration | 392,248 | 856,796 | |
| Reinsurance reserve | 10 | 650,848 | 422,793 |
| Investment revaluation reserve | 7,198,969 | 14,271,093 | |
| Legal reserve | 10 |
7,679,502 |
7,243,671 |
| Total shareholders’ equity |
146,058,935 |
149,026,160 |
|
| LIABILITIES | |||
| Provision for employees’ end-of-service benefits | 11 | 3,208,318 | 2,883,016 |
| Insurance liability | |||
| Insurance and other payables | 12 |
106,239,096 |
69,390,241 |
| Technical reserves | |||
| Unearned premiums reserve | 13 | 112,656,717 | 81,376,611 |
| Claims under settlement reserve | 13 | 52,137,577 | 51,604,276 |
| Incurred but not reported claims reserve | 13 | 36,186,621 | 28,869,141 |
| Unexpired risk reserve | 13 | 568,447 | 252,338 |
| Unallocated loss adjustment expenses reserve | 13 |
2,776,442 |
2,256,963 |
| Total technical reserves |
204,325,804 |
164,359,329 |
|
| TOTAL LIABILITIES |
313,773,218 |
236,632,586 |
|
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES |
459,832,153 |
385,658,746 |
These financial statements were approved by the Board of Directors on 13 February 2022 and signed on their behalf by:
| Mr. Mohammed Othman | Mr. Mohammed Alqubaisi | |
| Chief Executive Officer & Associate Director |
|
Chairman |
The notes from 1 to 23 form an integral part of these financial statements
