Union Insurance P J S C : Financial Statement for Q3 2021
December 15, 2021
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Union Insurance Company P.J.S.C.
Review report and condensed interim financial information for the nine month period ended 30 September 2021
Union Insurance Company P.J.S.C.
Review report and condensed interim financial information for the nine month period ended 30 September 2021
Page
Review report on condensed interim financial information
1
Condensed interim statement of income
2
Condensed interim statement of comprehensive income
3
Condensed interim statement of financial position
4
Condensed interim statement of changes in equity
5
Condensed interim statement of cash flows
6
Notes to the condensed interim financial information
7 - 35
Union Insurance Company P.J.S.C.
CONDENSED INTERIM STATEMENT OF INCOME
For the three month period
For the nine month period
ended 30 September
ended 30 September
2021
2020
2021
2020
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Restated)
(Restated)
Notes
AED '000
AED '000
AED '000
AED '000
UNDERWRITING INCOME
Gross written premium
21
220,252
193,058
721,178
665,798
Reinsurance premiums ceded
21
(148,484)
(76,296)
(418,791)
(349,682)
71,768
116,762
302,387
316,116
Net change in unearned premium,
mathemathical reserve and policyholders'
reserve
21
(8,963)
(23,144)
(92,516)
(62,483)
Net earned premium
21
62,805
93,618
209,871
253,633
Gross commission earned
27,797
14,013
77,667
59,330
Total underwriting income
90,602
107,631
287,538
312,963
UNDERWRITING EXPENSES
Gross claims incurred
13.2
(225,342)
(85,634)
(394,950)
(237,918)
Insurance claims recovered from reinsurers
13.2
188,706
49,815
290,994
141,314
Net claims incurred
13.2
(36,636)
(35,819)
(103,956)
(96,604)
Commission incurred
15.2
(23,738)
(27,134)
(69,550)
(79,800)
Administrative expenses
18
(21,719)
(24,788)
(66,241)
(72,554)
Other operational expenses related to
underwriting activities
19
(13,258)
(8,579)
(34,166)
(34,443)
Net movement in reserve of unit linked
products
12
9,280
(11,170)
12,657
(10,782)
Total underwriting expenses
(86,071)
(107,490)
(261,256)
(294,183)
UNDERWRITING PROFIT
4,531
141
26,282
18,780
Interest income
20
1,490
1,948
4,927
6,004
Other investment income / (loss)
20
(3,672)
7,372
(2,246)
(17,369)
Net investment income /(loss)
20
(2,182)
9,320
2,681
(11,365)
Provision for impairment
15.1
(3,253)
(2,000)
(3,257)
(6,008)
Board of directors' remuneration
9
-
-
(2,800)
(3,375)
PROFIT/ (LOSS) FOR THE PERIOD
(904)
7,461
22,906
(1,968)
Basic and diluted earnings/ (loss) per share
(AED)
3
(0.003)
0.023
0.069
(0.006)
The attached explanatory notes 1 to 25 form an integral part of this condensed interim financial information.
2
Union Insurance Company P.J.S.C.
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the three month period
For the nine month period
ended 30 September
ended 30 September
2021
2020
2021
2020
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Restated)
(Restated)
AED '000
AED '000
AED '000
AED '000
(Loss)/ profit for the period
(904)
7,461
22,906
(1,968)
Other comprehensive income
Items that will not be reclassified
to profit or loss in subsequent
periods
Net realised gain on disposal of
investments held at fair value
through other comprehensive
income
-
-
-
(165)
Net change in fair value of
investments held at fair value
through other comprehensive
income
(404)
709
(432)
(3,297)
Other comprehensive income /
(loss) for the period
(404)
709
(432)
(3,462)
TOTAL COMPREHENSIVE
INCOME / (LOSS) FOR THE
PERIOD
(1,308)
8,170
22,474
(5,430)
The attached explanatory notes 1 to 25 form an integral part of this condensed interim financial information.
3
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Union Insurance Company PSC published this content on 16 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2021 09:09:04 UTC.
Union Insurance Co PSC is a United Arab Emirates-based public shareholding company that provides all classes of insurance products and services except life insurance. The Company is organized into two business segments; the General Insurance segment covers all classes of general insurance including fire, marine, motor, general accident and miscellaneous, and the Investments segment includes investments in the United Arab Emirates (UAE) and Gulf Cooperation Council (GCC) marketable equity securities, term deposits with banks, investment properties, trading investments and other securities. The Company operates through its head office in Ajman and branch offices in Sharjah, Abu Dhabi and Dubai. The Company is managed by Al Sagr Insurance Co. PSC through a management agreement.
UNION INSURANCE COMPANY 
