1gig-Egypt
CONTENTS
Branches ..............................................................................................................
Definition.............................................................................................................
Board of Directors ..............................................................................................
gig-Egypt-sector heads&General Managers ....................................................
Chairmans Word .................................................................................................
Managing Directors Word...................................................................................
Independent Auditors Report ..........................................................................
Financial Statement ...........................................................................................
Statment of revenues and expenses .................................................................
Fire insurance ......................................................................................................
Marine cargo insurance ......................................................................................
Inland insurance .................................................................................................
Hull insurance .....................................................................................................
Aviation insurance ..............................................................................................
Motor comprehensive insurance .......................................................................
Motor insurance ..................................................................................................
Engineering insurance .......................................................................................
Accident insurance .............................................................................................
Medical insurance ...............................................................................................
Oil& Gas insurance ..............................................................................................
Notes To the Financial Statements ....................................................................
Company Background ........................................................................................
2
3
4
5
6
8
10
11
15
16
17
18
19
20
21
22
23
24
25
26
29
53
Page
2gig-Egypt
BRANCHES
Head Office :
Mohandessin :
Down Town :
Nubar Office :
Nasr City :
New Cairo :
smart villageBranch:
Suez :
Economic zoneoffice :
Port Said :
Ismailia :
Alexandria :
El Amereya :
Borg El Arab :
El Mansoura :
Tanta :
Sharm El-Sheikh :
Hurghada :
Suhag :
Assuit :
Menya :
13 Ma’ahad Elishteraki St. - Merryland Heliopolis - Cairo - Egypt.Tel : (02) 24517620 - 24517622 - 24517624Fax : (02) 24517595 - 24517597Hotline : 197921 Wady El Nile St. - Mohandessin - Giza.Tel : (02) 33425023 - 33425024 - 33425025 - 3342502628 TalaatHarb St. - Cairo.Tel : (02) 25788306 - 25787908 Fax : (02) 2578831649 Nubar St. - Bab El-Luok - Cairo.Tel : (02) 27954075
2 Abass ElAkad - Nasr City - Cairo .Tel : (02) 22748393 - 22748389 Fax : (02) 22748393Unit 4 - Mall 103 - Sector One - South 90th St. - NewCairo .Mob : 01026462466
Administrative Building for Marine Sciences - Building 404 HP - First Floor -Smart VillageMob: 01027363063
329 El-Geish St. - El-kheidr square - Mekka Tower - Suez .Tel : (062) 3198711 Fax : (062) 3198710114 old Katamya Sokhna road - Suez .Mob : 012 2341 4716 - 012 2334 3258
3 El-Gomhoria & El-Nahda St. - Port Said .Tel : (066) 3322461 - 3322462 Fax : (066) 3322463
Administrative Unit 212 - Panorama Tower Ismailia - 1 Shebin El Koum St.The second round - IsmailiaTel / 0643232427 / 8 Fax / 0643232427 / 101 26 El-Geosh avenue - Camp shizar - Farsi plaza tower - Alexandria .Tel : (03) 5934960 - 5934961 Fax : (03) 5934963
Duty Free Zone - El Amereya - Alexandria .Tel : (03) 4542492 Fax : (03) 4500268
New Borg El-Arab city - Service Zone - 3rd contiguity- Zone No. 1/8 - Entrance B - Office 1 .Tel : (203) 4593050 Fax : (203) 4593050
22 El-Sherif El-Rady , Toryel - El-Mansoura .Tel : (050) 2310848 - 2310849 Fax : (050) 231084917 El-Modirea St. - Tiba tower Building - Tanta .Tel: (040) 3357375 - 3332710 Fax (040) 3357375Ritz Carlton - Car;ton Mall - Sharm El-Sheikh.Tel / Fax : (069) 3665418El-Nasr Road in front of the sports stadium - Hurghada .Tel : (065) 3549284 Fax : (065) 354928530 Cornishe El-Nile - Suhag .Tel / Fax : (093) 2316544El-Ghowl tower St.- El-Gomhoria 3rd floor - Apartment 8 .Tel / Fax : (088) 2284543
5 Al-Horreya St. - Cornishe El-Nile - Menya.Tel / Fax : (086) 2376411
3gig-Egypt
DEFINITION
gig Egypt is a joint stock company, subject to the Egyptian Insurance Law 10/1981and the amendment 91/1995 on the Egyptian Supervision and control.gig is a member in the Egyptian Insurance Federation as well as the Arab InsuranceFederation, gig was established by a shared Egyptian-Arab capital and launched itsinsurance activities in July 1994.
- issued Capital in EGP 500 M- paid up capital in EGP 258M
The gig Shareholders are : - Gulf insurance Group (gig) (the main shareholders) - by 94.8% . - Suez Canal Bank - by 5% . - Egyptian & Multinational Businessmen - by 0.2% .
A brief about gig main shareholders : - Gulf insurance Group (gig) : was established in 1962. it is a member of Kuwait Projects Company KIPCO and its has many related insurance companies in KSA, Bahrain, Lebanon, Syria, Jordan, Algeria, Iraq and Turkey.KIPCO is considered one of the biggest investment Companies in Arab Nation as it holds a total investment portfolio of 25$ billion worldwide.
-gig-Egypt : is managed and operated by adistinguished, motivated,
- Mr. Raafat El Salamony Chairman- Mr. Alaa ElZoheiry Managing Director
4gig-Egypt
BOARD OF DIRECTORS
Vice ChairmanMr. Khaled El Hasan
Managing DirectorMr. Alaa El Zoheiry
ChairmanMr. Raafat El Salamony
Board of Directors Member Board of Directors MemberMr. Mohsen Abu El Azm Mr. Ayman Adel Kamal
Board of Directors MemberMr. Bijan Khosrowshahi
gig-Egypt
Mona Shawky Rady
Sector Head Sector Head Sector Head
Sector Head
Mohamed Esmael Khalefa
collection DepartmentGeneral Manager
Wael Mohamed ELsayedMohamed Moustafa HasheshSherif MobarekAshraf Khalel
MD Technical assistant
Suez branch and economical zone general manager
Motor Claims Depatment General Manager
Motor Department General Manager
Central Cairo Branch
Abeer Sulaiman
Legal Depatment General Manager
Fire Claims Depatment General Manager
6gig-Egypt
CHAIRMAN’S
Word
Dear ladies and Gentlemen:
Let us review together the successes of this year, which appear in this report as follows:
this period and to participate in the facing of some of the challenges , the most important of which ,was political ,economical and security situation of the country, as a natural result of which was the extreme increase in prices and increasing the value added on goods , necessary percussions to which is taking preventive measures and applying some of the skills of the change management, which I see the company's leader has implemented with a lot of stability and professionalism.
And during this period in the Egyptian market the company
country, but the most fruitful without prejudice is the last 14 years, that is since the leadership of managing director Mr.
This year, the company has reached its 25th anniversary being its silver jubilee since its inception.
The Company has maintained the same rating for the eighth year respectively from AM BEST, and for the third year Moody’s rating agency has upgraded gig Egypt’s credit rating this year to Ba2 from Ba3 with “Stable” outlook, making the (gig) the only company with two credit ratings, and expecting that what steps The country takes towards
7gig-Egypt
• At the general assembly meeting during the current year October month, the assembly approved a dividend of L.E 12.75 million Egyptian pounds
• The Total Investments reached 885 million pounds versus 743 million last year with an increase of 19.11 % amounting to 142 million pounds and the policy holders' right represented in the technical outstanding reached the sum of 400 million pounds.
• The shareholders' equity reached 481 million pounds versus 378 million pounds with an increase of 27.4% being 103 million pounds.
• The total Balance Sheet reached milliard and 386.5 million pounds versus milliard and 111.3 million pounds with an increase of 24.76 % being 275.2 million pounds, and the investments and cash in Bank represent 71 % from the total assets.
• The book value of share reached 168 pounds.
company's employees and with the help of the Reinsurers who are fully understanding of the situation in Egypt and the insurance market, and we
Understanding of the heads of the Financial Supervisory Authority.
Many thanks from me to all the shareholders for their trust, and sincere
success.
God help us for what is good for us and for our beloved country.
Will Peace be upon you and the mercy of God.
8gig-Egypt
MANAGING
DIRECTOR’S
WORD
Dear ladies and gentlemen It has become so clear to all, that our dearest Egypt hastakena steady step towards stability, which has made mostleaders now have a clearer vision to the future, something
in previous years.
Moreover the dollar has also witnessed some stability in the rate price against the Egyptian pound, and even has declined,which has had a great impact on the economyHowever, being the second year for the devaluation of theEgyptian Pound decision, with the help of risk managementDepartment, the company managed to overcome this stage and maintain its leadership in the Egyptian market in generaland the Insurance market in particular, and even moreincreased its credit rating from Moody's to Level Ba2 ratherthan Ba3 last year with a "stable" outlook.
Furthermore the company has maintained its progress in the Egyptian insurance market, especially with regard to loss ratio which did not exceed 58% this year, as well as the combined ratio which stabilized at 79% achieving the best overall rate in the property insurance market in Egypt.
Also expansion of the company is in process, implementationof which will be through addition of some new branches in Upper and Lower Egypt, and after the company being the largest paid capital company between properties insurance companies will this year independently move to
9gig-Egypt
Alaa EL-ZoheiryManaging Director
God grants success,,
past year, and for their work in a team spirit and great harmony,and sincere appreciation to the Financial
Regulatory Authority for their support.
And I cannot overlook the obvious role of the shareholders who have put their trust in all the employees
of the company and the role of our customers, who we consider our partners and we proudly carry out the task
of providing our best insurance services, and the cooperation of the Reinsurers who provided their technical
expertise to the employees of the company and Support for our customers.
10gig-Egypt
To The Shareholders of Arab Misr Insurance Group (gig) (An Egyptian Joint Stock Company)
INDEPENDENT AUDITOR”S REPORT
Auditor’s Responsibility
Report on Other Legal and Regulatory Requirements
sector issued by Ministry of Investment No.110 for 2015, and in the light of the prevailing Egyptian laws, management responsibility
statements that are free from material misstatement, whether due to fraud or error; management responsibility also includes selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
The company maintains proper books of account, which include all that is required by law and by the statutes of the
1981 and its executive regulations, is in agreement with the Company’s books of account.
Egyptian Standards on Auditing and in the light of the prevailing Egyptian laws. Those standards require that we comply with ethical
to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company's preparation and fair
statements.
Opinion
accordance with the application manual of Egyptian Accounting Standards for insurance sector issued by Ministry of Investment
KPMG Hazem HassanPublic Accountants & Consultants
Cairo: September 20, 2018
2017 2018ANNUAL REPORT
gig-Egypt
FINANCIALSTATEMENT
FOR THE YEAR ENDED 30 JUNE , 2018
12gig-Egypt
as at June 30, 2018
Assets
Cash on hand and at banks
Time deposits at banks
Treasury bills
Financial assets at fair value through profit or loss
Available -for-sale investments
Held to maturity investments
Investment properties
Total investments
Receivables from policyholders
Insurance and reinsurance companies
Debtors and other debit balances
Property, plant & equipment
Intangible assets
Projects under construction
Deferred tax assets
Total Assets
Liabilities and equity
Policyholders' rights
Technical provisions
Other liabilities:
Credit balances for Insurance and reinsurance companies
Creditors and other credit balances
Short term loan
Subordinated loan
Tax liability
Provisions
Total other liabilities
Total liabilities
Shareholders Equity
Paid-up capital
Reserves
Retained earnings/ (Losses)
Net profit for the year
Total equity (including net profit for the year)
Fair Value Reserve for investments (Available for Sale)
Difference between fair value and present value for subordinated loan
Total Equity
Total liabilities and equity
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(16)
(17)
(18)
(35)
(19)
(20)
(21)
(22)
(23)
(24)
102 001 571
40 671 088
306 945 038
18 060 227
9 567 700
508 812 756
1 211 861
987 270 241
155 386 655
31 727 710
99 328 401
41 272 721
70 780
58 666 489
12 788 790
1 386 511 787
400 734 995
285 310 477
162 903 163
-
9 477 595
25 598 098
21 000 000
504 289 333
905 024 328
258 750 000
78 333 252
9 495 260
126 906 542
473 485 054
6 980 000
1 022 405
481 487 459
1 386 511 787
61 981 112
35 684 503
286 443 551
26 648 129
7 167 200
386 020 652
1 242 425
805 187 572
132 593 038
13 032 969
64 520 373
36 461 480
78 750
40 434 415
18 998 147
1 111 306 744
322 735 017
246 355 130
109 004 807
6 780 000
11 831 566
29 944 806
6 000 000
409 916 309
732 651 326
225 000 000
64 222 868
(33 507 571)
116 692 187
372 407 484
4 579 500
1 668 434
378 655 418
1 111 306 744
NoteNo.
30/6/2018EGP
30/6/ 2017EGP
The accompanying notes from (1) to (38) are an integral part of these financial statements.
Chief Financial sector Managing Director Chairman
a
13gig-Egypt
For the year ended June 30,2018
The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements.
Surplus from insurance activities
Net investments income undesignated
Other income
Total revenues
Property, plant and equipment depreciation
Intangible assets amortization
Impairment loss on debtors and other debit balances
Impairment loss for insurance and reinsurance companies
Provisions
Other expenses
Total expenses
Net profit for the year before tax
Income tax for the year
Deferred tax
Net profit for the year after tax
Earning per share
(25)
(26)
(27)
(16)
(17)
(15)
(15)
(23)
(34)
(34)
(33)
155 330 175
23 852 473
263 981
179 446 629
(1 957 141)
( 21 970)
(2 956 244)
( 66 827)
(15 000 000)
( 719 349)
(20 721 531)
158 725 098
(37 008 089)
5 189 533
126 906 542
45.69
128 426 620
21 640 568
8 100
150 075 288
(1 495 147)
( 18 503)
( 843 482)
( 772 969)
(3 000 000)
( 927 510)
(7 057 611)
143 017 677
(29 950 356)
3 624 866
116 692 187
43.18
NoteNo.
30/6/2018EGP
30/6/2017EGP
The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements.
Profit of the year after income tax (1)
Other comprehensive income items:
Fair Value Reserve for investments (available for sale)
Amortization for the difference between nominal value and present value for subordinated loan
Foreigen currencies revaluation differences on monetary items
Deffered Tax Income for foreigen currencies revaluation
Revaluation differences on monetary items transferred to retained lossess
Total of other comprehensive income items after income tax (2)
Total of other comprehinsive income (1+ 2)
126 906 542
2 400 500
( 646 029)
1 754 471
128 661 013
116 692 187
4 579 500
( 775 277)
(50 661 735)
11 398 890
39 262 845
3 804 223
120 496 410
'
NoteNo.
30/6/2018EGP
30/6/2017EGP
COMPREHENSIVE INCOME
For the year ended June 30,2018
The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements.
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value for unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at end of the year
Provision for outstanding claims at beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provisions for retrograde fluctuations at end of the year
Provisions for retrograde fluctuations at beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Surplus of Insurance activity
(28)
(19)
(19)
(30)
(27)
(29)
(29)
(19)
(19)
(19)
(19)
(30)
(31)
(32)
(26)
(15)
(25)
948 006 256
23 195 377
971 201 633
(598 007 276)
373 194 357
161 529 966
(205 670 759)
329 053 564
151 960 298
21 631 609
502 645 471
300 376 503
-
300 376 503
(140 037 661)
160 338 842
131 521 824
(102 201 832)
189 658 834
63 542 412
(59 003 219)
4 539 193
55 376 844
301 598
101 401 037
157 079 479
77 561 372
5 087 951
433 926 829
68 718 642
97 249 254
( 30 564)
(10 607 157)
155 330 175
752 292 432
73 349
752 365 781
(444 766 351)
307 599 430
136 975 314
(161 529 966)
283 044 778
120 951 961
13 944 946
417 941 685
217 428 032
-
217 428 032
(67 433 290)
149 994 742
102 201 832
(93 216 931)
158 979 643
59 003 219
(59 003 219)
-
49 290 405
30 073
75 863 449
125 183 927
63 482 939
6 036 497
353 683 006
64 258 679
75 214 862
( 30 564)
(11 016 358)
128 426 620
NoteNo.
2018EGP
2017EGP
STATEMENT OF REVENUES AND EXPENSES OF
PROPERTY AND CASUALTY INSURANCE
gig-Egypt 14
2017 2018ANNUAL REPORT
gig-Egypt
STATEMENTSOF REVENUES
AND EXPENSESFOR THE YEAR ENDED 30 JUNE , 2018
16gig-Egypt
For the year ended June 30,2018
The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements.
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value of unearned premiums
Provisions of unearned premiums at beginning of the year
Provisions of unearned premiums at end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the yea
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Surplus from Fire Insurance activity
253 663 395
80 069
253 743 464
(236 763 669)
16 979 795
18 345 266
(18 265 160)
17 059 901
54 054 161
1 564 545
72 678 607
8 626 724
-
8 626 724
(5 896 091)
2 730 633
9 856 645
(5 345 043)
7 242 235
9 438 169
(6 210 463)
3 227 706
14 557 393
33 268
23 971 603
38 562 264
11 726 174
917 189
61 675 568
11 003 039
11 262 355
( 3 582)
( 257 039)
22 004 773
215 760 209
73 349
215 833 558
(198 700 105)
17 133 453
14 117 304
(18 345 266)
12 905 491
42 957 605
1 195 603
57 058 699
22 001 540
-
22 001 540
(17 107 860)
4 893 680
5 345 043
(6 210 463)
4 028 260
6 210 463
(6 210 463)
-
12 166 502
30 073
18 067 621
30 264 196
10 160 029
3 654 527
48 107 012
8 951 687
9 347 423
( 3 864)
(5 650 921)
12 644 325
2018EGP
2017EGP
STATEMENT OF REVENUES
AND EXPENSES OF FIRE INSURANCE
17gig-Egypt
For the year ended June 30,2018
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value of unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provisions for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Surplus from Cargo Insurance activity
58 977 178
-
58 977 178
(49 512 528)
9 464 650
2 613 367
(3 348 178)
8 729 839
12 183 600
811 898
21 725 337
2 476 084
-
2 476 084
(2 032 928)
443 156
2 824 245
(1 992 018)
1 275 383
2 824 245
(2 329 426)
494 819
3 768 978
-
6 818 364
10 587 342
4 913 451
283 201
17 554 196
4 171 141
2 934 035
( 934)
( 439 249)
6 664 993
33 955 012
-
33 955 012
(26 021 568)
7 933 444
1 660 373
(2 613 367)
6 980 450
10 007 506
633 016
17 620 972
15 013 289
-
15 013 289
(12 742 502)
2 270 787
1 992 018
(2 324 451)
1 938 354
2 329 426
(2 329 426)
-
2 545 183
-
4 895 402
7 440 585
3 524 707
1 118 623
14 022 269
3 598 703
2 601 456
( 1 100)
46 462
6 245 521
2018EGP
2017EGP
STATEMENT OF REVENUES
AND EXPENSES OF CARGO INSURANCE
The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements.
18gig-Egypt
For the year ended June 30,2018
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value for unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Surplus from Inland Insurance activity
22 500 050
-
22 500 050
(11 478 098)
11 021 952
3 648 806
(4 408 781)
10 261 977
5 063 274
563 933
15 889 184
2 799 381
-
2 799 381
(1 799 145)
1 000 236
2 158 319
( 570 710)
2 587 845
2 137 252
(1 473 809)
663 443
2 182 233
-
3 954 284
6 136 517
1 818 268
287 448
11 493 521
4 395 663
2 754 550
( 880)
( 279 757)
6 869 576
17 966 884
-
17 966 884
(9 461 567)
8 505 317
2 962 892
(3 648 806)
7 819 403
4 219 285
445 064
12 483 752
3 586 268
-
3 586 268
(2 527 927)
1 058 341
570 710
(1 078 840)
550 211
1 473 809
(1 473 809)
-
1 736 470
-
3 012 616
4 749 086
1 739 053
497 939
7 536 289
4 947 463
2 172 422
( 915)
( 203 177)
6 915 794
2018EGP
2017EGP
STATEMENT OF REVENUES
AND EXPENSES OF INLAND INSURANCE
.The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements
19gig-Egypt
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value of unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Deficit) surplus from Hull Insurance activity)
3 252 737
-
3 252 737
(2 855 452)
397 285
320 225
( 246 316)
471 194
666 934
77 796
1 215 924
1 495 344
-
1 495 344
(1 096 445)
398 899
322 463
( 86 182)
635 180
203 978
( 203 978)
-
93 511
-
447 063
540 574
288 788
15 034
1 479 576
( 263 652)
243 839
( 83)
( 43 453)
(63 349 )
3 273 842
-
3 273 842
(2 800 047)
473 795
214 444
( 320 225)
368 014
723 817
88 300
1 180 131
1 236 270
-
1 236 270
(1 093 368)
142 902
86 182
( 206 617)
22 467
203 978
( 203 978)
-
78 971
-
401 032
480 003
334 902
55 413
892 785
287 346
292 109
( 139)
( 249 789)
329 527
2018EGP
2017EGP
For the year ended June 30,2018
STATEMENT OF REVENUES
AND EXPENSES OF HULL INSURANCE
.The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements
20gig-Egypt
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value for unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of provision for outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Surplus from Aviation Insurance activity
11 440 865
-
11 440 865
(11 419 710)
21 155
11 017
( 8 532)
23 640
1 707 740
( 12 230)
1 719 150
-
-
-
-
348 113
( 367 897)
( 19 784)
65 969
( 53 577)
12 392
8 434
-
486 953
495 387
1 000 579
-
1 488 574
230 576
90 876
( 28)
( 196 297)
125 127
4 744 611
-
4 744 611
(4 717 069)
27 542
19 794
( 11 017)
36 319
758 149
18 937
813 405
-
-
-
-
367 897
( 259 502)
108 395
53 577
( 53 577)
-
53 370
-
209 568
262 938
386 031
-
757 364
56 041
77 880
( 31)
78 306
212 196
2018EGP
2017EGP
For the year ended June 30,2018
STATEMENT OF REVENUES
AND EXPENSES OF AVIATION INSURANCE
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value for unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Surplus from Motor complementry Insurance activity
211 031 721
-
211 031 721
(13 785 718)
197 246 003
71 965 041
(84 792 395)
184 418 649
9 813 302
1 868 686
196 100 637
119 504 847
-
119 504 847
-
119 504 847
51 568 813
(44 366 612)
126 707 048
6 579 721
(6 438 888)
140 833
18 012 705
-
21 485 823
39 498 528
20 556 631
-
186 903 040
9 197 597
28 238 325
( 8 744)
(1 803 291)
35 623 887
183 615 816
-
183 615 816
(3 807 123)
179 808 693
63 128 917
(71 965 041)
170 972 569
5 659
1 925 549
172 903 777
117 048 489
-
117 048 489
-
117 048 489
44 366 612
(43 826 717)
117 588 384
6 438 888
(6 438 888)
-
15 980 452
-
19 110 581
35 091 033
18 231 216
-
170 190 633
1 993 144
24 030 980
( 9 545)
(1 563 408)
24 451 171
2018EGP
2017EGP
21gig-Egypt
For the year ended June 30,2018
STATEMENT OF REVENUES
AND EXPENSES OF MOTOR COMPREHESIVE
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value for unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Surplus from Motor Compulsory Insurance activity
51 402 599
-
51 402 599
(25 627 652)
25 774 947
25 482 752
(22 813 700)
28 443 999
9 203 823
1 630 193
39 278 015
24 269 336
-
24 269 336
(11 250 993)
13 018 343
15 316 503
(12 464 612)
15 870 234
14 465 916
(14 465 916)
-
-
-
1 673 033
1 673 033
14 674 587
-
32 217 854
7 060 161
11 159 810
( 3 456)
( 1 896)
18 214 619
56 974 265
-
56 974 265
(25 512 065)
31 462 200
27 547 135
(25 482 752)
33 526 583
10 986 018
2 058 483
46 571 084
21 391 229
-
21 391 229
(9 113 765)
12 277 464
12 464 612
(11 261 782)
13 480 294
14 465 916
(14 465 916)
-
-
-
1 585 053
1 585 053
11 866 639
-
26 931 986
19 639 098
10 754 296
( 4 272)
( 14 171)
30 374 951
2018EGP
2017EGP
22gig-Egypt
For the year ended June 30,2018
STATEMENT OF REVENUES
AND EXPENSES OF MOTOR COMPULSORY
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value for unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment propety
Impairment loss for receivable from policy holders
Surplus from Engineering Insurance activity
120 521 565
19 802 706
140 324 271
(115 247 440)
25 076 831
10 283 852
(16 847 311)
18 513 372
28 224 026
1 624 435
48 361 833
97 078 055
-
97 078 055
(89 447 315)
7 630 740
18 347 318
(13 992 571)
11 985 487
7 870 906
(7 870 906)
-
6 296 071
-
16 682 192
22 978 263
7 088 680
3 336 718
45 389 148
2 972 685
19 771 156
( 6 340)
(4 342 830)
18 394 671
96 408 280
-
96 408 280
(74 983 278)
21 425 002
5 943 934
(10 283 852)
17 085 084
22 916 082
501 277
40 502 443
9 256 986
-
9 256 986
(5 465 804)
3 791 182
13 992 571
(6 469 859)
11 313 894
7 870 906
(7 870 906)
-
4 664 811
-
14 160 251
18 825 062
5 973 243
525 798
36 637 997
3 864 446
10 682 917
( 4 499)
(2 314 994)
12 227 870
2018EGP
2017EGP
23gig-Egypt
For the year ended June 30,2018
STATEMENT OF REVENUES
AND EXPENSES OF ENGINEERING INSURANCE
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value for unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment propety
Impairment loss for receivable from policy holders
Surplus from General Accident Insurance activity
112 709 285
3 312 602
116 021 887
(70 329 128)
45 692 759
24 692 785
(33 206 119)
37 179 425
18 559 534
3 056 364
58 795 323
15 744 637
-
15 744 637
(12 771 784)
2 972 853
22 521 807
(19 664 940)
5 829 720
19 573 285
(19 573 285)
-
7 666 114
268 330
18 154 489
26 088 933
7 381 505
248 361
39 548 519
19 246 804
15 871 097
( 4 941)
(1 051 127)
34 061 833
90 940 018
-
90 940 018
(58 503 999)
32 436 019
18 592 314
(24 692 785)
26 335 548
13 534 494
2 391 649
42 261 691
13 525 828
-
13 525 828
(9 545 541)
3 980 287
19 664 940
(19 573 285)
4 071 942
19 573 285
(19 573 285)
-
7 210 378
-
11 403 405
18 613 783
6 480 063
184 197
29 349 985
12 911 706
13 316 424
( 5 332)
( 857 560)
25 365 238
2018EGP
2017EGP
24gig-Egypt
For the year ended June 30,2018
STATEMENT OF REVENUES
AND EXPENSES OF GENERAL ACCIDENT INSURANCE
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value for unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Surplus from Medical Insurance activity
63 998 000
-
63 998 000
(23 069 799)
40 928 201
3 765 552
(21 497 955)
23 195 798
7 417 749
9 356 636
39 970 183
28 382 095
-
28 382 095
(15 742 960)
12 639 135
8 257 240
(3 350 887)
17 545 488
93 577
( 93 577)
-
2 536 753
-
4 441 643
6 978 396
6 018 388
-
30 542 272
9 427 911
4 793 862
( 1 536)
(2 134 540)
12 085 697
24 164 216
-
24 164 216
(16 773 509)
7 390 707
2 316 503
(3 765 552)
5 941 658
8 240 046
3 083 085
17 264 789
14 129 938
-
14 129 938
(9 836 523)
4 293 415
3 350 887
(1 716 021)
5 928 281
93 577
( 93 577)
-
1 503 924
-
1 313 120
2 817 044
3 233 562
-
11 978 887
5 285 902
1 761 744
( 797)
( 214 319)
6 832 530
2018EGP
2017EGP
25gig-Egypt
For the year ended June 30,2018
STATEMENT OF REVENUES
AND EXPENSES OF MEDICAL INSURANCE
Revenue
Direct premiums
Inward reinsurance premiums
Gross premiums
Outward reinsurance premiums
Net premiums
Change in the value for unearned premiums
Provision of unearned premiums at the beginning of the year
Provision of unearned premiums at the end of the year
Earned premiums
Outward reinsurance commissions income
Other operating income
Total revenues
Expenses
Direct claims paid
Inward reinsurance claims paid
Gross claims
Less: outward reinsurance claims paid
Net claims
Change in the value of outstanding claims
Provision for outstanding claims at the end of the year
Provision for outstanding claims at the beginning of the year
Incurred claims
Change in the value of provision for retrograde fluctuations
Provision for retrograde fluctuations at the end of the year
Provision for retrograde fluctuations at the beginning of the year
Direct commissions expenses
Inward reinsurance commissions expenses
Production costs
Total commissions and production costs
General & administrative expenses
Other operating expenses
Total expenses
Surplus from underwriting activities
Net income from designated investments
Depreciation of designated investment property
Impairment loss for receivable from policy holders
Surplus from Oil & Gas Insurance activity
38 508 861
-
38 508 861
(37 918 082)
590 779
401 303
( 236 312)
755 770
5 066 155
1 089 353
6 911 278
-
-
-
-
-
358
( 360)
( 2)
289 394
( 289 394)
-
254 652
-
3 285 590
3 540 242
2 094 321
-
5 634 561
1 276 717
129 349
( 40)
( 57 678)
1 348 348
24 489 279
-
24 489 279
(23 486 021)
1 003 258
471 704
( 401 303)
1 073 659
6 603 300
1 603 983
9 280 942
238 195
-
238 195
-
238 195
360
( 289 394)
( 50 839)
289 394
( 289 394)
-
3 350 344
-
1 704 800
5 055 144
1 553 494
-
6 557 799
2 723 143
177 211
( 70)
( 72 787)
2 827 497
2018EGP
2017EGP
26gig-Egypt
For the year ended June 30,2018
STATEMENT OF REVENUES
AND EXPENSES OF OIL & GAS INSURANCE
Cash flows from operating activitiesNet profit for the year before taxAdjustments to reconcile net profit for the year before tax Depreciation of property, plant& equipmentAmortization of intangible assetsDepreciation of investment propertyTechnical provisionsImpairment on loss for recievable from policy holdersUsedOther Provisions Impairment loss on debtors and other debit balancesImpairment loss on Insurance and reinsurance companies Gain on sale of property, plant& equipmentRevaluation differences of investments held for tradingGain on sale of investments held for tradingGain on sale of investments avilable for sale Held to maturity investments -Amortization of premium Held to maturity investments -Amortization of discount Interest expensesTax on shares coupons Foreign exchange differences Net operating profit before changes in current assets and liabilitiesDecrease in held for trading investmentsIncrease in receivables from policy holders Increase in insurance & reinsurance companies - debit balancesIncrease in debtors & other debit balances Increase in insurance & reinsurance companies - credit balances Increase in creditors and other credit balancesIncome taxes paid Net cash provided from operating activities
Cash flows from investing activitiesDecrease in time deposits at bank (mature more than 3 months)Increase in treasury bills (mature more than 3 months)Payments to acquire held to maturity investmentsProceeds from avilable for sale investmentsPayment for purchase of fixed assetsPayment for purchase of intangible assetsPayment for work in progresse Proceeds from sale of fixed assets
Net cash (used in) investing activities
Cash flows from financing activitiesShort term Loans Payment for Long term Loans Dividends paid
Net Cash flows used in financing activitiesNet change in cash and cash equivalents during the yearCash and cash equivalents at the beginning of the yearCash and cash equivalents at the end of the yearCash and cash equivalents at the end of the year representing as follows:Cash on hand and at banksTime deposits at banksTime deposits at banks (mature more than 3 months) Treasury bills (mature within 3 months) Cash and cash equivalents at the end of the year
(16)(17)(11)(19)(15)
(15)(15)
(26)(26)
(16)(17)(18)
(5)(6)
158 725 098
1 957 141 21 970 30 564
77 999 978 10 607 157 (4 660 037)15 000 000 2 956 244 66 827
( 263 481)( 582 279)
(16 284 157)-
1 152 668 (1 457 187)
646 029 ( 11 100)
-245 905 435 25 454 338
(28 740 737)(18 761 568)(49 543 806)38 955 347 53 897 808
(18 165 273)249 001 544
( 6 143)(40 156 170)
(122 487 585)-
(6 768 380)( 14 000)
(18 232 074) 263 481
(187 400 871)
(6 780 000)(3 000 000)
(26 474 457)
(36 254 457)25 346 216 87 655 355 113 001 571
102 001 571 40 671 088
(29 671 088)-
113 001 571
143 017 677
1 495 147 18 503 30 564
33 539 553 11 016 358
-3 000 000 843 482 772 969
-(3 261 684)
(10 014 109)(4 437 750)
478 789 ( 653 988) 775 277
-(50 661 735)125 959 053 37 902 561
(80 114 718)6 171 817
(49 215 662)118 626 269 27 851 348 (8 967 100)178 213 568
(28 004 183)42 923 448
(280 655 063)6 937 750
(1 076 699)( 46 020)
(22 126 930)-
(282 047 697)
6 780 000 (1 500 000)
(18 317 120)
(13 037 120)(116 871 249)204 526 604 87 655 355
61 981 112 35 684 503
(29 664 945)19 654 685
87 655 355
NoteNo.
2018EGP
2017EGP
The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements.
27gig-Egypt
For the year ended June 30,2018
STATEMENT OF CASH FLOW
The accompanying notes from (1) to (38) are an integral part of these financial statements.
Balance at 1/7/2016
Transfer to Retained earnings
Transfer to statutory reserves
Transfer to Voluntary reserves
Devidends for the previous year
Free shares dividends
Revaluation differences on monetary items
Amortization for difference between
nominal value and present value for
subordinated loan
Fair Value Reserve for investments
((Available for Sale
Net profit for the year
Balance at 30/6/2017
Balance at 1/7/2017
Transfer to Retained earnings
Transfer to statutory reserves
Transfer to Voluntary reserves
Devidends for the previous year
Free shares dividends
Amortization for difference between
nominal value and present value for
subordinated loan
Fair Value Reserve for investments
((Available for Sale
Net profit for the year
Balance as at 30/6/2018
175 000 000
-
-
-
-
50 000 000
-
-
-
-
225 000 000
225 000 000
-
-
-
-
33 750 000
-
-
-
258 750 000
14 683 031
-
3 839 837
-
-
-
-
-
-
-
18 522 868
18 522 868
-
4 110 384
-
-
-
-
-
-
22 633 252
43 200 000
-
-
2 500 000
-
-
-
-
-
-
45 700 000
45 700 000
-
-
10 000 000
-
-
-
-
-
55 700 000
2 443 711
-
-
-
-
-
-
( 775 277)
-
-
1 668 434
1 668 434
-
-
-
-
-
( 646 029)
-
-
1 022 405
-
-
-
-
-
-
-
-
4 579 500
-
4 579 500
4 579 500
-
-
-
-
-
-
2 400 500
-
6 980 000
2 843 083
76 796 756
(3 839 837)
(2 500 000)
(18 320 005)
(50 000 000)
(39 262 845)
775 277
-
-
(33 507 571)
(33 507 571)
116 692 187
(4 110 384)
(10 000 000)
(26 475 000)
(33 750 000)
646 029
-
-
9 495 260
76 796 756
(76 796 756)
-
-
-
-
-
-
-
116 692 187
116 692 187
116 692 187
(116 692 187)
-
-
-
-
-
-
126 906 542
126 906 542
314 966 581
-
-
-
(18 320 005)
-
(39 262 845)
-
4 579 500
116 692 187
378 655 418
378 655 418
-
-
-
(26 475 000)
-
-
2 400 500
126 906 542
481 487 459
Paid upcapital
L.ETotalL.E
Statutoryreserve
L.E
Voluntaryreserve
L.E
Fair Value Reserve
for investments
(Available for Sale)
Amortization for difference
between nominal valueand present
value forsubordinated loan
RetainedEarnings (losses)
L.E (losses)
L.E
Net profitfor the year
L.E
28gig-Egypt
For the year ended June 30,2018
STATEMENT OF
CHANGE IN SHAREHOLDER'S EQUITY
L.E
FOR THE YEAR ENDED 30 JUNE , 2018
NOTES TO THE FINANCIAL
STATEMENTS
ANNUAL REPORT
gig-Egypt2017 2018
1. COMPANY BACKGROUND
“Arab Misr Insurance Group ’’.
- Fire risk and its related liabilities.- Inland, Marin and Aviation risk and its related liabilities.
- Accident and its related liabilities. - Motor and its related liabilities.- Other insurance activities.
The fiscal year for the company starts at the first of July and ends at the end of June each year.1. The company’s management approved on issuing the financial statements for the financial year ending on June 30th 2018, at September 20th 2018.
2. BASIS OF PREPARATION
- Available for sale- Held to maturity
liabilities – except for held to maturity investments to its fair value.
The Egyptian Accounting Standard (No.1) (amended) presentation of financial statements A new statement was added to the financial statement (Statement of comprehensive income)
The Egyptian Accounting Standard (No.25) Financial Instruments Recognition and presentation of financial Instatements. A new detailed presentation about the information and presentation method of the financial instruments was prepared
The Egyptian Accounting Standard (No.26) Financial Instruments Recognition and MeasurementThe financial instruments presentation of the financial position was associated with the Income Statement and the disclosures related to Financial risk The Egyptian Accounting Standard (No.40) Financial Instruments Disclosures
More disclosures of insurance risks were released The Egyptian Accounting Standard (No.41) - Operational sectors
The Egyptian Accounting Standard (No.45) - Fair Value Measurement
The different levels of the fair value measurement were disclosed..
30gig-Egypt
NOTES TO THE FINANCIAL STATEMENTS
31gig-Egypt
3. SIGNIFICANT ACCOUNTING POLICIES
3.1. Foreign currencies translation
under the caption of other comprehensive income items provided that they must be recorded in the carried forward profits and losses in the same
3.2. Cash and cash equivalents
3.3. Investments A - Treasury bills & other negotiable governmental notes
B- Financial assets at fair value through profit or loss
term of the investment fund certificate shall be valuated at the redemption value ( the price of the certificate) on the date of the financial statements . The valuation differences for each financial period shall be recorded under the item of net income from investments.
C – Financial assets available for sale
income statement.
Investment fund certificates created by the company which must be retained thereby until the end of the term of the fund are valuated at fair value represented in its declared redemption value on the date of the valuation, and the differences are to be recorded in the statement of other
32gig-Egypt
D- . Impairment of Financial Assets Available for SaleIn case of an impairment in the value of financial assets available for sale all accumulated losses recorded in the statement of comprehensive income shall be recorded under the item of net income from investments in the Income Statement or Statement of Revenue and Expenses ,as the
losses in previous fiscal periods, the matter that applies only to the debt instruments.
deemed as continuous if it lasts for nine months most of the time.
The value of the financial asset available for sale shall be deemed as impaired if the source of the financial instrument is exposed to financial
fiscal year, document and approve the credit determinants under which the financial instrument may be deemed as impaired or not ,provided that they
conduct credit studies for each debt instrument separately within the context of approved credit determinants in order to determine the extent of impairment in the finical instrument.
investment separately .
E- Loans and receivables
date or not.
For the impaired loans, their accumulated impairment losses is calculated based on the difference between the book value of the loan or receivables and the present value of the future cash flows expected from these loans or receivables for each loan or indebtedness separately.
revenues and expenses unless after the collection of the principal amount of the loan or receivables in full . F- Financial Investments held to maturity
Expenses as the case may be.The same treatment is used for bonds purchased from the stock market for values that are more or less than the
33gig-Egypt
The investment certificates are valuated at the certificate redemption value and the differences are recorded under the item of net income from investments in the Income Statement or Statement of revenues and expenses, as case may be.
G- Investment properties
market value of these investments lower than their book value, the impairment losses are to be deducted for each separate investment and
3.4. Receivables from policyholders
book value of these accounts net of allowance for impairment loss of receivables.
previously written off are added.3.5. Insurance and Reinsurance Companies (Debit Balances)
allowance for impairment loss of receivables from insurance & reinsurance companies.
proceeds from the debts previously written off are added.3.6. Debtors and Other Debit Balances
loss of receivable from debtors and other debit balances. 3.7. Accumulated Impairment in Debts
balances which is calculated for the impaired balances based on the difference between the book value of the debtor and the present value of the future expected cash flows from these balances with respect to each debtor separately .
statement of financial position at their net value less the accumulated debt impairment balance. 3.8. Property, plant and equipment
Other assets 3 years
In case reconsideration is made to the useful lives of fixed assets at the end of each fiscal year, the related accumulated depreciation of these
3.9. Intangible assets
The asset statement Estimated useful life
34gig-Egypt
3.10. Non-current assets held for Sale
purposes are valuated based on the book value or the fair value less the cost of sale whichever is lower for each separate asset . The losses
3.11. Impairment of non-financial assets
3.12. Projects under construction
3.13. Subordinated Loans
3.14. Technical Provisions
a- Provision for unearned premiums
and still valid after that date. This provision is calculated in conformity with the assessment basis stated in the Insurance sector manual of
not reported till the financial position date.
3.15. Insurance and Reinsurance Companies (Credit Balances)
date of the Financial Statements. 3.16. Other provisions
3.17. Revenue recognition
to the period related to this interest.
3.18. Net income from investments
3.19. Allocation of General and Administrative Expenses
35gig-Egypt
3.20. Production costsProduction costs are allocated between the insurance branches in accordance to the ratio of the direct commissions of every insurance branch to
3.21. Segment reports
3.22. Basis of fair value measurementThe financial instruments are initially measured at fair value. In case of any difference between the instrument fair value and the consideration paid
The following table shows the analysis of the registered items at fair value according to the level of the fair value hierarchy measurement:
3.23. Employee’s benefits
contribution, which is recorded in t the statement of revenues and expenses in accordance with accrual basis. 3.24. Income Taxes
Level 1L.E
Level 2L.E
Level 3L.E TotalAs at 30 June 2018
As at 30 June 2017
Financial assets at fair value through profit or loss
Financial assets available -for-sale
Treasury bills
Financial Investments held to maturity
11 252 430
-
-
-
11 252 430
6 807 797
9 480 000
306 945 038
494 536 820
817 769 655
-
87 700
-
-
87 700
18 060 227
9 567 700
306 945 038
494 536 520
829 109 785
Financial assets at fair value through profit or loss
Financial Assets Available for sale
Treasury bills
Financial Investments held till maturity
20 645 560
-
-
-
20 645 560
6 002 569
7 079 500
286 443 551
365 007 041
664 532 661
-
87 700
-
-
87 700
26 648 129
7 167 200
286 443 551
365 007 041
685 265 921
36gig-Egypt
decreased.3.25. Contingent liabilities and commitments
3.26. Cash flow statement
3.27. Borrowing costs
4. The financial instruments and the management of the relative risks
4.1. the Financial instrumentsThe financial instruments of the company consist of financial assets and liabilities. The financial assets include cash balances, current accounts,
off the financial position.
4.2. The management of the financial instruments risksa- Credit risk
Credit risk arises from financial investments and other activities carried out by the company.
follow up processes.
2018/6/30L.E
2017/6/30L.E
Cash at the banks
Time deposits at banks
Receivables from policyholders
Insurance and re-insurance companies
Debtors and other debit balances
102 001 571
40 671 088
155 386 655
31 727 710
54 818 326
61 981 112
35 684 503
132 593 038
13 032 969
34 005 225
LRisks of credit concentration as part of the assets of the company that are considered subject to credit risks are listed below:
37gig-Egypt
- Interest rate risk
whose risk is expected to be at its minimum level.
-
13.75%
16.5%
-
15.50%
-
-
-
-
-
10.75%
-
-
cash at banks
Time deposits at banks
Treasury bills
Financial assets at fair value through profits and losses
Held to maturity investments
Financial investments available-for-sale
Receivables from policy holders
Insurance and re-insurance companies
Debtors and other debit balances
Total Financial assets
Outstanding claims
Loans
Creditor Insurance and reinsurance companies
Creditors and other credit balances
Total financial liabilities
102 001 571
40 671 088
306 945 038
18 060 227
508 812 756
9 567 700
155 386 655
31 727 710
54 818 726
1 227 991 471
131 521 824
9 477 595
285 310 477
48 408 171
474 718 067
102 001 571
40 671 088
306 945 038
18 060 227
494 536 820
9 567 700
155 386 655
31 727 710
54 818 726
1 213 715 535
131 521 824
9 477 595
285 310 477
48 408 171
474 718 067
-
13.25%
16.11%
-
14.42%
-
-
-
-
-
-
-
cash at banks
Time deposits at banks
Treasury bills
Financial assets at fair value through profits and losses
Held to maturity investments
Financial investments available-for-sale
Receivables from policy holders
Insurance and re-insurance companies
Debtors and other debit balances
Total Financial assets
Outstanding claims
Loans
Creditor Insurance and re-insurance companies
Creditors and other credit balances
Total financial liabilities
61 981 112
35 684 503
286 443 551
26 648 129
386 020 652
7 167 200
132 593 038
13 032 969
34 005 225
983 576 379
102 201 832
18 611 566
246 355 130
40 092 830
61 981 112
35 684 503
286 443 551
26 648 129
365 041 007
7 167 200
132 593 038
13 032 969
34 005 225
962 562 734
102 201 832
18 611 566
246 355 130
40 092 830
30/6/2018
Average interestrates
Total bookvalue
FairValue
30/06/2017
Average interestrates
Total bookvalue
FairValue
The following table comprises a classification of all the financial assets and liabilities at fair value:
-
407 261 358 407 261 358
38gig-Egypt
Fair value sensitivity analysis for financial assets classified at fair value through profits and losses
-Assets and liabilities of monetary nature and denominated in foreign currencies on the date of the Financial Position reached the
amounts sated in the following table:
- Other rates risks
of policyholders.
The variation
L.E -/+10% -/+ 1 119 152
The impact on profits
Cash at bank balances
Time deposits at banks
Treasury bills
Financial assets at the fair value through profits and losses
Held to maturity investments
Financial investments available for sale
Receivables from policy holders
Insurance and reinsurance companies
Debtors & other debits balances
Total of financial assets
Outstanding claims
Loans
Credit balances for insurance and reinsurance companies
Creditors & other creditors balances
Total of financial Liabilities
Arab Republic of Egypt
30 899 594
40 671 088
306 945 038
18 060 227
508 812 756
9 480 000
83 987 379
122 699 793
9 477 595
68 225 960
40 607 197
241 010 545
18 060 227
18 060 227
26 648 129
26 648 129
4 739 262
-
214 737 070
7 060 302
226 536 634
851580
-
1 832 286
612 217
3 296 083
3 231 189
-
515 161
128 458
3 874 808
131 521 822
9 477 595
285 310 477
48 408 174
474 718 070
57 610 782
-
-
-
87 700
63 946 516
18 107 613
317 952
140 070 563
12 770 329
-
-
-
-
6 436 245
748 461
-
19 955 035
720 866
-
-
-
-
1 016 515
-
-
1 737 381
102 001 571
40 671 088
306 945 038
18 060 227
508 812 756
9 567 700
155 386 655
EgyptianPound US Dollar Euro The total
Othercurrencies
2018/6/30L.E
2017/6/30L.E
12 871 636
54 500 775
1 066 228 493
- - -
31 727 710
54 818 726
1 227 991 472
39gig-Egypt
4.3 The control framework for risk management
Insurance risks Insurance Contracts Risks refers to the possibility of the occurrence of the insured incident that results in a financial claim based on the insurance
the amount of the claim recorded.
In order to limit the insurance risks, the company develops subscription and retention policies and limits of authorities in addition to the subscription
such instructions are periodically reviewed, market developments are strictly observed and necessary actions are taken to be reflected in the
for the purpose of reinsurance.
The compensation evolutionThe increase in the total insurance compensations provides a standard to measure the capacity of the company to estimate the ultimate value of
Financial assets
Financial obligations
Cash at bank balances
Time deposits at banks
Treasury bills
Financial assets at the fair value
through profits and losses
Held to maturity investments
Financial investments available for sale
Receivables from policy holders
Insurance and reinsurance companies
Debtors & other debits balances
Total financial assets
102 001 571
40 671 088
306 945 038
18 060 227
-
-
139 847 990
21 403 551
54 818 726
683 747 972
-
-
-
-
508 812 756
9 567 700
15 538 665
10 324 159
-
544 243 280
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
102 001 571
40 671 088
306 945 038
18 060 227
508 812 756
9 567 700
155 386 655
31 727 710
54 818 726
1 227 991 471
Outstanding claims
Loans
Credit balances for insurance and reinsurance companies
Creditors & other creditors balances
Total financial liabilities
78 913 095
3 000 000
10 661 095
48 408 174
236 982 364
52 608 729
6 477 595
178 649 382
-
237 735 706
-
-
-
-
-
-
-
-
-
-
131 521 824
9 477 595
285 310 477
48 408 174
474 718 070
1 Year 1-5 yearsMore than
5 yearsWithout
a due date Total
40gig-Egypt
The risks of the reinsurance activity
situation of reinsurance companies that deal therewith and periodically monitors the insurance risks concentration.
The risks of the reinsurance activity
The claims under settlement recoverable from re-insurers for the sectors
Subscription years
The geographical area
Local
Middle East
Europe
1 440 479
21 218 141
9 220
22 667 840
2 008 010
-
2 210 932
4 218 942
2018/6/30L.E
2017/6/30L.E
The geographical area
Fire
Cargo
Inland
Hull
Aviation
Accidents
Engineering
Motor compulsory
Motor complementary
Medical
25 402 522
4 770 864
2 262 109
746 594
10 900 197
37 870 741
69 439 855
13 857 420
1 567
4 422 275
169 674 144
11 660 121
4 242 636
1 244 818
2 392 489
11 414 718
18 174 082
112 312 769
8 315 668
1 575
7 098 090
176 856 966
2018/6/30L.E
2017/6/30L.E
One year
One year later
Two years later
Three years later
4years later
5years later
Estimation of the financial claimsat the end of each yearly report
82 271 037
20 599 498
13 117 031
4 664 913
3 529 449
7 339 898
-
65 907 467
14 161 485
8 907 546
4 924 835
2 961 812
96 863 145
-
-
56 945 781
14 579 290
6 623 253
4 267 540
82 415 864
-
-
-
42 435 362
17 458 069
4 604 011
64 497 442
-
-
51 195 701
12 744 170
63 939 871
-
-
-
-
-
48 205 526
48 205 526
82 271 037
86 506 965
84 224 297
70 587 111
83 731 307
80 122 957
487 443 672
2018 2017 2016 2015 2014 2013 TheTotal
:
131 521 824
-
-
41gig-Egypt
2018/6/30L.E
2017/6/30L.E
6. Time Deposits at Banks
Deposits at local banks (designated)
Deposits at local banks (undesignated
Time deposits at banks ( mature less than 3 months)
Time deposits at banks (mature within more than 3 monthes)
Current accounts at banks
2018/6/30L.E
2017/6/30L.E
5. Cash on hand and at Banks
Treasury bills (mature less than 90 days)
Treasury bills (mature more than 90days
Total
Less:
Unearned revenue
2018/6/30L.E
2017/6/30L.E
7. Treasury bills
-
324 000 000
324 000 000
(17 054 962)
306 945 038
20 000 000
286 000 000
306 000 000
(19 556 449)
286 443 551
11 000 000
29 671 088
40 671 088
6 019 558
29 664 945
35 684 503
11 000 000
29 671 088
40 671 088
1 500 000
34 184 503
35 684 503
102 001 571
102 001 571
61 981 112
61 981 112
Local shares (listed)
Portfolios managed by others
2018/6/30L.E
2017/6/30L.E
8- Financial assets at fair value through profit or loss
11 252 430
6 807 797
18 060 227
20 645 560
6 002 569
26 648 129
)
)
42gig-Egypt
Arab Insurance Institute - Not Listed
Arab Misr Insurance Group Investment Fund
30/6/2018L.E
30/6/2017L.E
9 -Available for sale investments
87 700
9 480 000
9 567 700
87 700
7 079 500
7 167 200
Suez Canal Certificates mature in 2019 (designated
Treasury bonds mature in July 2021
Treasury bonds mature in Feb. 2022
Treasury bonds mature in April 2022
Treasury bonds mature in August 2022
Group B Investment Certificates to be mature in 2020
Group B Investment Certificates to be mature in 2021
Housing Bonds
30/6/2018L.E
30/6/2017L.E
10. Held to maturity investments
5 000 000
78 776 667
147 555 340
55 184 062
47 018 707
-
175 000 000
277 980
508 812 756
5 000 000
79 135 534
146 098 153
55 554 105
-
70 000 000
30 000 000
232 860
386 020 652
Rented Building (designated
Less: - Accumulated Depreciation
30/6/2018L.E
30/6/2017L.E
11 -Investment property
1 697 954
(486 093)
1 211 861
1 697 954
(455 529)
1 242 425
Accumulated depreciation at the beginning of the year
Depreciation
Accumulated depreciation at the end of the year
(455 529)
(30 564)
(486 093)
(424 965)
(30 564)
(455 529 )
)
The fair market value for treasury bonds amounted to 314 258 840 as at June 30, 2018 Part of group B investment certificates of Ahli Bank has been replaced according the financial supervisory Authority approval by re investment in group B certificates with a higher yield and in the same amount and in the same designated, it is not reclassed except written notification from financial supervisory Authority.
- -
)
43gig-Egypt
Premiums under collection
Post dated cheques
Returned cheques
Current accounts for policy holders (debts)
Less :
Impairment loss for policy holders (note 15
30/6/2018L.E
30/6/2017L.E
12- Receivables from policyholders
120 041 047
58 688 764
4 734 394
3 025 674
186 489 879
(31 103 224)
155 386 655
89 034 029
59 000 944
7 629 055
2 085 114
157 749 142
(25 156 104)
132 593 038
30/6/2018L.E
30/6/2017L.E
13. Insurance and reinsurance companies
1 440 479
21 227 361
10 324 159
32 991 999
(1 264 289)
31 727 710
2 008 010
2 210 932
10 011 489
14 230 431
(1 197 462)
13 032 969
Local companies
Foreign companies
Reserves retained by reinsurers companies
Less:
Impairment losses (Note 15)
30/6/2018L.E
30/6/2017L.E
14. Debtors and other debit balances
37 636 417
24 979 056
1 886 554
5 634 923
4 647 830
686 943
6 475 862
8 406 927
16 897 875
107 153 388
(7 824 987)
99 328 373
25 214 646
14 473 290
1 437 883
4 294 111
4 262 320
571 196
9 725 249
2 054 284
7 356 137
69 389 116
(4 868 743)
64 520 373
Egyptian life Takaful Company
Investment income and accrued interests
Current account for agents
Deposits with third parties
Advance Payments
Advance to employees
With holding tax on treasury bills
With holding treasury bonds
Other debtors
Less:
Impairment losses (note 15)
)
44gig-Egypt
Balance at the beginning of the year
Impairment charges
Used
Balance at the end of the year
4 868 743
2 956 244
7 824 987
-
7 824 987
25 156 104
10 607 157
35 763 261
(4 660 037)
31 103 224
1 197 462
66 827
1 264 289
-
1 264 289
31 222 309
13 630 228
44 852 537
(4 660 037)
40 192 500
424 493
772 969
1 197 462
-
1 197 462
14 139 746
11 016 358
25 156 104
-
25 156 104
4 025 261
843 482
4 868 743
-
4 868 743
18 589 500
12 632 809
31 222 309
-
31 222 309
15- Impairment losses for the Insurance operation debtors, debtors and other debit balances
16. Fixed assets
Description
2018/6/30L.E
2017/6/30L.E
17- Intangible assets
2 812 698
14 000
2 826 698
(2 733 948)
(21 970)
(2 755 918)
70 780
2 766 678
46 020
2 812 698
(2 715 445)
(18 503)
(2 733 948)
78 750
30/6/2018
Insurance and
reinsurance
companies
L.E
30/6/2018Receivables
frompolicyholders
L.E
30/6/2018
Debtors
and other
debit balances
L.E
30/6/2017
Insurance and
reinsurance
companies
L.E
30/6/2017
Receivables
from
policyholders
L.E
30/6/2017
Debtors
and other
debit balances
L.E
Cost at 1/7/2017
Additions
Disposals
Balance as of 30/06/2018
Accumulated depreciation as of 1/7/2017
Depreciation
Disposals
Accumulated depreciation as of 30/6/2018
Netbook value as of 30/06/2018
Netbook value as of 30/06/2017
15 010 000
-
-
15 010 000
-
-
-
-
15 010 000
15 010 000
24 705 791
-
-
24 705 791
(5 933 130)
(467 840)
-
(6 400 970)
18 304 821
18 772 661
6 029 914
210 133
(32 741)
6 207 306
(4 680 661)
(341 723)
32 741
(4 989 643)
1 217 663
1 349 253
3 305 940
1 145 677
-
4 451 617
(2 750 451)
(302 644)
-
(3 053 095)
1 398 522
555 489
3 694 946
5 061 000
(188 750)
8 567 196
(3 001 763)
(703 287)
188 750
(3 516 300)
5 050 896
693 183
2 391 647
351 570
-
2 743 217
(2 310 751)
(141 647)
-
(2 452 398)
290 819
80 894
55 138 238
6 768 380
(221 491)
61 685 127
(18 676 756)
(1 957 141)
221 491
(20 412 406)
41 272 721
36 461 480
Land
L.E
Buildings
L.E
Furniture andoffice
equipmentL.E
Computers
L.E
transportation Otherassets
L.E
Total
L.E
Cost as of 1/7/2018
Addition
Balance as of 30/06/2017
Accumulated depreciation as 0f 1/7/2017
Depreciation
Accumulated depreciation as of 30/6/2018
Total Total
L.E
45gig-Egypt
The balance of Insurance and Reinsurance Companies (credit balances) includes an amount of
18- Projects under constructions
30/6/2018L.E
30/6/2017L.E
9 759 633
144 768 495
130 782 349
285 310 477
4 072 096
167 726 889
74 556 145
246 355 130
Administrative building fifth settlement 40 434 415
40 434 415
18 232 074
18 232 074
58 666 489
58 666 489
Balance atthe beginning
of the yearL.E
Additionsduring the
year
Balance atthe end ofthe year
L.E
19 – Technical provisions
20- Insurance and reinsurance companies – (Credit balances)
Provision for unearned premiums
Provision for outstanding
Provision for retrograde fluctuations
Total Policy holders rights
161 529 966
102 201 832
59 003 219
322 735 017
44 140 793
29 319 992
4 539 193
77 999 978
205 670 759
131 521 824
63 542 412
400 734 995
Balance atthe beginning
of the yearL.E
Made duringthe year
L.E
Balance atthe end ofthe year
L.E
Local companies
Foreign companies
Reserves retained from reinsurers companies
30/6/2018L.E
30/6/2017L.E
18 358 239
169 889
23 143
21 771 094
91 128 709
2 859 272
2 148 769
26 433 709
10 339
162 903 163
18 594 149
169 889
23 143
12 293 231
46 046 208
2 811 303
1 460 317
27 596 771
9 796
109 004 807
21- Creditors and other credit balances
Accrued expenses and commissions dues
Deposits to third parties
Deposits to contractors
Current accounts of agents
Stamp duty tax
Salary tax
Other taxes
creditors
Dividends payable
L.E
46gig-Egypt
22 - Subordinated loan
reserve.
24Shareholders' equity
30/6/2018L.E
30/6/2017L.E
11 831 566
646 029
(3 000 000)
9 477 595
12 556 289
775 277
(1 500 000)
11 831 566
Balance at the beginning of the year
Cost of finance
Payment of subordinated loan
Provisionfor contingencies 6 000 000
6 000 000
15 000 000
15 000 000
21 000 000
21 000 000
Balance atthe beginning
of the yearL.E
Providedduring the year
L.E
Balance atthe end ofthe year
23- Provisions
47gig-Egypt
30/6/2018L.E
30/6/2017L.E
22 004 773
6 664 993
6 869 576
(63 349)
125 127
35 623 887
18 214 619
18 394 671
34 061 833
12 085 697
1 348 348
155 330 175
12 644 325
6 245 521
6 915 794
329 527
212 196
24 451 171
30 374 951
12 227 870
25 365 238
6 832 530
2 827 497
128 426 620
26- Net investment income
Financial Investments
Undesignated investments Designated investment
Fire
Cargo
In land
Hull
Aviation
Motor complementary
Compulsory motor
Engineering
Accidents
Medical
Oil and gas
Surplus
30/6/2018
L.E
30/6/2017
L.E
30/6/2018
L.E
30/6/2017
L.E
Interest on time deposits
Interest on current accounts
Treasury bills income
Gain on sale of financial assets at fair value through
profit or loss
Equity dividends
Net changes in fair value for financial assets fair value
through profit or loss
Net profit from investment portfolios
Net profit from available for sale investments
Fund management fees
Interest on Suez Canal Investment Certificates
Interest on Group B Investment Certificate
Dividend on Treasury Bonds
Dividend on housing bond
Amortization premium
Amortization discount
Financial investment expenses
Investment property returns
Interests paid on reserves retained by reinsurers
Net income from investments
Indirect investment expenses 10%
Net income from investments
3 567 435
2 502 014
277 270
16 284 157
111 000
582 279
690 348
-
392 852
-
-
-
14 138
-
-
175 121)
-
-
24 246 372
(393 899)
23 852 473
2 225 646
1 359 550
-
10 014 109
55 500
3 261 684
606 171
4 437 750
143 439
-
-
-
-
-
-
(2 040)
-
-
22 101 809
( 461 241)
21 640 568
906 541
-
44 711 607
-
-
-
-
-
-
775 000
8 561 361
48 379 436
-
(529 964)
754 663
(4 763)
817 126
( 1 459 306)
102 911 701
(5 662 447)
97 249 254
154 774
-
44 106 765
-
-
-
-
-
-
714 418
12 750 000
22 864 935
-
(478 789)
653 988
(29 347)
782 397
(1 732 576)
79 777 565
(4 562 703)
75 214 862
25- Surplus (Deficit) of the insurance activity
Property and liability insurance
(
48gig-Egypt
28- Premiums for property and liability insurance
Insurance branches
27- Other income
Undesignated designated
Directpremiums
Grosspremiums
NetPremiums
Outward reinsurancepremiums
Reinsurance premiumsreceived
Issuing fees
Credit interests
Gain on fixed assets
Other income
Fire
Cargo
Inland
Hull
Aviation
Motor Complementary
Motor compulsory
Engineering
Oil and Gas
Accident
Medical
Total
-
-
236 481
500
263 981
253 663 395
58 977 178
22 500 050
3 252 737
11 440 865
211 031 721
51 402 599
120 521 565
38 508 861
112 709 285
63 998 000
948 006 256
80 069
-
-
-
-
-
-
-
-
-
-
80 069
253 743 464
58 977 178
22 500 050
3 252 737
11 440 865
211 031 721
51 402 599
140 324 271
38 508 861
116 021 887
63 998 000
971 201 633
25 462
165 393
-
81 159
-
-
-
(2 149 814)
-
6 929 412
-
5 051 612
23 6738 207
49 347 135
11 478 098
2 774 293
11 419 710
13 785 718
25 627 652
117 397 254
37 918 082
63 399 716
23 069 799
592 955 664
16 979 795
9 464 650
11 021 952
397 285
21 155
197 246 003
25 774 947
25 076 831
590 779
45 692 759
40 928 201
373 194 357
-
-
-
-
-
-
-
19 802 706
-
3 312 602
-
23 115 308
Fire
cargo
Inland
Hull
Aviation
Motor Complementary
Motor Compulsory
Engineering
Oil and Gas
Accidents
Medical
Total
215 760 209
33 955 012
17 966 884
3 273 842
4 744 611
183 615 816
56 974 265
96 408 280
24 489 279
90 940 018
24 164 216
752 292 432
215 833 558
33 955 012
17 986 884
32 732 842
4 744 611
183 615 816
56 974 265
96 408 280
24 489 279
90 940 018
24 164 216
752 365 781
93 418
157 267
-
199 670
-
-
-
(519 772)
-
4 612 423
-
4 543 006
198 606 687
25 864 301
9 461 567
2 600 378
4 717 068
3 807 123
25 512 065
75 503 050
23 486 021
53 891 576
16 773 509
440 223 345
17 133 453
7 933 444
8 505 317
473 794
27 543
179 808 693
31 462 200
21 425 002
1 003 258
32 436 019
7 390 707
307 599 430
-
-
-
-
-
-
-
-
-
-
-
-
73 349
-
-
-
-
-
-
-
-
-
-
73 349
-
-
-
8 100
8 100
20 540 466
1 091 143
-
-
21 631 609
13 022 388
922 558
-
8 -
13 944 946
30/6/2018L.E
30/6/2017L.E
30/6/2018L.E
30/6/2017L.E
30/6/2018
30/6/2017
L.E L.E L.ELocalL.E
ForeignL.E
LocalL.E
ForeignL.E
49gig-Egypt
29-Claims for property and liability insurance
Insurance branches
DirectCommission
ExpensesTotal
ClaimsNet
ClaimsOutward reinsurance
Claims paidInward reinsurance commission
Expenses
Fire
Cargo
Inland
Hull
Aviation
Motor Complementary
Motor Compulsory
Engineering
Oil and Gas
Accident
Medical
Total
8 626 724
2 476 084
2 799 381
1 495 344
-
119 504 847
24 269 336
97 078 055
-
15 744 637
28 382 095
300 376 503
8 626 724
2 476 084
2 799 381
1 495 344
-
119 504 847
24 269 336
97 078 055
-
15 744 637
28 382 095
300 376 503
1 707
-
-
103 745
-
-
-
58 547
-
8 118
-
172 117
5 894 384
2 032 928
1 799 145
992 700
-
-
1 1250 993
89 388 867
-
12 763 666
15 742 960
139 865 544
2 730 633
443 156
1 000 236
398 899
-
119 504 847
13 018 343
7 630 641
-
2 972 853
12 639 135
160 338 842
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Fire
Cargo
Inland
Hull
Aviation
Motor Complementary
Motor Compulsory
Engineering
Oil and Gas
Accident
Medical
Total
222 001 540
12 013 289
3 586 268
1 236 270
-
117 048 489
21 391 229
9 256 986
238 195
13 525 828
14 129 938
217 428 032
22 001 540
15 013 289
3 586 268
1 236 270
-
117 048 489
21 391 229
9 256 986
238 195
13 525 828
14 129 938
217 428 032
(10 266)
-
-
220 215
-
-
-
-
-
-
-
209 949
17 118 126
12 742 502
2 527 927
873 153
-
-
9 113 765
5 465 804
-
9 545 541
9 836 523
67 223 341
4 893 680
2 270 787
1 058 341
142 902
-
117 048 489
12 277 464
3 791 182
238 195
3 980 287
4 293 415
149 994 742
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30/6/2018
30/6/2017
L.E L.E L.ELocalL.E
ForeignL.E
LocalL.E
ForeignL.E
50gig-Egypt
30/6/2018L.E
30/6/2017L.E
31-Production costs
570 429
47 936 885
372 227
3 313 323
19 014 815
14 499 013
13 235 295
3 023 776
1 671 089
103 636 853
(2 235 816)
101 401 037
477 657
38 105 617
290 963
3 527 103
9 871 005
12 371 138
10 447 926
1 832 500
1 110 250
78 034 159
(2 170 710)
75 863 449
Inward reinsurance commissions expense Outward reinsurance commissions income
Fire
Cargo
Inland
Hull
Aviation
Motor comprehensive
Motor compulsory
Engineering
Oil and Gas
Accident
Medical
Total
33 268
-
-
-
-
-
-
-
-
268 330
-
301 598
33 268
-
-
-
-
-
-
-
-
268 330
-
301 598
4 577
59 941
-
11 207
-
-
-
(1 880 245)
-
1 239 001
-
(565 519)
54 049 585
12 123 659
5 063 274
655 728
1 707 740
9 813 302
9 203 823
30 104 271
5 066 155
17 320 532
7 417 748
152 525 817
54 054 162
12 183 600
5 063 274
666 935
1 707 740
9 813 302
9 203 823
28 224 026
5 066 155
18 559 533
7 417 748
151 960 298
-
-
-
-
-
-
-
-
-
-
-
-
Fire
Cargo
Inland
Hull
Aviation
Motor Complementary
Motor compulsory
Engineering
Oil and Gas
Accident
Medical
Total
21 160
29 952
-
128 029
-
-
-
(98 728)
-
1 161 009
-
1 241 422
42 936 444
9 977 553
4 219 286
595 788
758 149
5 659
10 986 018
23 014 810
6 603 301
12 373 485
8 240 046
119 710 539
42 957 604
10 007 505
4 219 286
723 817
758 149
5 659
10 986 018
22 916 082
6 603 301
13 534 494
8 240 046
120 951 961
-
-
-
-
-
-
-
-
-
-
-
-
30 073
-
-
-
-
-
-
-
-
-
30 073
30 073
-
-
-
-
-
-
-
-
-
-
30 073
30- Reinsurance commissions
Insurance branches
30/6/2018
30/6/2017
LocalL.E
ForeignL.E
TotalL.E
LocalL.E
ForeignL.E
TotalL.E
Wages and salaries
The share of the company in the relative stamp tax
Inspection fees
Advertising
Production service expenses
The annual incentive
Collection expenses
Bonus
Miscellaneous expenses
Less
of indirect production costs (transferred 50%
(to general and administrative expenses
51gig-Egypt
30/6/2018L.E
30/6/2017L.E
32- General and administrative expenses
52 115 730
29 266 172
81 381 902
2 235 816
(6 056 346)
77 561 372
43 259 877
23 076 296
66 336 173
2 170 710
(5 023 944)
63 482 939
Wages and salaries
Miscellaneous expenses
Add:
50% of indirect production costs (converted from production costs)
Less:
10%of indirect overhead expenses (converted to investment expenses )
30/6/2018L.E
30/6/2017L.E
33- Earning Per Share
116 692 187
(9 000 000)
(600 000)
107 092 187
2 480 240
43.18
Net profit of the year
Less:
Distributions of employees (proposed)
Board of directors remuneration (proposed)
Equity of the Shareholders of net profit for the year
Weighted average for the number of shares
Earnings per share
126 906 542
(12 750 000)
(840 000)
113 316 542
2 480 240
45.69
30/6/2018L.E
30/6/2017L.E
34 - Adjustment of the effective income tax rate
143 017 677
22.5 %
32 178 977
(189 556 )
3 517 382
( 5 556 447)
(3 624 866)
26 325 490
18.41 %
Net profit before income tax
applicable tax rate
Income tax computed based on applicable tax rate
Depreciation and amortization
Impairment and provisions
Amounts subject to taxation
Deferred tax
Income tax
Actual tax rate
158 725 099
22.5 %
35 713 147
(441 518)
5 393 293
( 3 656 833)
(5 189 533)
31 818 556
20.46 %
52gig-Egypt
36- The tax position
The tax returns were delivered and taxes due for those years based on the returns were paid.
,
37- Related parties transactions
represented in the financial statements are as follows
30/6/2018L.E
30/6/2017L.E
A. Insurance and reinsurance companies - Credit balances
Gulf Insurance & Reinsurance Company
Arab Orient Insurance Company in Jordan
GIG Turkey
B- Loans
Subordinated loan from Gulf Insurance Group
Short term loan from Gulf Insurance Group
C- Other credit balances
Gulf insurance Group
D- Other receivables
Egyptian Takaful Insurance Company
Bahraini Kuwait Insurance Company
AL Shark Alaraby Insurance Company
AL Borg Insurance Company
Sagorta gig turkey
Gulf Insurance Group
30/6/2018L.E
30/6/2017L.E
35- Deferred tax assets
1 117 937
6 481 320
11 398 890
18 998 147
Depreciation differences for fixed assets and investment properties
Provision differences
Differences in revaluation of monetary assets and liabilities of denominated in foreign
currencies – comprehensive income
statement
914 177
11 874 613
-
16 350 634
306 637
121 644
9 477 595
-
-
37 636 417
222 571
222 571
158 979
127 183
83 310 694
304 853
-
13500 000
6 780 000
249 164
25 214 646
-
-
-
-
-
12 788 790
348 370
38. TranslationThese financial statements are a translation into English from original Arabic statements. The original
Arabic statements are the official financial statements
FOR THE YEAR ENDED 30 JUNE , 2018
COMPANYBACKGROUND
gig-Egypt2017 2018
1 COMPANY BACKGROUND
54gig-Egypt
Description 2015 2016 2017 2018 DevelopmentRatio
431 911
204 510
230 297
100 395
49%
80 656
19%
40 040
9%
265
522 655
256 578
204%
279 435
73 590
26%
536 704
244 711
179 026
133 576
55%
95 616
18%
50 700
9%
273
608 125
289 195
210%
314 391
76 797
24%
752 365
283 045
217 427
158 979
56%
125 182
17%
63 483
8%
279
743 206
322 739
230%
378 655
116 697
31%
971 201
329 053
300 377
189 659
58%
157 080
16%
77 561
8%
285
885 269
400 735
221%
481 488
126 906
26%
125%
61%
30%
89%
95%
94%
8%
69%
56%
72%
72%
Gross Premium
Earned Premium
Gross Claims
Incurred Claims
Losses Ratio
Total Acquisition Costs
Total Acquisition Costs Ratio
General & Administrative Expense
General & Administrative Expense Ratio
Number of Employees
Total Investments
Policy Holders' Rights
Total Investments/Policy Holders' Rights
Total Shareholders' Equity
Net Profit for the Year
Net Shareholders' Equity Ratio
Gross Premium
Total Acquisition Costs Ratio Total Investments
Total Shareholders' Equity
Total claims paid General & Administrative Expense Ratio
Policy Holders' Rights
1000 000
800 000
200 000
%18%18
% 18
1000 000
800 000
200 000
100 000 200 000 300 000
2018
2018
300 000
200 000
100 000
%8%8
300 000
200 000
100 000
%10%10
%8%8
2 GROSS PREMIUMS
55gig-Egypt
Description
71 521
32 542
14 474
2 924
4678
134 053
51 357
52 638
47 289
17 504
2 931
431 911
93 613
29 326
17 153
2 468
4781
164 121
55 863
73 048
58 894
20 199
17 238
536 704
215 833
33 955
17 967
3 274
4745
183 616
56 974
96 408
90 940
24 489
24 164
752 365
253 744
58 977
22 500
3 253
11441
211 032
51 403
140 324
116 022
38 509
63 998
971 203
Fire
Marine
Inland
Hull
Aviation
Motor comprehensive
Motor Act
Engineering
Miscellaneous
Oil & Gas
Medical
Total
Gross premiums
17%
8%
3%
1%
1%
31%
12%
12%
11%
4%
1%
100%
17%
5%
3%
0%
1%
31%
10%
14%
11%
4%
3%
100%
29%
5%
2%
0%
1%
24%
8%
13%
12%
3%
3%
100%
26%
6%
2%
0%
1%
22%
5%
14%
12%
4%
7%
100%
255%
81%
55%
11%
145%
57%
0%
167%
145%
120%
2083%
125%
2015
Value % Value % Value % Value % %
2016 2017 2018 DevelopmentRatio
FireMarinelnlandHullAviationMotorComprehensive
Motor ActMiscellaneous
2018
300 000
200 000
100 000
0
29. Premiums of property and casualty insurance
Gross Claims paid
3 GROSS CLAIMS PAID
Description
18 340
5 854
5 294
221
79 815
12 021
14 950
15 167
78 391
244
230 297
11 355
9 536
4 557
4 575
108 305
16 401
3 837
16 133
384
3 943
179 026
22 002
15 013
3 586
1 236
117 048
9 257
13 526
21 391
238
14 130
217 427
8 627
2 476
2 799
1 495
119 505
97 078
15 745
24 269
28 382
300 376
Fire
Marine
Inland
Hull
Motor comprehensive
Engineering
Miscellaneous
Motor Act
Oil & Gas
Aviation
Medical
Total
8.0%
2.5%
2.3%
0.1%
34.7%
5.2%
6.5%
6.6%
34.0%
0.0%
0.1%
100.0%
6.3%
5.3%
2.5%
2.6%
60.5%
9.2%
2.1%
9.0%
0.2%
0.0%
2.2%
100.0%
10.1%
6.9%
1.6%
0.6%
53.8%
4.3%
6.2%
9.8%
0.1%
0.0%
6.5%
100.0%
2.9%
0.8%
0.9%
0.5%
39.8%
32.3%
5.2%
8.1%
0.0%
0.0%
9.4%
100.0%
(53.0%)
(57.7%)
(47.1%)
576.5%
49.7%
707.6%
5.3%
50.4%
(100.0%)
0.3%
30.4%
2015
Value % Value % Value % Value % %
2016 2017 2018 DevelopmentRatio
2018
FireMarinelnlandHullMotorComprehensive
Miscellaneous
gig-Egypt 56
120 000
100 000
80 000
20 000
0
57gig-Egypt
Total Acquisition costs
4 TOTAL ACQUISITION COSTS
Description
14 820
7 036
3 513
270
194
26 304
5 596
9 328
2 919
10 263
416
80 658
19 757
6 132
4 090
405
246
32 207
1 310
14 172
4 056
11 302
1939
95 615
30 265
7 440
4 749
480
263
35 090
1 585
18 825
5 055
18 613
2817
125 181
38 562
10 587
6 137
541
495
39 499
1 673
22 978
3 540
26 089
6978
157 078
Fire
Marine
Inland
Hull
Aviation
Motor comprehensive
Motor Act
Engineering
Oil & Gas
Miscellaneous
Medical
Total
18.4%
8.7%
4.4%
0.3%
0.2%
32.6%
6.9%
11.6%
3.6%
12.7%
0.5%
100%
20.7%
6.4%
4.3%
0.4%
0.3%
33.7%
1.4%
14.8%
4.2%
11.8%
2.0%
100%
24.2%
5.9%
3.8%
0.4%
0.2%
28.0%
1.3%
15.0%
4.0%
14.9%
2.3%
100%
24.5%
6.7%
3.9%
0.3%
0.3%
25.1%
1.1%
14.6%
2.3%
16.6%
4.4%
100%
2015
Value % Value % Value % Value %
2016 2017 2018
% 18% 18
% 18
2018
58gig-Egypt
5 GENERAL & ADMINISTRATIVE EXPENSES
General & administrative expenses
Description
4 908
3 014
1 259
251
385
13 468
5 547
4 653
1 351
4 123
1 081
40 040
5 794
2 884
1 559
227
409
15 547
10 440
5 633
1 386
4 407
2 414
50 700
10 160
3 525
1 739
335
386
18 231
11 867
5 973
1 553
6 480
3 234
63 483
11 726
4 914
1 818
289
1000
20 557
14 675
7 089
2 094
7 382
6 018
77 562
Fire
Marine
Inland
hull
Aviation
Motor comprehensive
MotorAct
Engineering
Oil & Gas
Miscellaneous
Medical
Total
12.3%
7.5%
3.1%
0.6%
1.0%
33.6%
13.9%
11.6%
3.4%
10.3%
2.7%
100%
11.4%
5.7%
3.1%
0.4%
0.8%
30.7%
20.6%
11.1%
2.7%
8.7%
4.8%
100%
16.0%
5.6%
2.7%
0.5%
0.6%
28.7%
18.7%
9.4%
2.4%
10.2%
5.1%
100%
15.1%
6.3%
2.3%
0.4%
1.3%
26.5%
18.9%
9.1%
2.7%
9.5%
7.8%
100%
2015
Value % Value % Value % Value %
2016 2017 2018
%10
%10
%8
%8
2018
% 8
% 8
Investments as at 30/6/2018
Description
48 658
24 348
428 629
19 716
1 304
522 655
1 661
51 275
443 639
110 190
88
1 273
608 126
35 684
26 648
286 444
386 021
7 167
1 242
743 206
40 671
18 060
306 945
508 813
9 568
1 212
885 269
Time deposits at banks
Financial Asets ( Fair value )
Governmental securities
Held to maturity investments
Available - for - sale securities
(Real Estates (net
Total
9.4%
4.7%
82.0%
3.8%
0.0%
0.2%
100%
0.2%
8.5%
73.0%
18.0%
0.1%
0.2%
100.0%
4.8%
3.6%
38.6%
52.0%
0.8%
0.1%
100%
4.6%
2.0%
34.7%
57.5%
1.1%
0.1%
100%
(16.4%)
(25.8%)
(28.4%)
2480.7%
(7.1%)
69.4%
2015
Value % Value % Value % Value % %
2016 2017 2018 DevelopmentRatio
6 INVESTMENTS
59gig-Egypt
Time depositsat banks Available - for
sale securitiesReal Estates
(net)Financial Asets
( Fair value )
Governmentalsecurities
Held to maturityinvestments
% 30.0
% 20.0
% 10.0
%0.0
% 2.0 % 1.1 % 0.1
Policy holders' rights development
Description
121 967
78 437
56 174
256 578
136 975
93 217
59 003
289 195
161 530
102 202
59 003
322 735
205 671
131 522
63 542
400 735
provision of unearned premiums
provision for outstanding claims
provision for retrograde fluctuations
Total
69%
68%
13%
56%
2015 2016 2017 2018 DevelopmentRatio
7POLICY HOLDERS' RIGHTS DEVELOPMENT
60gig-Egypt
Provision of unearned premium
Provision for outstanding claims
Provision for retrograde fluctuations
Total
2018
300 000
200 000
100 000
0
102202102202
shareholders, Equity
Description
160000
46144
73590
279734
175000
60726
2444
76797
314967
225000
30710
6248
116697
378655
258750
87828
8002
126906
481486
Paid upCapital
Reserves and Retained profits
Fair Value Reserve for investments
(Available for Sale)
Net profits
Total
57.2%
16.5%
0.0%
26.3%
100%
55.6%
19.3%
0.8%
24.4%
100%
59.4%
8.1%
1.7%
30.8%
100%
53.7%
18.2%
1.7%
26.4%
100%
61.7%
90.3%
100.0%
72.5%
72.1%
2015
Value % Value % Value % Value % %
2016 2017 2018 DevelopmentRatio
8 SHAREHOLDERS, EQUITY
61gig-Egypt
Paid up capital
Retained profits
Fair value reserve for investments ( Available for sale )
Reserves and retained profits
2018
200 000
100 000
0
300 000
8002
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