OPERATING PERFORMANCE
Statement of Income
For the year ended 31 December 2021 | Notes | 2021 SR | 2020 SR | ||
Revenues | |||||
Gross written premiums | 1,115,879,700 | 935,114,217 | |||
Retroceded premiums | (123,897,906) | (132,993,489) | |||
Excess of loss expenses | (33,014,126) | (29,481,546) | |||
Net written premiums | 11 | 958,967,668 | 772,639,182 | ||
Change in net unearned premiums | 11 | (104,237,572) | (125,518,602) | ||
Net earned premiums | 11 | 854,730,096 | 647,120,580 | ||
Retrocession commissions | 16 | 19,675,509 | 12,693,388 | ||
Total revenues | 874,405,605 | 659,813,968 | |||
Underwriting costs and expenses | |||||
Gross claims paid | (471,215,536) | (481,191,479) | |||
Retroceded share of claims paid | 61,706,979 | 181,476,339 | |||
Net claims paid | (409,508,557) | (299,715,140) | |||
Change in outstanding claims, net | (71,385,295) | (107,762,057) | |||
Changes in incurred but not reported claims, net | (84,418,161) | 15,497,385 | |||
Net claims incurred | (565,312,013) | (391,979,812) | |||
Policy acquisition costs and profit commissions | 12 | (232,404,118) | (194,682,388) | ||
Other underwriting expenses | (5,063,046) | (4,002,629) | |||
Total underwriting costs and expenses | (802,779,177) | (590,664,829) | |||
Net underwriting income | 71,626,428 | 69,149,139 | |||
Other operating income/(expenses) | |||||
Special commission income from time deposits | 5,312,286 | 10,729,027 | |||
Realized gain/(loss) on investments held at fair value through income statement | 7(iii) | 7,209,116 | (885,373) | ||
Unrealized gains on investments held at fair value through income statement | 7(iii) | 4,912,672 | 1,685,649 | ||
Special commission income from bonds and sukuk | 13,547,725 | 11,427,008 | |||
Special commission expense on margin loan | (432,140) | (9,969) | |||
Dividend income | 1,092,430 | 3,310,492 | |||
Share of profit of equity-accounted investee | 17 | 18,657,921 | 12,071,843 | ||
Investment management expenses | (3,355,754) | (889,558) | |||
Net investment income | 46,944,256 | 37,439,119 | |||
Other income | 1,109,066 | 1,144,525 | |||
Reversal of provision for Zakat | 22 | – | 5,567,920 | ||
(Charge)/reversal of doubtful debts | 6 | (153,851) | 647,860 | ||
General and administrative expenses | 25 | (55,458,811) | (49,571,677) | ||
Board of Directors’ remunerations, meeting fees and expenses | 26 | (4,798,017) | (2,271,237) | ||
Foreign exchange translation(loss)/gains | (3,382,910) | 2,018,204 | |||
Total income for the year before Zakat and tax | 55,886,161 | 64,123,853 | |||
Total income attributed to the reinsurance operations | 33 | (2,571,223) | (3,432,212) | ||
Net income for the year before Zakat and tax attributable to the shareholders | 33 | 53,314,938 | 60,691,641 | ||
Zakat and tax charge for the year | 22 | (15,005,543) | (14,773,830) | ||
Net income for the year after Zakat and tax attributable to the shareholders | 38,309,395 | 45,917,811 | |||
Basic and diluted earnings per share for the year (Restated) | 28 | 0.43 | 0.52 |
The accompanying notes 1 to 36 form an integral part of these financial statements.