Statement of Financial Position

As at 31 December 2017

Notes 2017 2016 1 January 2016
  *Restated *Restated
  AED AED AED
ASSETS  
Property and equipment 4 2,265,850 1,916,985 2,087,382
Investments designated at amortised cost 5 7,786,521 18,375,000 32,985,053
Investments carried at fair value through
other comprehensive income (FVTOCI)
5 27,262,656 23,307,356 72,116,795
Investments carried at fair value through profit and loss (FVTPL) 5 13,616,061 9,861,315 10,442,407
Statutory deposit 6 6,000,000 6,000,000 6,000,000
Premium and insurance balances receivable 7 59,817,221 52,216,043 47,405,989
Reinsurance shares of outstanding claims 11,726,681 15,312,000 7,343,316
Other receivables and prepayments 8 16,446,390 13,558,061 5,549,324
Cash and cash equivalents 9 109,079,032 79,183,147 42,343,719
TOTAL ASSETS
254,000,412
219,729,907
226,273,985
 
EQUITY AND LIABILITIES  
Capital and reserves  
Issued and paid up share capital 10 120,000,000 120,000,000 120,000,000
Treasury shares 10 (1,673,587) (1,673,587) (1,657,687)
Accumulated losses (27,590,764) (36,140,798) (18,044,823)
Investment revaluation reserve (1,762,702) (1,468,029) (956,035)
Statutory reserve 10 2,522,161 1,710,148 1,710,148
Total capital and reserves
91,495,108
82,427,734
101,051,603
         
LIABILITIES    
Insurance liabilities    
Borrowings from banks 39,186,525
Employees’ end-of-service benefits 11 2,035,185 1,581,877 1,131,478
Insurance and other payables 12

35,128,438

28,746,389

22,127,630

Total insurance liabilities  

37,163,623

30,328,266

62,445,633

Technical provisions  
Unearned premiums reserve 13 65,635,000 57,000,000 33,910,559
Claims under settlement reserve 13 28,900,681 32,094,000 24,786,550
Incurred but not reported claims reserve 13 28,610,000 13,003,000 2,386,060
Unexpired risk reserve 13 3,418,907 1,693,580
Unallocated loss adjustment expenses reserve 13

2,196,000

1,458,000

Total Technical Reserves

125,341,681

106,973,907

62,776,749

Total liabilities 162,505,304 137,302,173 125,222,382
TOTAL EQUITY AND LIABILITIES
254,000,412
219,729,907
226,273,985

These financial statements were approved by the Board of Directors on 31 January 2018 and signed on their behalf by:



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