TAKAFUL EMARAT - INSURANCE TAKAFUL EMARAT - INSURANCE (PSC) AND ITS SUBSIDIARY
Reports and consolidated financial statements for the year ended 31 December 2021
TAKAFUL EMARAT - INSURANCE (PSC) AND ITS SUBSIDIARY | |
Contents | Pages |
Directors' report | 1 - 2 |
Independent auditor's report | 3 - 9 |
Consolidated statement of financial position | 10 - 11 |
Consolidated statement of profit or loss | 12 |
Consolidated statement of comprehensive income | 13 |
Consolidated statement of changes in equity | 14 |
Consolidated statement of cash flows | 15 |
Notes to the consolidated financial statements | 16 - 75 |
10 | |||
Notes | 2021 | 2020 | |
AED | AED | ||
Takaful Operations' Assets | |||
Cash and bank balances | 5 | 55,500,051 | 83,890,515 |
Financial instruments | 6 | 418,502,384 | 330,844,336 |
Takaful receivables and other assets | 7 | 183,312,850 | 171,474,974 |
Retakaful contract assets | 8 | 113,870,544 | 131,680,923 |
Investment properties | 9 | 54,962,472 | 51,627,510 |
Deferred policy acquisition cost | 10 | 51,246,159 | 65,612,689 |
Total Takaful Operations' Assets | 877,394,460 | 835,130,947 | |
Shareholders' Assets | |||
Cash and bank balances | 5 | 11,377,988 | 16,631,013 |
Financial instruments | 6 | 21,793,897 | 29,471,332 |
Other receivables | 7 | 11,785,573 | 11,201,350 |
Statutory deposit | 11 | 4,000,000 | 4,000,000 |
Property and equipment | 12 | 45,369,456 | 48,230,479 |
Intangible assets | 13 | 1,865,606 | 3,068,261 |
Receivable from policyholders | 112,738,077 | 98,944,155 | |
Total Shareholders' Assets | 208,930,597 | 211,546,590 | |
Total Assets | 1,086,325,057 | 1,046,677,537 | |
Takaful Operations' Liabilities and Deficit | |||
Takaful Operations Liabilities | |||
Takaful and other payables | 14 | 130,184,069 | 161,542,107 |
Takaful contract liabilities | 8 | 633,161,594 | 573,397,902 |
Payable to shareholders | 112,738,077 | 98,944,155 | |
Total Takaful Operations liabilities | 876,083,740 | 833,884,164 | |
Deficit in Policyholders' Fund and | |||
Qard Hassan from Shareholders | |||
Deficit in policyholders' fund | 32 | (1,310,720) | (1,246,783) |
Qard Hassan from shareholders | 32 | 1,310,720 | 1,246,783 |
Deficit in Policyholders' Fund and Qard Hassan from | |||
Shareholders | - | - | |
Total Operations' Liabilities and Surplus | 876,083,740 | 833,884,164 |
Consolidated statement of financial position at 31 December 2021
The accompanying notes form an integral part of these consolidated financial statements.
11
Consolidated statement of financial position (continued)
at 31 December 2021
Notes | 2021 | 2020 | |
AED | AED | ||
Shareholders' Liabilities and Equity | |||
Shareholders' Liabilities | |||
Takaful and other payables | 14 | 62,298,801 | 70,602,473 |
Ijarah finance | 15 | 21,700,000 | 25,900,000 |
Provision for employees' end of service | |||
Benefits | 16 | 3,133,223 | 2,714,527 |
Total Shareholders' Liabilities | 87,132,024 | 99,217,000 | |
Shareholders' and Policyholders Equity | |||
Share capital | 17 | 150,000,000 | 150,000,000 |
Statutory reserve | 18a | 6,567,600 | 6,567,600 |
Accumulated losses | (74,986,787) | (67,254,090) | |
Regulatory reserve | 18b | 830,307 | 128,567 |
Cumulative changes in fair value of investments - | |||
policyholders | 6(b) | 40,698,173 | 24,134,296 |
Total Shareholders' and Policyholders' | |||
Equity | 123,109,293 | 113,576,373 | |
Total Shareholders' Liabilities and Equity | 210,241,317 | 212,793,373 | |
Total Takaful Operations' Liabilities and | |||
Deficit and Shareholders' Liabilities and | |||
Equity | 1,086,325,057 | 1,046,677,537 |
To the best of our knowledge the consolidated financial statements present fairly in all respects, the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group as of, and periods presented therein.
___________________________
H.E. Mohamed Haji AlKhoori
___________________________
Wael Al Sharif
Chairman
Chief Executive Officer
___________________________
Adnan Sabaalaish Senior Manager - FinanceThe accompanying notes form an integral part of these consolidated financial statements.
12 | |||
2021 | 2020 | ||
Notes | AED | AED | |
Attributable to policyholders: | |||
Gross contributions written | 20 | 583,946,275 | 614,301,758 |
Changes in unearned contributions | 20 | 47,594,048 | (33,777,374) |
Takaful contributions earned | 631,540,323 | 580,524,384 | |
Retakaful contributions | 20 | (140,347,996) | (164,555,417) |
Change in unearned contributions | 20 | (16,826,387) | (4,671,493) |
Retakaful contributions ceded | (157,174,383) | (169,226,910) | |
Net earned contributions | 474,365,940 | 411,297,474 | |
Gross claims incurred | 21 | (452,302,741) | (352,749,468) |
Retakaful share of claims incurred | 21 | 144,361,348 | 103,110,306 |
Net claims incurred | (307,941,393) | (249,639,162) | |
Change in reserves | 22 | (57,879,031) | (64,529,199) |
Net change in fair value of policyholders investment | |||
linked contracts | 22 | (30,499,094) | (16,321,246) |
(396,319,518) | (330,489,607) | ||
Net takaful income | 78,046,422 | 80,807,867 | |
Wakalah fees | 23 | (106,411,607) | (77,572,311) |
Investment income, net | 24 | 28,944,248 | 8,362,670 |
Change in fair value of investment property | 9 | (643,000) | (3,577,000) |
Net (loss)/profit from takaful operations | (63,937) | 8,021,226 | |
Attributable to Shareholders: | |||
Wakalah fees from policyholders | 23 | 106,411,607 | 77,572,311 |
Investment loss, net | 24 | (6,642,578) | (10,080,064) |
Other income | 25 | 20,369,556 | 19,379,755 |
Commission incurred | 10 | (52,982,198) | (33,946,578) |
General and administrative expenses | 26 | (73,774,975) | (60,533,668) |
(Provision for)/ recovery of Qard Hassan to | |||
policyholders' fund | 32 | (63,937) | 8,021,226 |
(Loss)/ profit for the year attributable to Shareholders | (6,682,525) | 412,982 | |
Basic and diluted (loss)/profit per share | 27 | (0.045) | 0.003 |
Consolidated statement of profit or loss for the year ended 31 December 2021
The accompanying notes form an integral part of these consolidated financial statements.
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Takaful Emarat Insurance PJSC published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 12:14:10 UTC.
