OUR ENERGY IS THE SECRET TO OUR SUCCESS - … Annual.pdf · [email protected]...

O U R E N E R G Y I S T H E S E C R E T T O O U R S U C C E S S

Letter from the Chairman 11Independent Auditor’s Report 21Balance Sheet 22Income Statement 23Changes in Shareholders’ Equity 24Cash Flow Statement 25Notes to Financial Statements 33

J O R D A N I N S U R A N C E C O M P A N Y

CONTENTS

His MajestyKing Abdullah II Bin Al-Hussein

His Royal HighnessCrown Prince Hussein Bin Abdullah II

WINNER

Jordan Insurer of the Year

Jordan Insurance Company

This is to certify that the

Jordan InsuranceCompany

has won the award for

Best Insurance Companyin Jordan

Clive Horwood, Editor

WINNER



WINNER



1211

Letter from the ChairmanIn the name of God, the Most Merciful,the Most Gracious

Dear Shareholders,peace be upon you.

The Board of Directors is pleased to welcome you to the 61st Ordinary Meeting of the General Assembly and to present its annual report for the financial year ending on 31/12/2012.

The nation's economy faced another difficult year in 2012 which was characterized by instability as a result of the continuing global financial crisis and its extended impact on the public and private economic sectors. The disruption of natural gas flow from Egypt, the ongoing conflict in Syria leading to an accelerated influx of refugees and the reduction of foreign aid combined with higher oil and food prices, have all exerted further pressure on the country’s economy. To overcome such a challenging environment, the authorities in Jordan have been implementing sound macroeconomic policies aimed at reducing fiscal and external imbalances in a socially acceptable way.

In 2012, real GDP growth was 3.0% compared to 2.6% in 2011. The unemployment rate remained around the same level of 11.4% and the inflation rate is expected to hover around 5.0%. The Amman Stock Exchange (ASE) trading value reached JD 1.98 billion, a reduction of 32% compared to JD 2.9 billion in 2011. Moreover, the ASE price index fell by 1.9% from 1995 points to 1957.6 points. The market value of listed companies' shares fell by nearly JD 0.2 billion, registering JD 19.1 billion at the end of the year 2012.

On the other hand, the year 2012 witnessed a very important achievement for JIC when A.M. Best, the largest and most utilized global insurance and reinsurance rating agency, affirmed JIC's Financial Strength Rating (FSR) of B++ (good) and Issuer Credit Rating (ICR) of bbb+.These ratings reflect the recognition of professionalism and exceptional performance in the provision of insurance services at the local and regional levels, and for maintaining this performance under all circumstances, especially the global economic crisis that had a negative impact on the ratings of many insurance and reinsurance companies in the world. Such a rating reflects JIC's solid business position in Jordan, robust operating performance and strong risk-adjusted capitalization, all of which will increase JIC's strength, competitiveness, confidence and regional expansion opportunities as one of the few insurance companies in the Arab World that has been awarded such a rating.

Likewise, and for the third year in a row, our company was also awarded "Jordan Insurer of the year 2013" by MENA Insurance Review, adding yet another impressive achievement in such challenging times.

Despite the difficult economic circumstances in Jordan and abroad, JIC was able to improve its performance level and has achieved impressive results, as gross written premiums have grown by 15% in Jordan and 12.5% company-wide, reaching a total of JD 52 million. This has enhanced JIC’s production capacity and its leading position in the Jordanian insurance sector, with a market share exceeding 10% and net profits after tax and provisions standing at JD 4.2 million, a 79.5% increase compared to JD 2.34 million in 2011.

JIC remained one of the most profitable companies in Jordan in 2012. While technical profit has been impacted by an underperforming motor compulsory third-party liability, Jordan Insurance Company has experienced a good level of profitability throughout its portfolio. We are hoping that the 2013 MTPL will be free and that positive results will show in 2014.

Technical profits increased by 18% to JD 3.3 million, compared to JD 2.8 million in 2011.

Reinsurance

It is a well-known fact that the global and regional crises have had a direct impact on reinsurance companies, and therefore reinsurance contracts face major difficulties year after year. Moreover, practices exercised by local insurance companies in 2012, especially companies that compete on the basis of declining premiums and in a manner that does not correspond to the nature of insured risks, have led to an unprecedented hard-line approach by global reinsurance companies, especially the leaders in the reinsurance sector.

Also, the ongoing political unrest in the Middle East and North Africa (The Arab Spring) has triggered restrictions on SRCC (Strikes, Riots and Civil Commotions) in terms of imposing additional rates, deductibles and the implementation of event limits on SRCC and Natural Catastrophes.

However, because of its high level of professionalism and its excellent historical relationships with reinsurers that are based on trust and credibility, JIC was able to renew its reinsurance treaties for 2012 with elite reinsurance companies in a manner that serves the best interest of all parties concerned.

Branches

In view of the current economic difficulties in the region, JIC’s branches in the United Arab Emirates and our Agency in Kuwait have also achieved acceptable technical results that reflect our company’s exceptional standing with its clients in those markets. Gross written premiums in those branches reached JD 5.7 million, 11% of JIC’s total premiums. Net profits reached JD 0.753 million, 15.7% of JIC's profit before distribution.

Financial and Real Estate Investments

The year 2012 witnessed a decline in financial market activity as well as unstable prices, especially in the Amman Stock Exchange and the Palestinian Financial Market. This has forced JIC to reduce its investment activities, both sales and purchases, opting instead to hold on to strategic and stable shares in order to avoid price fluctuations and maintain a limited margin of change in our portfolio. We hope that market conditions will improve in 2013.

In 2012, the market value of JIC's stock portfolio increased to JD 37.6 million compared to JD 29.6 million in 2011, positively increasing shareholders’ equity by JD 4.35 million.

JIC also continues to perform capital maintenance on its real estate base, with the purpose of making it more suitable and attractive for tenants at reasonable prices. The occupancy rate of the buildings reached approximately 75%, which constituted a good support for JIC’s net results.

1413

BranchesContact Us:

Contact Us:

Kuwait

Amman

Dubai

Abu Dhabi

Sharjah

Aqaba

Head Office

Madina Branch

Aqaba Branch

3rd Circle Amman

Amman

Aqaba

P.O. Box 279 Amman 11118 Jordan

P.O. Box 1276 Amman 11118 Jordan

P.O. Box 1415 Aqaba 77110 Jordan

P.O.Box+962 6 4634161

+962 6 4638108

+962 3 2039194

Tel. +962 6 4637905

+962 6 4646917

+962 3 2039193

[email protected]

[email protected]

[email protected]

E-mailName

United Arab Emirates

Kuwait

+971 2 6344800

+971 4 2698810

+971 6 5395566

+965 2 454160

Abu Dhabi

Dubai

Sharjah

Kuwait

Tel.+971 2 6330495

+971 4 2692174

+971 6 5395556

+965 2 454180

[email protected]

[email protected]

[email protected]

E-mailName

Address

Address

Letter from the Chairman

The Future Plan

1. Continue to expand horizontally by opening new branches in neighboring markets.

2. Continue to explore opportunities in Bancassurance services with leading banks.

3. Adhere to the Company’s strategy of preserving its leading position in the local market through prudent and disciplined underwriting policies.

4. Train staff in line with JIC’s policy of HR development in order to maintain a high level of professionalism for the service of its clients.

5. Continue to expand in existing markets by possible mergers and acquisitions. 6. Maintain JIC’s rating of B++ (good ) and work on improving it.

In conclusion, the Board of Directors would like to extend its thanks and appreciation to all our employees and staff who contributed to the success and accomplishments of the company, to all our clients and agents for their continued trust and support and our reinsurance partners for their continued support.

We ask God Almighty to guide us towards success in the service of our national economy under the guidance of His Majesty King Abdullah II Bin Al-Hussein.

Chairman of the BoardOthman M. Bdeir

1615

Board of Directors

Mr. Othman M. Bdair (Representing Arab Technical Construction Co.)

H.E. Mr. Waleed M. Asfour

Mr. Osama J. Sha’sha’a

Mr. Christian Kraut (Representing Munich Re Co.)

Mr. Shehadeh Sh. Twal

Mr. Imad M. Abdel Khaleq

Mr. Kamal Gh. Al-Bakri

Mr. Samih Madi

Mrs. Huda Bdair

Mr. Mohammed M. Ennab (Representing Arab Supply & Trading Co.)

Miss Aya Kh. Abu Hassan

General ManagerMr. Imad M. Abdel Khaleq

Deputy General ManagerFinance & AdministrationSecretary of the BoardMr. Mustafa M. Dahbour

Chairman

Deputy Chairman

Director

Director

Director

Director

Director

Director

Director

Director

Director

Income Statement Information

Insurance Premiums

The overall premiums written by the Company during 2012 were distributed between lines of business as follows:

- Marine:Gross Written Premium during the year 2012 was JD 2,609 million compared to JD 2,092 million in 2011.Net Loss ratio in 2012 was 31.2% compared to 5.9% in 2011.

- Fire & General Accidents:Gross Written Premium during the year 2012 was JD 15,820 million compared to JD 14,284 million in 2011.Net Loss ratio in 2012 was 28.26% compared to -6.3% in 2011.

- Motor: Gross Written Premium during the year 2012 was JD 16,666 million compared to JD 15,758 million in 2011. Net Loss ratio in 2012 was 77% compared to 77.3% in 2011.

- Life: Gross Written Premium during the year 2012 was JD 10,607 million compared to JD 8,831 million in 2011.Net Loss ratio in 2012 was 65.1% compared to 68.3% in 2011.

- Medical: Gross Written Premium during the year 2012 was JD 6,357 million compared to JD 5,323 million in 2011.Net Loss ratio in 2012 was 50.7% compared to 51.9% in 2011.

20102011 2008200938,334,750 17,744,127 6,582,919 3,618,410

27,945,456 10,705,879 7,715,516

18,421,395 9,524,061

8,460,011

39,848,033 18,786,929

466,942 3,905,510

23,159,381 11,122,650 8,117,116

19,239,766 3,919,615

3,006,339

42,829,78120,502,363

759,2163,275,760

24,537,33812,470,937

8,745,37221,216,309

3,321,029

3,114,693

46,287,01922,272,272

1,916,0673,551,772

27,740,11115,224,964

9,470,97824,695,942

3,044,169

2,335,262

52,058,615 23,895,422

3,209,213 4,138,020

31,242,655 16,498,424

9,997,851 26,496,275

4,746,380

4,210,335

2012Gross Written PremiumNet Earned PremiumInvestment ResultOther RevenueTotal RevenueNet Claims PaidOther ExpensesTotal Expenses Result Before Taxes

Net Result After Tax

These statements are selective extracts from the English Financial Statement and should be read together with it.

AuditorsDeloitte & Touche (M.E.)

1817

Balance Sheet Information

Insurance Premiums

Technical Profit

Capital Growth

These statements are selective extracts from the English Financial Statement and should be read together with it.These statements are selective extracts from the English Financial Statement and should be read together with it.

Real EstateFinancialOtherInvestmentTotal AssetsShareholders' Equity

44,231,313 6,049,552

38,111,421 70,340

65,864,911 40,629,097

53,541,151 12,103,677 41,359,607

77,867 72,699,072 48,242,555

49,775,938 17,486,212 32,204,070

85,656 69,083,632 45,302,444

50,475,712 17,380,537 33,004,197

90,978 76,845,633 44,286,066

58,294,291 17,165,280 41,043,463

85,548 82,875,006 47,056,795

20082009201020112012

Gross Written PremiumReinsurance GWP Share

Gross Claims PaidReinsurance Share

38,334,750 20,436,321

15,522,043 5,878,069

39,848,033 21,049,828

19,709,834 9,075,322

42,829,781 22,197,806

18,498,621 7,673,669

46,287,019 23,302,311

29,280,660 15,588,264

52,058,615 27,067,650

24,861,602 9,897,131

20082009201020112012

50

40

30

20

10

02008 2009

Gross Written Premium Reinsurance GWP Share

Reinsurance ShareGross Claims Paid

JD M

illio

ns

Year2010 2011 2012

Technical Profit200920102011

3,304,400 4,573,7404,641,8344,001,8982,826,5032012 2008

20092008 2012

JD M

illio

ns

Year

5

4

3

2

1

0

2010 2011

30

25

20

15

10

5

0

20052001198719821952 1962 2006

JD M

illio

ns

Year

Paid-up Capital 1,100,0005,000,00010,000,000 400,000 100,00019872001

20,000,0002005

30,000,0002006 1982 1962 1952

J O R D A N I N S U R A N C E C O M P A N Y

FINANCIALSTATEMENTSFor the Year Ending31/12/2012

2221

Independent Auditor’s ReportAM / 7953

To the Shareholders of Jordan Insurance Company(A Public Limited Shareholding Company)Amman – The Hashemite Kingdom of Jordan

IntroductionWe have audited the accompanying financial statements of Jordan Insurance Company (A Public Limited Shareholding Company), which are comprised of the statement of financial position as of December 31, 2012, the statement of income, the statement of comprehensive income, the statement of changes in shareholders’ equity, the statement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory information.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. These standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.�An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement in the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the financial statements present fairly, in all material respects, the financial position of Jordan Insurance Company as of December 31, 2012, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards. Report on the Regulatory Requirements The Company maintains proper accounting records, and the accompanying financial statements are in agreement therewith and with the financial statements included in the Board of Directors’ report. We recommend that the General Assembly of Shareholders approve these financial statements. Emphasis on a MatterThe accompanying financial statements are a translation of the statutory financial statements which are in the Arabic language and to which reference should be made. Amman – The Hashemite Kingdom of Jordan Deloitte & Touche (M.E.) – Jordan31/01/2013 Shafiq Batshon License number (740)

Deposits At BanksFinancial Assets At Fair Value Through Profit Or Loss StatementFinancial Assets At Fair Value Through Other Comprehensive Income Property InvestmentsLoans And Advances Of The Life DepartmentTotal Investments

Cash On Hand And At BanksChecks Under Collection And Notes ReceivableAccounts Receivable - NetInsurance Companies’ Accounts - DebitAssets Deferred TaxFixed Assets - NetIntangible Assets - NetOther Assets - NetTotal Assets

December 31Note

Number

3,408,52516,735,32912,860,34317,380,537

90,97850,475,712

3,539,5581,392,109

12,145,0075,497,747

435,4841,166,283

385,0061,808,727

76,845,633

3,554,35018,685,72018,803,39317,165,280

85,54858,294,291

2,084,5611,745,292

13,760,6984,235,177

539,4391,123,816

345,166746,566

82,875,006

34567

89

101112131415

2011JD

2012JD

Financial Statements To the General Assembly of Shareholders ofJordan Insurance Company Plc.

Amman - Jordan

Assets

Balance Sheet

Unearned Premiums Provision - NetOutstanding Claims Provision - NetAccumulated Mathematical Reserve - NetTotal Insurance Contract Liabilities

Due To BankAccounts Payable Insurance Companies’ Accounts - CreditOther Provisions Income Tax ProvisionLiabilities Deferred TaxOther LiabilitiesTotal Liabilities

Authorized And Paid-up CapitalStatutory ReserveFinancial Assets Revaluation Reserve Retained EarningsTotal Shareholder EquityTotal Liabilities And Shareholder Equity

December 31Note

Number

7,698,2148,682,6091,438,101

17,818,924

464,0046,219,1526,225,994

786,781484,486

- 560,226

32,559,567

30,000,0007,500,000 2,298,035 4,488,031

44,286,066 76,845,633

8,677,75010,075,194

1,554,10820,307,052

- 1,503,854

10,150,495924,635634,397

1,123,7141,174,064

35,818,211

30,000,0007,500,0003,558,4295,998,366

47,056,79582,875,006

16

17181920121221

22

2011JD

2012JD

Liabilities

H.E. Waleed M. AsfourDeputy Chairman

Mr. Othman M. BdairChairman

These statements are selective extracts from the English Financial Statement and should be read together with it.

Deloitte & Touche (M.E)- JordanJabal Amman, Fifth CircleZahran Street 190P.O. Box 248Amman 11118, Jordan Tel: +962 (0) 65502200Fax: +962 (0) 65502210www.deloitte.com

Direct Insurance - Non-LifeDirect Insurance - LifeDeduct : Reinsurance ShareDeduct : Reinsurance ShareNet Written PremiumsNet Unearned Premium ProvisionNet Mathematical ProvisionNet Earned Premium IncomeCommissions ReceivedIssuing FeesInterests RevenueIncome From Financial Assets And Investments - NetOther RevenuesTotal RevenuesClaims, Losses & Expenses:Claims PaidDeduct: Recovery Reinsurance ShareMaturity & Surrender Of PoliciesNet Claims PaidChange In Outstanding ProvisionAllocated Employee ExpenditureAllocated Administrative ExpensesExcess Of Loss PremiumCommissions PaidOther ExpensesCost Of Claims Incurred

Unallocated Employee ExpenditureDepreciation & Amortization ExpenseUnallocated General And Administrative ExpensesProvision For Doubtful DebtsFund ExpensesOther ExpensesTotal ExpensesNet Income Before Income Tax Income Tax ExpProfit After Tax

Earnings Per Share

December 31Note

Number

37,456,335 8,830,684

(17,679,151) (5,623,160)

22,984,708 (734,920)

22,484 22,272,272

2,346,223 531,670

40,087 1,916,067

633,792 27,740,111

31,531,778 (2,251,118)

(15,588,264) 111,517

13,803,913 1,421,051 3,410,790 1,525,758

457,233 1,397,812

815,227 22,831,784

625,457 266,672 364,933 447,588

- 159,508

1,864,158 3,044,169

(708,907) 2,335,262

078/-

41,451,884 10,606,731 (20,322,479)

(6,745,171) 24,990,965

(979,536) (116,007)

23,895,422 2,506,414

705,813 38,915

3,209,213 886,878

31,242,655

27,278,610 (2,417,008) (9,897,131)

141,365 15,105,836

1,392,585 3,557,332 1,463,000

480,582 1,390,122 1,061,631

24,451,088

652,484 238,308 287,616 375,855 333,309 157,615

2,045,187 4,746,380

(536,045) 4,210,335

140/-

232425

2627

26

27

28

2011JD

2012JD

Revenues :

Net IncomeComprehensive Income Items:Change In Financial Assets Revaluation Reserve Net Realized GainsTotal Gross Comprehensive Income

December 31

2,335,262

274,466(176,106)

2,433,622

4,210,335

1,260,394-

5,470,729

2011JD

2012JD

Other Comprehensive Income Statement

2423


Amman - JordanFinancial Statements To the General Assembly of Shareholders of

Jordan Insurance Company Plc.Amman - Jordan

Income Statement for the Year Ended

31/12/2012Beginning BalanceNet IncomeChange In Financial Assets Revaluation Reserve Total Other Comprehensive IncomeDividends PaidEnding Balance

31/12/2011Beginning BalanceEffect Of Applying Ifrs (9)Amended Beginning Balance Net IncomeChange In Financial Assets Revaluation Reserve Net Realized GainsTotal Other Comprehensive Income Appropriated From Profit To ReservesDividends PaidEnding Balance

30,000,000 -

- - -

30,000,000

30,000,000 -

30,000,000 -

- - - - -

30,000,000

Total

JD

Paid-upCapital

JD

7,500,000 - - - -

7,500,000

7,228,517 -

7,228,517 - -

- -

271,483 -

7,500,000

StatutoryReserve

JD

4,488,031 4,210,335

- 4,210,335 (2,700,000)5,998,366

3,866,398 1,181,929 5,048,327 2,335,262

- 825,925

3,161,187 (271,483)

(3,450,000)4,488,031

44,286,0664,210,3351,260,394

5,470,729 (2,700,000)47,056,795

45,302,444 -

45,302,444 2,335,262

274,466 (176,106)

2,433,622 -

(3,450,000)44,286,066

RetainedEarnings

JD

2,298,035 -

1,260,394 1,260,394

- 3,558,429

- 3,025,600

3,025,600 -

274,466 (1,002,031) (727,565)

- -

2,298,035

FinancialAssets

RevaluationReserve

JD

Consolidated Statements of Changes in Shareholders' Equity

- -

- - -

-

4,207,529 (4,207,529)

- - -

- - - -

-

Cumulativechange in fairvalue

JD

2625




Cash Flow Statement Underwriting Profit (Loss) Account for the Motor Department for the Period Ended December 31

Net Income Before Income Tax FeesAdjustment For:Depreciation & Amortization ExpensesDoubtful Debts ProvisionProvision For Staff End Of Service Indemnity(Gain) Evalution Of Financial Assets At Fair Value Through Profit Or Loss StatementReal Estate Investment ReturneUnearned Premiums Provision - NetOutstanding Claims Provision - NetMathematical Provision - NetVarious Technical Provision - Net Net Income Before Changes In Working Capital

(Increase) Decrease In Current Assets:Financial Assets At Fair Value Through Profit Or Loss StatementChecks Under Collection And Notes ReceivableAccounts ReceivableInsurance Companies Accounts - DebitOther AssetsIncrease (Decrease) In Current Liabilities:Accounts PayableInsurance Companies’ Accounts - CreditVarious ProvisionOther LiabilitiesNet Cash Flows From Operating Activities Before TaxIncome Tax PaidStaff End Of Service Indemnity PaidAmount Paid From The Scientific Research And Technical Training Fund ReserveBoard Of Directors' Remuneration PaidNet Cash Flows From Operating Activities

Cash Flows From Investing Activities:Deposits At BanksFinancial Assets At Fair Value Through Other Comprehensive IncomeLoans Of The Life DepartmentProperty Investments & Fixed Assets - NetIntangible Assets -netNet Cash Flows (Used In) Investing Activities

Cash Flows From Financing Activities:Due To BankDividends PaidNet Cash Flows (Used In) Financing ActivitiesNet Increase (Decrease) In CashCash On Hand And At Banks - Beginning Of The YearCash On Hand And At Banks - End Of The Year

31 December

3,044,170

266,672 447,588 104,508 (174,414) (693,592) 734,920

1,421,050 (22,484)

(400,000) 4,728,418

(4,099,107) (350,623)

(2,367,740) (2,305,478)

(701,913)

5,127,2291,355,788

42,437 (55,180)

1,373,831 (411,082)

(11,813) (16,433) (55,000)879,503

(9,198)2,568,341

(5,322) 538,266

(5,681) 3,086,406

44,546 (3,280,108)

(3,235,562) 730,347

4,481,184 5,211,531

4,746,380

219,048375,855102,615

(1,894,936)(17,883)979,536

1,392,585116,007

- 6,019,207

(55,455) (353,183)

(1,991,546)1,262,5701,062,161

(4,715,298)3,924,501

37,256613,838

5,804,051 (490,089)

(2,017) - -

5,311,945

- (3,558,942)

5,430123,399 (27,000)

(3,457,113)

(464,004) (2,700,000)

(3,164,004) (1,309,172)

5,211,5313,902,359

2011JD

2012JD

CASH FLOWS FROM OPERATING ACTIVITIES :

Direct InsuranceFacultative Reinsurance AcceptedLocal Reinsurance ShareForeign Reinsurance ShareNet Written PremiumsOpening BalanceUnearned Premium ProvisionDeduct: Reinsurance ShareNet Unearned Premium ProvisionEnding BalanceUnearned Premium ProvisionDeduct: Reinsurance ShareNet Unearned Premium ProvisionChange In Unexpired Risks ProvisionNet Earned Premium Income

Claims PaidRecoveries Local Reinsurance ShareForeign Reinsurance ShareNet Claims PaidClosing Outstanding Claims ProvisionReportedIbnrDeduct: Reinsurance ShareNet Outstanding Claims ProvisionOpening Outstanding Claims ProvisionReportedIbnrDeduct: Reinsurance ShareNet Outstanding Claims ProvisionChange In Outstanding ProvisionCost Of Claims Incurred

Net Earned Premium IncomeCost Of Claims IncurredAddCommissions ReceivedIssuing FeesOther RevenuesTotal RevenuesDeductCommissions PaidExcess Of Loss PremiumAllocated Administrative ExpensesOther ExpensesTotal Expenses

Underwriting Profit (Loss)





20112012

11,171,1204,586,918

304,92225,481

15,427,635

6,101,782155,766

5,946,016

6,723,216134,670

6,588,546-642,530

14,785,105

12,030,6672,084,339

158,3691,038

9,786,921

7,852,269163,117445,712

7,569,674

6,036,620129,980239,492

5,927,1081,642,566

11,429,487

14,785,10511,429,487

4,747113,239251,599

3,725,203

605,139245,933

1,934,036213,758

2,998,866

726,337

TotalJD

4,105,355 - -

25,4814,079,874

2,150,1874,695

2,145,492

2,048,76810,255

2,038,513106,979

4,186,853

2,802,969799,190 -

1,0382,002,741

1,391,36133,380

111,5091,313,232

1,230,81434,131

104,5701,160,375

152,8572,155,598

4,186,8532,155,598

4,74712,811

- 2,048,813

227,68965,038

918,026 -

1,210,753

838,060

4,105,355 - -

25,4814,079,874

2,150,1874,695

2,145,492

2,048,76810,255

2,038,513106,979

4,186,853

2,802,969799,190 -

1,0382,002,741

1,391,36133,380

111,5091,313,232

1,230,81434,131

104,5701,160,375

152,8572,155,598

4,186,8532,155,598

4,74712,811

- 2,048,813

227,68965,038

918,026 -

1,210,753

838,060

AbroadJD

7,065,7654,586,918

304,922 -

11,347,761

3,951,595151,071

3,800,524

4,674,448124,415

4,550,033-749,509

10,598,252

9,227,6981,285,149

158,369 -

7,784,180

6,460,908129,737334,203

6,256,442

4,805,80695,849

134,9224,766,7331,489,7099,273,889

10,598,2529,273,889

- 100,428251,599

1,676,390

377,450180,895

1,016,010213,758

1,788,113

-111,723

JordanJD

15,334,2321,331,657

337,49413,646

16,314,749

6,723,216134,670

6,588,546

7,520,621199,836

7,320,785-732,239

15,582,510

13,135,1572,347,255

79,537 -

10,708,365

8,698,832431,473267,932

8,862,373

7,852,269163,117445,712

7,569,6741,292,699

12,001,064

15,582,51012,001,064

2,729211,067338,354

4,133,596

638,997238,582

1,981,731372,342

3,231,652

901,944

TotalJD

3,806,848 - -

13,6463,793,202

2,048,76810,255

2,038,513

1,993,12511,068

1,982,05756,456

3,849,658

2,594,034673,121

- -

1,920,913

1,153,431229,30688,332

1,294,405

1,391,36133,380

111,5091,313,232

-18,8271,902,086

3,849,6581,902,086

2,7295,5467,690

1,963,537

245,60355,471

944,488 -

1,245,562

717,975

AbroadJD

11,527,3841,331,657

337,494 -

12,521,547

4,674,448124,415

4,550,033

5,527,496188,768

5,338,728-788,695

11,732,852

10,541,1231,674,134

79,537 -

8,787,452

7,545,401202,167179,600

7,567,968

6,460,908129,737334,203

6,256,4421,311,526

10,098,978

11,732,85210,098,978

- 205,521330,664

2,170,059

393,394183,111

1,037,243372,342

1,986,090

183,969

JordanJD

DescriptionWritten Premiums

2827




Underwriting Profit (Loss) Account for the Fire Department for the Period Ended December 31



Net Earned Premium IncomeCost Of Claims IncurredAddCommissions ReceivdIssuing FeesOther RevenuesTotal RevenuesDeductCommissions PaidExcess Of Loss PremiumAllocated Administrative ExpensesOther ExpensesTotal Expenses




Net Earned Premium IncomeCost Of Claims IncurredAddCommissions ReceivdIssuing FeesOther RevenuesTotal RevenuesDeductCommissions PaidExcess Of Loss PremiumAllocated Administrative ExpensesOther ExpensesTotal Expenses


20112012

10,306,1962,153,6012,324,3809,592,129

543,288

4,606,3434,413,739

192,604

5,200,8195,008,119

192,700-96

543,192

6,905,186160,388

1,659,1814,994,370

91,247

6,247,0561,020

5,928,518319,558

9,575,2352,252

9,085,259492,228

-172,670-81,423

543,192-81,423

1,361,699135,399

4,1942,125,907

167,341148,300

1,183,16763,150

1,561,958

563,949

TotalJD

753,01466,5234,130

710,985104,422

431,377386,902

44,475

423,919384,709

39,2105,265

109,687

160,507104,433

- 94,020-37,946

141,476-630

128,04512,801

258,163125

232,02026,268

-13,467-51,413

109,687-51,413

214,372656

- 376,128

97,82025,253

117,791 - 240,864

135,264

753,01466,5234,130

710,985104,422

431,377386,902

44,475

423,919384,709

39,2105,265

109,687

160,507104,433

- 94,020-37,946

141,476-630

128,04512,801

258,163125

232,02026,268

-13,467-51,413

109,687-51,413

214,372656

- 376,128

97,82025,253

117,791 - 240,864

135,264

AbroadJD

9,553,1822,087,0782,320,2508,881,144

438,866

4,174,9664,026,837

148,129

4,776,9004,623,410

153,490-5,361

433,505

6,744,67955,955

1,659,1814,900,350

129,193

6,105,5801,650

5,800,473306,757

9,317,0722,127

8,853,239465,960

-159,203-30,010

433,505-30,010

1,147,327134,743

4,1941,749,779

69,521123,047

1,065,37663,150

1,321,094

428,685

JordanJD

10,371,1923,550,0983,816,8549,517,218

587,218

5,200,8195,008,119

192,700

6,892,4916,694,930

197,561-4,861

582,357

1,693,40729,004

130,1771,387,850

146,376

6,981,3662,078

6,633,913349,531

6,247,0561,020

5,928,518319,55829,973

176,349

582,357176,349

1,515,900134,425

4542,056,787

160,906179,000

1,092,67966,292

1,498,877

557,910

TotalJD

875,69670,3104,634

843,79597,577

423,919384,709

39,210

487,281442,800

44,481-5,27192,306

51,083 - - 38,89212,191

140,498203

133,2997,402

141,476-630

128,04512,801-5,3996,792

92,3066,792

231,6921,219

- 318,425

97,84631,873

155,638 -

285,357

33,068

AbroadJD

9,495,4963,479,7883,812,2208,673,423

489,641

4,776,9004,623,410

153,490

6,405,2106,252,130

153,080410

490,051

1,642,32429,004

130,1771,348,958

134,185

6,840,8681,875

6,500,614342,129

6,105,5801,650

5,800,473306,75735,372

169,557

490,051169,557

1,284,208133,206

4541,738,362

63,060147,127937,04166,292

1,213,520

524,842

JordanJD


Underwriting Profit (Loss) Account for the Marine Department for the Period Ended December 31









20112012

1,651,674439,847336,411

1,393,191361,919

570,791474,709

96,082

442,066355,718

86,3489,734

371,653

976,4386,141

- 822,958147,339

393,0542,456

277,033118,477

1,688,8261,476

1,446,232244,070

-125,59321,746

371,65321,746

464,16018,95825,102

858,127

68,85163,000

261,7518,085

401,687

456,440

TotalJD

491,04749,425

- 438,528101,944

126,13296,73729,395

125,00098,15226,8482,547

104,491

57,7026,141

- 36,97414,587

161,759243

116,87545,127

181,923468

131,92650,465-5,3389,249

104,4919,249

134,0511,278

- 230,571

34,00117,746

108,820 - 160,567

70,004

491,04749,425

- 438,528101,944

126,13296,73729,395

125,00098,15226,8482,547

104,491

57,7026,141

- 36,97414,587

161,759243

116,87545,127

181,923468

131,92650,465-5,3389,249

104,4919,249

134,0511,278

- 230,571

34,00117,746

108,820 - 160,567

70,004

AbroadJD

1,160,627390,422336,411954,663259,975

444,659377,972

66,687

317,066257,566

59,5007,187

267,162

918,736 - - 785,984132,752

231,2952,213

160,15873,350

1,506,9031,008

1,314,306193,605

-120,25512,497

267,16212,497

330,10917,68025,102

627,556

34,85045,254

152,9318,085

241,120

386,436

JordanJD

1,926,668682,270547,142

1,695,751366,045

442,066355,718

86,348

528,559443,216

85,3431,005

367,050

606,72240,709

- 416,636149,377

343,6362,490

262,62983,497

393,0542,456

277,033118,477-34,980114,397

367,050114,397

527,51023,248

128,227931,638

87,37763,000

275,19412,035

437,606

494,032

TotalJD

489,95358,575 -

450,09098,438

125,00098,15226,848

124,14098,86925,2711,577

100,015

225,415347

- 188,041

37,027

186,152617

150,32936,440

161,759243

116,87545,127-8,68728,340

100,01528,340

127,6761,379

- 200,730

40,63816,94296,637

180154,397

46,333

AbroadJD

1,436,715623,695547,142

1,245,661267,607

317,066257,566

59,500

404,419344,347

60,072-572

267,035

381,30740,362

- 228,595112,350

157,4841,873

112,30047,057

231,2952,213

160,15873,350

-26,29386,057

267,03586,057

399,83421,869

128,227730,908

46,73946,058

178,55711,855

283,209

447,699

JordanJD


3029




Underwriting Profit (Loss) Account for the Other Classes Department for the Period Ended December 31









20112012

253,180 - - 62,027

191,153

103,08915,97387,116

110,81328,73482,0795,037

196,190

179,840 -

360107,977

71,503

89,8621,191

53,41537,638

161,1731,154

103,93158,396

-20,75850,745

196,19050,745

15,2391,302

- 161,986

14,874 - 34,7078,056

57,637

104,349

TotalJD

157,274 - -

6,710150,564

83,1064,295

78,811

72,1124,254

67,85810,953

161,517

35,725 - - - 35,725

28,430595

8,40020,625

30,850588

- 31,438

-10,81324,912

161,51724,912

2,684125

- 139,414

10,599 - 25,974 - 36,573

102,841

157,274 - -

6,710150,564

83,1064,295

78,811

72,1124,254

67,85810,953

161,517

35,725 - - - 35,725

28,430595

8,40020,625

30,850588

- 31,438

-10,81324,912

161,51724,912

2,684125

- 139,414

10,599 - 25,974 - 36,573

102,841

AbroadJD

95,906 - -

55,31740,589

19,98311,678

8,305

38,70124,48014,221-5,91634,673

144,115 -

360107,977

35,778

61,432596

45,01517,013

130,323566

103,93126,958-9,94525,833

34,67325,833

12,5551,177

- 22,572

4,275 -

8,7338,056

21,064

1,508

JordanJD

244,32823,148

- 41,370

226,106

110,81328,73482,079

111,02517,15393,872

-11,793214,313

27,7991,135

- 1,503

25,161

119,335420

54,62265,133

89,8621,191

53,41537,63827,49552,656

214,31352,656

13,8021,259

- 176,718

15,385 - 37,565 - 52,950

123,768

TotalJD

158,231- -

6,312151,919

72,1124,254

67,858

69,6853,272

66,4131,445

153,364

24,642 - - -

24,642

85,635411

33,60052,446

28,430595

8,40020,62531,82156,463

153,36456,463

2,524136

- 99,561

6,355 -

28,778 -

35,133

64,428

AbroadJD

86,09723,148 - 35,05874,187

38,70124,48014,221

41,34013,88127,459

-13,23860,949

3,1571,135

- 1,503

519

33,7009

21,02212,687

61,432596

45,01517,013-4,326-3,807

60,949-3,807

11,2781,123 -

77,157

9,030 - 8,787 -

17,817

59,340

JordanJD


Underwriting Profit (Loss) Account for the Liability Department for the Period Ended December 31









20112012

1,389,426181,200170,101

1,367,80132,724

835,692819,384

16,308

766,069748,874

17,195-887

31,837

18,229250243

14,6603,076

508,11851

455,98552,184

732,633207

659,45673,384

-21,200-18,124

31,837-18,124

209,96813,883

- 273,812

11,360 - 145,124

4,167160,651

113,161

TotalJD

48,010 - -

36,27911,731

25,33119,092

6,239

22,17116,657

5,514725

12,456

- - - - -

- - - -

- - -

- -

-

12,456 -

14,109208

- 26,773

6,334 -

5,501 -

11,835

14,938

48,010 - -

36,27911,731

25,33119,092

6,239

22,17116,657

5,514725

12,456

- - - - -

- - - -

- - -

- -

-

12,456 -

14,109208

- 26,773

6,334 -

5,501 -

11,835

14,938

AbroadJD

1,341,416181,200170,101

1,331,52220,993

810,361800,292

10,069

743,898732,217

11,681-1,61219,381

18,229250243

14,6603,076

508,11851

455,98552,184

732,633207

659,45673,384

-21,200-18,124

19,381-18,124

195,85913,675

- 247,039

5,026 - 139,623

4,167148,816

98,223

JordanJD

1,444,063187,308242,704

1,357,50031,167

766,069748,874

17,195

823,993806,693

17,300-105

31,062

90,52841,98810,44631,566

6,528

504,616109

454,25350,472

508,11851

455,98552,184-1,7124,816

31,0624,816

214,1488,865

- 249,259

11,313 - 135,305 - 146,618

102,641

TotalJD

51,568 - -

38,81912,749

22,17116,657

5,514

25,69819,380

6,318-804

11,945

- - -

- -

- - - -

- - - - - - -

11,945 -

15,315176

- 27,436

3,931 -

7,269 -

11,200

16,236

AbroadJD

1,392,495187,308242,704

1,318,68118,418

743,898732,217

11,681

798,295787,313

10,982699

19,117

90,52841,98810,44631,566

6,528

504,616109

454,25350,472

508,11851

455,98552,184-1,7124,816

19,1174,816

198,8338,689

- 221,823

7,382 - 128,036 - 135,418

86,405

JordanJD


Direct InsuranceLocal Reinsurance ShareForeign Reinsurance ShareNet Written PremiumsOpening BalanceUnearned Premium ProvisionDeduct: Reinsurance ShareNet Unearned Premium ProvisionEnding BalanceUnearned Premium ProvisionDeduct: Reinsurance ShareNet Unearned Premium ProvisionChange In Unexpired Risks Provision

Net Earned Premium Income

Claims PaidLocal Reinsurance ShareForeign Reinsurance ShareNet Claims PaidClosing Outstanding Claims ProvisionReportedIbnrDeduct: Reinsurance ShareNet Outstanding Claims ProvisionOpening Outstanding Claims ProvisionReportedIbnrDeduct: Reinsurance ShareNet Outstanding Claims ProvisionChange In Outstanding ProvisionCost Of Claims Incurred


Cost Of Claims IncurredAddCommissions ReceivedIssuing FeesOther RevenuesTotal RevenuesDeductCommissions PaidExcess Of Loss PremiumAllocated Administrative ExpensesOther ExpensesTotal Expenses


Direct InsuranceLocal Reinsurance ShareForeign Reinsurance ShareNet Written PremiumsOpening BalanceUnearned Premium ProvisionDeduct: Reinsurance ShareNet Unearned Premium ProvisionEnding BalanceUnearned Premium ProvisionDeduct: Reinsurance ShareNet Unearned Premium ProvisionChange In Unexpired Risks Provision


Claims PaidLocal Reinsurance ShareForeign Reinsurance ShareNet Claims PaidClosing Outstanding Claims ProvisionReportedIbnrDeduct: Reinsurance ShareNet Outstanding Claims ProvisionOpening Outstanding Claims ProvisionReportedIbnrDeduct: Reinsurance ShareNet Outstanding Claims ProvisionChange In Outstanding ProvisionCost Of Claims Incurred


Cost Of Claims IncurredAddCommissions ReceivedIssuing FeesOther RevenuesTotal RevenuesDeductCommissions PaidExcess Of Loss PremiumAllocated Administrative ExpensesOther ExpensesTotal Expenses


5,323,173 -

2,102,7083,220,465

1,237,138611,970625,168

1,481,695750,349731,346

-106,178

3,114,287

3,449,737 -

1,924,0111,525,726

191,116414,464322,282283,298

128,637273,520208,295193,86289,436

1,615,162

3,114,287

1,615,162

6,262153,646

5,1941,664,227

146,737 -

572,030428,279

1,147,046

517,181

151,022 - 96,01355,009

56,15735,61920,538

52,44234,61817,8242,714

57,723

62,742 - 49,35813,384

- - - -

- - - - -

13,384

57,723

13,384

- - - 44,339

2,675 - 38,88113,75455,310

-10,971

151,022 - 96,01355,009

56,15735,61920,538

52,44234,61817,8242,714

57,723

62,742 - 49,35813,384

- - - -

- - - - -

13,384

57,723

13,384

- - - 44,339

2,675 - 38,88113,75455,310

-10,971

5,172,151 -

2,006,6953,165,456

1,180,981576,351604,630

1,429,253715,731713,522

-108,892

3,056,564

3,386,995 -

1,874,6531,512,342

191,116414,464322,282283,298

128,637273,520208,295193,86289,436

1,601,778

3,056,564

1,601,778

6,262153,646

5,1941,619,888

144,062 -

533,149414,525

1,091,736

528,152

5,172,151 -

2,006,6953,165,456

1,180,981576,351604,630

1,429,253715,731713,522

-108,892

3,056,564

3,386,995 -

1,874,6531,512,342

191,116414,464322,282283,298

128,637273,520208,295193,86289,436

1,601,778

3,056,564

1,601,778

6,262153,646

5,1941,619,888

144,062 -

533,149414,525

1,091,736

528,152

6,356,9204,578

2,748,2223,604,120

1,482,225750,826731,399

2,138,2601,175,371

962,889-231,490

3,372,630

3,689,178 -

2,063,6891,625,489

346,711447,300425,065368,946

191,116414,464322,282283,29885,648

1,711,137

3,372,630

1,711,137

195179,833

6,2561,847,777

102,337 -

635,309489,522

1,227,168

620,609

6,356,9204,578

2,748,2223,604,120

1,482,225750,826731,399

2,138,2601,175,371

962,889-231,490

3,372,630

3,689,178 -

2,063,6891,625,489

346,711447,300425,065368,946

191,116414,464322,282283,29885,648

1,711,137

3,372,630

1,711,137

195179,833

6,2561,847,777

102,337 -

635,309489,522

1,227,168

620,609

185,744 - 119,019

66,725

52,97235,09517,877

66,05152,84113,2104,667

71,392

102,051 - 81,57920,472

- - - -

- - - - -

20,472

71,392

20,472

- - - 50,920

1,844 - 27,11416,88345,841

5,079

6,171,1764,578

2,629,2033,537,395

1,429,253715,731713,522

2,072,2091,122,530

949,679-236,157

3,301,238

3,587,127 -

1,982,1101,605,017

346,711447,300425,065368,946

191,116414,464322,282283,29885,648

1,690,665

3,301,238

1,690,665

195179,833

6,2561,796,857

100,493 -

608,195472,639

1,181,327

615,530

6,171,1764,578

2,629,2033,537,395

1,429,253715,731713,522

2,072,2091,122,530

949,679-236,157

3,301,238

3,587,127 -

1,982,1101,605,017

346,711447,300425,065368,946

191,116414,464322,282283,29885,648

1,690,665

3,301,238

1,690,665

195179,833

6,2561,796,857

100,493 -

608,195472,639

1,181,327

615,530

3231




Underwriting Profit (Loss) Account for the Life Department for the Period Ended December 31Underwriting Profit (Loss) Account for the Medical Department for the Period Ended December 31

20112012TotalJD

AbroadJD

JordanJD

TotalJD

AbroadJD

JordanJD


Direct InsuranceLocal Reinsurance ShareForeign Reinsurance ShareNet Written PremiumsOpening BalanceMathematical ProvisionDeduct: Reinsurance ShareNet Mathematical ProvisionEnding BalanceMathematical ProvisionDeduct: Reinsurance ShareNet Mathematical ProvisionChange In Mathematical ProvisionNet Earned Premium IncomeClaims PaidMaturity & Surrender Of PoliciesLocal Reinsurance ShareForeign Reinsurance ShareNet Claims PaidEnding BalanceReportedDeduct: Reinsurance ShareNet Outstanding Claims ProvisionOpening BalanceReportedDeduct: Reinsurance ShareNet Outstanding Claims ProvisionChange In Outstanding ProvisionCost Of Claims IncurredNet Earned Premium IncomeCost Of Claims IncurredAddCommissions ReceivedIssuing FeesInvestment Income Attributable To U/WOther RevenuesTotal RevenuesDeductCommissions PaidChange In Other Technical ProvisionOther ExpensesTotal ExpensesUnderwriting Profit (Loss)

31 December

8,830,684 228,265

5,394,895 3,207,524

2,425,093 964,508

1,460,585

2,394,592 956,491

1,438,101 22,484

3,230,008 7,971,681

111,517 166,571

5,738,526 2,178,101

1,257,379 955,599

301,780

1,215,857 943,346

272,511 29,269

2,207,370 3,230,008 2,207,370

284,148 95,243

168,589 53,445

1,624,063

383,510 805,733 89,732

1,278,975 345,088

10,606,731 220,354

6,524,817 3,861,560

2,394,592 956,491

1,438,101

2,778,257 1,224,149

1,554,108 -116,007

3,745,553 8,078,902

141,365 149,976

5,625,751 2,444,540

1,062,310 767,068

295,242

1,257,379 955,599

301,780 -6,538

2,438,002 3,745,553 2,438,002

232,130 147,116 150,000

24,496 1,861,293

373,807 862,549 121,440

1,357,796 503,497

2011JD

2012JD


3433

Notes to Financial Statements Notes to Financial Statements1. General

a. The Company was established in 1951 and is registered as a Jordanian Public Shareholding Company under Number (11) with a paid-up capital of JD 100,000. On July 12, 1981, the Company’s capital was raised to JD 1,100,000.

On May 1, 1988, the Company merged with General Assurance Company for the Near East (National Union) in Jordan, after the evaluation of the two companies’ assets. Accordingly, the Company’s capital was increased to JD 5,000,000 divided into 5,000,000 shares.

The Company's capital was raised gradually with the latest increase in 2006, in which the authorized Company’s capital was raised by JD 10,000,000 to reach JD 30,000,000 divided into 30,000,000 shares.

The Company is involved in various insurance activities and has branches in Abu Dhabi, Sharjah, Dubai and marketing insurance policies in Kuwait through an agency.

b. The financial statements were approved by the Board of Directors on January 31, 2013, subject to the approval of the General Assembly of Shareholders.

2. Significant Accounting Policies

Basis of Preparation- The financial statements have been prepared

according to the Standards issued by the International Accounting Standards Board and in accordance with the forms prescribed by the Jordanian Insurance Commission.

- The financial statements have been prepared according to the historical cost convention except for financial assets and financial liabilities at fair value through the statement of income and financial assets at fair value through the statement of comprehensive income that are presented at fair value at the date of the financial statements. Moreover, financial assets and financial liabilities that have been hedged for the risk of change in fair value are presented in fair value.

- The Jordanian Dinar is the functional and reporting currency of the financial statements.

Basis of consolidating the financial statements- The financial statements include the financial

statements of the Company with its foreign branches.

- The accounting policies adopted in the financial statements are consistent with those applied in the year ended December 31, 2011.

Sector Information- The business sector represents a set of assets and

operations that jointly provide products and services subject to risks and returns different from those of other business sectors that are measured in accordance to the reports used by the executive manager and the main decision maker in the Company.

- The geographic sector relates to the provision of products and services in a defined economic environment subject to risks and returns different from those of other economic environments.

Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss represent shares and bonds held by the Company for the purpose of trading and achieving gains from the fluctuations in market prices in the short term.

Financial assets at fair value through profit or loss are initially stated at fair value at acquisition date (purchase costs are recorded on the statement of income upon purchase). They are subsequently re-measured to fair value as of the date of the financial statements. Moreover, changes in fair value are recorded in the statement of income including the change in fair value resulting from foreign currency exchange translation of non-monetary assets. Gains or losses resulting from the sale of these financial assets are taken to the statement of income.

Dividends and interest from these financial assets are recorded in the statement of income.

These financial assets are not subject to revaluation for impairment losses.

Financial assets at fair value through other comprehensive income- Financial assets at fair value through other

comprehensive income represent strategic investments in the Company’s shares for the purpose of keeping them in the long term.

- Financial assets at fair value through other comprehensive income are initially stated at fair value including acquisition costs upon purchase, and are subsequently re-measured to fair value. Moreover, changes to fair value are recorded in the statement of other comprehensive income and in shareholders’ equity including the change in fair value resulting from foreign currency exchange translation of non-monetary assets. If these financial assets were sold, the resulting gains or losses are taken to the statement of other comprehensive income and in shareholders’ equity. The valuation reserve of sold financial assets is transferred directly to retained earnings, but not through the statement of income.

- Dividends from these financial assets are recorded in the statement of income.

Date of Recognition of Financial Assets Financial assets are recognized on the trading date (which is the date the Company commits itself to purchase or sale of the financial assets).�Fair ValueClosing market prices (acquiring assets/selling liabilities) in the active market at the date of the financial statement represent the fair value of financial derivatives traded. In case declared market prices do not exist, active trading of some financial assets and derivatives is not available or the market is inactive, fair value is estimated by one of several methods including the following:

Comparison with the market value of another financial asset with similar terms and conditions.Analysis of the present value of expected future cash flows for similar instruments.Adoption of the option pricing models.

The valuation methods aim at providing a fair value reflecting the expectations of the market, expected risks and expected benefits. Moreover, financial assets, the fair value of which can not be reliably measured, are stated at cost, less any impairment.

Impairment in the Value of Financial AssetsThe Company reviews the values of financial assets on the date of the statement of financial position in order to determine if there are any indications of impairment in their value individually or in the form of a portfolio. In case such indications exist, the recoverable value is estimated so as to determine the impairment loss.

Impairment is determined as follows:

Impairment in financial assets recorded at amortized cost is determined on the basis of the present value of the expected cash flows discounted at the original interest rate.

The impairment in value is recorded in the statement of income. Any surplus in the following period resulting from previous declines in the fair value of financial assets is taken to the statement of income.

Property investmentProperty investment is stated at cost, not of accumulated depreciation (except land). Moreover, property investment is depreciated according to its productive useful life at a rate of 2%. Any impairment is taken to the statement of income. Furthermore, gains or operating costs are recorded in the statement of income.

Property investment is evaluated in accordance with the regulations of the insurance commission and its fair value is disclosed in the financial statements.

Cash and Cash EquivalentsCash and cash equivalents comprise cash balances with banks and financial institutions maturing within three months, less bank accounts payable and restricted funds.

Reinsurance AccountsReinsurers’ shares of insurance premiums, paid claims, technical provisions, and all other rights and obligations resulting from reinsurance based on contracts concluded between the Company and reinsurers are accounted for on the accrual basis.

Impairment in Reinsurance AssetsIn case there is any indication as to the impairment of the reinsurance assets of the Company, which possesses the reinsured contracts, the Company has to reduce the present value of the contracts and record the impairment in the statement of income. The impairment is recognized in the following two cases only:

1. There is objective evidence resulting from an event that took place after the recording of the reinsurance assets confirming the Company’s inability to recover all the amounts under the contract terms.

2. The event has a reliably and clearly measurable effect on the amounts that the Company will recover from reinsurers.

Acquisition Costs of Insurance PoliciesAcquisition costs represent the costs incurred by the Company against selling, underwriting, or starting new insurance contracts. The acquisition costs are recorded in the statement of income.

Property and EquipmentProperty and equipment are stated at cost, net of accumulated depreciation and accumulated impairment. Moreover, fixed assets (except land) are depreciated according to the straight-line method over their estimated useful lives using the following yearly rates; depreciation is recorded in the statement of income: %Buildings 2Furniture, fixtures, and equipment 7 - 25Vehicles 15

Property and equipment are depreciated when ready for their intended use.�When the recoverable values of property and equipment is less than their carrying amounts, assets are written down and impairment losses are recorded in the statement of income.

The useful lives of property and equipment are reviewed at the end of each year. In case the expected useful life is different from what was determined before, the change in estimate is recorded in the following years as a change in estimate.

The gains or losses resulting from the disposal or derecognition of property and equipment, representing the difference between the property and equipment sale proceeds and their book value, are recorded in the statement of income.

Property and equipment are derecognized when disposed of or when there is no expected future benefit from their use or disposal.

Pledged financial assetsFinancial assets that are pledged by other parties are given with the right to have control over them (sell or re-pledge). Continuous valuation of these assets is made in accordance with the accounting policies adopted, based on each asset’s original classification.

ProvisionsProvisions are recognized when the Company has an obligation on the date of the statement of financial position as a result of past events, it is probable to

settle the obligation and a reliable estimate of the amount of the obligation can be made.

Amounts recognized as provisions represent the best evaluation of the amounts required to settle the obligation as of the financial statements date, taking into consideration risks and the uncertainty relating to the obligation. When the provision amount is determined on the basis of the expected cash flows for the settlement of the current obligation, its book value represents the present value of these cash flows.

When it is expected that some or all of the economic benefits required from other parties to settle the provision will be recovered, the receivable is recognized within assets if receipt of the compensations is actually certain and their value can be reliably measured.

a. Technical ProvisionsTechnical provisions are taken and maintained according to the regulations of the Insurance Commission as follows:

1. The provision for unearned premiums for general insurance activities is calculated according to the remaining days up to the expiry date of the insurance policy after the financial statements date on the basis of a 365-day year except for marine and land transport insurance for which the provision is calculated on the basis of written premiums of the policies issued on the date of the financial statements according to laws, regulations and instructions issued for this purpose.

�2. The provision for (reported) claims is computed by

determining the maximum total expected costs for each claim on an individual basis.

3. Additional provisions for incurred but not reported claims are calculated based on the Company's experience and estimates.

4. Unearned premium reserved for life insurance is calculated based on the Company’s experience and estimates, in addition to the actual expert.

5. Mathematical reserve for life insurance policies is calculated based on actuarial formulas that are reviewed periodically by an independent actuarial expert.

b. Provision for Doubtful DebtsA provision for doubtful debts is taken when there is objective evidence that whole or part of these debts has become irrecoverable. The provision is calculated as the difference between the book value and recoverable value.

c. End of Service Indemnity ProvisionEnd of Service indemnity provision is calculated based on the internal regulations prepared by the Company in accordance with the Jordanian Companies Law.

Annual compensations paid to the terminated employees are charged to the End of Service indemnity provision when paid. Moreover, an allowance for the Company’s liabilities in connection with End of Service compensations is taken to the statement of income.

Liability Adequacy TestAt the statement of financial position date, the adequacy and suitability of the insurance liabilities are evaluated through the calculation of the present value of the future cash flows relating to the outstanding insurance policies.

If the evaluation shows that the present value of the insurance liabilities (various purchase expenses less suitable and related intangible assets) is inadequate compared to the expected future cash flows, the full impairment is recorded in the statement of income.

Income TaxIncome tax expenses represent accrued taxes and deferred taxes. Income tax expenses are accounted for on the basis of taxable income. Moreover, taxable income differs from income declared in the financial statements because the latter includes non-taxable revenue or tax expenses not deductible in the current year, but deductible in subsequent years, accumulated losses acceptable by the tax authorities, as well as unallowable and non-taxable items.�- Taxes are calculated on the basis of the tax rates prescribed according to the prevailing laws, regulations and instructions in the countries the company operates in.

Deferred TaxesDeferred taxes are taxes expected to be paid or recovered as a result of temporary timing differences between the value of the assets and liabilities in the

financial statements and the value of the taxable amount.

Moreover, deferred taxes are calculated according to the statement of financial position liability method based on the tax rates expected to be applied at the tax settlement date or the realization of the deferred tax assets or liabilities.

- The balances of deferred tax assets and liabilities are reviewed at the statement of financial position date and reduced in case they are expected not to be utilized or are no longer needed, wholly or partially.

Issuance or Purchase Costs of the Insurance Company SharesAny costs resulting from the issuance or purchase of the Company’s shares are posted to the retained earnings (net of the tax effect on these costs). Moreover, if the issuance or purchase process was not complete, the costs will be posted as expenses in the statement of income.

OffsettingFinancial assets and financial liabilities are offset, and the net amount is reflected in the statement of financial position only when there are legal rights to offset the recognized amounts, the Company intends to settle them on a net basis or assets are realized and liabilities settled simultaneously.

Revenue Recognitiona. Insurance ContractsInsurance premiums arising from insurance contracts are recorded as revenue for the year (earned insurance premiums) on the basis of the maturities of time periods and in accordance with the insurance coverage periods. Insurance premiums from insurance contracts unearned at the date of the statement of financial position are recorded as unearned insurance premiums within liabilities.

Claims and incurred losses settlement expenses are recorded in the statement of income based on the expected liability amount of the compensation relating to the insurance policyholders or other affected parties.

b. Dividends and InterestDividends from investments are recorded when the right of the shareholder to receive dividends arises upon the related resolution of the General Assembly of Shareholders.

Interest income is calculated according to the accrual basis based on the maturities of the time periods, original principals and earned interest rate.

c. RentRent revenue is recognized from property investments through operating rent contracts, using the straight line method over the contracts’ periods. Other expenses are recognized on the accrual basis.

Expense RecognitionAll commissions and other costs relating to the acquisition of new or renewed insurance policies are amortized in the statement of income upon their occurrence. Other expenses are recognized on the accrual basis.

Insurance CompensationsInsurance compensations represent the claims paid during the period and the change in the claims provision. The insurance compensations represent all the amounts paid during the year whether they relate to the current year or previous years. Moreover, outstanding claims represent the highest estimated amount for the settlement of all claims resulting from events that took place prior to the statement of financial position date but were still unsettled at that date. Moreover, outstanding claims are calculated on the basis of the best information available at the date of the financial statements and include the incurred but not reported claims provision.

Salvage and Subrogation ReimbursementsEstimates of salvage and subrogation reimbursements are considered as an allowance in the measurement of the insurance liability for claims.

General, Administrative and Employee Expenses All distributable general and administrative expenses are loaded on insurance branches separately. Moreover, 80% of undistributable general, administrative and employee expenses have been allocated to the various insurance departments on the basis of the earned premiums of each department in proportion to total premiums.

Foreign Currencies Transactions during the year in foreign currencies are recorded at the exchange rates prevailing at the transaction date. �

Financial assets and financial liabilities denominated in foreign currencies are translated according to the average exchange rates issued by the Central Bank of Jordan at the date of the statement of financial position.

Non-monetary assets and non-monetary liabilities denominated in foreign currencies are translated at fair value at the date of the determination of their fair value.

Exchange gains or losses resulting therefrom are taken to the statement of income.

Translation differences are posted to the assets and liabilities items in non-monetary foreign currencies as part of the change in fair value.

Use of Estimates Preparation of the financial statements and application of the accounting policies require the Company’s management to perform estimates and judgments that affect the amounts of the financial assets and liabilities, and disclosures relating to contingent liabilities. These estimates and judgments also affect revenues, expenses, provisions and changes in the fair value shown within shareholders’ equity. In particular, management is required to issue significant judgments to assess future cash flows and their timing. The above–mentioned estimates are based on several assumptions and factors with varying degrees of estimation and uncertainty. Moreover, the actual results may differ from the estimates due to changes resulting from the circumstances and situations of those estimates in the future.

Management believes that the estimates within the financial statements are reasonable. The details are as follows:

- A provision for accounts receivable is made according to the various assumptions and basis adopted by management to evaluate the required provision as per International Financial Reporting Standards.

- Management periodically reevaluates the productive lives of tangible assets for the purpose of calculating annual depreciation based on the general condition of those assets and the estimates of their expected productive lives in the future. Any impairment loss is taken to the statement of income.

- Income tax provision: the financial year is charged with its part from income tax according to the prevailing regulations and the international financial reporting standards. The required income tax provision is calculated and posted.

The claims provision and technical provisions are taken based on technical studies, and according to the instructions of the Insurance Commission. Moreover, the mathematical reserve is taken based on actuarial studies. - A provision for lawsuits against the Company is

based on a legal study conducted by the Company’s lawyer, according to which probable future risks are determined. A review of such studies is performed periodically.

- Management reviews the financial assets, shown at amortized cost, to evaluate any impairment in their value. Such impairment is taken to the statement of income.

- Property investments are evaluated by independent real estate experts in accordance with the regulations of the Insurance Commission. Moreover,

the fair value of the property investments is disclosed in the financial statements.

- Fair value hierarchy: the standard requires the Company to determine and disclose the level in the fair value hierarchy into which the fair value measurements are categorized in their entirety, segregating fair value measurements in accordance with the levels defined in IFRS. Differentiating between Level 2 and Level 3 fair value measurements, i.e., assessing whether inputs are observable and whether the unobservable inputs are significant may require judgment and a careful analysis of the inputs used to measure fair value, including consideration of factors specific to the asset or liability.

1. General







































3635

Notes to Financial Statements Notes to Financial StatementsAcquisition Costs of Insurance PoliciesAcquisition costs represent the costs incurred by the Company against selling, underwriting, or starting new insurance contracts. The acquisition costs are recorded in the statement of income.

































Interest income is calculated according to the accrual basis based on the maturities of the time periods, original principals and earned interest rate.






















1. General







































Acquisition Costs of Insurance PoliciesAcquisition costs represent the costs incurred by the Company against selling, underwriting, or starting new insurance contracts. The acquisition costs are recorded in the statement of income.

































5. Financial Assets at Fair Value Through Other Comprehensive Income

DescriptionInside JordanSharesTotal Inside JordanOutside JordanSharesTotal Outside Jordan

Total

31 December

3,716,157 3,716,157

9,144,186 9,144,186

12,860,343

3,637,852 3,637,852

15,165,541 15,165,541

18,803,393

2011JD

2012JD

3837

Notes to Financial Statements Notes to Financial StatementsInterest income is calculated according to the accrual basis based on the maturities of the time periods, original principals and earned interest rate.






















3. Deposits at Banks:

4. Financial Assets at Fair Value Through Profit or Loss Value

DescriptionInside Jordan

Outside JordanTotal

1,598,668

1,809,857 3,408,525

1,614,993

1,939,357 3,554,350

Total

JD

31/12/2012 31/12/2011Total

JD626,552

1,110,000 1,736,552

Deposits due more than one year

JD988,441

829,357 1,817,798

Deposits due in three months

JD

31 December

16,735,329

16,735,329

18,685,720

18,685,720

2011JD

2012JDDescription

Company Shares Listed

Total

4039

Notes to Financial Statements Notes to Financial Statements10. Accounts Receivable - Net:6. Property Investments - Net:

7. Loans and Advances of the Life Department:

8. Cash on Hand and at Banks:

9. Checks Under Collection and Notes Receivable:

11. Insurance Companies Accounts:

12. Income Taxa. Income Tax Provision:

b. Assets Deferred Tax:

DescriptionLandsBuildings- NetTotal

31 December

13,998,430 3,382,107

17,380,537

13,878,135 3,287,145

17,165,280

2011JD

2012JD

DescriptionLoans for Policyholders- Less than Surrender Value

Total

31 December

90,978

90,978

85,548

85,548

2011JD

2012JD

DescriptionCash on Hand

Cash at Banks (Current Accounts)Total

31 December

70,718

3,468,840 3,539,558

71,770

2,012,791 2,084,561

2011JD

2012JD

DescriptionNotes Receivable

Checks under CollectionTotal

31 December

32,535

1,359,574 1,392,109

26,635

1,718,657 1,745,292

2011JD

2012JD

DescriptionPolicyholderAgentsEmployeesOthersDeduct: Provision for Doubtful DebtsTotal

31 December

11,162,668 1,457,560

72,211 1,181,210

(1,728,642)12,145,007

13,385,172 1,119,552

78,495 1,280,121

(2,102,642)13,760,698

2011JD

2012JD

DescriptionLocal Insurance CompaniesForeign Reinsurance CompaniesDeduct: Provision for Doubtful DebtsTotal

31 December

1,767,805 3,763,942

(34,000)5,497,747

1,868,178 2,400,999

(34,000)4,235,177

2011JD

2012JD

DescriptionBeginning BalanceIncome Tax PaidProvision for Income TaxEnding Balance

31 December

145,568 (411,082)750,000

484,486

484,486 (490,089)640,000

634,397

2011JD

2012JD

DescriptionAssets Deferred TaxDoubtful Debts ProvisionProvision For Staff End Of Service IndemnityIBNR ProvisionTotalLiabilities Deferred TaxNet Realized Gains (Outside Jordan)

291,224 12,569

131,691 435,484

-

363,22419,416

156,799 539,439

1,123,714

DeferredTaxJD

31/12/2012 31/12/2011Deferred

TaxJD

1,513,43280,899

653,332 2,247,663

4,682,142

EndingBalance

JD

300,00030,544

104,622 435,166

-

Adjustments

JD

1,213,43252,372

548,710 1,814,514

-

BeginningBalance

JD

- 2,017

- 2,017

-

Release

JD

4241

Notes to Financial Statements Notes to Financial Statements18 . Accounts Payable:13. Fixed Assets - Net:

15. Other Assets:

14. Intangible Assets - Net:

16. Accumulated Mathematical Reserve - Net:

19. Insurance Companies Accounts:

20. Other Provisions:

21. Other Liabilities:

DescriptionLocal Insurance CompaniesForeign Reinsurance CompaniesTotal

31 December

1,002,232 5,223,762

6,225,994

1,582,700 8,567,795

10,150,495

2011JD

2012JD

DescriptionAnnual Leaves ProvisionProvision For Accrued Policies MaturedInsurance Regulatory Commission Fees ProvisionProvision For Staff End Of Service IndemnityProvision For Group Life Policies Profit CommissionTotal

31 December

3,278 20,637 14,226

706,028 42,612

786,781

3,278 20,637

8,132 806,622

85,966 924,635

2011JD

2012JD

DescriptionUnearned RevenuesAccrued ExpensesBoard Of Directors’ RemunerationPremiums In AdvanceCar Parking DepositsThe Ministry Of Finance DepositsOther DepositsTotal

31 December

431,063 63,779 55,000

273 4,410

- 5,701

560,226

422,098 93,701 55,000

273 4,470

593,176 5,346

1,174,064

2011JD

2012JD

DescriptionLandsBuildingsEquipment, Machinery & FurnitureVehiclesTotal

511,113 415,658 100,348

139,164 1,166,283

- 111,940 906,090

135,244 1,153,274

Net BookValue

JD

31/12/2012 31/12/2011AccumulatedDepreciation

JD 511,113 527,598

1,006,438

274,408 2,319,557

Cost

JD -

121,137 934,161

179,673 1,234,971

AccumulatedDepreciation

JD 511,113 529,774

1,043,492

274,4082,358,787

Cost

JD 511,113 408,637 109,331

94,735 1,123,816

Net BookValue

JD

17. Due to BankThis item represents the utilized balance of our line of credit as of December 31, 2011, provided by the Arab Bank and Cairo Amman Bank with a credit limit up to JD 6.9 million, based on an interest rate of 8% calculated on a daily basis and booked on a monthly basis. These credit lines are made available and are guaranteed by our Company’s strong solvency position.

DescriptionRefundable DepositsPrepaid ExpensesAccrued RevenuesOthersThe Ministry Of Finance DepositsTotal

31 December

725,206 123,871

- 307,990 651,660

1,808,727

367,247 210,595

13,476 155,248

- 746,566

2011JD

2012JD

DescriptionBeginning BalanceAdditionsAmortizationEnding Balance

31 December

407,966 5,681

(28,641)385,006

413,647 27,000

(95,481)345,166

2011JD

Computer System& Software

2012JD

Computer System& Software

DescriptionPolicyholdersGarages And Spare PartsAgents OthersTotal

31 December

5,161,962 434,777 202,850 419,563

6,219,152

492,049 496,558 228,760 286,487

1,503,854

2011JD

2012JD

DescriptionCompany's Share From Mathematical ReserveRetained Earnings - AdditionalTotal

31 December

1,398,101 40,000

1,438,101

1,514,108 40,000

1,554,108

2011JD

2012JD

4443

Notes to Financial Statements Notes to Financial Statements26. Employee Expenses:22. Financial Assets Revaluation Reserve:

23. Interest Revenue:

24. Income from Financial Assets and Investments - Net:

25. Other Revenues:

27. Administrative and General Expenses:

DescriptionSalaries & BonusesProvident FundCompany Contributions To Social SecurityMedical ExpensesEmployee Training & DevelopmentTravel & TransportationTotalAllocated Employee Expenses - General InsuranceUnallocated Employee ExpensesTotal

31 December

3,221,556 160,654 225,793 180,323 32,726

215,195 4,036,247 3,410,790

625,457 4,036,247

3,373,157 175,280 261,327 178,976

27,264 193,812

4,209,816 3,557,332

652,484 4,209,816

2011JD

2012JD

DescriptionRentsStationary & PublicationsAdvertisementsBank InterestElectricity, Heating & WaterRepairsPost & TelecommunicationNational Agent Commission/Outside JordanProfessional FeesHospitalityLawyer Fees & ExpensesRevaluation ExpensesComputer MaintenanceComputer Program LicencesComputer Program ServiceSubscriptionsBoard Members’ Transportation FeesTenders ExpensesLegal Fees & ExpensesDonationsInsurance ExpensesMarketing ExpensesDiscount Allowed & Bad Debts ExpensesOthersTotalAllocated General And Administrative Expenses - General InsuranceUnallocated General And Administrative ExpensesTotal

31 December

55,053 86,749 23,752 80,433 55,134 14,614

161,771 40,700 60,319 45,536 34,506

- 7,936

20,559 118,917 37,263

132,000 26,513

106,534 96,389 48,158

296,060 72,972

268,823 1,890,691 1,525,758

364,933 1,890,691

53,522 90,068 19,554 32,498 50,330 8,795

176,246 40,700 52,165 52,943 47,713 15,099

6,899 25,487 67,645 19,088

132,000 33,759 98,384

112,661 40,327

198,061 100,562 276,110

1,750,616 1,463,000

287,616 1,750,616

2011JD

2012JD

DescriptionBank InterestDividends ReceivedLoans InterestTotalAmount Transferred To Underwriting Accounts/Life DepAmount Transferred To Statement Of Income

31 December

52,152 150,000

952 203,104 163,017 40,087

66,233 150,000

606 216,839 177,924 38,915

2011JD

2012JD

DescriptionBeginning BalanceEffect Of Applying Ifrs (9)Change In Fair ValueLiabilities Deferred TaxNet Realized GainsEnding Balance

31 December

- 3,025,600

274,466 -

(1,002,031) 2,298,035

2,298,035 -

2,384,108 1,123,714

- 3,558,429

2011JD

2012JD

DescriptionForeign Exchange DifferencesOtherTotal

31 December

96,700 537,092

633,792

215,794 671,084

886,878

2011JD

2012JD

DescriptionDividends Received(Loss) From The Sale Of Financial Assets At Fair Value Through Profit Or Loss ValueGain From The Revaluation Of Financial Assets At Fair Value Through Profit Or Loss ValueReal Estate Investment ReturnsRental Income - NetTotal

31 December

649,696 (6,109)

174,414 693,592 404,474

1,916,067

888,859 -

1,894,936 17,883

407,535 3,209,213

2011JD

2012JD

4645

Notes to Financial Statements28. Earnings Per Share:

29. Cash & Cash Equivalent:

DescriptionCash On HandDeposits Due In Three MonthsCash At Banks (Current Account)Total

31 December

70,718 1,671,973 3,468,840

5,211,531

71,770 1,817,798 2,012,791

3,902,359

2011JD

2012JD

DescriptionNet Income For The Year After Tax And FeesWeighted Average Of StocksEarnings Per Share For The Year

31 December

2,335,262 30,000,000

0.078%

4,210,335 30,000,000

0.14%

2011JD

2012JD

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OUR ENERGY IS THE SECRET TO OUR SUCCESS - … Annual.pdf · [email protected]...

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Transcript of OUR ENERGY IS THE SECRET TO OUR SUCCESS - … Annual.pdf · [email protected]...