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GROWTH 62 AND SUCCESS

YEARS OF

2013ANNUAL REPORT

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

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

His MajestyKing Abdullah II Bin Al-Hussein

His Royal HighnessCrown Prince Hussein Bin Abdullah II

This is to certify that the

Jordan InsuranceCompany

has won the award for

Best Insurance Companyin Jordan

Clive Horwood, Editor

WINNER

Jordan Insurer of the Year

Jordan Insurance Company

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 62nd Ordinary Meeting of the General Assembly and to present its annual report for the financial year ending on 31/12/ 2013.

Diverse economic challenges continued in Jordan's public and private sectors throughout 2013, largely related to high rates of unemployment, inflation, and a large budget deficit. The growing 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 2013, real GDP growth remained at 3%, similar to 2012, the unemployment rate also remained at the same level at around 11.0, and the inflation rate is expected to hover at around 5.8%.

The Amman Stock Exchange (ASE) trading value reached JD 3.0 billion compared to JD 1.98 billion in 2012 with an increase of 50%. Moreover, the ASE price index rose from 1957 points to 2065 points at an increase of 5.5%. The market value of the shares of listed companies fell by nearly JD 0.7 billion, registering JD 18.2 billion at the end of the year 2013 compared to JD 19.1 billion at end of 2012. Our net profits for 2013 have been impacted by the lagging investment market compared to the year 2012, reducing our net profits after tax to JD 270,425.

The foregoing changes directly impacted the operational work environment and especially the results of our investment portfolio. Nevertheless, JIC was able to achieve excellent technical results despite the additional technical reserves which had to be booked in compliance with our external actuary's recommendations and the requirements of the Insurance Commission, and despite the ongoing negative results of motor third party liability, which continues to threaten the overall results of the insurance sector in Jordan. Technical profits stood at JD 3.0 million compared to JD 3.3 million in 2012, and gross written premiums have grown by 14.4% in Jordan and 15.4% company-wide, reaching a total of JD 60.0 million. This has enhanced JIC’s production capacity and its leading position in the Jordanian insurance sector, with a market share of over 10%.

For JIC, the year 2013 has again witnessed a very important achievement: A.M. Best, the largest and most utilized global insurance and reinsurance rating agency, has affirmed the Financial Strength Rating (FSR) of B++ (good) and Issuer Credit Rating (ICR) of BBB+ of JIC in recognition of its professionalism and exceptional performance in the provision of its insurance services at the local and regional levels. These ratings also reflect JIC's ability to maintain this performance under all circumstances, especially the global economic crisis that has had a negative impact on the rating of many insurance and reinsurance companies worldwide. Such ratings reflect JIC's solid business position in Jordan, robust operating performance and strong risk-adjusted capitalization. These factors will help JIC raise the level of its competitiveness, enhance confidence and open the door for regional expansion as one of the top insurance companies in the Arab world that has been awarded such ratings.

In addition, and for the fourth year in a row, your Company was also awarded "Jordan Insurer of the Year 2014" by MENA Insurance Awards, adding yet another impressive achievement in such challenging times.

11

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 62nd Ordinary Meeting of the General Assembly and to present its annual report for the financial year ending on 31/12/ 2013.

Diverse economic challenges continued in Jordan's public and private sectors throughout 2013, largely related to high rates of unemployment, inflation, and a large budget deficit. The growing 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 2013, real GDP growth remained at 3%, similar to 2012, the unemployment rate also remained at the same level at around 11.0, and the inflation rate is expected to hover at around 5.8%.

The Amman Stock Exchange (ASE) trading value reached JD 3.0 billion compared to JD 1.98 billion in 2012 with an increase of 50%. Moreover, the ASE price index rose from 1957 points to 2065 points at an increase of 5.5%. The market value of the shares of listed companies fell by nearly JD 0.7 billion, registering JD 18.2 billion at the end of the year 2013 compared to JD 19.1 billion at end of 2012. Our net profits for 2013 have been impacted by the lagging investment market compared to the year 2012, reducing our net profits after tax to JD 270,425.

The foregoing changes directly impacted the operational work environment and especially the results of our investment portfolio. Nevertheless, JIC was able to achieve excellent technical results despite the additional technical reserves which had to be booked in compliance with our external actuary's recommendations and the requirements of the Insurance Commission, and despite the ongoing negative results of motor third party liability, which continues to threaten the overall results of the insurance sector in Jordan. Technical profits stood at JD 3.0 million compared to JD 3.3 million in 2012, and gross written premiums have grown by 14.4% in Jordan and 15.4% company-wide, reaching a total of JD 60.0 million. This has enhanced JIC’s production capacity and its leading position in the Jordanian insurance sector, with a market share of over 10%.

For JIC, the year 2013 has again witnessed a very important achievement: A.M. Best, the largest and most utilized global insurance and reinsurance rating agency, has affirmed the Financial Strength Rating (FSR) of B++ (good) and Issuer Credit Rating (ICR) of BBB+ of JIC in recognition of its professionalism and exceptional performance in the provision of its insurance services at the local and regional levels. These ratings also reflect JIC's ability to maintain this performance under all circumstances, especially the global economic crisis that has had a negative impact on the rating of many insurance and reinsurance companies worldwide. Such ratings reflect JIC's solid business position in Jordan, robust operating performance and strong risk-adjusted capitalization. These factors will help JIC raise the level of its competitiveness, enhance confidence and open the door for regional expansion as one of the top insurance companies in the Arab world that has been awarded such ratings.

In addition, and for the fourth year in a row, your Company was also awarded "Jordan Insurer of the Year 2014" by MENA Insurance Awards, adding yet another impressive achievement in such challenging times.

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 2013, 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 ongoing hardline approach by global reinsurance companies, especially the major ones that hold leading positions in the reinsurance sector.

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

However, because of its high level of professionalism and its excellent historical relationship with reinsurers based on trust and credibility, JIC was able to renew its reinsurance treaty program for 2014 with elite reinsurance companies in a manner that serves the best interests of all parties concerned.

Branches

Despite 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 your Company’s exceptional standing with its clients in these markets. Gross written premiums in these branches closed at JD 7.0 million as 11.7% of JIC’s total premiums, and technical results stood at JD 419,000 compared to JD 883,000 in 2012, due to various large losses incurred under motor itnsurance and the additional technical reserves booked in 2013 for incurred but not-reported claims (IBN(E)R).

Financial and Real Estate Investments

The year 2013 has also witnessed a decline in the financial market activity as well as a rise in 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, and to hold on to its portfolio with no major changes.

JIC's real estate investments, booked at a cost value of JD 17.1 million, have been re-evaluated in 2013 at JD 34.8 million, and your Company continues to perform capital maintenance on its real estate base with the purpose of enhancing the investments to become more suitable and attractive for tenants at reasonable prices. The occupancy rate of our buildings has reached approximately 75%, which supports JIC’s net results.

12

Letter from the ChairmanThe Future Plan

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

2. Continue to expand horizontally by opening new branches in neighboring markets and enhancing the overall performance of existing branches.

3. Maintain the Human Resources development policy in order to sustain high standards of client service.

4. Maintain the Company's financial strength rating by A.M. Best and work toward improving it.

5. Continue to expand in existing markets by possible mergers and acquisitions.

In conclusion, the Board of Directors would like to extend its sincere gratitude and appreciation to our employees, who have all contributed to the success and accomplishments of the Company.

We would also like to thank our clients and agents for their constant trust and support, as well as our reinsurance partners for their continued support. We ask God Almighty to guide us toward success in service of our national economy under the guidance of His Majesty King Abdullah II Bin Al-Hussein.

Chairman of the BoardOthman M. Bdeir

13

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 2414124

Abu Dhabi

Dubai

Sharjah

Kuwait

Tel.+971 2 6330495

+971 4 2692174

+971 6 5395556

+965 2 2454180

[email protected]

[email protected]

[email protected]

E-mailName

Address

Address

14

Board of DirectorsMr. Othman M. Bdeir(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 Bdeir

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

AuditorsDeloitte & Touche (M.E.)

15

Income Statement Information

Insurance Premiums

The overall premiums written by the Company during 2013 were distributed between lines of business as follows:

- Marine:Gross Written Premium during the year 2013 was JD 3,130 million compared to JD 2,609 million in 2012.Net Loss Ratio in 2013 was 35.2% compared to 31.2% in 2012.

- Fire & General Accidents:Gross Written Premium during the year 2013 was JD 20,001 million compared to JD 15,820 million in 2012.Net Loss Ratio in 2013 was 30.59% compared to 28.26% in 2012.

- Motor: Gross Written Premium during the year 2013 was JD 18,119 million compared to JD 16,666 million in 2012. Net Loss Ratio in 2013 was 79.2% compared to 77% in 2012.

- Life: Gross Written Premium during the year 2013 was JD 11,654 million compared to JD 10,607 million in 2012.Net Loss Ratio in 2013 was 69.4% compared to 65.1% in 2012.

- Medical: Gross Written Premium during the year 2013 was JD 7,174 million compared to JD 6,357 million in 2012.Net Loss Ratio in 2013 was 53.8% compared to 50.7% in 2012.

20112012 2009201039,848,033 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

52,058,61523,895,422

3,209,2134,138,020

31,242,65516,498,424

9,997,85126,496,275

4,746,380

4,210,335

2013Gross Written PremiumNet Earned PremiumInvestment ResultOther RevenueTotal RevenueNet Claims PaidOther ExpensesTotal Expenses Result Before Tax

Net Result After Tax

60,078,13026,333,953

(178,794)4,570,350

30,725,50918,901,78811,142,78130,044,569

680,940

270,428

16

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

Balance Sheet Information

Insurance Premiums


Real EstateFinancialOtherInvestmentTotal AssetsShareholders' Equity

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

20092010201120122013

Gross Written PremiumReinsurance GWP Share

Gross Claims PaidReinsurance Share

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

20092010201120122013

Gross Written Premium Reinsurance GWP Share

Reinsurance ShareGross Claims Paid

JD M

illio

ns

Year

55,485,65417,081,84238,319,973

83,83980,948,09843,335,560

60,078,13033,052,216

28,227,72111,350,626

17

70

60

50

40

30

20

10

02009 2010 2011 2012 2013

Technical Profit

Capital Growth

Technical Profit201020112012

4,641,8344,001,8982,826,503 3,304,400 3,004,6212013 2009

JD M

illio

ns

Year

2009 2012 20132010 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

18

5

4

3

2

1

0


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 Ending31/12/2013

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, 2013, 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, 2013, 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.) – Jordan04/02/2014 Shafiq Batshon License number (740)

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

21

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

31 DecemberNote

Number

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

45678

910111213141516

2012JD

2013JD

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

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

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

31 DecemberNote

Number

8,677,75010,075,194

1,554,10820,307,052

1,503,85410,150,495

924,635634,397

1,123,7141,174,064

35,818,211

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

47,056,79582,875,006

2012JD

2013JD

Liabilities

H.E. Waleed M. AsfourDeputy Chairman

Mr. Othman M. BdeirChairman

4,085,2309,274,207

24,960,53617,081,842

83,83955,485,654

4,116,1661,851,520

13,603,0202,965,216

728,9271,128,763

297,009771,823

80,948,098

9,262,98911,928,763

1,660,83022,852,582

2,373,2178,525,173

972,376818,585621,084

1,449,52137,612,538

30,000,0007,500,0001,966,7663,868,794

43,335,56080,948,098

17

181920131321

22

22


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

31 DecemberNote

Number

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

2012JD

2013JD

Revenues :

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

31 December

4,210,335

1,260,3941,260,394

5,470,729

2012JD

2013JD

Other Comprehensive Income Statement

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

Amman - Jordan

Income Statement for the Year Ended

48,423,688 11,654,442(25,577,645)

(7,474,571) 27,025,914

(585,239)(106,722)

26,333,953 2,718,439

962,191 47,100

(178,794) 842,620

30,725,509

30,616,377(2,388,656)

(11,350,626) 171,124

17,048,219 1,853,569 3,805,780 1,661,112

476,425 1,726,429 1,281,504

27,853,038

763,827 281,240 447,827 366,673 200,000 131,964

2,191,531 680,940(410,512)

270,428

009/-

270,428

(1,591,663)(1,591,663)

(1,321,235)

23

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

Amman - Jordan

31/12/2013Beginning BalanceNet IncomeChange In Financial Assets Revaluation Reserve Total Other Comprehensive IncomeDividends PaidCumulative Change in Fair Value - Net During the YearEnding Balance 31/12/2012Beginning BalanceNet IncomeChange In Financial Assets Revaluation Reserve Total Other Comprehensive IncomeDividends PaidCumulative Change in Fair Value - Net During the YearEnding Balance

30,000,000

-

-

-

-

-

30,000,000

30,000,000

-

-

-

-

-

30,000,000

Paid-UpCapital

JD

7,500,000

-

-

-

-

-

7,500,000

7,500,000

-

-

-

-

-

7,500,000

StatutoryReserve

JD

Total

JD

47,056,795

270,428

(1,591,663)

(1,321,235)

(2,400,000)

-

43,335,560

44,286,066

4,210,335

1,260,394

5,470,729

(2,700,000)

-

47,056,795

3,558,429

-

(1,591,663)

(1,591,663)

-

-

1,966,766

2,298,035

-

1,260,394

1,260,394

-

-

3,558,429

FinancialAssets

RevaluationReserve

JD

2,453,490

270,428

-

270,428

(2,400,000)

1,483,778

1,807,696

2,942,046

4,210,335

-

4,210,335

(2,700,000)

(1,998,891)

2,453,490

3,544,876

-

-

-

-

(1,483,778)

2,061,098

1,545,985

-

-

-

-

1,998,891

3,544,876

Retained Earnings

Consolidated Statements of Changes in Shareholders' Equity

JDJD

Realized Unrealized

24


Amman - Jordan

Cash Flow Statement

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 ReturnsUnearned 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 - CreditOther LiabilitiesNet Cash Flows From Operating Activities Before TaxIncome Tax PaidAmount Paid Other ProvisionsNet 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

4,746,380

325,603375,855406,763

(1,894,936)

- (17,883)979,536

1,392,585116,007

6,429,910

(55,455)(353,183)

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

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

613,838(6,177,498)

(490,089)(268,909)

5,418,500

- (3,558,942)

5,430(16,844)(27,000)

(3,563,668)

(464,004)

(2,700,000)(3,164,004)

(1,309,172)5,211,531

3,902,359

2012JD

2013JD

Cash Flows From Operating Activities :

680,940

360,122366,673409,842

1,543,343

(6,445)(9,847)

585,2391,853,569

106,7225,890,677

(337,930)(106,228)(125,685)

1,186,647(25,257)

869,363 (1,625,322)

275,457(6,001,726)

(415,812)(362,101)

5,223,813

(19,014)(45,336 )

1,709 (190,252)

(27,449) (280,342)

- (2,400,000)2,400,0002,543,4713,902,359

6,445,830

25

Note Number

29


Amman - Jordan

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

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 IncomeClaims PaidRecoveries Local Reinsurance ShareForeign Reinsurance ShareNet Claims PaidClosing Outstanding Claims ProvisionReportedIBNRDeduct: Reinsurance ShareExpected RecoveryNet Outstanding Claims ProvisionOpening Outstanding Claims ProvisionReportedIBNRDeduct: Reinsurance ShareExpected RecoveryNet Outstanding Claims ProvisionChange In Outstanding ProvisionCost Of Claims IncurredNet Earned Premium IncomeCost Of Claims IncurredAddCommissions ReceivedIssuing FeesOther RevenuesTotal RevenuesDeductCommissions PaidExcess Of Loss PremiumAllocated Administrative ExpensesOther ExpensesTotal Expenses

Underwriting Profit (Loss)

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 IncomeClaims PaidRecoveries Local Reinsurance ShareForeign Reinsurance ShareNet Claims PaidClosing Outstanding Claims ProvisionReportedIBNRDeduct: Reinsurance ShareExpected RecoveryNet Outstanding Claims ProvisionOpening Outstanding Claims ProvisionReportedIBNRDeduct: Reinsurance ShareExpected RecoveryNet Outstanding Claims ProvisionChange In Outstanding ProvisionCost Of Claims IncurredNet Earned Premium IncomeCost Of Claims IncurredAddCommissions ReceivedIssuing FeesOther RevenuesTotal RevenuesDeductCommissions PaidExcess Of Loss PremiumAllocated Administrative ExpensesOther ExpensesTotal Expenses


20122013

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

15,582,51013,135,1572,347,255

79,537 -

10,708,365

9,436,524431,473267,932737,692

8,862,373

8,599,708163,117445,712747,439

7,569,6741,292,699

12,001,06415,582,51012,001,064

2,729211,067338,354

4,133,596

638,997238,582

1,981,731372,342

3,231,652

901,944

TotalJD

3,806,848 - - 13,646

3,793,202

2,048,76810,255

2,038,513

1,993,12511,068

1,982,05756,456

3,849,6582,594,034

673,121 - -

1,920,913

1,410,869229,30688,332

257,4381,294,405

1,629,55333,380

111,509238,192

1,313,232-18,827

1,902,0863,849,6581,902,086

2,7295,5467,690

1,963,537

245,60355,471

944,488 -

1,245,562

717,975

3,806,848 - - 13,646

3,793,202

2,048,76810,255

2,038,513

1,993,12511,068

1,982,05756,456

3,849,6582,594,034

673,121 - -

1,920,913

1,410,869229,30688,332

257,4381,294,405

1,629,55333,380

111,509238,192

1,313,232-18,827

1,902,0863,849,6581,902,086

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

11,732,85210,541,1231,674,134

79,537 -

8,787,452

8,025,655202,167179,600480,254

7,567,968

6,970,155129,737334,203509,247

6,256,4421,311,526

10,098,97811,732,85210,098,978

- 205,521330,664

2,170,059

393,394183,111

1,037,243372,342

1,986,090

183,969

JordanJD

TotalJD

AbroadJD

JordanJD

DescriptionWritten Premiums

16,562,0921,556,651

491,36014,145

17,613,238

7,520,621199,836

7,320,785

8,102,783374,295

7,728,488-407,703

17,205,53514,371,9442,348,686

68,22451,360

11,903,674

10,996,6361,201,394

321,2901,291,111

10,585,629

9,436,524431,473267,932737,692

8,862,3731,723,256

13,626,93017,205,53513,626,930

2,776362,652410,275

4,354,308

782,401212,568

2,245,469461,336

3,701,774

652,534

4,258,391 - -

14,1454,244,246

1,993,12511,068

1,982,057

2,170,5509,347

2,161,203-179,146

4,065,1002,930,917

695,830 -

51,3602,183,727

1,670,182473,68528,955

424,2551,690,657

1,410,869229,30688,332

257,4381,294,405

396,2522,579,9794,065,1002,579,979

2,77611,25921,536

1,520,692

312,00151,222

946,680 -

1,309,903

210,789

4,258,391 - -

14,1454,244,246

1,993,12511,068

1,982,057

2,170,5509,347

2,161,203-179,146

4,065,1002,930,917

695,830 -

51,3602,183,727

1,670,182473,68528,955

424,2551,690,657

1,410,869229,30688,332

257,4381,294,405

396,2522,579,9794,065,1002,579,979

2,77611,25921,536

1,520,692

312,00151,222

946,680 -

1,309,903

210,789

12,303,7011,556,651

491,360 -

13,368,992

5,527,496188,768

5,338,728

5,932,233364,948

5,567,285-228,557

13,140,43511,441,0271,652,856

68,224 -

9,719,947

9,326,454727,709292,335866,856

8,894,972

8,025,655202,167179,600480,254

7,567,9681,327,004

11,046,95113,140,43511,046,951

- 351,393388,739

2,833,616

470,400161,346

1,298,789461,336

2,391,871

441,745

26


Amman - Jordan

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

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






20122013

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

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

TotalJD

AbroadJD

JordanJD


2,743,111386,483361,441

2,399,961368,192

528,559443,21685,343

648,186556,16192,025-6,682

361,510

478,7904,150

- 364,967

109,673

354,1971,828

254,998101,027

343,6362,490

262,62983,49717,530

127,203

361,510127,203

624,61027,300

115,4631,001,680

109,08953,000

299,79812,890

474,777

526,903

989,837 -

4,258868,197

117,382

124,14098,869

25,271

184,735155,84628,889-3,618

113,764

231,998 - -

204,42427,574

149,445460

113,30536,600

186,152617

150,32936,440

16027,734

113,76427,734

204,5851,314

- 291,929

64,70116,897

134,909 -

216,507

75,422

1,753,274386,483357,183

1,531,764250,810

404,419344,34760,072

463,451400,31563,136-3,064

247,746

246,7924,150

- 160,54382,099

204,7521,368

141,69364,427

157,4841,873

112,30047,05717,37099,469

247,74699,469

420,02525,986

115,463709,751

44,38836,103

164,88912,890

258,270

451,481

27


Amman - Jordan

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


20122013

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

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

TotalJD

AbroadJD

JordanJD


12,888,3435,217,2294,521,278

12,947,201637,093

6,892,4916,694,930197,561

9,287,0959,072,336214,759-17,198619,895

1,812,51618,04592,975

1,566,307135,189

34,272,6042,144

33,846,127428,621

6,981,3662,078

6,633,913349,53179,090

214,279

619,895214,279

1,663,547162,671

- 2,231,834

184,476210,857

1,234,708105,609

1,735,650

496,184

956,41681,6073,771

931,671102,581

487,281442,80044,481

509,426461,97347,453-2,97299,609

95,820- -

92,5173,303

219,89255

202,11717,830

140,498203

133,2997,402

10,42813,731

99,60913,731

263,5171,442

- 350,837

98,93434,152

148,411-

281,497

69,340

956,41681,6073,771

931,671102,581

487,281442,80044,481

509,426461,97347,453-2,97299,609

95,820- -

92,5173,303

219,89255

202,11717,830

140,498203

133,2997,402

10,42813,731

99,60913,731

263,5171,442

- 350,837

98,93434,152

148,411-

281,497

69,340

11,931,9275,135,6224,517,507

12,015,530534,512

6,405,2106,252,130153,080

8,777,6698,610,363167,306-14,226520,286

1,716,69618,04592,975

1,473,790131,886

34,052,7122,089

33,644,010410,791

6,840,8681,875

6,500,614342,12968,662

200,548

520,286200,548

1,400,030161,229

- 1,880,997

85,542176,705

1,086,297105,609

1,454,153

426,844

28


Amman - Jordan

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









20122013

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

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

JordanJD

TotalJD

AbroadJD

JordanJD


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

1,334,445213,337209,497

1,309,71028,575

823,993806,69317,300

785,624769,61816,0061,294

29,869

141,83817,77527,79475,731

20,538

528,26381

496,49331,851

504,616109

454,25350,472

-18,6211,917

29,8691,917

170,92414,931

- 213,807

20,463-

121,568-

142,031

71,776

57,580- -

44,44113,139

25,69819,3806,318

26,50520,5046,001

31713,456

- - - - -

- - - -

- - - - - -

13,456-

17,483268-

31,207

7,190-

5,781-

12,971

18,236

57,580- -

44,44113,139

25,69819,3806,318

26,50520,5046,001

31713,456

- - - - -

- - - -

- - - - - -

13,456-

17,483268-

31,207

7,190-

5,781-

12,971

18,236

1,276,865213,337209,497

1,265,26915,436

798,295787,31310,982

759,119749,11410,005

97716,413

141,83817,77527,79475,731

20,538

528,26381

496,49331,851

504,616109

454,25350,472

-18,6211,917

16,4131,917

153,44114,663

- 182,600

13,273-

115,787-

129,060

53,540

29


Amman - Jordan

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









20122013

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

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

TotalJD

AbroadJD

JordanJD


136,95633,394

- 115,36154,989

41,34013,881

27,459

35,54914,956

20,5936,866

61,855

22,830- -

17,1485,682

70,94190

46,07424,957

33,7009

21,02212,68712,27017,952

61,85517,952

23,0572,459

- 69,419

12,521-

13,300-

25,821

43,598

177,54056

- 9,235

168,361

69,6853,272

66,413

79,3043,541

75,763-9,350

159,011

16,748- - -

16,748

101,185279

33,60067,864

85,635411

33,60052,44615,41832,166

159,01132,166

3,693252-

130,790

15,866-

25,889-

41,755

89,035

314,49633,450

- 124,596

223,350

111,02517,153

93,872

114,85318,497

96,356-2,484

220,866

39,578- -

17,14822,430

172,126369

79,67492,821

119,335420

54,62265,13327,68850,118

220,86650,118

26,7502,711

- 200,209

28,387-

39,189-

67,576

132,633

30

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


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

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


Amman - Jordan

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

20122013TotalJD

AbroadJD

JordanJD

TotalJD

AbroadJD

JordanJD


6,709,92910,465

2,880,1033,819,361

2,072,2091,122,530949,679

2,286,1911,211,982

1,074,209-124,530

3,694,831

4,494,451-

2,491,7152,002,736

292,350503,908424,054

372,204

346,711447,300425,065368,946

3,2582,005,994

3,694,831

2,005,994

328199,103

3,9561,892,224

160,081-

597,199493,619

1,250,899

641,325

6,709,92910,465

2,880,1033,819,361

2,072,2091,122,530949,679

2,286,1911,211,982

1,074,209-124,530

3,694,831

4,494,451-

2,491,7152,002,736

292,350503,908424,054

372,204

346,711447,300425,065368,946

3,2582,005,994

3,694,831

2,005,994

328199,103

3,9561,892,224

160,081-

597,199493,619

1,250,899

641,325

464,122-

307,888156,234

66,05152,841

13,210

205,728164,58241,146

-27,936

128,298

174,987-

139,93735,050

17,70152,38256,066

14,017

- - - -

14,01749,067

128,298

49,067

- - -

79,231

-423-

91,91531,832

123,324

-44,093

464,122-

307,888156,234

66,05152,841

13,210

205,728164,58241,146

-27,936

128,298

174,987-

139,93735,050

17,70152,38256,066

14,017

- - - -

14,01749,067

128,298

49,067

- - -

79,231

-423-

91,91531,832

123,324

-44,093

7,174,05110,465

3,187,9913,975,595

2,138,2601,175,371962,889

2,491,9191,376,564

1,115,355-152,466

3,823,129

4,669,438-

2,631,6522,037,786

310,051556,290480,120

386,221

346,711447,300425,065

368,94617,275

2,055,061

3,823,129

2,055,061

328199,103

3,9561,971,455

159,658-

689,114525,451

1,374,223

597,232

7,174,05110,465

3,187,9913,975,595

2,138,2601,175,371962,889

2,491,9191,376,564

1,115,355-152,466

3,823,129

4,669,438-

2,631,6522,037,786

310,051556,290480,120

386,221

346,711447,300425,065

368,94617,275

2,055,061

3,823,129

2,055,061

328199,103

3,9561,971,455

159,658-

689,114525,451

1,374,223

597,232

31


Amman - Jordan

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

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 PaidAllocated Administrative ExpensesOther ExpensesTotal ExpensesUnderwriting Profit (Loss)

31 December

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

2012JD

2013JD


11,654,442 225,785

7,248,786 4,179,871

2,778,257 1,224,149

1,554,108

2,704,364 1,043,534

1,660,830 -106,722

4,073,149 9,102,273

171,124 159,818

6,294,650 2,818,929

1,442,475 1,139,882 302,593

1,062,310 767,068

295,242 7,351

2,826,280 4,073,149 2,826,280

229,504 192,823 267,349 46,034

1,982,579

441,955 837,046 176,218

1,455,219 527,360

32

1. 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 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 Feb. 4, 2014, 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, 2012.

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 as follows: Buildings 2%Furniture, fixtures, and equipment 7% - 25%Vehicles 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.

33

Notes to Financial Statements

Notes to Financial Statements1. General




























































































34

1. General







































Notes to Financial StatementsProperty 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 as follows: Buildings 2%Furniture, fixtures, and equipment 7% - 25%Vehicles 15%





















































35

1. General







































Notes to Financial StatementsProperty 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 as follows: Buildings 2%Furniture, fixtures, and equipment 7% - 25%Vehicles 15%





















































36

1. General









































































Notes to Financial StatementsExpense 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.



















37

1. General









































































6. Financial Assets at Fair Value Through Other Comprehensive Income:

DescriptionInside JordanSharesTotal Inside JordanOutside JordanSharesTotal Outside Jordan

Total

31 December

3,637,852 3,637,852

15,165,541 15,165,541

18,803,393

6,152,4066,152,406

18,808,13018,808,130

24,960,536

2012JD

2013JD

Notes to Financial StatementsExpense 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.



















4. Deposits at Banks:

5. Financial Assets at Fair Value Through Profit or Loss Value:

DescriptionInside Jordan

Outside JordanTotal

1,614,993

1,939,357 3,554,350

1,669,438

2,415,792 4,085,230

645,566

1,110,000 1,755,566

1,023,872

1,305,7922,329,664

Total

JD

31/12/2013 31/12/2012Total

JD

Deposits due more than one year

JD

Deposits due in three months

JD

31 December

18,685,720

18,685,720

9,274,207

9,274,207

2012JD

2013JDDescription

Company Shares Listed

Total

38

Notes to Financial Statements7. Property Investments - Net:

8. Loans and Advances of the Life Department:

9. Cash on Hand and at Banks:

10. Checks Under Collection and Notes Receivable:

DescriptionLandsBuildings - NetTotal

31 December

13,878,135 3,287,145

17,165,280

13,859,264 3,222,578

17,081,842

2012JD

2013JD

DescriptionLoans For Policyholders - Less Than Surrender Value

Total

31 December

85,548

85,548

83,839

83,839

2012JD

2013JD

DescriptionCash On Hand

Cash At Banks (Current Accounts)Total

31 December

71,770

2,012,7912,084,561

124,843

3,991,3234,116,116

2012JD

2013JD

DescriptionNotes Receivable

Checks Under CollectionTotal

31 December

26,635

1,718,657 1,745,292

2012JD

2013JD24,535

1,826,9851,851,520

39

Notes to Financial Statements11. Accounts Receivable - Net:

12. Insurance Companies Accounts:

13. Income Taxa. Income Tax Provision:

b. Assets Deferred Tax:

DescriptionPolicyholderAgentsEmployeesOthersDeduct: Provision For Doubtful DebtsTotal

31 December

13,385,172 1,119,552

78,495 1,280,121

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

13,509,8741,270,434

89,5171,118,852

(2,385,657)13,603,020

2012JD

2013JD

DescriptionLocal Insurance CompaniesForeign Reinsurance CompaniesDeduct: Provision For Doubtful DebtsTotal

31 December

1,868,178 2,400,999

(34,000)4,235,177

1,565,6221,516,908 (117,314)

2,965,216

2012JD

2013JD

DescriptionBeginning BalanceIncome Tax PaidProvision For Income TaxEnding Balance

31 December

484,486 (490,089)640,000 634,397

634,397 (415,812)

600,000818,585

2012JD

2013JD

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

363,22419,416

156,799 539,439

1,123,714

411,22421,244

296,459728,927

621,084

1,713,43288,517

1,235,2453,037,194

2,587,850

- 21,140

- 21,140

2,094,293

200,00028,758

581,912 810,670

-

1,513,43280,899

623,3312,247,664

4,682,143

DeferredTaxJD

31/12/2013 31/12/2012Deferred

TaxJD

EndingBalance

JD

Adjustments

JD

BeginningBalance

JD

Release

JD

40

Notes to Financial Statements14. Fixed Assets - Net:

16. Other Assets:

15. Intangible Assets - Net:

17. Accumulated Mathematical Reserve - Net:

DescriptionLandsBuildingsEquipment, Machinery & FurnitureVehiclesTotal

511,113 408,637 109,331

94,735 1,123,816

- 121,137 934,161

179,673 1,234,971

Net BookValue

JD

31/12/2013 31/12/2012AccumulatedDepreciation

JD 511,113 529,774

1,043,492

274,4082,358,787

Cost

JD

AccumulatedDepreciation

JD

Cost

JD

Net BookValue

JD

DescriptionRefundable DepositsPrepaid ExpensesAccrued RevenuesOthersTotal

31 December

367,247 210,595

13,476 155,248

746,566

518,300204,323

12,84536,715

771,823

2012JD

2013JD

DescriptionBeginning BalanceAdditionsAmortizationEnding Balance

31 December2012

JDComputer System

& Software

2013JD

Computer System& Software

DescriptionCompany's Share From Mathematical ReserveTotal

31 December

1,554,108 1,554,108

1,660,8301,660,830

2012JD

2013JD

- 130,334 983,691

208,505 1,322,530

511,113 529,774

1,113,429

296,9772,451,293

511,113 399,440 129,738

88,472 1,128,673

41

413,647 27,000

(95,481)345,166

440,64727,449

(171,087)297,009

Notes to Financial Statements18 . Accounts Payable:

19. Insurance Companies Accounts:

20. Other Provisions:

21. Other Liabilities:

DescriptionLocal Insurance CompaniesForeign Reinsurance CompaniesTotal

31 December

1,582,700 8,567,795

10,150,495

1,470,4697,054,704

8,525,173

2012JD

2013JD

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

8,132 806,622

85,966 924,635

3,278 20,637 19,091

843,40485,966

972,376

2012JD

2013JD

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

31 December

422,098 93,701 55,000

273 4,470

593,176 5,346

1,174,064

426,606102,961

55,000273

4,495562,227297,959

1,449,521

2012JD

2013JD

DescriptionPolicyholdersGarages And Spare PartsAgents OthersTotal

31 December

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

1,503,854

1,367,557256,146422,589326,925

2,373,217

2012JD

2013JD

42

Notes to Financial Statements22. Financial Assets Revaluation Reserve:

23. Interest Revenue:

24. Income from Financial Assets and Investments - Net:

25. Other Revenues:

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

31 December

66,233 150,000

606 216,839 177,924 38,915

73,726111,775

314185,815138,71547,100

2012JD

2013JD

DescriptionBeginning BalanceChange In Fair ValueLiabilities Deferred TaxEnding Balance

31 December

2,298,035 2,384,108 1,123,714

3,558,429

3,558,429 2,094,293

502,6301,966,766

2012JD

2013JD

DescriptionForeign Exchange DifferencesOtherTotal

31 December

215,794 671,084

886,878

(33,761)876,381

842,620

2012JD

2013JD

DescriptionDividends ReceivedLoss 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

888,859 -

1,894,936 17,883

407,535 3,209,213

800,983190,421

(1,543,343)9,847

363,298(178,794)

2012JD

2013JD

43

Notes to Financial Statements26. Employee Expenses:

27. Administrative and General Expenses:

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

31 December

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

27,264 193,812

4,209,816 3,557,332

652,484 4,209,816

3,641,777216,903275,776215,075

15,328204,748

4,569,6073,805,780

763,8274,569,607

2012JD

2013JD

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

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

86,56794,16020,94238,64756,777

9,227193,829

40,70052,16551,09144,646

2,00011,75032,22081,33728,696

132,00040,61399,50899,74138,694

200,31385,862

567,4542,108,9391,661,112

447,8272,108,939

2012JD

2013JD

44

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

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

3,902,359

124,8432,329,6643,991,323

6,445,830

2012JD

2013JD

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

31 December

4,210,335 30,000,000

0.14%

270,42830,000,000

0.009%

2012JD

2013JD

45

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