Statement of Financial Position

Statement of Financial Position

As at 31 December 2018

Notes 2018 2017
  AED AED
ASSETS  
Property and equipment 4 2,337,753 2,265,850
Investment property 5 38,961,039
Investments at amortized cost 6 –   7,786,521
Investments carried at fair value through
other comprehensive income (FVTOCI)
6 61,532,290 27,262,656
Investments carried at fair value through
profit and loss (FVTPL)
6 19,205,049 13,616,061
Statutory deposit 7 6,000,000 6,000,000
Premiums and insurance balances receivables 8 55,104,425 69,646,466
Reinsurance contract assets 14 42,434,042 46,061,000
Other receivables and prepayments 9 19,906,458 16,446,390
Cash and cash equivalents 10 58,986,672 109,079,032
TOTAL ASSETS
304,467,728
298,163,976
   
SHAREHOLDERS’ EQUITY AND LIABILITIES  
Shareholders’ equity  
Capital and reserves  
Issued and paid up share capital 11 118,780,500 120,000,000
Treasury shares 11 (1,673,587)
Accumulated losses (19,026,036) (27,590,764)
Investment revaluation reserve   (4,242,730) (1,762,702)
Statutory reserve 11

3,586,470

2,522,161

Total shareholders’ equity  

99,098,204

91,495,108

 
Liabilities  
Provision for employees’ end-of-service benefits 12 2,577,585 2,035,185
Insurance liability    
Insurance and other payables 13

50,502,835

44,957,683

Technical provisions  
Unearned premiums reserve 14 88,938,184 88,835,000
Claims under settlement reserve 14 35,753,709  29,115,000
Incurred but not reported claims reserve 14 25,992,703  39,530,000
Unallocated loss adjustment expenses reserve 14

1,604,508

 2,196,000

Total Technical provisions

152,289,104

159,676,000

Total liabilities

205,369,524

206,668,868

TOTAL EQUITY AND LIABILITIES

304,467,728

298,163,976

These financial statements were approved by the Board of Directors on 6 February 2019 and signed on their behalf by:



Mr. Mohammed Othman                                                                     Mr. Mohamed Alqubaisi
Chief Executive Officer                                                                   Chairman