Income Statement

Income Statement

For the year ended 31 December 2018

Notes 2018 2017
AED AED
 
Gross premiums 20 210,881,530 219,465,332
Reinsurance share of premiums (53,881,057) (48,853,499)
Reinsurance share of ceded business premiums

(4,377,681)

(4,099,907)

Net premiums 152,622,792 166,511,926
Net transfer to unearned premium reserve

(4,248,341)

(8,635,001)

Net premiums earned 148,374,451 157,876,925
Commission earned 7,860,605 7,759,955
Commission paid

(19,183,310)

(17,589,573)

Gross underwriting income

137,051,746

148,047,307

 
Gross claims paid (134,365,186) (129,014,666)
Reinsurance share of insurance claims and loss adjustment

41,914,198

35,613,011

Net claims paid  (92,450,988) (93,401,655)
(Increase) / Decrease in provision for outstanding claims  (6,638,709) 2,984,000
Increase / (Decrease) in reinsurance share of outstanding claims  4,658,376 (3,371,000)
Decrease / (Increase) in incurred but not reported claims reserve – net 9,397,120 (15,607,000)
Decrease in unexpired risk reserve – net  –   3,417,000
Decrease / (Increase) in unallocated loss adjustment expenses reserve – net

591,492

(690,995)

Net claims incurred

(84,442,709)

(106,669,650)

   
Other underwriting income  1,380,263 2,453,799
Other underwriting and claim handling expenses

 (8,240,158)

(6,986,286)

Net underwriting income 45,749,142 36,845,170
Income from investments – net 15 2,365,517 2,858,368
Income from investment properties – net 5 1,997,871
Other income

–  

34,500

Gross income 50,112,530 39,738,038
General and administrative expenses 16

(39,469,440)

(31,617,911)

Net profit for the year

10,643,090

8,120,127

   
Earnings per share:  
Basic and diluted earnings per share 17

0.09

0.07