| For the year ended | Notes |
31 December 2025 X |
31 December 2024 X |
| Cash flows from operating activities | |||
| Net income for the year before zakat and tax | 190,635,451 | 505,715,873 | |
| Adjustments for: | |||
| Provision for employees’ end of service benefits | 14 | 4,883,729 | 2,444,377 |
| Investment income from financial investments measured at amortized cost | 24 | (96,173,472) | (68,240,189) |
| Share-based payment expense | 11,117,647 | – | |
| Income from Tier 1 Sukuk | 25 | (13,488,425) | (8,590,914) |
| Special commission expense on margin loan payable | 1,924,787 | 1,802,326 | |
| Depreciation and amortization of property and equipment and intangibles | 3,239,070 | 3,340,087 | |
| Realized gains on financial investments measured at FVIS | 25 | (9,458,698) | (15,946,925) |
| Unrealized (gains) / losses on financial investments measured at FVIS | 25 | (14,571,708) | 7,410 |
| Dividend income | 25 | (633,298) | (522,095) |
| Share of profit of equity accounted investee | – | (2,510,590) | |
| Gain on sale of investment in an equity accounted investee | – | (365,949,388) | |
| Charge/(reversal) for expected credit losses | 360,769 | (1,196,586) | |
| 77,835,852 | 50,353,386 | ||
| Changes in: | |||
| Reinsurance contract assets | (28,145,007) | (14,301,193) | |
| Reinsurance contract liabilities | 604,376,147 | 370,347,235 | |
| Retrocession contract assets | (279,697,013) | (188,334,339) | |
| Retrocession contract liabilities | 16,456,077 | 16,742,367 | |
| Prepaid expenses, deposits and other assets | (41,530,050) | 14,780,693 | |
| Statutory deposit | (80,708,940) | – | |
| Accrued expenses and other liabilities | 14,601,339 | (30,299,853) | |
| 283,188,405 | 219,288,296 | ||
| Zakat and tax paid | (21,222,398) | (30,781,182) | |
| Employees’ end of service benefits paid | (2,547,772) | (3,615,638) | |
| Net cash from operating activities | 259,418,235 | 184,891,476 | |
| Cash flows from investing activities | |||
| Additions to financial investments measured at amortized cost | 6 | (579,594,753) | (2,225,861,361) |
| Proceeds from maturity of financial investments measured at amortized cost | 6 | 654,993,305 | 1,445,835,854 |
| Receipt of special commission income | 99,640,782 | 65,190,141 | |
| Dividends received | 633,298 | 522,095 | |
| Purchase of property, equipment and intangible assets, net | (2,245,334) | (1,916,653) | |
| Additions to financial investments measured at FVIS | 6 | (1,026,669,529) | (1,046,778,424) |
| Proceeds from disposal of financial investments measured at FVIS | 6 | 462,545,616 | 1,122,349,259 |
| Additions to financial investments measured at FVOCI | 6 | (272,795,000) | (138,737,500) |
| Proceeds from maturity of financial investments measured at FVOCI | 6 | 15,000,000 | – |
| Proceeds from disposal of investment in an equity accounted investee | – | 579,061,348 | |
| Net cash used in investing activities | (648,491,615) | (200,335,241) | |
| Cash flows from financing activities | |||
| Proceeds from share capital issued | 427,680,000 | – | |
| Transaction costs related to share capital issued | (8,700,000) | – | |
| Special commission expense paid against margin loans | (1,924,787) | (1,802,326) | |
| Net cash from/(used in) financing activities | 417,055,213 | (1,802,326) | |
| Increase/(decrease) in cash and cash equivalents | 27,981,833 | (17,246,091) | |
| Cash and cash equivalents at the beginning of the year | 5 | 66,733,051 | 83,979,142 |
| Cash and cash equivalents at the end of the year | 6 | 94,714,884 | 66,733,051 |
The accompanying notes 1 to 35 form an integral part of these financial statements.
Chief Executive Officer
Chairman of the Board
Chief Financial Officer