• Annual Report 2021

العربية | ENGLISH

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.

Close