| For the year ended | Notes |
31 December 2025 X |
31 December 2024 X |
| Reinsurance revenue | 7 , 19 | 1,672,498,610 | 1,129,966,260 |
| Reinsurance service expenses | 7 , 20 | (1,468,141,866) | (987,822,423) |
| Net (expense)/income from retrocession contracts | 7 , 21 | (33,630,127) | 388,563 |
| Reinsurance service result | 170,726,617 | 142,532,400 | |
| Investment income from financial investments measured at amortized cost | 24 | 96,173,472 | 68,240,189 |
| Net income from financial investments measured at fair value | 25 | 38,152,129 | 14,414,552 |
| Gain on sale of investment in an equity accounted investee | – | 365,949,388 | |
| Investment management expenses | (6,224,441) | (9,619,291) | |
| (Charge)/reversal for expected credit losses | (360,769) | 1,196,586 | |
| Net investment income | 127,740,391 | 440,181,424 | |
| Net finance expense from reinsurance contracts | 7 , 22 | (112,729,660) | (49,526,270) |
| Net finance income from retrocession contracts | 7 , 23 | 49,969,936 | 12,097,373 |
| Net financial result | 64,980,667 | 402,752,527 | |
| Net reinsurance and investment result | 235,707,284 | 545,284,927 | |
| Other income | 26 | 8,717,300 | 8,777,656 |
| Special commission expense | (1,924,787) | (1,802,326) | |
| Other operating expenses | 27 | (51,864,346) | (49,054,974) |
| Share of profit of equity accounted investee | – | 2,510,590 | |
| Net income for the year before zakat and tax | 190,635,451 | 505,715,873 | |
| Zakat for the year | 15 | (46,380,652) | (29,668,654) |
| Tax charge for the year | 15 | (4,210,372) | (1,235,577) |
| Net income for the year after zakat and tax | 140,044,427 | 474,811,642 | |
| Basic and diluted earnings per share (Restated) | 28 | 0.84 | 3.69 |
The accompanying notes 1 to 35 form an integral part of these financial statements.
Chief Executive Officer
Chairman of the Board
Chief Financial Officer