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| As at 31 December
|
Notes
|
2023
SR |
2022
(Restated) SR |
| Reinsurance revenue | 19 | 627,187,025 | 696,997,918 |
| Reinsurance service expenses | 20 | ( 509,774,279) | (591,168,190) |
| Net income/(expenses) from retrocession contracts | 21 | 2,349,500 | (22,240,463) |
| Reinsurance service result | 119,762,246 | 83,589,265 | |
| Investment income calculated using effective profit rate | 24 | 58,460,073 | 38,727,538 |
| Net income/(loss) from financial investments measured at FVIS | 25 | 6,243,412 | (25,289,304) |
| Investment management expenses | (4,207,747) | (3,718,859) | |
| Provision for expected credit losses | (108,091) | (1,339,952) | |
| Net investment income | 60,387,647 | 8,379,423 | |
| Net finance (expense)/income from reinsurance contracts issued | 22 | (54,850,549) | 13,207,197 |
| Net finance income/(expense) from retrocession contracts held | 23 | 20,224,903 | (11,722,803) |
| Net financial result | 25,762,001 | 9,863,817 | |
| NET REINSURANCE AND INVESTMENT RESULT | 145,524,247 | 93,453,082 | |
| Other income | 26 | 6,335,975 | 613,580 |
| Other finance costs | (1,677,423) | (1,207,363) | |
| Other operating expenses | 27 | (31,691,313) | (34,645,986) |
| Share of profit of equity accounted investee | 11 | 40,070,637 | 33,104,574 |
| Net profit for the year before Zakat and tax | 158,562,123 | 91,317,887 | |
| Zakat for the year | 16 | (33,870,444) | (15,232,686) |
| Tax charge for the year | 16 | (262,185) | (32,820) |
| Net profit for the year after Zakat and tax | 124,429,494 | 76,052,381 | |
| Basic and diluted earnings per share | 28 | 1.40 | 0.85 |
| Weighted average number of shares in issue | 89,100,000 | 89,100,000 |
Managing Director/Chief Executive Officer
Chairman of the Board
Chief Financial Officer