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MarketScreener Homepage  >  Equities  >  Dubai Financial Market  >  Islamic Arab Insurance Co. (Salama)    SALAMA   AEI000301012

ISLAMIC ARAB INSURANCE CO. (SALAMA)

(SALAMA)
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Islamic Arab Insurance : Financial statements for 30 Sept 2015

11/15/2015 | 01:07am EST

df5063c7-7ec2-4e21-950d-2319153082ca.pdf

n n n D

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D Islamic Arab Insurance Co.

n

(Salama) and its subsidiaries

c

Condensed consolidated interim financial information

for the nine-month period ended 30 September 2015


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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

Islamic Arab Insurance Co. (Salama) and its subsidiaries


Introduction


We have reviewed the accompanying 30 September 2015 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 30 September 2015;

  • the condensed consolidated interim statement of profit or loss for the three-month and nine-month period ended 30 September 2015;

  • the condensed consolidated interim statement of comprehensive income for the three-month and nine­ month period ended 30 September 2015;

  • the condensed consolidated interim statement of changes in equity for the nine-month period ended 30 September 2015;

  • the condensed consolidated interim statement of cash flows for the nine-month period ended 30 September 2015; and

  • notes to the condensed consolidated interim financial information.

Management is responsible for the preparation and presentation of this condensed consolidated 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 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 30 September 201 5 condensed consolidated interim financial information is not prepared, in all material respects, in accordance with lAS 34, 'Interim Financial Reporting'.

1 f,P''-

KPMG Lower Gulf Limited

Muhammad Tariq Registration No: 793

1 2 NOV 2015


KPMG Lower Gulf Limited. registered in the UAE and a member firmof the KPMG network of independent member firms affiliated with KPMG International Cooperative ('KPMG International').a Swiss entity.All rights reserved

r-

l Islamic Arab Insurance Co. (Salama) and its subsidiaries

n

Condensed consolidated interim statement of profit or loss

for the nine-month period ended 30 September 2015


Nine-month Nine-month Three-month Three-month

period ended

30 September

period ended

30 September

period ended

30 September

period ended

30 September

2015

2014

2015

2014

Note

AED'OOO

AED'OOO

AED'OOO

AED'OOO

(Un-audited)

(Un-audited)

(Un-audited)

(Un-audited)

(Restated)

(Restated)

CONTINUING OPERATIONS

UNDERWRITING RESULTS

Undenvriting income

Gross written contributions

18

683,093

561,314

242,681

198,539

Less: reinsurance and retakaful contributions ceded

(166,287)

(135,123)

(50,062)

(40,296)

Net contributions

516,806

426,191

192,619

158,243

Net movement in unearned contributions

(6,799)

(29, 652)

3,366

(11,776)

Contributions earned

18

510,007

396,539

195,985

146,467

Commission received on ceded reinsurance and retakaful

18

32,336

16, 704

11,826

5,794

18

542,343

413,243

207,811

152,261

Undenvriting expenses

Gross claims paid

338,229

253,545

117,184

83,91 1

Less: reinsurance and retakaful share of claims paid

(89,131)

(67,299)

(26,627)

(26,419)

Net claims paid

249,098

186,246

90,557

57,492

Net movement in outstanding claims and technical reserve for family takaful


45, 981


32,685


35,851


30, 105

Claims incurred

18

295,079

218,931

126,408

87,597

Commission paid and other costs

/8

171,009

120,056

63,555

42,540

466,088

338,987

189,963

130,137

Net undenvriting income

18

76,255

74,256

17,848

22,124

Income from other sources

Income from investments

10,200

23, 830

71

6,559

Other income

16,781

11,387

506

3,230

103,236

109,473

18,425

31,913

Expenses

General, administrative and other expenses

(95,871)

(94,605)

(28,247)

(25,761)

Financial expenses I (income)

(805)

(1,092)

(246)

(367)

Impairment on goodwill

/3

(27,043)

(27,043)

Net profit before tax for the period

(20,483)

13,776

(37,111)

5,785

Taxation - current

(8,783)

(13,739)

(3,074)

(5,304)

Net profit after tax for the period before

policyholders' distribution

(29,266)

37

(40,185)

481

Distribution to policyholders of Company

(1,086)

(1,086)

Policyholders' surplus

Net profit after tax and distribution to policyh olders

for the period from continuing operations

(30,352)

37

(41,271)

481

n n

0

c

c

0

n

[

u 0 D 0

u


DISCONTINUED OPERATIONS

(Loss) I profit from discontinued operations


13


(48, 806)


21,565 (6,570)


31,778

Net (loss) I profit after tax and distribution

to policyholders for the period


(79,158)


21,602 (47,841)


32,259

J

J'

n Islamic Arab Insurance Co. (Salama) and its subsidiaries

n

Condensed consolidated interim statement of profit or loss (continued)

for the nine-monthperiod ended 30 September 2015


n

Nine-month Nine-month Three-month Three-month period ended period ended period ended period ended 30 September 30 September 30 September 30 September

2015 2014 2015 2014

0

Nole AED'OOO AED'OOO AED'OOO AED'OOO

(Un-audited) (Un-audited) (Un-audited) (Un-audited)

(Restated) (Restated)


0

Net (loss) I profit after tax and distribution to policyholders for the period


(79,158)


21,602


(47,841) 32,259

n Attributable to:

Shareholders (84,628) 16,031 (49,322) 31,702

0

Non-controlling interest


n

(Loss) I earnings per share (AED) (Note 16)

Earnings I (loss) per share (AED) - continuing operations

5,470 5,571 1,481 557 (79,158) 2 1,602 (47,841) 32,259


(0.071) 0.013 (0.042) 0.027


(0.030) (0.005) (0.036) (0.000 1)


n

The notes on pages 9 to 21 form an integral part of these condensed consolidated interim financial statements.


' The independent auditors' report on review of condensed consolidated interim financial information is set out on page I .


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© Publicnow 2015
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Net cash 2019 44,9 M 12,2 M 12,2 M
P/E ratio 2019 13,0x
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Capitalization 996 M 271 M 271 M
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