Operating Performance

Statement of Income

For the year ended	Notes	31 December 2024 X	31 December 2023 X
Reinsurance revenue	19	1,129,966,260	627,187,025
Reinsurance service expenses	20	(987,822,423)	(509,774,279)
Net income from retrocession contracts	21	388,563	2,349,500
Reinsurance service result		142,532,400	119,762,246
Investment income calculated using effective profit rate	24	68,240,189	53,278,483
Net income from financial investments measured at fair value	25	14,414,552	11,425,002
Gain on sale of investment in an equity accounted investee	11	365,949,388	–
Investment management expenses		(9,619,291)	(4,207,747)
Reversal/(charge) for expected credit losses	7	1,196,586	(108,091)
Net investment income		440,181,424	60,387,647
Net finance expense from reinsurance contracts issued	22	(49,526,270)	(54,850,549)
Net finance income from retrocession contracts held	23	12,097,373	20,224,903
Net financial result		402,752,527	25,762,001
Net reinsurance and investment result		545,284,927	145,524,247
Other income	26	8,777,656	6,335,975
Special commission expense		(1,802,326)	(1,677,423)
Other operating expenses	27	(49,054,974)	(31,691,313)
Share of profit of equity accounted investee	11	2,510,590	40,070,637
Net profit for the year before Zakat and tax		505,715,873	158,562,123
Zakat for the year	16	(29,668,654)	(33,870,444)
Income tax charge for the year	16	(1,235,577)	(262,185)
Net profit for the year after Zakat and tax		474,811,642	124,429,494
Basic and diluted earnings per share	28	5.33	1.40
Weighted average number of shares in issue		89,100,000	89,100,000

Chief Financial Officer

Chairman of the Board

Chief Financial Officer