| As at | Notes |
31 December 2025 X |
31 December 2024 X |
| Assets | |||
| Cash and bank balances | 5 | 94,714,884 | 73,464,920 |
| Financial investments measured at fair value through income statement (FVIS) | 6 | 682,978,985 | 94,824,666 |
|
Financial investments measured at fair value through other comprehensive income (FVOCI) |
6 | 546,199,704 | 285,914,854 |
| Financial investments measured at amortized cost | 6 | 1,854,984,492 | 1,916,208,117 |
| Reinsurance contract assets | 7 | 120,273,487 | 92,128,480 |
| Retrocession contract assets | 7 | 907,624,519 | 627,927,506 |
| Prepaid expenses, deposits and other assets | 10 | 218,621,917 | 180,820,946 |
| Property and equipment, net | 8 | 29,448,083 | 29,553,225 |
| Intangible assets, net | 9 | 5,273,937 | 6,162,531 |
| Statutory deposit | 11 | 169,810,000 | 89,100,000 |
| Accrued income on statutory deposit | 11 | 6,784,707 | 22,314,278 |
| Total assets | 4,636,714,715 | 3,418,419,523 | |
| Liabilities | |||
| Margin loan payable | 12 | 56,797,019 | 56,797,019 |
| Reinsurance contract liabilities | 7 | 2,189,517,956 | 1,585,141,809 |
| Retrocession contract liabilities | 7 | 33,388,097 | 16,932,020 |
| Accrued expenses and other liabilities | 13 | 61,165,574 | 46,564,235 |
| Provision for employees’ end of service benefits | 14 | 30,133,038 | 30,351,542 |
| Provision for Zakat and tax | 15 | 67,310,972 | 41,671,425 |
| Accrued commission income payable to Insurance Authority | 11 | 6,784,707 | 29,046,147 |
| Total liabilities | 2,445,097,363 | 1,806,504,197 | |
| Equity | |||
| Share capital | 16 | 1,698,100,000 | 891,000,000 |
| Treasury shares | 16 | (25,000,000) | – |
| Share premium | 16 | 151,680,000 | – |
| Statutory reserve | 17 | 190,902,420 | 162,893,535 |
| Retained earnings | 182,529,825 | 585,294,283 | |
| Share-based payment reserve | 18 | 11,117,647 | – |
| Other reserves | (17,712,540) | (27,272,492) | |
| Total equity | 2,191,617,352 | 1,611,915,326 | |
| Total liabilities and equity | 4,636,714,715 | 3,418,419,523 |
The accompanying notes 1 to 35 form an integral part of these financial statements.
Chief Executive Officer
Chairman of the Board
Chief Financial Officer