Al Buhaira National Insurance Company P.S.C.

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1 Al Buhaira National Insurance Company P.S.C. Review report and condensed consolidated interim financial information for the nine month period ended 2015

2 Al Buhaira National Insurance Company P.S.C. Review report and condensed consolidated interim financial information for the nine month period ended 2015 Pages Review report 1 Condensed consolidated interim statement of financial position 2 Condensed consolidated interim income statement 3 Condensed consolidated interim statement of comprehensive income 4 Condensed consolidated interim statement of changes in shareholders equity 5 Condensed consolidated interim statement of cash flows 6 Notes to the condensed consolidated interim financial information 7-24

3 Review report to the Board of Directors of Al Buhaira National Insurance Company P.S.C. Introduction We have reviewed the accompanying condensed consolidated interim statement of financial position of Al Buhaira National Insurance Company P.S.C. (the Company ) and its subsidiary (together referred as the Group ) as at 2015, and the related condensed consolidated interim statements of income, comprehensive income for the threemonth and nine month periods then ended, and condensed consolidated changes in shareholders equity, and cash flows for the nine month period then ended and other explanatory notes. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with International Accounting Standard 34, Interim Financial Reporting ( IAS 34 ) as issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on this condensed interim financial information based on our review. Scope of review We conducted our review in accordance with 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 inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim consolidated financial information of the Group is not prepared, in all material respects, in accordance with IAS 34. PricewaterhouseCoopers 2015 Paul Suddaby Registered Auditor Number 309 Sharjah, United Arab Emirates PricewaterhouseCoopers (Sharjah Branch), License no Al Batha Tower, Level 11, Office No. 1102, P O Box 82162, Sharjah -United Arab Emirates T: +971 (0) , F: +971 (0) , Douglas Patrick O Mahony, Paul Suddaby and Jacques Fakhoury are registered as practising auditors with the UAE Ministry of Economy (1)

4 Condensed consolidated interim statement of financial position 31 December Note (unaudited) (audited) Assets Cash and bank balances 6 232,270, ,154,749 Insurance and other receivables 7 428,581, ,054,137 Reinsurance contract assets 8 196,644, ,306,188 Available-for-sale investments 9 59,526,675 57,129,716 Statutory deposit 6-1 6,000,000 6,000,000 Investment properties ,540, ,940,601 Property and equipment 5,396,636 6,199, Total assets 1,858,959,789 1,768,784,753 ============== ============== Liabilities and shareholders equity Liabilities Insurance and other payables ,800, ,872,314 Insurance contract liabilities 8 377,760, ,028,478 Bank borrowings ,016, ,180,696 Provision for employees end of service benefits 30,799,296 29,283, Total liabilities 1,166,377,095 1,117,364, Shareholders equity Share capital ,000, ,000,000 Statutory reserve 98,557,807 98,557,807 General reserve 200,000, ,000,000 Investment revaluation reserve (13,144,740) (11,012,049) Retained earnings 157,169, ,874, Total shareholders equity 692,582, ,419, Total liabilities and shareholders equity 1,858,959,789 1,768,784,753 ============== ============== This condensed consolidated interim financial information was approved by the Board of Directors on 12 November 2015 and signed on its behalf by: Chairman The notes on pages 7 to 24 form an integral part of this condensed consolidated interim financial information. (2)

5 Condensed consolidated interim income statement Note Three month period ended Nine month period ended (unaudited) (unaudited) (unaudited) (unaudited) Earned premium ,197, ,292, ,614, ,602,247 Reinsurance premium ceded 14 (71,685,941) (72,088,856) (256,076,479) (252,764,540) Net earned premiums ,511,865 94,204, ,537, ,837,707 Gross claims incurred and IBNR (151,736,065) (141,563,895) (404,098,662) (367,957,172) Insurance claims recovered from reinsurers 27,024,030 52,078, ,976, ,784,683 Net claims incurred (124,712,035) (89,485,496) (286,122,427) (211,172,489) Gross commission earned 22,578,677 20,913,833 86,486,563 71,177,576 Less: commission incurred (5,315,664) (5,858,174) (16,453,556) (14,397,372) Net commission earned 17,263,013 15,055,659 70,033,007 56,780,204 Underwriting profit 12,062,843 19,774,270 48,448,379 52,445,422 General and administrative expenses relating to underwriting activities (10,377,622) (6,240,524) (26,249,393) (19,348,619) Net underwriting profit 1,685,221 13,533,746 22,198,986 33,096,803 Net investment income 13,640,308 13,102,418 40,682,642 40,219,543 Finance costs (4,493,089) (5,459,623) (13,452,673) (16,539,059) Non-operating general and administrative expenses (1,242,732) (948,583) (6,133,371) (5,389,879) Profit for the period 9,589,708 20,227,958 43,295,584 51,387,408 ============ ============ ============ ============ Basic and diluted earnings per share ============ ============ ============ ============ The notes on pages 7 to 24 form an integral part of this condensed consolidated interim financial information. (3)

6 Condensed consolidated interim statement of comprehensive income Three month period ended Nine month period ended (unaudited) (unaudited) (unaudited) (unaudited) Profit for the period 9,589,708 20,227,958 43,295,584 51,387,408 Other comprehensive income /(loss) Items that may be reclassified subsequently to profit or loss: Unrealised (loss) / gain on revaluation of available-forsale financial assets recognised directly in equity (3,746,515) 10,170,833 (2,546,669) 6,050,590 Transfer to condensed consolidated interim income statement Transfer to condensed statement of income on sale of available-for-sale financial assets (195,987) (5,497,286) 413,978 (2,752,418) Other comprehensive (loss) / income for the period (3,942,502) 4,673,547 (2,132,691) 3,298,172 Total comprehensive income for the period 5,647,206 24,901,505 41,162,893 54,685,580 ============ ============ ============ ============ The notes on pages 7 to 24 form an integral part of this condensed consolidated interim financial information. (4)

7 Condensed consolidated interim statement of changes in shareholders equity Share capital Statutory reserve General reserve Investment revaluation reserve Retained earnings Total At 1 January 2014 (Audited) 250,000,000 94,736, ,000,000 (15,865,987) 79,484, ,355,414 Profit for the period ,387,408 51,387,408 Other comprehensive income for the period ,298,172-3,298, Total comprehensive income for the period ,298,172 51,387,408 54,685, At 2014 (Unaudited) 250,000,000 94,736, ,000,000 (12,567,815) 130,872, ,040,994 ============ =========== ============ ============ ============ ============ At 1 January 2015 (Audited) 250,000,000 98,557, ,000,000 (11,012,049) 113,874, ,419,801 Profit for the period ,295,584 43,295,584 Other comprehensive income for the period (2,132,691) - (2,132,691) Total comprehensive income for the period (2,132,691) 43,295,584 41,162, At 2015 (Unaudited) 250,000,000 98,557, ,000,000 (13,144,740) 157,169, ,582,694 ============ =========== ============ ============ ============ ============ The notes on pages 7 to 24 form an integral part of this condensed consolidated interim financial information. (5)

8 Condensed consolidated interim statement of cash flows Nine month period ended Note Cash flows from operating activities Profit for the period 43,295,584 51,387,408 Adjustments for: Depreciation 1,358,425 1,350,526 Gain on sale of property and equipment (86,467) - Loss on sale of investment property 2,400,000 - Interest income on deposits (2,369,197) (1,832,210) Dividend income from available-for-sale financial assets (1,763,167) (1,339,925) Net rental income from investment properties (39,373,661) (36,477,229) Loss on sale of available-for-sale financial assets 413,978 (364,270) Provision for employees end of service benefits 2,514,742 1,622,732 Finance costs 13,452,673 16,539,059 Operating cash flows before changes in operating assets and liabilities and employees end of service benefits paid 19,842,910 30,886,091 Employees end of service benefits paid (998,910) (1,721,068) Operating cash flows before changes in operating assets and liabilities and after employees end of service benefits paid 18,844,000 29,165,023 Changes in insurance and other receivables (52,526,938) 98,365,807 Changes in reinsurance contract assets 12,661,475 19,517,829 Changes in insurance and other payables (4,071,695) 19,716,630 Changes in insurance contract liabilities 16,731,737 (144,186,226) Net cash (used in) / from operating activities (8,361,421) 22,579,063 Cash flows from investing activities Proceed from sale of investment property 16,000,000 - Additions of investment property - (7,208,047) Movement in fixed deposits under lien 10,745,075 (3,515,154) Movement in fixed deposits of original maturity of more than 3 month (30,968,489) 3,633,342 Purchase of available-for-sale financial assets (118,025,392) (284,572,300) Proceeds from sale of available-for-sale financial assets 113,081, ,772,830 Proceeds from sale of property and equipment 401,327 - Purchase of property and equipment (870,559) (1,061,337) Interest received 2,369,197 1,832,210 Dividends received 1,763,167 1,339,925 Income from investment properties 39,373,661 36,477,229 Net cash generated from investing activities 33,869,751 26,698,698 Cash flows from financing activities Bank borrowings 5,154,544 (24,968,908) Finance cost paid (13,452,673) (16,539,059) Net cash used in financing activities (8,298,129) (41,507,967) Net increase in cash and cash equivalents 17,210,201 7,769,794 Cash and cash equivalents, beginning of the period (57,689,903) (153,830,838) Cash and cash equivalents, end of the period 6 (40,479,702) (146,061,044) The notes on pages 7 to 24 form an integral part of this condensed consolidated interim financial information. (6)

9 Notes to the condensed consolidated interim financial information for the nine month period ended Incorporation and principal activities Al Buhaira National Insurance Company P.S.C. - Sharjah, (the "Company") is incorporated as a public shareholding company by an Emiri Decree issued by His Highness, The Ruler of Sharjah on May 16, The Company is subject to the regulations of UAE Federal Law No. 6 of 2007, concerning the formation of Insurance Authority of U.A.E. and is registered in the Insurance Companies register of Insurance Authority of U.A.E. under registration Number 15. The Group is comprised of the Company and its subsidiary. The address of the Company s registered corporate office is P.O. Box 6000, Sharjah, United Arab Emirates. The principal activity of the Company is the writing of insurance of all types - other than savings and accumulation of funds. The Company operates through its head office in Sharjah and has branches in Dubai, Abu Dhabi, Al Ain, Khorfakkan, Fujairah and Ajman. 2 Summary of significant accounting policies 2.1 Basis of preparation The condensed consolidated interim financial information has been prepared on a going concern basis and in accordance with International Accounting Standard No. 34 Interim Financial Reporting. The condensed consolidated interim financial information does not include all the information required for full annual consolidated financial statements and should be read in conjunction with the Group s audited consolidated financial statements as at and for the year ended 31 December In addition, results for the nine month period ended 2015 are not necessarily indicative of the results that may be expected for the financial year ended 31 December The condensed consolidated interim financial information are presented in U.A.E. Dirhams which is the Group s functional and presentation currency. This condensed consolidated interim financial information are prepared in accordance with the historical cost basis, except for the revaluation of financial instruments and investment properties. The accounting policies used in the preparation of these condensed consolidated interim financial information are consistent with those used in the annual audited consolidated financial statements for the year ended 31 December Basis of consolidation The condensed consolidated interim financial information incorporates the condensed financial statements of the Company and the entity controlled by the Company (its subsidiary) (the Group ). (7)

10 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 2 Summary of significant accounting policies (continued) 2.2 Basis of consolidation (continued) (a) Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on which that control ceases. In preparing the condensed consolidated interim financial information, transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised losses are also eliminated but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. When a change in the Group s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings. Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in the income statement. Details of the Company s subsidiary at 2015 are as below: Name of Subsidiary Place of incorporation and operation Proportion of ownership interest and voting power held Al Buhaira Economic Investments Establishment Sharjah, U.A.E. 100% Principal activity Investing in economic projects. (8)

11 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 3. Application of new and revised International Financial Reporting Standards (IFRSs) 3.1 Amendments and interpretations effective for the Group s accounting period beginning on 1 January 2014 The following applicable new standards and amendments to existing standards have been published and are effective for the Group s accounting period beginning on 1 January Defined Benefit Plans: Employee Contributions (Amendment to IAS 19) Annual Improvements Cycle Annual Improvements Cycle Management has assessed the impact of the above amendments and interpretations to existing standards and has concluded that there is no significant impact on the Group s condensed consolidated interim financial information. 3.2 New standards and amendments not effective for the Group s accounting period beginning on 1 January 2015 and has not been early adopted by the Group The Group has not early adopted new and revised IFRSs that have been issued but are not yet effective: IFRS 9, Financial instruments (Effective 1 January 2018). Amendment to IAS 16, 'Property, plant and equipment' and IAS 38,'Intangible assets', on depreciation and amortization (Effective 1 January 2016). IFRS 14 Regulatory Deferral Accounts (Effective 1 January 2016). IFRS 15, Revenue from contracts with customers (Effective 1 January 2017). Amendments to IFRS 11 Joint Arrangements: Accounting for Acquisition of Interests (Effective 1 January 2016). Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of depreciation and amortisation (Effective 1 January 2016); and Amendments to IAS 27: Equity Method in Separate Financial Statements (Effective 1 January 2016). Management is assessing the impact of the above standard and amendment to published standards on Group s condensed consolidated interim financial information and does not intend to adopt the above standards and amendments to published standards before their effective dates. (9)

12 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 4 Critical accounting estimates and judgments The preparation of this condensed consolidated interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this condensed consolidated interim financial information, the significant judgements made by management in applying the Group s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December Some of the significant judgements made by management are summarized as follows: Impairment of available-for-sale financial assets The Group determines that available-for sale equity financial assets are impaired when there has been a significant or prolonged decline in their fair value below its cost. This determination of what is significant or prolonged requires judgement. In making this judgement and to record whether impairment occurred, the Group evaluates among other factors, the normal volatility in share price and market, the financial health of the investee, industry and sector performance, changes in technology and operational and financial cash flows Fair value of investment properties and investment properties under construction As of 2015, the fair valuation of investment properties was based on estimated value as determined by an in-house valuation assessment. The fair value for buildings was determined based on the income approach using most recent inputs of expected rental income and operating costs as of 2015 and using capitalisation rate ranging from 8 to 9% which is equivalent to the capitalisation rate used by the independent external valuation experts as of 31 December The results of the in-house valuation assessment did not have any material impact on the fair value of the buildings as of As for the land, the Group has the view, based on in-house valuation / assessment that the fair value of lands has not materially changed since its last valuation by the external valuation experts The ultimate liability arising from claims made under insurance contracts The estimation of ultimate liability arising from the claims made under insurance contracts is the Group s most critical accounting estimate. There are sources of uncertainty that need to be considered in the estimate of the liability that the Group will eventually pay for such claims. Estimates have to be made both for the expected ultimate cost of claims reported at the end of each reporting period and for the expected ultimate cost of claims incurred but not reported ( IBNR ) at the end of each reporting period. Liabilities for unpaid reported claims are estimated using the input of assessments for individual cases reported to the Group and management estimates based on past claims settlement trends for the claims incurred but not reported. At each reporting date, prior year claims estimates are reassessed for adequacy and changes are made to the provision. (10)

13 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 5 Financial risk management The Group has changed its business strategy about increasing its share of retention of premium during the nine months period ended Other than that, the Group s financial risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 December Cash and cash equivalents December (unaudited) (audited) (unaudited) Cash on hand 65, ,840 68,700 Bank balances: Current accounts 55,282,636 20,593,296 19,969,885 Call accounts 9,245,932 2,741,943 3,585,372 Margin deposits 573, , ,000 Fixed deposits 167,103, ,076, ,092, Cash and bank balances 232,270, ,154, ,289,555 Less: Deposits under lien (100,331,625) (111,076,700) (129,222,333) Less: Deposits with a maturity of more than three months (60,968,459) (29,999,970) (7,370,264) Less: Margin deposits (573,000) (573,000) (573,000) Less: Bank overdrafts (Note 12) (110,876,707) (81,194,982) (171,185,002) Cash and cash equivalents for the condensed consolidated interim statement of cash flows (40,479,702) (57,689,903) (146,061,044) ============ ============ ============ Fixed deposits amounting to 100 million (31 December 2014: 111 million) are under lien in respect of bank credit facilities granted to the Group. 6.1 Statutory deposit At 2015, the statutory deposit of 6 million (2014: 6 million) has been placed as a fixed deposit in accordance with Article 42 of the Federal Law No. 6 of 2007 for the purpose of carrying on insurance operations in the United Arab Emirates and cannot be withdrawn without the approval of the Ministry of Economy. (11)

14 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 7 Insurance and other receivables 2015 (unaudited) 31 December 2014 (audited) Receivables arising from insurance and reinsurance contracts: Due from policy holders 315,507, ,414,674 Due from reinsurance companies 50,036,789 49,271,293 Due from insurance companies 72,561,483 69,575,906 Less: Allowance for doubtful debts (25,000,000) (25,000,000) ,106, ,261,873 Other receivables Staff receivables 2,774,067 2,693,414 Rent receivable 4,287,550 4,323,291 Prepayments and others 8,413,351 4,775, ,581, ,054,137 =========== =========== 8 Insurance contract liabilities and re-insurance contract assets December 2014 (unaudited) (audited) Gross Insurance contract liabilities Claims reported unsettled and claims incurred but not reported ( IBNR ) 158,835, ,493,098 Unearned premiums 218,924, ,535, Total insurance contract liabilities, gross 377,760, ,028, Recoverable from reinsurers Claims reported unsettled 73,961,390 85,193,339 Unearned premiums 122,683, ,112, Total reinsurers' share of insurance liabilities 196,644, ,306, (12)

15 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 8 Insurance contract liabilities and re-insurance contract assets (continued) December 2014 (unaudited) (audited) Net Claims reported unsettled and claims incurred but not reported 84,874,039 53,299,759 Unearned premiums 96,241,463 98,422, ,115, ,722,290 =========== =========== 9 Available for sale financial assets At the beginning of the period / year 57,129,716 53,342,395 Purchases during the period / year 118,025, ,987,380 Disposals during the period / year (113,495,742) (310,053,997) Change in fair value during the period / year (2,132,691) (146,062) At the end of the period / year 59,526,675 57,129,716 =========== =========== 10 Investment properties At the beginning of the period / year 948,940, ,765,054 Additions during the period / year - 7,175,547 Disposal during the period / year (18,400,000) - Change in fair value during the period / year - (5,000,000) At the end of the period / year 930,540, ,940,601 =========== =========== Investment properties with a fair value of 818 million (31 December 2014: 818 million) are mortgaged to a bank towards credit facilities granted to the Group. The rental proceeds from Al Buhaira Tower are assigned to a bank against credit facilities granted to the Group. The management performed the valuation exercise by an external valuator on an annual basis. Management believes there is no change in fair value of investment properties during the current period. (13)

16 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 11 Insurance and other payables 2015 (unaudited) 31 December 2014 (audited) Payables arising from insurance and reinsurance contracts: Claims payables 75,573,028 85,624,864 Due to insurance companies 16,226,300 12,315,151 Due to reinsurance companies 74,362,800 70,558,885 Premium received in advance 16,275,396 12,580, ,437, ,079,200 Other payables Rental income received in advance 5,821,026 6,129,046 Accrued expenses and other payable 19,859,284 19,729,876 Due to employees 9,682,785 9,537,921 Retention payable - 5,396, Bank borrowings ,800, ,872,314 ============== ============= Bank overdrafts 110,876,707 81,194,982 Term loans 429,140, ,985, ,016, ,180,696 =========== =========== The term loans are repayable as follows: On demand or within one year 179,053, ,254,562 In the second year 64,794,879 59,059,582 In the third and subsequent years 296,168, ,866, ,016, ,180,696 Less: Amount due for settlement within 12 months (Current portion) (174,936,288) (145,254,562) Amount due for settlement after 12 months (non-current portion) 365,080, ,926,134 =========== =========== Main features of bank borrowings: Bank loans were obtained to finance the construction of investment properties. Bank overdraft is payable on demand. Bank borrowings are secured by lien on fixed deposits amounting to 100 million (at 31 December 2014: 111 million), mortgage of investment properties with fair value of 818 million (at 31 December 2014: 818 million). (14)

17 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 13 Share capital December 2014 (unaudited) (audited) Issued and fully paid: 250,000,000 ordinary shares of 1 each 250,000, ,000,000 =========== =========== 14 Net insurance premium revenue Three month period ended Nine month period ended (unaudited) (unaudited) (unaudited) (unaudited) Insurance premium revenue Gross premium written 181,622, ,336, ,003, ,756,491 Change in unearned premium 9,575,001 (27,043,775) 3,610,594 (24,154,244) 191,197, ,292, ,614, ,602,247 Insurance premium ceded to reinsurance Reinsurance premium ceded (70,895,068) (73,560,914) (254,646,953) (256,267,406) Change in unearned premium (790,873) 1,472,058 (1,429,526) 3,502,866 (71,685,941) (72,088,856) (256,076,479) (252,764,540) Net insurance premium revenue 119,511,865 94,204, ,537, ,837,707 =========== =========== =========== =========== 15 Basic and diluted earnings per share Three month period ended Nine month period ended (unaudited) (unaudited) (unaudited) (unaudited) Profit for the period (in ) 9,589,708 20,227,957 43,295,584 51,387,408 =========== =========== =========== =========== Weighted average number of shares 250,000, ,000, ,000, ,000,000 =========== =========== =========== =========== Basic and diluted earnings per share (in ) =========== =========== =========== =========== (15)

18 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 16 Related party transactions and balances The Group enters into transactions with companies and entities that fall within the definition of a related party as contained in International Accounting Standard 24. Related parties comprise companies and entities under common ownership and/or common management and control, their shareholders and key management personnel. The management decides on the terms and conditions of the transactions with related parties. Transactions with related parties: During the period, the Group entered into the following transactions with related parties which are not members of the Group: Three month period ended Nine month period ended (unaudited) (unaudited) (unaudited) (unaudited) Gross premium written 563,021 1,078,682 13,132,772 3,194,518 ========= ========= ========== ========== Claims paid 550,547-1,680,268 25,104,216 ========= ========= ========== ========== Insurance premiums are charged to related parties at rates agreed with the management. Balances with related parties: Amounts due from/to related parties were as follows: 31 December (unaudited) (audited) Due from related parties Due from policy holders (under insurance and other receivables) 16,541,454 4,300,748 ========= ========== Due to related parties Gross outstanding claims (under insurance contract liabilities) 2,725,813 1,266,256 ========= ========= (16)

19 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 16 Related party transactions and balances (continued) Compensation of key management personnel Three month period ended Nine month period ended (unaudited) (unaudited) (unaudited) (unaudited) Short-term benefits 675, ,320 2,027,025 1,821,960 ========= ========= ========= ========= Long-term benefits 45,623 45, , ,668 ========= ========= ========= ========= 17 Business segment information For management purposes, the Group is organised into two business segments; underwriting and investments. Underwriting: marine segment; fire segment; accident and liabilities segment which includes motor insurance; and general and other segment which includes individual and group life insurance and medical. Investments: investment in securities; and investment properties. These segments are the basis on which the Group reports its primary segment information to the chief operating decision maker. The segment reporting for the nine months period ended 2015 and 30 September 2014 are as follows: (17)

20 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 17 Segment information (continued) a) Segment condensed consolidated interim statement of income for the nine month ended 2015 Accident and Total Marine Fire liabilities Others insurance (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Gross written premium 43,986,431 36,403, ,836, ,777, ,003,684 Change in unearned premium (2,546,351) (681,967) (7,805,750) 14,644,662 3,610, ,440,080 35,721, ,030, ,421, ,614, Premiums ceded to reinsurance (36,395,093) (36,083,452) (103,051,902) (79,116,506) (254,646,953) Change in unearned premium 1,302,241 1,073,460 7,141,059 (10,946,286) (1,429,526) (35,092,852) (35,009,992) (95,910,843) (90,062,792) (256,076,479) Net earned premiums 6,347, , ,120, ,358, ,537,799 ============ =========== ============ ============ ============ Gross claims paid (8,986,786) (2,993,423) (196,139,503) (175,636,619) (383,756,331) Gross outstanding claims and IBNR - 1 Jan ,341,114 10,087,653 76,435,489 38,628, ,493,098 Gross outstanding claims and IBNR - 30 Sep 2015 (17,671,275) (9,372,037) (76,943,527) (54,848,590) (158,835,429) (13,316,947) (2,277,807) (196,647,541) (191,856,367) (404,098,662) ============ =========== ============ ============ ============ (18)

21 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 17 Segment information (continued) a) Segment condensed consolidated interim statement of income for the nine month ended 2015 (continued) Accident and Total Marine Fire liabilities Others insurance Investment Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Reinsurance recoveries 7,329,460 2,435,083 69,574,366 49,869, ,208, ,208,184 Reinsurance outstanding claims - 1 Jan 2015 (10,795,404) (7,846,232) (48,341,550) (18,210,153) (85,193,339) - (85,193,339) Reinsurance outstanding claims - 30 Sep ,510,373 7,428,813 30,946,411 23,075,793 73,961,390-73,961, ,044,429 2,017,664 52,179,227 54,734, ,976, ,976, Net incurred claims (4,272,518) (260,143) (144,468,314) (137,121,452) (286,122,427) - (286,122,427) =========== =========== ============ =========== ============ =========== ============ Net commissions 7,158,429 5,686,706 45,585,848 11,602,024 70,033,007-70,033,007 Net underwriting results 9,233,139 6,138,137 24,237,609 8,839,494 48,448,379-48,448, Investment properties income ,373,661 39,373,661 Investment in securities and others income ,308,981 1,308, Net income 9,233,139 6,138,137 24,237,609 8,839,494 48,448,379 40,682,642 89,131, Operating and administrative expenses (2,233,469) (1,848,438) (11,517,933) (10,649,553) (26,249,393) (19,586,044) (45,835,437) Net operating results 6,999,670 4,289,699 12,719,676 (1,810,059) 22,198,986 21,096,598 43,295,584 =========== =========== ============ =========== ============ =========== ============ (19)

22 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 17 Segment information (continued) b) Segment condensed consolidated interim statement of Income for the nine month ended 2014 Accident and Total Marine Fire liabilities Others insurance (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Gross written premium 33,637,196 34,894, ,771, ,453, ,756,491 Change in unearned premium 1,811,980 1,023,417 (16,533,812) (10,455,829) (24,154,244) ,449,176 35,917, ,237, ,997, ,602, Premiums ceded to reinsurance (31,186,129) (33,399,802) (107,440,230) (84,241,245) (256,267,406) Change in unearned premium (2,323,689) (408,462) 2,957,273 3,277,744 3,502, (33,509,818) (33,808,264) (104,482,957) (80,963,501) (252,764,540) Net earned premiums 1,939,358 2,109, ,754,860 89,033, ,837,707 ============ =========== ============ ============ ============ Gross claims paid (34,411,761) (47,677,976) (165,875,959) (124,429,090) (372,394,786) Gross outstanding claims and IBNR - 1 Jan ,643,113 55,649,114 80,610,568 43,533, ,436,270 Gross outstanding claims and IBNR - 30 Sep 2014 (15,884,826) (17,567,729) (82,354,170) (77,191,931) (192,998,656) (32,653,474) (9,596,591) (167,619,561) (158,087,546) (367,957,172) ============ =========== ============ ============ ============ (20)

23 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 17 Segment information (continued) b) Segment Interim condensed consolidated statement of Income for the nine month ended 2014 (continued) Accident and Total Marine Fire liabilities Others insurance Investment Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Reinsurance recoveries 32,452,768 43,601,251 43,033,739 60,717, ,805, ,805,379 Reinsurance outstanding claims - 1 Jan 2014 (15,238,085) (50,568,543) (56,976,269) (19,114,589) (141,897,486) - (141,897,486) Reinsurance outstanding claims - 30 Sep ,856,250 13,677,217 50,290,285 42,053, ,876, ,876, ,070,933 6,709,925 36,347,755 83,656, ,784, ,784, Net incurred claims (2,582,541) (2,886,666) (131,271,806) (74,431,476) (211,172,489) - (211,172,489) =========== =========== ============ =========== ============ =========== ============ Net commissions 8,996,311 5,565,035 29,818,806 12,400,052 56,780,204-56,780,204 Net underwriting results 8,353,128 4,787,914 12,301,860 27,002,520 52,445,422-52,445, Investment properties income ,474,781 36,474,781 Investment in securities and others income ,744,762 3,744, Net income 8,353,128 4,787,914 12,301,860 27,002,520 52,445,422 40,219,543 92,664, Operating and administrative expenses (1,345,374) (1,395,658) (9,391,964) (7,215,623) (19,348,619) (21,928,938) (41,277,557) Net operating results 7,007,754 3,392,256 2,909,896 19,786,897 33,096,803 18,290,605 51,387,408 =========== =========== ============ =========== ============ =========== ============ (21)

24 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 17 Segment information (continued) b) Segment financial information in the interim condensed consolidated statement of financial position is as follows: As at 2015 As at 31December 2014 Underwriting Investments Total Underwriting Investments Total (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) (Audited) Segment assets 612,524, ,528,748 1,607,053, ,589,668 1,011,913,480 1,694,503,148 Unallocated assets ,906, ,281, ,524, ,528,748 1,858,959, ,589,668 1,011,913,480 1,768,784,753 ============ ============= ============= ============ ============= ============= Segment liabilities 582,350, ,392,166 1,132,742, ,086, ,521,530 1,094,608,132 Unallocated liabilities ,634, ,756, ,350, ,392,166 1,166,377, ,086, ,521,530 1,117,364,952 ============ ============ ============= ============ ============ ============= (22)

25 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 18 Fair value of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, differences can arise between book values and the fair value estimates. Underlying the definition of fair value is the presumption that the Group is a going concern without any intention or requirement to materially curtail the scale of its operation or to undertake a transaction on adverse terms. Fair value of financial instruments carried at amortised cost Management considers that the carrying amounts of financial assets and financial liabilities recognised at amortised cost in the consolidated financial statements approximate their fair values as they are considered current in nature: Valuation techniques and assumptions applied for the purposes of measuring fair value The fair values of financial assets and financial liabilities are determined using similar valuation techniques and assumptions as used in the audited annual consolidated financial statements for the year ended 31 December Fair value measurements recognised in the consolidated statement of financial position The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). (23)

26 Notes to the condensed consolidated interim financial information for the nine month period ended 2015 (continued) 18 Fair value of financial instruments (continued) 2015 Level 1 Level 2 Level 3 Total Available for sale investments Quoted investments 31,583, ,583,656 Unquoted investments - 27,943,019-27,943, ,583,656 27,943,019-59,526,675 ========== ========= ========= ========== 31 December 2014 Available for sale investments ` Quoted investments 39,549, ,549,600 Unquoted investments - 17,580,116-17,580, ,549,600 17,580,116-57,129,716 ========== ========= ========= ========== There were no transfers between levels during the period. There are no financial liabilities which should be measured at fair value and accordingly no disclosure is made in the above table. 19 Dividends At the annual general meeting held on 27 April 2015, the shareholders did not approve any cash dividend or Board of Directors remuneration for the year ended 31 December 2014 (2014 for the year ended 31 December 2013: Nil). 20 Commitments and contingent liabilities 31 December (unaudited) (audited) Letters of guarantee 17,568,436 15,782,646 ========== ========== 21 Approval of condensed consolidated interim financial information The interim condensed consolidated financial statements were approved by the Board of Directors and authorised for issue on 12 November (24)

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