Statement of profit or loss and other comprehensive income
Statement of profit or loss and other comprehensive income
For the year ended 31 December 2022
| Notes | 2022 | 2021 | |
| AED | AED | ||
| Gross premiums written | 19 | 281,251,947 | 207,314,824 |
| Reinsurance share of premiums | (124,576,829) | (78,751,861) | |
| Reinsurance share of ceded business premiums | (5,592,676) | (5,806,642) | |
| Net premiums | 151,082,442 | 122,756,321 | |
| Net transfer to unearned premium reserve | (11,956,267) | 11,674,447 | |
| Net premiums earned | 139,126,175 | 134,430,768 | |
| Commission earned | 28,971,886 | 16,546,396 | |
| Commission paid |
(34,606,460) |
(26,250,798) |
|
| Gross underwriting income |
133,491,601 |
124,726,366 |
|
| Gross claims paid | (205,560,670) | (147,136,773) | |
| Reinsurance share of claims paid |
118,560,487 |
84,914,782 |
|
| Net claims paid | (87,000,183) | (62,221,991) | |
| Increase in claims under settlement reserve | (2,442,738) | (9,405,647) | |
| (Increase)/decrease in reinsurance share of claims under settlement reserve | (2,166,231) | 8,769,840 | |
| Decrease/(increase) in incurred but not reported claims reserve – net | 2,732,942 | (2,818,369) | |
| Increase in unexpired risk reserve | (316,108) | (252,338) | |
| (Increase) in unallocated loss adjustment expenses reserve – net |
(519,479) |
(707,900) |
|
| Net claims incurred |
(89,711,797) |
(66,636,405) |
|
| Other underwriting income | 6,591,123 | 1,997,184 | |
| Other underwriting and claim handling expenses |
(12,763,845) |
(13,605,630) |
|
| Net underwriting income | 37,607,082 | 46,481,515 | |
| Income from investments – net | 14 |
6,074,287 |
5,053,325 |
| Gross income |
43,681,369 |
51,534,840 |
|
| General and administrative expenses | 15 |
(39,323,058) |
(42,014,884) |
| Profit for the year |
4,358,311 |
9,519,956 |
|
| Earnings per share: | |||
| Basic and diluted earnings per share (AED) |
16 |
0.04 |
0.08 |
| Notes | 2022 | 2021 | |
| AED | AED | ||
| Profit for the year | 4,358,311 | 9,519,956 | |
| Other comprehensive income/(loss) | |||
| Items that will not be reclassified subsequently to profit or loss | |||
| Realised loss on disposal of equity investments carried at FVTOCI | (202,709) | 212,978 | |
| Changes in fair value of equity investments carried at fair value through other comprehensive income |
5 |
(314,632) | 9,139,786 |
| Items that will be reclassified subsequently to profit or loss | |||
| Changes in fair value of debt investments carried at fair value through other comprehensive income |
5 |
(76,808) | 885,174 |
| Directors’ remuneration |
– |
(883,409) |
|
| Total comprehensive income for the year |
3,764,161 |
18,874,485 |
The notes from 1 to 23 form an integral part of these financial statements.
