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Annexes
Supplementary Information
STATEMENT OF FINANCIAL POSITION
|
31 December 2024 ( X
) |
31 December 2023 (X
) |
|||||
| Reinsurance operations | Shareholders’ operations | Total |
Reinsurance operations |
Shareholders’ operations |
Total |
|
| ASSETS | ||||||
| Cash and bank balances | 53,102,318 | 20,362,602 | 73,464,920 | 83,675,930 | 4,229,072 | 87,905,002 |
| Financial investments at fair value through income statement | 76,779,114 | 18,045,552 | 94,824,666 | 132,698,094 | 21,757,892 | 154,455,986 |
| Financial investments at fair value through other comprehensive income | 21,353,929 | 264,560,925 | 285,914,854 | 21,000,000 | 120,632,674 | 141,632,674 |
| Financial investments at amortized cost | 753,179,492 | 1,163,028,625 | 1,916,208,117 | 529,836,263 | 597,493,753 | 1,127,330,016 |
| Reinsurance contract assets | 92,128,480 | – | 92,128,480 | 77,827,287 | – | 77,827,287 |
| Retrocession contract assets | 627,927,506 | – | 627,927,506 | 439,593,167 | – | 439,593,167 |
| Prepaid expenses, deposits and other assets | 7,729,283 | 173,091,663 | 180,820,946 | 88,906,933 | 106,694,706 | 195,601,639 |
| Property and equipment, net | 2,960,826 | 26,592,399 | 29,553,225 | 3,398,513 | 27,126,001 | 30,524,514 |
| Intangibles | 6,162,531 | – | 6,162,531 | 6,614,676 | – | 6,614,676 |
| Investment in an equity accounted investee | – | – | – | – | 208,989,740 | 208,989,740 |
| Statutory deposit | – | 89,100,000 | 89,100,000 | – | 89,100,000 | 89,100,000 |
| Accrued income on statutory deposit | – | 22,314,278 | 22,314,278 | – | 22,056,608 | 22,056,608 |
| Due from shareholders’/ reinsurance operations* | 2,720,836 | – | 2,720,836 | – | 91,293,200 | 91,293,200 |
| TOTAL ASSETS | 1,644,044,315 | 1,777,096,044 | 3,421,140,359 | 1,383,550,863 | 1,289,373,646 | 2,672,924,509 |
| LIABILITIES | ||||||
| Margin loan payable | – | 56,797,019 | 56,797,019 | – | 56,797,019 | 56,797,019 |
| Reinsurance contract liabilities | 1,585,141,809 | – | 1,585,141,809 | 1,214,794,574 | – | 1,214,794,574 |
| Retrocession contract liabilities | 16,932,020 | – | 16,932,020 | 189,653 | – | 189,653 |
| Accrued expenses and other liabilities | 33,358,667 | 13,205,568 | 46,564,235 | 66,325,129 | 10,538,959 | 76,864,088 |
| Provision for employees’ end of service benefits | 30,351,542 | – | 30,351,542 | 18,633,092 | – | 18,633,092 |
| Provision for zakat and tax | – | 41,671,425 | 41,671,425 | – | 41,548,376 | 41,548,376 |
| Accrued commission income payable to Insurance Authority | – | 29,046,147 | 29,046,147 | – | 25,982,468 | 25,982,468 |
| Due to reinsurance/ shareholders’ operations* | – | 2,720,836 | 2,720,836 | 91,293,200 | – | 91,293,200 |
| TOTAL LIABILITIES | 1,665,784,038 | 143,440,995 | 1,809,225,033 | 1,391,235,648 | 134,866,822 | 1,526,102,470 |
| EQUITY | ||||||
| Share capital | – | 891,000,000 | 891,000,000 | – | 891,000,000 | 891,000,000 |
| Statutory reserve | – | 162,893,535 | 162,893,535 | – | 67,931,207 | 67,931,207 |
| Retained earnings | – | 585,294,283 | 585,294,283 | – | 194,358,333 | 194,358,333 |
| Other reserves | (21,739,723) | (5,532,769) | (27,272,492) | (7,684,785) | 1,217,284 | (6,467,501) |
| TOTAL EQUITY | (21,739,723) | 1,633,655,049 | 1,611,915,326 | (7,684,785) | 1,154,506,824 | 1,146,822,039 |
| TOTAL LIABILITIES AND EQUITY | 1,644,044,315 | 1,777,096,044 | 3,421,140,359 | 1,383,550,863 | 1,289,373,646 | 2,672,924,509 |
* These items are not included in the statement of financial position.
STATEMENT OF INCOME
|
For the year ended 31 December 2024 (X
) |
For the year ended 31 December 2023 (X
) |
|||||
| Reinsurance operations | Shareholders’ operations | Total |
Reinsurance operations |
Shareholders’ operations |
Total |
|
| ASSETS | ||||||
| Reinsurance revenue | 1,129,966,260 | – | 1,129,966,260 | 627,187,025 | – | 627,187,025 |
| Reinsurance service expenses | (987,822,423) | – | (987,822,423) | (509,774,279) | – | (509,774,279) |
| Net expenses from retrocession contracts | 388,563 | – | 388,563 | 2,349,500 | – | 2,349,500 |
| Reinsurance service result | 142,532,400 | – | 142,532,400 | 119,762,246 | – | 119,762,246 |
| Investment income calculated using effective profit rate | 32,807,097 | 35,433,092 | 68,240,189 | 22,034,166 | 31,244,317 | 53,278,483 |
| Net income from financial investments measured at fair value | 9,444,526 | 4,970,026 | 14,414,552 | 3,567,137 | 7,857,865 | 11,425,002 |
| Gain on sale of investment in an equity accounted investee | – | 365,949,388 | 365,949,388 | – | – | – |
| Investment management expenses | (2,225,872) | (7,393,419) | (9,619,291) | (2,411,763) | (1,795,984) | (4,207,747) |
| Reversal/(charge) for expected credit losses | – | 1,196,586 | 1,196,586 | (102,776) | (5,315) | (108,091) |
| Net investment income | 40,025,751 | 400,155,673 | 440,181,424 | 23,086,764 | 37,300,883 | 60,387,647 |
| Finance income from reinsurance contracts issued | (49,526,270) | – | (49,526,270) | (54,850,549) | – | (54,850,549) |
| Finance expenses from retrocession contracts held | 12,097,373 | – | 12,097,373 | 20,224,903 | – | 20,224,903 |
| Net financial result | 2,596,854 | 400,155,673 | 402,752,527 | (11,538,882) | 37,300,883 | 25,762,001 |
| Net reinsurance and investment result | 145,129,254 | 400,155,673 | 545,284,927 | 108,223,364 | 37,300,883 | 145,524,247 |
| Other income | 3,956,486 | 4,821,170 | 8,777,656 | 3,630,945 | 2,705,030 | 6,335,975 |
| Other finance costs | – | (1,802,326) | (1,802,326) | – | (1,677,423) | (1,677,423) |
| Other operating expenses | (25,773,502) | (10,950,249) | (36,723,751) | (12,610,144) | (9,156,752) | (21,766,896) |
| Share of profit of equity accounted investee | – | 2,510,590 | 2,510,590 | – | 40,070,637 | 40,070,637 |
| Total profit for the year before zakat and tax | 123,312,238 | 394,734,858 | 518,047,096 | 99,244,165 | 69,242,375 | 168,486,540 |
| Transfer of surplus to shareholders' operations | (110,981,015) | 110,981,015 | – | (89,319,748) | 89,319,748 | - |
| Net profit for the year before zakat and tax | 12,331,223 | 505,715,873 | 518,047,096 | 9,924,417 | 158,562,123 | 168,486,540 |
| Zakat for the year | – | (29,668,654) | (29,668,654) | – | (33,870,444) | (33,870,444) |
| Tax charge for the year | – | (1,235,577) | (1,235,577) | – | (262,185) | (262,185) |
| Net profit for the year after zakat and tax | 12,331,223 | 474,811,642 | 487,142,865 | 9,924,417 | 124,429,494 | 134,353,911 |
| Net income for the year after zakat and tax | ||||||
| Other comprehensive income | 12,331,223 | 474,811,642 | 487,142,865 | 9,924,417 | 124,429,494 | 134,353,911 |
| Items that will not be reclassified to income statements subsequently | ||||||
| Financial investments at FVOCI – net change in fair value | (768,581) | 2,328,307 | 1,559,726 | – | 711,479 | 711,479 |
| Re-measurement loss on employees’ end of service benefit obligations | (12,889,711) | – | (12,889,711) | (3,734,110) | – | (3,734,110) |
| Items that may be classified to income statement subsequently | ||||||
| Share of foreign currency translation reserve an equity accounted investee | – | 1,611,630 | 1,611,630 | – | 5,038,135 | 5,038,135 |
| Total comprehensive income for the year | (1,327,069) | 478,751,579 | 477,424,510 | 6,190,307 | 130,179,108 | 136,369,415 |
| Reconciliation: | ||||||
| Less: Net income attributable to reinsurance operations transferred to accumulated surplus | (12,331,223) | (9,924,417) | ||||
| Total comprehensive income for the year | 465,093,287 | 126,444,998 | ||||