Income Statement

For the year ended 31 December 2017

   
Notes 2017 2016
AED AED
  (Restated)
 
Gross premiums 19(c) 219,465,332 159,835,200
Reinsurance share of premiums (48,853,499) (33,573,295)
Reinsurance share of ceded business premiums

(4,099,907)

(4,225,903)

Net premiums 166,511,926 122,036,002
Net transfer to unearned premium reserve

(8,635,001)

(17,012,610)

Net premiums earned 157,876,925 105,023,392
Commission earned 7,759,955 4,526,768
Commission paid

(17,589,573)

(7,439,543)

Gross underwriting income

148,047,307

102,110,617

 
Gross claims paid (129,014,666) (102,505,344)
Reinsurance share of insurance claims and loss adjustment

35,613,011

16,269,523

Net claims paid (93,401,655) (86,235,821)
Provision for outstanding claims

(13,267,995)

(10,723,558)

Net claims incurred

(106,669,650)

(96,959,379)

   
Net underwriting income

41,377,657

5,151,238

Income from investments – net 14 2,858,368 8,392,948
Other Income

34,500

517,512

Gross income 44,270,525 14,061,698
General and administrative expenses 15 (31,617,911) (31,647,600)
Bonuses and rebates (net of reinsurance) 2,453,799 2,824,437
Other operating expenses (6,986,286) (4,281,298)
Net profit / (loss) for the year
8,120,127
(19,042,763)
   
Earnings per share:  
Basic and diluted earnings / (loss) per share 16

0.07

(0.16)