into account the future investment return on investments held to back the unearned premiums and claims provisions. ... C
National General Insurance Co. (P.J.S.C.) Financial statements 31 December 2017
National General Insurance Co. (P.J.S.C.) Financial statements 31 December 2017
Contents Directors' report Independent auditors' report
Page 1-2 3 - 10
Statement of financial position
11
Statement of profit or loss
12
Statement of profit or loss and other comprehensive income
13
Statement of cash flows
14
Statement of changes in shareholder's equity
15
Notes
16 - 52
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NGI
Paid up Share Capital 149,954,112, CR. No. 56820 Registered in accordance with Federal Law No. 6 of 2007
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Report of the Board of Directors
Dear Shareholders, The Board of Directors have the pleasure to welcome you to the Seventeenth Annual General Meeting and present their report together with the audited financial statements of National General Insurance Co (PSC) ('The Company') for the year ended 31 December 2017.
Overview The Company continues to be a technically strong and dominant player in the market backed by a solid panel of reinsurers.
FINANCIAL
RESULTS
I.
The Company reported a net profit AED 28.4 million for 20 16 increase of30%.
of
AED
37
million
for
the
year
2017
against
2.
Gross premiums is AED 571.7 million in 2017 compared to AED 550 million in 2016 increase of 4% and the net earned premiums decreased from AED 285.3 million in 2016 to AED 275:1 million in 2017 decrease of3.4%.
3.
The net claims raid during the year 2017 amounted to AED 164.2 million compared with AED 203.3 million in 2016 decrease of 19.2% and the net claims incurred during the year 2017 amounted to AED 164.4 million compared with AED 190.3 million in 2016 decrease of 13.6%.
4.
Underwriting profit increased by AED 20.1 million in 2017 from AED 17.6 million in 2016 to AED 37.7 million in 2017 an increase of 114% over 2016.
5.
Gross gain from investment portfolio was AED 14.1 million in 2017 compared to AED 23.6 million in 2016 decrease of 40%.
6.
Total General and Management expenses including expenses directly attributable to underwriting activities for the year 2017 is AED 62.6 million compared to AED 63.7 million in 2016 decrease of 1.7%.
7.
Investment fund comprising of investment properties, securities and cash and bank balances was AED 744.4 million at the end of2017 compared with AED 701.4 million in2016 an increase of6.1%.
8.
The Net Technical Reserves (i.e. net unearned premium reserve, and net provision for outstanding claims) at the end of year 2017 amounted to AED 238.50 million compared with AED 234 million in 2016. Included in the above is Life Assurance Fund of AED 77.9 million as at end 2017 compared to AED 71.9 million in 2016. ..2 ...
NATIONAL GENERAL INSURANCE CO. (Psq SZR Branch: AI Wadi Building, Office # M 06 SheikhZayed Road,Dubai, UAE Tel:04 343 976S, Fax:04 343 9874
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TRUST I SECURITY I COMMITMENT
(·gp·un) MWI
Head Office: NGI House Building, P.O. Box 154, Deira, Dubai Tel: 04 211 5800, Fax: 04 250 2854 Email:
[email protected], Website: www.ngi.ae
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