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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 31 March 2016

05/16/2016 | 01:48am EST

Financials 31 Mar 2016.xlsx

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

SALAMA - Islamic Arab Insurance Company PSC published this content on 16 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 May 2016 05:47:06 UTC.


© Publicnow 2016
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Sales 2019 840 M 229 M 229 M
Net income 2019 55,0 M 15,0 M 15,0 M
Net cash 2019 44,9 M 12,2 M 12,2 M
P/E ratio 2019 13,0x
Yield 2019 -
Capitalization 974 M 265 M 265 M
EV / Sales 2018 0,53x
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Free-Float 59,2%
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