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Operating Performance
Statement of Financial Position
|
As at |
Notes | 31 December 2024 X |
31 December 2023* X |
|
| ASSETS | ||||
| Cash and bank balances | 5 | 73,464,920 | 87,905,002 | |
| Financial investments measured at fair value through income statement (FVIS) | 6 | 94,824,666 | 154,455,986 | |
| Financial investments measured at fair value through other comprehensive income (FVOCI) | 6 | 285,914,854 | 141,632,674 | |
| Financial investments measured at amortized cost | 6 | 1,916,208,117 | 1,127,330,016 | |
| Reinsurance contract assets | 7 | 92,128,480 | 77,827,287 | |
| Retrocession contract assets | 7 | 627,927,506 | 439,593,167 | |
| Prepaid expenses, deposits and other assets | 10 , 34 | 180,820,946 | 195,601,639 | |
| Property and equipment, net | 8 | 29,553,225 | 30,524,514 | |
| Intangible assets, net | 9 | 6,162,531 | 6,614,676 | |
| Investment in an equity accounted investee | 11 | – | 208,989,740 | |
| Statutory deposit | 12 | 89,100,000 | 89,100,000 | |
| Accrued income on statutory deposit | 12 | 22,314,278 | 22,056,608 | |
| TOTAL ASSETS | 3,418,419,523 | 2,581,631,309 | ||
| LIABILITIES | ||||
| Margin loan payable | 13 | 56,797,019 | 56,797,019 | |
| Reinsurance contract liabilities | 7 , 34 | 1,585,141,809 | 1,214,794,574 | |
| Retrocession contract liabilities | 7 | 16,932,020 | 189,653 | |
| Accrued expenses and other liabilities | 14 , 34 | 46,564,235 | 76,864,088 | |
| Provision for employees’ end of service benefits | 15 | 30,351,542 | 18,633,092 | |
| Provision for Zakat and tax | 16 | 41,671,425 | 41,548,376 | |
| Accrued commission income payable to Insurance Authority | 12 | 29,046,147 | 25,982,468 | |
| TOTAL LIABILITIES | 1,806,504,197 | 1,434,809,270 | ||
| Equity | ||||
| Share capital | 17 | 891,000,000 | 891,000,000 | |
| Statutory reserve | 18 | 162,893,535 | 67,931,207 | |
| Retained earnings | 585,294,283 | 194,358,333 | ||
| Other reserves | (27,272,492) | (6,467,501) | ||
| TOTAL EQUITY | 1,611,915,326 | 1,146,822,039 | ||
| TOTAL LIABILITIES AND EQUITY | 3,418,419,523 | 2,581,631,309 |
*Certain comparative figures have been reclassified. Please refer note 34 for details.
Chief Financial Officer
Chairman of the Board
Chief Financial Officer