Islamic Arab Insurance Co. (Salama) and its subsidiaries
Condensed consolidated interim financial information
for the three-month period ended 31 March 2016
Islamic Arab Insurance Co. (Salama) and its subsidiaries Condensed consolidated interim financial information | |
for the three-month period ended 31 March 2016 | |
Contents | Page |
Independent auditors' report on review of condensed consolidated interim financial information | 1 |
Condensed consolidated interim statement of profit or loss | 2-3 |
Condensed consolidated interim statement of comprehensive income | 4 |
Condensed consolidated interim statement of financial position | 5 |
Condensed consolidated interim statement of cash flows | 6 |
Condensed consolidated interim statement of changes in equity | 7-8 |
Notes | 9-24 |
KPMG Lower Gulf Limited
Level 13, Boulevard Plaza Tower One Mohammed Bin Rashid Boulevard PO Box 3800
Downtown Dubai United Arab Emirates
Telephone +971 (4) 403 0300
Fax +971 (4) 330 1515
Website www.ae-kpmg.com
Independent auditors' report on review of condensed consolidated interim financial information
The Shareholders
Islam ic Arab Insu rance Co. (Salama) and i ts subsid iaries
Introduction
We have reviewed the accompanying 31 March 2016 condensed consolidated interim financial information of Islamic Arab Insurance Co. (Salama) ("the Company") and its subsidiaries (collectively referred to as "the Group"), consisting of:
the condensed consolidated interim statement of financial position as at 31 March 20 l 6;
the condensed consolidated interim statement of profit or loss for the three-month period ended 31 March 2016; ··
the condensed consolidated interim statement of comprehensive income for the three-month period ended 31 March 2016;
the condensed consolidated interim statement of changes in equity for the three-month period ended 31 March 2016;
the condensed consolidated i nteri m statement of cash flows for the three-month period ended 3 1 March 2016; and
notes to the condensed consol idated interim financia l information.
Management is responsible for the preparation and presentation of this condensed consol idated interim financial information in accordance with IAS 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed consolidated interim financial information consists of making inqu i ries, pri marily of persons responsible for financial and accounting matters, and applying analytica l and other review procedures. A review is substantially less i n scope than an aud it conducted in accordance with International Standards on A uditing and conseq uently does not enable us to obtain assurance that we wou ld become aware of a l l significant matters that might be identified in an aud it. Accord ingly, we do not express an audit opin ion.
Conclusion
Based on our review, nothing has come to our attention that causes us to bel ieve that the accompanying 31 March 2016 condensed consol idated interim financial information is not prepared, in al l materia l respects, in accordance with IAS 34, 'Interi m Fi nancial Repo1tin g'.
KP !/JLUmUed
V ijendra Nath Ma lhotra
Registration No: 48
15 MAY 2016
KPMG Lower Gulf Limited. registeredin the UAE and a member firm of the KPMG network of ndependent member firms affiliated with KPMG International Cooperative l"KPMGInternational"), a Swiss entity. All rights reserved.
Islamic Arab Insurance Co. (Salama) and its subsidiaries
Condensed consolidated interim statement of profit or loss
for the three-month period ended 31 March 2016
Three-month period ended | Three-month period ended | ||
31 March 2016 | 31 March 2015 | ||
Note | AED'000 | AED'000 | |
(Un-audited) | (Un-audited) | ||
CONTINUING OPERATIONS | (Restated) | ||
UNDERWRITING RESULTS | |||
Underwriting income | |||
Gross written contributions | 18 | 235,157 | 227,229 |
Less: reinsurance and retakaful contributions ceded | (65,315) | (66,291) | |
Net contributions | 169,842 | 160,938 | |
Net movement in unearned contributions | 16,850 | (12,708) | |
Contributions earned | 18 | 186,692 | 148,230 |
Commission received on ceded reinsurance and retakaful | 18 | 7,255 | 11,133 |
18 | 193,947 | 159,363 | |
Underwriting expenses | |||
Gross claims paid | 147,585 | 98,672 | |
Less: reinsurance and retakaful share of claims paid | (30,592) | (31,344) | |
Net claims paid | 116,993 | 67,328 | |
Net movement in outstanding claims and technical reserve for family takaful | 76,389 | 2,113 | |
Claims incurred | 18 | 193,382 | 69,441 |
Commission paid and other costs | 18 | 69,157 | 49,690 |
262,539 | 119,131 | ||
Net underwriting (loss) / income | 18 | (68,592) | 40,232 |
Income from other sources | |||
Income from investments | 7,982 | 4,427 | |
Other income | 8,415 | 7,889 | |
(52,195) | 52,548 | ||
Expenses | |||
General, administrative and other expenses | (31,686) | (30,179) | |
Financial expenses | (234) | (296) | |
Net (loss) / profit before tax for the period | (84,115) | 22,073 | |
Taxation - current | (5,395) | (4,437) | |
Net (loss) / profit after tax for the period before | |||
policyholders' distribution | (89,510) | 17,636 | |
Policyholders' surplus | - | - | |
Net (loss) / profit after tax and distribution to policyholders | |||
for the period from continuing operations | (89,510) | 17,636 | |
DISCONTINUED OPERATIONS | |||
Loss from discontinued operations | 13 | (2,187) | (5,117) |
Net (loss) / profit after tax and distribution | |||
to policyholders for the period | (91,697) | 12,519 |
2
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