OPERATING PERFORMANCE

Statement of Income

For the year ended 31 December 2022	Notes	2022 SR	2021 SR
Revenues
Gross written premiums		1,403,280,920	1,115,879,700
Retroceded premiums		(462,919,962)	(123,897,906)
Excess of loss expenses		(41,761,879)	(33,014,126)
Net written premiums	11	898,599,079	958,967,668
Change in net unearned premiums	11	29,291,857	(104,237,572)
Net earned premiums	11	927,890,936	854,730,096
Retrocession commissions	16	14,815,510	19,675,509
Total revenues		942,706,446	874,405,605
Underwriting costs and expenses
Gross claims paid		(537,845,426)	(471,215,536)
Retroceded share of claims paid		75,973,954	61,706,979
Net claims paid		(461,871,472)	(409,508,557)
Change in outstanding claims, net		(21,046,169)	(71,385,295)
Changes in incurred but not reported claims, net		(112,126,594)	(84,418,161)
Net claims incurred		(595,044,235)	(565,312,013)
Policy acquisition costs and profit commissions	12	(218,198,524)	(232,404,118)
Other underwriting expenses		(1,995,257)	(5,063,046)
Total underwriting costs and expenses		(815,238,016)	(802,779,177)
Net underwriting income		127,468,430	71,626,428
Other operating income/(expenses)
Special commission income from time deposits		16,722,235	5,312,286
Realized gains on investments held at fair value through income statement	7(iii)	6,529,722	7,209,116
Unrealized (losses)/gains on investments held at fair value through income statement	7(iii)	(33,979,564)	4,912,672
Special commission income from bonds and sukuk		22,005,303	13,547,725
Special commission expense on margin loan		(1,207,363)	(432,140)
Dividend income		2,160,538	1,092,430
Share of profit of equity-accounted investee	17	19,798,957	18,657,921
Investment management expenses		(3,718,859)	(3,355,754)
Net investment income		28,310,969	46,944,256
Other income		613,580	1,109,066
Charge for doubtful debts	6	(680,201)	(153,851)
General and administrative expenses	25	(74,343,820)	(55,458,811)
Board of directors’ remunerations, meeting fees and expenses	26	(3,660,415)	(4,798,017)
Foreign exchange translation loss		(15,604,941)	(3,382,910)
Total income for the year before Zakat and tax		62,103,602	55,886,161
Total income attributed to the reinsurance operations	33	(5,359,329)	(2,571,223)
Net income for the year before Zakat and tax attributable to the shareholders	33	56,744,273	53,314,938
Zakat and tax charge for the year	22	(15,265,506)	(15,005,543)
Net income for the year after Zakat and tax attributable to the shareholders		41,478,767	38,309,395
Basic and diluted earnings per share for the year	28	0.47	0.43

The accompanying notes 1 to 36 form an integral part of these financial statements.

Managing Director/Chief Executive Officer

Chairman of the Board

Chief Financial Officer