english final 017 - 2018بد التعديل final 2017-2018.pdf · administrative building for...

1gig-Egypt

CONTENTS

Branches ..............................................................................................................

Definition.............................................................................................................

Board of Directors ..............................................................................................

gig-Egypt-sector heads&General Managers ....................................................

Chairmans Word .................................................................................................

Managing Directors Word...................................................................................

Independent Auditors Report ..........................................................................

Financial Statement ...........................................................................................

Statment of revenues and expenses .................................................................

Fire insurance ......................................................................................................

Marine cargo insurance ......................................................................................

Inland insurance .................................................................................................

Hull insurance .....................................................................................................

Aviation insurance ..............................................................................................

Motor comprehensive insurance .......................................................................

Motor insurance ..................................................................................................

Engineering insurance .......................................................................................

Accident insurance .............................................................................................

Medical insurance ...............................................................................................

Oil& Gas insurance ..............................................................................................

Notes To the Financial Statements ....................................................................

Company Background ........................................................................................

2

3

4

5

6

8

10

11

15

16

17

18

19

20

21

22

23

24

25

26

29

53

Page

2gig-Egypt

BRANCHES

Head Office :

Mohandessin :

Down Town :

Nubar Office :

Nasr City :

New Cairo :

smart villageBranch:

Suez :

Economic zoneoffice :

Port Said :

Ismailia :

Alexandria :

El Amereya :

Borg El Arab :

El Mansoura :

Tanta :

Sharm El-Sheikh :

Hurghada :

Suhag :

Assuit :

Menya :

13 Ma’ahad Elishteraki St. - Merryland Heliopolis - Cairo - Egypt.Tel : (02) 24517620 - 24517622 - 24517624Fax : (02) 24517595 - 24517597Hotline : 197921 Wady El Nile St. - Mohandessin - Giza.Tel : (02) 33425023 - 33425024 - 33425025 - 3342502628 TalaatHarb St. - Cairo.Tel : (02) 25788306 - 25787908 Fax : (02) 2578831649 Nubar St. - Bab El-Luok - Cairo.Tel : (02) 27954075

2 Abass ElAkad - Nasr City - Cairo .Tel : (02) 22748393 - 22748389 Fax : (02) 22748393Unit 4 - Mall 103 - Sector One - South 90th St. - NewCairo .Mob : 01026462466

Administrative Building for Marine Sciences - Building 404 HP - First Floor -Smart VillageMob: 01027363063

329 El-Geish St. - El-kheidr square - Mekka Tower - Suez .Tel : (062) 3198711 Fax : (062) 3198710114 old Katamya Sokhna road - Suez .Mob : 012 2341 4716 - 012 2334 3258

3 El-Gomhoria & El-Nahda St. - Port Said .Tel : (066) 3322461 - 3322462 Fax : (066) 3322463

Administrative Unit 212 - Panorama Tower Ismailia - 1 Shebin El Koum St.The second round - IsmailiaTel / 0643232427 / 8 Fax / 0643232427 / 101 26 El-Geosh avenue - Camp shizar - Farsi plaza tower - Alexandria .Tel : (03) 5934960 - 5934961 Fax : (03) 5934963

Duty Free Zone - El Amereya - Alexandria .Tel : (03) 4542492 Fax : (03) 4500268

New Borg El-Arab city - Service Zone - 3rd contiguity- Zone No. 1/8 - Entrance B - Office 1 .Tel : (203) 4593050 Fax : (203) 4593050

22 El-Sherif El-Rady , Toryel - El-Mansoura .Tel : (050) 2310848 - 2310849 Fax : (050) 231084917 El-Modirea St. - Tiba tower Building - Tanta .Tel: (040) 3357375 - 3332710 Fax (040) 3357375Ritz Carlton - Car;ton Mall - Sharm El-Sheikh.Tel / Fax : (069) 3665418El-Nasr Road in front of the sports stadium - Hurghada .Tel : (065) 3549284 Fax : (065) 354928530 Cornishe El-Nile - Suhag .Tel / Fax : (093) 2316544El-Ghowl tower St.- El-Gomhoria 3rd floor - Apartment 8 .Tel / Fax : (088) 2284543

5 Al-Horreya St. - Cornishe El-Nile - Menya.Tel / Fax : (086) 2376411

3gig-Egypt

DEFINITION

gig Egypt is a joint stock company, subject to the Egyptian Insurance Law 10/1981and the amendment 91/1995 on the Egyptian Supervision and control.gig is a member in the Egyptian Insurance Federation as well as the Arab InsuranceFederation, gig was established by a shared Egyptian-Arab capital and launched itsinsurance activities in July 1994.

- issued Capital in EGP 500 M- paid up capital in EGP 258M

The gig Shareholders are : - Gulf insurance Group (gig) (the main shareholders) - by 94.8% . - Suez Canal Bank - by 5% . - Egyptian & Multinational Businessmen - by 0.2% .

A brief about gig main shareholders : - Gulf insurance Group (gig) : was established in 1962. it is a member of Kuwait Projects Company KIPCO and its has many related insurance companies in KSA, Bahrain, Lebanon, Syria, Jordan, Algeria, Iraq and Turkey.KIPCO is considered one of the biggest investment Companies in Arab Nation as it holds a total investment portfolio of 25$ billion worldwide.

-gig-Egypt : is managed and operated by adistinguished, motivated,

- Mr. Raafat El Salamony Chairman- Mr. Alaa ElZoheiry Managing Director

4gig-Egypt

BOARD OF DIRECTORS

Vice ChairmanMr. Khaled El Hasan

Managing DirectorMr. Alaa El Zoheiry

ChairmanMr. Raafat El Salamony

Board of Directors Member Board of Directors MemberMr. Mohsen Abu El Azm Mr. Ayman Adel Kamal

Board of Directors MemberMr. Bijan Khosrowshahi

gig-Egypt

Mona Shawky Rady

Sector Head Sector Head Sector Head

Sector Head

Mohamed Esmael Khalefa

collection DepartmentGeneral Manager

Wael Mohamed ELsayedMohamed Moustafa HasheshSherif MobarekAshraf Khalel

MD Technical assistant

Suez branch and economical zone general manager

Motor Claims Depatment General Manager

Motor Department General Manager

Central Cairo Branch

Abeer Sulaiman

Legal Depatment General Manager

Fire Claims Depatment General Manager

6gig-Egypt

CHAIRMAN’S

Word

Dear ladies and Gentlemen:

Let us review together the successes of this year, which appear in this report as follows:

this period and to participate in the facing of some of the challenges , the most important of which ,was political ,economical and security situation of the country, as a natural result of which was the extreme increase in prices and increasing the value added on goods , necessary percussions to which is taking preventive measures and applying some of the skills of the change management, which I see the company's leader has implemented with a lot of stability and professionalism.

And during this period in the Egyptian market the company

country, but the most fruitful without prejudice is the last 14 years, that is since the leadership of managing director Mr.

This year, the company has reached its 25th anniversary being its silver jubilee since its inception.

The Company has maintained the same rating for the eighth year respectively from AM BEST, and for the third year Moody’s rating agency has upgraded gig Egypt’s credit rating this year to Ba2 from Ba3 with “Stable” outlook, making the (gig) the only company with two credit ratings, and expecting that what steps The country takes towards

7gig-Egypt

• At the general assembly meeting during the current year October month, the assembly approved a dividend of L.E 12.75 million Egyptian pounds

• The Total Investments reached 885 million pounds versus 743 million last year with an increase of 19.11 % amounting to 142 million pounds and the policy holders' right represented in the technical outstanding reached the sum of 400 million pounds.

• The shareholders' equity reached 481 million pounds versus 378 million pounds with an increase of 27.4% being 103 million pounds.

• The total Balance Sheet reached milliard and 386.5 million pounds versus milliard and 111.3 million pounds with an increase of 24.76 % being 275.2 million pounds, and the investments and cash in Bank represent 71 % from the total assets.

• The book value of share reached 168 pounds.

company's employees and with the help of the Reinsurers who are fully understanding of the situation in Egypt and the insurance market, and we

Understanding of the heads of the Financial Supervisory Authority.

Many thanks from me to all the shareholders for their trust, and sincere

success.

God help us for what is good for us and for our beloved country.

Will Peace be upon you and the mercy of God.

8gig-Egypt

MANAGING

DIRECTOR’S

WORD

Dear ladies and gentlemen It has become so clear to all, that our dearest Egypt hastakena steady step towards stability, which has made mostleaders now have a clearer vision to the future, something

in previous years.

Moreover the dollar has also witnessed some stability in the rate price against the Egyptian pound, and even has declined,which has had a great impact on the economyHowever, being the second year for the devaluation of theEgyptian Pound decision, with the help of risk managementDepartment, the company managed to overcome this stage and maintain its leadership in the Egyptian market in generaland the Insurance market in particular, and even moreincreased its credit rating from Moody's to Level Ba2 ratherthan Ba3 last year with a "stable" outlook.

Furthermore the company has maintained its progress in the Egyptian insurance market, especially with regard to loss ratio which did not exceed 58% this year, as well as the combined ratio which stabilized at 79% achieving the best overall rate in the property insurance market in Egypt.

Also expansion of the company is in process, implementationof which will be through addition of some new branches in Upper and Lower Egypt, and after the company being the largest paid capital company between properties insurance companies will this year independently move to

9gig-Egypt

Alaa EL-ZoheiryManaging Director

God grants success,,

past year, and for their work in a team spirit and great harmony,and sincere appreciation to the Financial

Regulatory Authority for their support.

And I cannot overlook the obvious role of the shareholders who have put their trust in all the employees

of the company and the role of our customers, who we consider our partners and we proudly carry out the task

of providing our best insurance services, and the cooperation of the Reinsurers who provided their technical

expertise to the employees of the company and Support for our customers.

10gig-Egypt

To The Shareholders of Arab Misr Insurance Group (gig) (An Egyptian Joint Stock Company)

INDEPENDENT AUDITOR”S REPORT

Auditor’s Responsibility

Report on Other Legal and Regulatory Requirements

sector issued by Ministry of Investment No.110 for 2015, and in the light of the prevailing Egyptian laws, management responsibility

statements that are free from material misstatement, whether due to fraud or error; management responsibility also includes selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

The company maintains proper books of account, which include all that is required by law and by the statutes of the

1981 and its executive regulations, is in agreement with the Company’s books of account.

Egyptian Standards on Auditing and in the light of the prevailing Egyptian laws. Those standards require that we comply with ethical

to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company's preparation and fair

statements.

Opinion

accordance with the application manual of Egyptian Accounting Standards for insurance sector issued by Ministry of Investment

KPMG Hazem HassanPublic Accountants & Consultants

Cairo: September 20, 2018

2017 2018ANNUAL REPORT

gig-Egypt

FINANCIALSTATEMENT

FOR THE YEAR ENDED 30 JUNE , 2018

12gig-Egypt

as at June 30, 2018

Assets

Cash on hand and at banks

Time deposits at banks

Treasury bills

Financial assets at fair value through profit or loss

Available -for-sale investments

Held to maturity investments

Investment properties

Total investments

Receivables from policyholders

Insurance and reinsurance companies

Debtors and other debit balances

Property, plant & equipment

Intangible assets

Projects under construction

Deferred tax assets

Total Assets

Liabilities and equity

Policyholders' rights

Technical provisions

Other liabilities:

Credit balances for Insurance and reinsurance companies

Creditors and other credit balances

Short term loan

Subordinated loan

Tax liability

Provisions

Total other liabilities

Total liabilities

Shareholders Equity

Paid-up capital

Reserves

Retained earnings/ (Losses)

Net profit for the year

Total equity (including net profit for the year)

Fair Value Reserve for investments (Available for Sale)

Difference between fair value and present value for subordinated loan

Total Equity

Total liabilities and equity

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(16)

(17)

(18)

(35)

(19)

(20)

(21)

(22)

(23)

(24)

102 001 571

40 671 088

306 945 038

18 060 227

9 567 700

508 812 756

1 211 861

987 270 241

155 386 655

31 727 710

99 328 401

41 272 721

70 780

58 666 489

12 788 790

1 386 511 787

400 734 995

285 310 477

162 903 163

-

9 477 595

25 598 098

21 000 000

504 289 333

905 024 328

258 750 000

78 333 252

9 495 260

126 906 542

473 485 054

6 980 000

1 022 405

481 487 459

1 386 511 787

61 981 112

35 684 503

286 443 551

26 648 129

7 167 200

386 020 652

1 242 425

805 187 572

132 593 038

13 032 969

64 520 373

36 461 480

78 750

40 434 415

18 998 147

1 111 306 744

322 735 017

246 355 130

109 004 807

6 780 000

11 831 566

29 944 806

6 000 000

409 916 309

732 651 326

225 000 000

64 222 868

(33 507 571)

116 692 187

372 407 484

4 579 500

1 668 434

378 655 418

1 111 306 744

NoteNo.

30/6/2018EGP

30/6/ 2017EGP

The accompanying notes from (1) to (38) are an integral part of these financial statements.

Chief Financial sector Managing Director Chairman

a

13gig-Egypt

For the year ended June 30,2018

The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements.

Surplus from insurance activities

Net investments income undesignated

Other income

Total revenues

Property, plant and equipment depreciation

Intangible assets amortization

Impairment loss on debtors and other debit balances

Impairment loss for insurance and reinsurance companies

Provisions

Other expenses

Total expenses

Net profit for the year before tax

Income tax for the year

Deferred tax

Net profit for the year after tax

Earning per share

(25)

(26)

(27)

(16)

(17)

(15)

(15)

(23)

(34)

(34)

(33)

155 330 175

23 852 473

263 981

179 446 629

(1 957 141)

( 21 970)

(2 956 244)

( 66 827)

(15 000 000)

( 719 349)

(20 721 531)

158 725 098

(37 008 089)

5 189 533

126 906 542

45.69

128 426 620

21 640 568

8 100

150 075 288

(1 495 147)

( 18 503)

( 843 482)

( 772 969)

(3 000 000)

( 927 510)

(7 057 611)

143 017 677

(29 950 356)

3 624 866

116 692 187

43.18

NoteNo.

30/6/2018EGP

30/6/2017EGP


Profit of the year after income tax (1)

Other comprehensive income items:

Fair Value Reserve for investments (available for sale)

Amortization for the difference between nominal value and present value for subordinated loan

Foreigen currencies revaluation differences on monetary items

Deffered Tax Income for foreigen currencies revaluation

Revaluation differences on monetary items transferred to retained lossess

Total of other comprehensive income items after income tax (2)

Total of other comprehinsive income (1+ 2)

126 906 542

2 400 500

( 646 029)

1 754 471

128 661 013

116 692 187

4 579 500

( 775 277)

(50 661 735)

11 398 890

39 262 845

3 804 223

120 496 410

'

NoteNo.

30/6/2018EGP

30/6/2017EGP

COMPREHENSIVE INCOME



Revenue

Direct premiums

Inward reinsurance premiums

Gross premiums

Outward reinsurance premiums

Net premiums

Change in the value for unearned premiums

Provision of unearned premiums at the beginning of the year

Provision of unearned premiums at the end of the year

Earned premiums

Outward reinsurance commissions income

Other operating income

Total revenues

Expenses

Direct claims paid

Inward reinsurance claims paid

Gross claims

Less: outward reinsurance claims paid

Net claims

Change in the value of outstanding claims

Provision for outstanding claims at end of the year

Provision for outstanding claims at beginning of the year

Incurred claims

Change in the value of provision for retrograde fluctuations

Provisions for retrograde fluctuations at end of the year

Provisions for retrograde fluctuations at beginning of the year

Direct commissions expenses

Inward reinsurance commissions expenses

Production costs

Total commissions and production costs

General & administrative expenses

Other operating expenses

Total expenses

Surplus from underwriting activities

Net income from designated investments

Depreciation of designated investment property

Impairment loss for receivable from policy holders

Surplus of Insurance activity

(28)

(19)

(19)

(30)

(27)

(29)

(29)

(19)

(19)

(19)

(19)

(30)

(31)

(32)

(26)

(15)

(25)

948 006 256

23 195 377

971 201 633

(598 007 276)

373 194 357

161 529 966

(205 670 759)

329 053 564

151 960 298

21 631 609

502 645 471

300 376 503

-

300 376 503

(140 037 661)

160 338 842

131 521 824

(102 201 832)

189 658 834

63 542 412

(59 003 219)

4 539 193

55 376 844

301 598

101 401 037

157 079 479

77 561 372

5 087 951

433 926 829

68 718 642

97 249 254

( 30 564)

(10 607 157)

155 330 175

752 292 432

73 349

752 365 781

(444 766 351)

307 599 430

136 975 314

(161 529 966)

283 044 778

120 951 961

13 944 946

417 941 685

217 428 032

-

217 428 032

(67 433 290)

149 994 742

102 201 832

(93 216 931)

158 979 643

59 003 219

(59 003 219)

-

49 290 405

30 073

75 863 449

125 183 927

63 482 939

6 036 497

353 683 006

64 258 679

75 214 862

( 30 564)

(11 016 358)

128 426 620

NoteNo.

2018EGP

2017EGP

STATEMENT OF REVENUES AND EXPENSES OF

PROPERTY AND CASUALTY INSURANCE

gig-Egypt 14

2017 2018ANNUAL REPORT

gig-Egypt

STATEMENTSOF REVENUES

AND EXPENSESFOR THE YEAR ENDED 30 JUNE , 2018

16gig-Egypt



Revenue

Direct premiums


Gross premiums


Net premiums

Change in the value of unearned premiums

Provisions of unearned premiums at beginning of the year

Provisions of unearned premiums at end of the year

Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims


Provision for outstanding claims at the end of the year

Provision for outstanding claims at the beginning of the year

Incurred claims


Provision for retrograde fluctuations at the end of the year

Provision for retrograde fluctuations at the beginning of the yea



Production costs




Total expenses





Surplus from Fire Insurance activity

253 663 395

80 069

253 743 464

(236 763 669)

16 979 795

18 345 266

(18 265 160)

17 059 901

54 054 161

1 564 545

72 678 607

8 626 724

-

8 626 724

(5 896 091)

2 730 633

9 856 645

(5 345 043)

7 242 235

9 438 169

(6 210 463)

3 227 706

14 557 393

33 268

23 971 603

38 562 264

11 726 174

917 189

61 675 568

11 003 039

11 262 355

( 3 582)

( 257 039)

22 004 773

215 760 209

73 349

215 833 558

(198 700 105)

17 133 453

14 117 304

(18 345 266)

12 905 491

42 957 605

1 195 603

57 058 699

22 001 540

-

22 001 540

(17 107 860)

4 893 680

5 345 043

(6 210 463)

4 028 260

6 210 463

(6 210 463)

-

12 166 502

30 073

18 067 621

30 264 196

10 160 029

3 654 527

48 107 012

8 951 687

9 347 423

( 3 864)

(5 650 921)

12 644 325

2018EGP

2017EGP

STATEMENT OF REVENUES

AND EXPENSES OF FIRE INSURANCE

17gig-Egypt


Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims




Incurred claims

Change in the value of provisions for retrograde fluctuations


Provision for retrograde fluctuations at the beginning of the year



Production costs




Total expenses





Surplus from Cargo Insurance activity

58 977 178

-

58 977 178

(49 512 528)

9 464 650

2 613 367

(3 348 178)

8 729 839

12 183 600

811 898

21 725 337

2 476 084

-

2 476 084

(2 032 928)

443 156

2 824 245

(1 992 018)

1 275 383

2 824 245

(2 329 426)

494 819

3 768 978

-

6 818 364

10 587 342

4 913 451

283 201

17 554 196

4 171 141

2 934 035

( 934)

( 439 249)

6 664 993

33 955 012

-

33 955 012

(26 021 568)

7 933 444

1 660 373

(2 613 367)

6 980 450

10 007 506

633 016

17 620 972

15 013 289

-

15 013 289

(12 742 502)

2 270 787

1 992 018

(2 324 451)

1 938 354

2 329 426

(2 329 426)

-

2 545 183

-

4 895 402

7 440 585

3 524 707

1 118 623

14 022 269

3 598 703

2 601 456

( 1 100)

46 462

6 245 521

2018EGP

2017EGP


AND EXPENSES OF CARGO INSURANCE


18gig-Egypt


Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims




Incurred claims






Production costs




Total expenses





Surplus from Inland Insurance activity

22 500 050

-

22 500 050

(11 478 098)

11 021 952

3 648 806

(4 408 781)

10 261 977

5 063 274

563 933

15 889 184

2 799 381

-

2 799 381

(1 799 145)

1 000 236

2 158 319

( 570 710)

2 587 845

2 137 252

(1 473 809)

663 443

2 182 233

-

3 954 284

6 136 517

1 818 268

287 448

11 493 521

4 395 663

2 754 550

( 880)

( 279 757)

6 869 576

17 966 884

-

17 966 884

(9 461 567)

8 505 317

2 962 892

(3 648 806)

7 819 403

4 219 285

445 064

12 483 752

3 586 268

-

3 586 268

(2 527 927)

1 058 341

570 710

(1 078 840)

550 211

1 473 809

(1 473 809)

-

1 736 470

-

3 012 616

4 749 086

1 739 053

497 939

7 536 289

4 947 463

2 172 422

( 915)

( 203 177)

6 915 794

2018EGP

2017EGP


AND EXPENSES OF INLAND INSURANCE

.The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements

19gig-Egypt

Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims




Incurred claims






Production costs




Total expenses





Deficit) surplus from Hull Insurance activity)

3 252 737

-

3 252 737

(2 855 452)

397 285

320 225

( 246 316)

471 194

666 934

77 796

1 215 924

1 495 344

-

1 495 344

(1 096 445)

398 899

322 463

( 86 182)

635 180

203 978

( 203 978)

-

93 511

-

447 063

540 574

288 788

15 034

1 479 576

( 263 652)

243 839

( 83)

( 43 453)

(63 349 )

3 273 842

-

3 273 842

(2 800 047)

473 795

214 444

( 320 225)

368 014

723 817

88 300

1 180 131

1 236 270

-

1 236 270

(1 093 368)

142 902

86 182

( 206 617)

22 467

203 978

( 203 978)

-

78 971

-

401 032

480 003

334 902

55 413

892 785

287 346

292 109

( 139)

( 249 789)

329 527

2018EGP

2017EGP



AND EXPENSES OF HULL INSURANCE

.The accompanying notes from No.(1) to No.(38) from an integral part of these financial statements

20gig-Egypt

Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims

Change in the value of provision for outstanding claims



Incurred claims






Production costs



Other expenses

Total expenses





Surplus from Aviation Insurance activity

11 440 865

-

11 440 865

(11 419 710)

21 155

11 017

( 8 532)

23 640

1 707 740

( 12 230)

1 719 150

-

-

-

-

348 113

( 367 897)

( 19 784)

65 969

( 53 577)

12 392

8 434

-

486 953

495 387

1 000 579

-

1 488 574

230 576

90 876

( 28)

( 196 297)

125 127

4 744 611

-

4 744 611

(4 717 069)

27 542

19 794

( 11 017)

36 319

758 149

18 937

813 405

-

-

-

-

367 897

( 259 502)

108 395

53 577

( 53 577)

-

53 370

-

209 568

262 938

386 031

-

757 364

56 041

77 880

( 31)

78 306

212 196

2018EGP

2017EGP



AND EXPENSES OF AVIATION INSURANCE

Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims




Incurred claims






Production costs




Total expenses





Surplus from Motor complementry Insurance activity

211 031 721

-

211 031 721

(13 785 718)

197 246 003

71 965 041

(84 792 395)

184 418 649

9 813 302

1 868 686

196 100 637

119 504 847

-

119 504 847

-

119 504 847

51 568 813

(44 366 612)

126 707 048

6 579 721

(6 438 888)

140 833

18 012 705

-

21 485 823

39 498 528

20 556 631

-

186 903 040

9 197 597

28 238 325

( 8 744)

(1 803 291)

35 623 887

183 615 816

-

183 615 816

(3 807 123)

179 808 693

63 128 917

(71 965 041)

170 972 569

5 659

1 925 549

172 903 777

117 048 489

-

117 048 489

-

117 048 489

44 366 612

(43 826 717)

117 588 384

6 438 888

(6 438 888)

-

15 980 452

-

19 110 581

35 091 033

18 231 216

-

170 190 633

1 993 144

24 030 980

( 9 545)

(1 563 408)

24 451 171

2018EGP

2017EGP

21gig-Egypt



AND EXPENSES OF MOTOR COMPREHESIVE

Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims




Incurred claims






Production costs




Total expenses





Surplus from Motor Compulsory Insurance activity

51 402 599

-

51 402 599

(25 627 652)

25 774 947

25 482 752

(22 813 700)

28 443 999

9 203 823

1 630 193

39 278 015

24 269 336

-

24 269 336

(11 250 993)

13 018 343

15 316 503

(12 464 612)

15 870 234

14 465 916

(14 465 916)

-

-

-

1 673 033

1 673 033

14 674 587

-

32 217 854

7 060 161

11 159 810

( 3 456)

( 1 896)

18 214 619

56 974 265

-

56 974 265

(25 512 065)

31 462 200

27 547 135

(25 482 752)

33 526 583

10 986 018

2 058 483

46 571 084

21 391 229

-

21 391 229

(9 113 765)

12 277 464

12 464 612

(11 261 782)

13 480 294

14 465 916

(14 465 916)

-

-

-

1 585 053

1 585 053

11 866 639

-

26 931 986

19 639 098

10 754 296

( 4 272)

( 14 171)

30 374 951

2018EGP

2017EGP

22gig-Egypt



AND EXPENSES OF MOTOR COMPULSORY

Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims




Incurred claims






Production costs




Total expenses



Depreciation of designated investment propety


Surplus from Engineering Insurance activity

120 521 565

19 802 706

140 324 271

(115 247 440)

25 076 831

10 283 852

(16 847 311)

18 513 372

28 224 026

1 624 435

48 361 833

97 078 055

-

97 078 055

(89 447 315)

7 630 740

18 347 318

(13 992 571)

11 985 487

7 870 906

(7 870 906)

-

6 296 071

-

16 682 192

22 978 263

7 088 680

3 336 718

45 389 148

2 972 685

19 771 156

( 6 340)

(4 342 830)

18 394 671

96 408 280

-

96 408 280

(74 983 278)

21 425 002

5 943 934

(10 283 852)

17 085 084

22 916 082

501 277

40 502 443

9 256 986

-

9 256 986

(5 465 804)

3 791 182

13 992 571

(6 469 859)

11 313 894

7 870 906

(7 870 906)

-

4 664 811

-

14 160 251

18 825 062

5 973 243

525 798

36 637 997

3 864 446

10 682 917

( 4 499)

(2 314 994)

12 227 870

2018EGP

2017EGP

23gig-Egypt



AND EXPENSES OF ENGINEERING INSURANCE

Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims




Incurred claims






Production costs




Total expenses



Depreciation of designated investment propety


Surplus from General Accident Insurance activity

112 709 285

3 312 602

116 021 887

(70 329 128)

45 692 759

24 692 785

(33 206 119)

37 179 425

18 559 534

3 056 364

58 795 323

15 744 637

-

15 744 637

(12 771 784)

2 972 853

22 521 807

(19 664 940)

5 829 720

19 573 285

(19 573 285)

-

7 666 114

268 330

18 154 489

26 088 933

7 381 505

248 361

39 548 519

19 246 804

15 871 097

( 4 941)

(1 051 127)

34 061 833

90 940 018

-

90 940 018

(58 503 999)

32 436 019

18 592 314

(24 692 785)

26 335 548

13 534 494

2 391 649

42 261 691

13 525 828

-

13 525 828

(9 545 541)

3 980 287

19 664 940

(19 573 285)

4 071 942

19 573 285

(19 573 285)

-

7 210 378

-

11 403 405

18 613 783

6 480 063

184 197

29 349 985

12 911 706

13 316 424

( 5 332)

( 857 560)

25 365 238

2018EGP

2017EGP

24gig-Egypt



AND EXPENSES OF GENERAL ACCIDENT INSURANCE

Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims




Incurred claims






Production costs




Total expenses





Surplus from Medical Insurance activity

63 998 000

-

63 998 000

(23 069 799)

40 928 201

3 765 552

(21 497 955)

23 195 798

7 417 749

9 356 636

39 970 183

28 382 095

-

28 382 095

(15 742 960)

12 639 135

8 257 240

(3 350 887)

17 545 488

93 577

( 93 577)

-

2 536 753

-

4 441 643

6 978 396

6 018 388

-

30 542 272

9 427 911

4 793 862

( 1 536)

(2 134 540)

12 085 697

24 164 216

-

24 164 216

(16 773 509)

7 390 707

2 316 503

(3 765 552)

5 941 658

8 240 046

3 083 085

17 264 789

14 129 938

-

14 129 938

(9 836 523)

4 293 415

3 350 887

(1 716 021)

5 928 281

93 577

( 93 577)

-

1 503 924

-

1 313 120

2 817 044

3 233 562

-

11 978 887

5 285 902

1 761 744

( 797)

( 214 319)

6 832 530

2018EGP

2017EGP

25gig-Egypt



AND EXPENSES OF MEDICAL INSURANCE

Revenue

Direct premiums


Gross premiums


Net premiums




Earned premiums



Total revenues

Expenses

Direct claims paid


Gross claims


Net claims




Incurred claims






Production costs




Total expenses





Surplus from Oil & Gas Insurance activity

38 508 861

-

38 508 861

(37 918 082)

590 779

401 303

( 236 312)

755 770

5 066 155

1 089 353

6 911 278

-

-

-

-

-

358

( 360)

( 2)

289 394

( 289 394)

-

254 652

-

3 285 590

3 540 242

2 094 321

-

5 634 561

1 276 717

129 349

( 40)

( 57 678)

1 348 348

24 489 279

-

24 489 279

(23 486 021)

1 003 258

471 704

( 401 303)

1 073 659

6 603 300

1 603 983

9 280 942

238 195

-

238 195

-

238 195

360

( 289 394)

( 50 839)

289 394

( 289 394)

-

3 350 344

-

1 704 800

5 055 144

1 553 494

-

6 557 799

2 723 143

177 211

( 70)

( 72 787)

2 827 497

2018EGP

2017EGP

26gig-Egypt



AND EXPENSES OF OIL & GAS INSURANCE

Cash flows from operating activitiesNet profit for the year before taxAdjustments to reconcile net profit for the year before tax Depreciation of property, plant& equipmentAmortization of intangible assetsDepreciation of investment propertyTechnical provisionsImpairment on loss for recievable from policy holdersUsedOther Provisions Impairment loss on debtors and other debit balancesImpairment loss on Insurance and reinsurance companies Gain on sale of property, plant& equipmentRevaluation differences of investments held for tradingGain on sale of investments held for tradingGain on sale of investments avilable for sale Held to maturity investments -Amortization of premium Held to maturity investments -Amortization of discount Interest expensesTax on shares coupons Foreign exchange differences Net operating profit before changes in current assets and liabilitiesDecrease in held for trading investmentsIncrease in receivables from policy holders Increase in insurance & reinsurance companies - debit balancesIncrease in debtors & other debit balances Increase in insurance & reinsurance companies - credit balances Increase in creditors and other credit balancesIncome taxes paid Net cash provided from operating activities

Cash flows from investing activitiesDecrease in time deposits at bank (mature more than 3 months)Increase in treasury bills (mature more than 3 months)Payments to acquire held to maturity investmentsProceeds from avilable for sale investmentsPayment for purchase of fixed assetsPayment for purchase of intangible assetsPayment for work in progresse Proceeds from sale of fixed assets

Net cash (used in) investing activities

Cash flows from financing activitiesShort term Loans Payment for Long term Loans Dividends paid

Net Cash flows used in financing activitiesNet change in cash and cash equivalents during the yearCash and cash equivalents at the beginning of the yearCash and cash equivalents at the end of the yearCash and cash equivalents at the end of the year representing as follows:Cash on hand and at banksTime deposits at banksTime deposits at banks (mature more than 3 months) Treasury bills (mature within 3 months) Cash and cash equivalents at the end of the year

(16)(17)(11)(19)(15)

(15)(15)

(26)(26)

(16)(17)(18)

(5)(6)

158 725 098

1 957 141 21 970 30 564

77 999 978 10 607 157 (4 660 037)15 000 000 2 956 244 66 827

( 263 481)( 582 279)

(16 284 157)-

1 152 668 (1 457 187)

646 029 ( 11 100)

-245 905 435 25 454 338

(28 740 737)(18 761 568)(49 543 806)38 955 347 53 897 808

(18 165 273)249 001 544

( 6 143)(40 156 170)

(122 487 585)-

(6 768 380)( 14 000)

(18 232 074) 263 481

(187 400 871)

(6 780 000)(3 000 000)

(26 474 457)

(36 254 457)25 346 216 87 655 355 113 001 571

102 001 571 40 671 088

(29 671 088)-

113 001 571

143 017 677

1 495 147 18 503 30 564

33 539 553 11 016 358

-3 000 000 843 482 772 969

-(3 261 684)

(10 014 109)(4 437 750)

478 789 ( 653 988) 775 277

-(50 661 735)125 959 053 37 902 561

(80 114 718)6 171 817

(49 215 662)118 626 269 27 851 348 (8 967 100)178 213 568

(28 004 183)42 923 448

(280 655 063)6 937 750

(1 076 699)( 46 020)

(22 126 930)-

(282 047 697)

6 780 000 (1 500 000)

(18 317 120)

(13 037 120)(116 871 249)204 526 604 87 655 355

61 981 112 35 684 503

(29 664 945)19 654 685

87 655 355

NoteNo.

2018EGP

2017EGP


27gig-Egypt


STATEMENT OF CASH FLOW

The accompanying notes from (1) to (38) are an integral part of these financial statements.

Balance at 1/7/2016

Transfer to Retained earnings

Transfer to statutory reserves

Transfer to Voluntary reserves

Devidends for the previous year

Free shares dividends

Revaluation differences on monetary items

Amortization for difference between

nominal value and present value for

subordinated loan

Fair Value Reserve for investments

((Available for Sale


Balance at 30/6/2017

Balance at 1/7/2017

Transfer to Retained earnings

Transfer to statutory reserves

Transfer to Voluntary reserves

Devidends for the previous year

Free shares dividends

Amortization for difference between

nominal value and present value for

subordinated loan


((Available for Sale


Balance as at 30/6/2018

175 000 000

-

-

-

-

50 000 000

-

-

-

-

225 000 000

225 000 000

-

-

-

-

33 750 000

-

-

-

258 750 000

14 683 031

-

3 839 837

-

-

-

-

-

-

-

18 522 868

18 522 868

-

4 110 384

-

-

-

-

-

-

22 633 252

43 200 000

-

-

2 500 000

-

-

-

-

-

-

45 700 000

45 700 000

-

-

10 000 000

-

-

-

-

-

55 700 000

2 443 711

-

-

-

-

-

-

( 775 277)

-

-

1 668 434

1 668 434

-

-

-

-

-

( 646 029)

-

-

1 022 405

-

-

-

-

-

-

-

-

4 579 500

-

4 579 500

4 579 500

-

-

-

-

-

-

2 400 500

-

6 980 000

2 843 083

76 796 756

(3 839 837)

(2 500 000)

(18 320 005)

(50 000 000)

(39 262 845)

775 277

-

-

(33 507 571)

(33 507 571)

116 692 187

(4 110 384)

(10 000 000)

(26 475 000)

(33 750 000)

646 029

-

-

9 495 260

76 796 756

(76 796 756)

-

-

-

-

-

-

-

116 692 187

116 692 187

116 692 187

(116 692 187)

-

-

-

-

-

-

126 906 542

126 906 542

314 966 581

-

-

-

(18 320 005)

-

(39 262 845)

-

4 579 500

116 692 187

378 655 418

378 655 418

-

-

-

(26 475 000)

-

-

2 400 500

126 906 542

481 487 459

Paid upcapital

L.ETotalL.E

Statutoryreserve

L.E

Voluntaryreserve

L.E

Fair Value Reserve

for investments

(Available for Sale)

Amortization for difference

between nominal valueand present

value forsubordinated loan

RetainedEarnings (losses)

L.E (losses)

L.E

Net profitfor the year

L.E

28gig-Egypt


STATEMENT OF

CHANGE IN SHAREHOLDER'S EQUITY

L.E


NOTES TO THE FINANCIAL

STATEMENTS

ANNUAL REPORT

gig-Egypt2017 2018

1. COMPANY BACKGROUND

“Arab Misr Insurance Group ’’.

- Fire risk and its related liabilities.- Inland, Marin and Aviation risk and its related liabilities.

- Accident and its related liabilities. - Motor and its related liabilities.- Other insurance activities.

The fiscal year for the company starts at the first of July and ends at the end of June each year.1. The company’s management approved on issuing the financial statements for the financial year ending on June 30th 2018, at September 20th 2018.

2. BASIS OF PREPARATION

- Available for sale- Held to maturity

liabilities – except for held to maturity investments to its fair value.

The Egyptian Accounting Standard (No.1) (amended) presentation of financial statements A new statement was added to the financial statement (Statement of comprehensive income)

The Egyptian Accounting Standard (No.25) Financial Instruments Recognition and presentation of financial Instatements. A new detailed presentation about the information and presentation method of the financial instruments was prepared

The Egyptian Accounting Standard (No.26) Financial Instruments Recognition and MeasurementThe financial instruments presentation of the financial position was associated with the Income Statement and the disclosures related to Financial risk The Egyptian Accounting Standard (No.40) Financial Instruments Disclosures

More disclosures of insurance risks were released The Egyptian Accounting Standard (No.41) - Operational sectors

The Egyptian Accounting Standard (No.45) - Fair Value Measurement

The different levels of the fair value measurement were disclosed..

30gig-Egypt

NOTES TO THE FINANCIAL STATEMENTS

31gig-Egypt

3. SIGNIFICANT ACCOUNTING POLICIES

3.1. Foreign currencies translation

under the caption of other comprehensive income items provided that they must be recorded in the carried forward profits and losses in the same

3.2. Cash and cash equivalents

3.3. Investments A - Treasury bills & other negotiable governmental notes

B- Financial assets at fair value through profit or loss

term of the investment fund certificate shall be valuated at the redemption value ( the price of the certificate) on the date of the financial statements . The valuation differences for each financial period shall be recorded under the item of net income from investments.

C – Financial assets available for sale

income statement.

Investment fund certificates created by the company which must be retained thereby until the end of the term of the fund are valuated at fair value represented in its declared redemption value on the date of the valuation, and the differences are to be recorded in the statement of other

32gig-Egypt

D- . Impairment of Financial Assets Available for SaleIn case of an impairment in the value of financial assets available for sale all accumulated losses recorded in the statement of comprehensive income shall be recorded under the item of net income from investments in the Income Statement or Statement of Revenue and Expenses ,as the

losses in previous fiscal periods, the matter that applies only to the debt instruments.

deemed as continuous if it lasts for nine months most of the time.

The value of the financial asset available for sale shall be deemed as impaired if the source of the financial instrument is exposed to financial

fiscal year, document and approve the credit determinants under which the financial instrument may be deemed as impaired or not ,provided that they

conduct credit studies for each debt instrument separately within the context of approved credit determinants in order to determine the extent of impairment in the finical instrument.

investment separately .

E- Loans and receivables

date or not.

For the impaired loans, their accumulated impairment losses is calculated based on the difference between the book value of the loan or receivables and the present value of the future cash flows expected from these loans or receivables for each loan or indebtedness separately.

revenues and expenses unless after the collection of the principal amount of the loan or receivables in full . F- Financial Investments held to maturity

Expenses as the case may be.The same treatment is used for bonds purchased from the stock market for values that are more or less than the

33gig-Egypt

The investment certificates are valuated at the certificate redemption value and the differences are recorded under the item of net income from investments in the Income Statement or Statement of revenues and expenses, as case may be.

G- Investment properties

market value of these investments lower than their book value, the impairment losses are to be deducted for each separate investment and

3.4. Receivables from policyholders

book value of these accounts net of allowance for impairment loss of receivables.

previously written off are added.3.5. Insurance and Reinsurance Companies (Debit Balances)

allowance for impairment loss of receivables from insurance & reinsurance companies.

proceeds from the debts previously written off are added.3.6. Debtors and Other Debit Balances

loss of receivable from debtors and other debit balances. 3.7. Accumulated Impairment in Debts

balances which is calculated for the impaired balances based on the difference between the book value of the debtor and the present value of the future expected cash flows from these balances with respect to each debtor separately .

statement of financial position at their net value less the accumulated debt impairment balance. 3.8. Property, plant and equipment

Other assets 3 years

In case reconsideration is made to the useful lives of fixed assets at the end of each fiscal year, the related accumulated depreciation of these

3.9. Intangible assets

The asset statement Estimated useful life

34gig-Egypt

3.10. Non-current assets held for Sale

purposes are valuated based on the book value or the fair value less the cost of sale whichever is lower for each separate asset . The losses

3.11. Impairment of non-financial assets

3.12. Projects under construction

3.13. Subordinated Loans

3.14. Technical Provisions

a- Provision for unearned premiums

and still valid after that date. This provision is calculated in conformity with the assessment basis stated in the Insurance sector manual of

not reported till the financial position date.

3.15. Insurance and Reinsurance Companies (Credit Balances)

date of the Financial Statements. 3.16. Other provisions

3.17. Revenue recognition

to the period related to this interest.

3.18. Net income from investments

3.19. Allocation of General and Administrative Expenses

35gig-Egypt

3.20. Production costsProduction costs are allocated between the insurance branches in accordance to the ratio of the direct commissions of every insurance branch to

3.21. Segment reports

3.22. Basis of fair value measurementThe financial instruments are initially measured at fair value. In case of any difference between the instrument fair value and the consideration paid

The following table shows the analysis of the registered items at fair value according to the level of the fair value hierarchy measurement:

3.23. Employee’s benefits

contribution, which is recorded in t the statement of revenues and expenses in accordance with accrual basis. 3.24. Income Taxes

Level 1L.E

Level 2L.E

Level 3L.E TotalAs at 30 June 2018

As at 30 June 2017


Financial assets available -for-sale

Treasury bills

Financial Investments held to maturity

11 252 430

-

-

-

11 252 430

6 807 797

9 480 000

306 945 038

494 536 820

817 769 655

-

87 700

-

-

87 700

18 060 227

9 567 700

306 945 038

494 536 520

829 109 785


Financial Assets Available for sale

Treasury bills

Financial Investments held till maturity

20 645 560

-

-

-

20 645 560

6 002 569

7 079 500

286 443 551

365 007 041

664 532 661

-

87 700

-

-

87 700

26 648 129

7 167 200

286 443 551

365 007 041

685 265 921

36gig-Egypt

decreased.3.25. Contingent liabilities and commitments

3.26. Cash flow statement

3.27. Borrowing costs

4. The financial instruments and the management of the relative risks

4.1. the Financial instrumentsThe financial instruments of the company consist of financial assets and liabilities. The financial assets include cash balances, current accounts,

off the financial position.

4.2. The management of the financial instruments risksa- Credit risk

Credit risk arises from financial investments and other activities carried out by the company.

follow up processes.

2018/6/30L.E

2017/6/30L.E

Cash at the banks


Receivables from policyholders

Insurance and re-insurance companies


102 001 571

40 671 088

155 386 655

31 727 710

54 818 326

61 981 112

35 684 503

132 593 038

13 032 969

34 005 225

LRisks of credit concentration as part of the assets of the company that are considered subject to credit risks are listed below:

37gig-Egypt

- Interest rate risk

whose risk is expected to be at its minimum level.

-

13.75%

16.5%

-

15.50%

-

-

-

-

-

10.75%

-

-

cash at banks


Treasury bills

Financial assets at fair value through profits and losses


Financial investments available-for-sale

Receivables from policy holders



Total Financial assets

Outstanding claims

Loans

Creditor Insurance and reinsurance companies


Total financial liabilities

102 001 571

40 671 088

306 945 038

18 060 227

508 812 756

9 567 700

155 386 655

31 727 710

54 818 726

1 227 991 471

131 521 824

9 477 595

285 310 477

48 408 171

474 718 067

102 001 571

40 671 088

306 945 038

18 060 227

494 536 820

9 567 700

155 386 655

31 727 710

54 818 726

1 213 715 535

131 521 824

9 477 595

285 310 477

48 408 171

474 718 067

-

13.25%

16.11%

-

14.42%

-

-

-

-

-

-

-

cash at banks


Treasury bills

Financial assets at fair value through profits and losses


Financial investments available-for-sale




Total Financial assets

Outstanding claims

Loans

Creditor Insurance and re-insurance companies



61 981 112

35 684 503

286 443 551

26 648 129

386 020 652

7 167 200

132 593 038

13 032 969

34 005 225

983 576 379

102 201 832

18 611 566

246 355 130

40 092 830

61 981 112

35 684 503

286 443 551

26 648 129

365 041 007

7 167 200

132 593 038

13 032 969

34 005 225

962 562 734

102 201 832

18 611 566

246 355 130

40 092 830

30/6/2018

Average interestrates

Total bookvalue

FairValue

30/06/2017

Average interestrates

Total bookvalue

FairValue

The following table comprises a classification of all the financial assets and liabilities at fair value:

-

407 261 358 407 261 358

38gig-Egypt

Fair value sensitivity analysis for financial assets classified at fair value through profits and losses

-Assets and liabilities of monetary nature and denominated in foreign currencies on the date of the Financial Position reached the

amounts sated in the following table:

- Other rates risks

of policyholders.

The variation

L.E -/+10% -/+ 1 119 152

The impact on profits

Cash at bank balances


Treasury bills

Financial assets at the fair value through profits and losses


Financial investments available for sale



Debtors & other debits balances

Total of financial assets

Outstanding claims

Loans

Credit balances for insurance and reinsurance companies

Creditors & other creditors balances

Total of financial Liabilities

Arab Republic of Egypt

30 899 594

40 671 088

306 945 038

18 060 227

508 812 756

9 480 000

83 987 379

122 699 793

9 477 595

68 225 960

40 607 197

241 010 545

18 060 227

18 060 227

26 648 129

26 648 129

4 739 262

-

214 737 070

7 060 302

226 536 634

851580

-

1 832 286

612 217

3 296 083

3 231 189

-

515 161

128 458

3 874 808

131 521 822

9 477 595

285 310 477

48 408 174

474 718 070

57 610 782

-

-

-

87 700

63 946 516

18 107 613

317 952

140 070 563

12 770 329

-

-

-

-

6 436 245

748 461

-

19 955 035

720 866

-

-

-

-

1 016 515

-

-

1 737 381

102 001 571

40 671 088

306 945 038

18 060 227

508 812 756

9 567 700

155 386 655

EgyptianPound US Dollar Euro The total

Othercurrencies

2018/6/30L.E

2017/6/30L.E

12 871 636

54 500 775

1 066 228 493

- - -

31 727 710

54 818 726

1 227 991 472

39gig-Egypt

4.3 The control framework for risk management

Insurance risks Insurance Contracts Risks refers to the possibility of the occurrence of the insured incident that results in a financial claim based on the insurance

the amount of the claim recorded.

In order to limit the insurance risks, the company develops subscription and retention policies and limits of authorities in addition to the subscription

such instructions are periodically reviewed, market developments are strictly observed and necessary actions are taken to be reflected in the

for the purpose of reinsurance.

The compensation evolutionThe increase in the total insurance compensations provides a standard to measure the capacity of the company to estimate the ultimate value of

Financial assets

Financial obligations

Cash at bank balances


Treasury bills

Financial assets at the fair value

through profits and losses


Financial investments available for sale



Debtors & other debits balances

Total financial assets

102 001 571

40 671 088

306 945 038

18 060 227

-

-

139 847 990

21 403 551

54 818 726

683 747 972

-

-

-

-

508 812 756

9 567 700

15 538 665

10 324 159

-

544 243 280

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

102 001 571

40 671 088

306 945 038

18 060 227

508 812 756

9 567 700

155 386 655

31 727 710

54 818 726

1 227 991 471

Outstanding claims

Loans

Credit balances for insurance and reinsurance companies

Creditors & other creditors balances


78 913 095

3 000 000

10 661 095

48 408 174

236 982 364

52 608 729

6 477 595

178 649 382

-

237 735 706

-

-

-

-

-

-

-

-

-

-

131 521 824

9 477 595

285 310 477

48 408 174

474 718 070

1 Year 1-5 yearsMore than

5 yearsWithout

a due date Total

40gig-Egypt

The risks of the reinsurance activity

situation of reinsurance companies that deal therewith and periodically monitors the insurance risks concentration.

The risks of the reinsurance activity

The claims under settlement recoverable from re-insurers for the sectors

Subscription years

The geographical area

Local

Middle East

Europe

1 440 479

21 218 141

9 220

22 667 840

2 008 010

-

2 210 932

4 218 942

2018/6/30L.E

2017/6/30L.E

The geographical area

Fire

Cargo

Inland

Hull

Aviation

Accidents

Engineering

Motor compulsory

Motor complementary

Medical

25 402 522

4 770 864

2 262 109

746 594

10 900 197

37 870 741

69 439 855

13 857 420

1 567

4 422 275

169 674 144

11 660 121

4 242 636

1 244 818

2 392 489

11 414 718

18 174 082

112 312 769

8 315 668

1 575

7 098 090

176 856 966

2018/6/30L.E

2017/6/30L.E

One year

One year later

Two years later

Three years later

4years later

5years later

Estimation of the financial claimsat the end of each yearly report

82 271 037

20 599 498

13 117 031

4 664 913

3 529 449

7 339 898

-

65 907 467

14 161 485

8 907 546

4 924 835

2 961 812

96 863 145

-

-

56 945 781

14 579 290

6 623 253

4 267 540

82 415 864

-

-

-

42 435 362

17 458 069

4 604 011

64 497 442

-

-

51 195 701

12 744 170

63 939 871

-

-

-

-

-

48 205 526

48 205 526

82 271 037

86 506 965

84 224 297

70 587 111

83 731 307

80 122 957

487 443 672

2018 2017 2016 2015 2014 2013 TheTotal

:

131 521 824

-

-

41gig-Egypt

2018/6/30L.E

2017/6/30L.E

6. Time Deposits at Banks

Deposits at local banks (designated)

Deposits at local banks (undesignated

Time deposits at banks ( mature less than 3 months)

Time deposits at banks (mature within more than 3 monthes)

Current accounts at banks

2018/6/30L.E

2017/6/30L.E

5. Cash on hand and at Banks

Treasury bills (mature less than 90 days)

Treasury bills (mature more than 90days

Total

Less:

Unearned revenue

2018/6/30L.E

2017/6/30L.E

7. Treasury bills

-

324 000 000

324 000 000

(17 054 962)

306 945 038

20 000 000

286 000 000

306 000 000

(19 556 449)

286 443 551

11 000 000

29 671 088

40 671 088

6 019 558

29 664 945

35 684 503

11 000 000

29 671 088

40 671 088

1 500 000

34 184 503

35 684 503

102 001 571

102 001 571

61 981 112

61 981 112

Local shares (listed)

Portfolios managed by others

2018/6/30L.E

2017/6/30L.E

8- Financial assets at fair value through profit or loss

11 252 430

6 807 797

18 060 227

20 645 560

6 002 569

26 648 129

)

)

42gig-Egypt

Arab Insurance Institute - Not Listed

Arab Misr Insurance Group Investment Fund

30/6/2018L.E

30/6/2017L.E

9 -Available for sale investments

87 700

9 480 000

9 567 700

87 700

7 079 500

7 167 200

Suez Canal Certificates mature in 2019 (designated

Treasury bonds mature in July 2021

Treasury bonds mature in Feb. 2022

Treasury bonds mature in April 2022

Treasury bonds mature in August 2022

Group B Investment Certificates to be mature in 2020

Group B Investment Certificates to be mature in 2021

Housing Bonds

30/6/2018L.E

30/6/2017L.E

10. Held to maturity investments

5 000 000

78 776 667

147 555 340

55 184 062

47 018 707

-

175 000 000

277 980

508 812 756

5 000 000

79 135 534

146 098 153

55 554 105

-

70 000 000

30 000 000

232 860

386 020 652

Rented Building (designated

Less: - Accumulated Depreciation

30/6/2018L.E

30/6/2017L.E

11 -Investment property

1 697 954

(486 093)

1 211 861

1 697 954

(455 529)

1 242 425

Accumulated depreciation at the beginning of the year

Depreciation

Accumulated depreciation at the end of the year

(455 529)

(30 564)

(486 093)

(424 965)

(30 564)

(455 529 )

)

The fair market value for treasury bonds amounted to 314 258 840 as at June 30, 2018 Part of group B investment certificates of Ahli Bank has been replaced according the financial supervisory Authority approval by re investment in group B certificates with a higher yield and in the same amount and in the same designated, it is not reclassed except written notification from financial supervisory Authority.

- -

)

43gig-Egypt

Premiums under collection

Post dated cheques

Returned cheques

Current accounts for policy holders (debts)

Less :

Impairment loss for policy holders (note 15

30/6/2018L.E

30/6/2017L.E

12- Receivables from policyholders

120 041 047

58 688 764

4 734 394

3 025 674

186 489 879

(31 103 224)

155 386 655

89 034 029

59 000 944

7 629 055

2 085 114

157 749 142

(25 156 104)

132 593 038

30/6/2018L.E

30/6/2017L.E

13. Insurance and reinsurance companies

1 440 479

21 227 361

10 324 159

32 991 999

(1 264 289)

31 727 710

2 008 010

2 210 932

10 011 489

14 230 431

(1 197 462)

13 032 969

Local companies

Foreign companies

Reserves retained by reinsurers companies

Less:

Impairment losses (Note 15)

30/6/2018L.E

30/6/2017L.E

14. Debtors and other debit balances

37 636 417

24 979 056

1 886 554

5 634 923

4 647 830

686 943

6 475 862

8 406 927

16 897 875

107 153 388

(7 824 987)

99 328 373

25 214 646

14 473 290

1 437 883

4 294 111

4 262 320

571 196

9 725 249

2 054 284

7 356 137

69 389 116

(4 868 743)

64 520 373

Egyptian life Takaful Company

Investment income and accrued interests

Current account for agents

Deposits with third parties

Advance Payments

Advance to employees

With holding tax on treasury bills

With holding treasury bonds

Other debtors

Less:

Impairment losses (note 15)

)

44gig-Egypt

Balance at the beginning of the year

Impairment charges

Used

Balance at the end of the year

4 868 743

2 956 244

7 824 987

-

7 824 987

25 156 104

10 607 157

35 763 261

(4 660 037)

31 103 224

1 197 462

66 827

1 264 289

-

1 264 289

31 222 309

13 630 228

44 852 537

(4 660 037)

40 192 500

424 493

772 969

1 197 462

-

1 197 462

14 139 746

11 016 358

25 156 104

-

25 156 104

4 025 261

843 482

4 868 743

-

4 868 743

18 589 500

12 632 809

31 222 309

-

31 222 309

15- Impairment losses for the Insurance operation debtors, debtors and other debit balances

16. Fixed assets

Description

2018/6/30L.E

2017/6/30L.E

17- Intangible assets

2 812 698

14 000

2 826 698

(2 733 948)

(21 970)

(2 755 918)

70 780

2 766 678

46 020

2 812 698

(2 715 445)

(18 503)

(2 733 948)

78 750

30/6/2018

Insurance and

reinsurance

companies

L.E

30/6/2018Receivables

frompolicyholders

L.E

30/6/2018

Debtors

and other

debit balances

L.E

30/6/2017

Insurance and

reinsurance

companies

L.E

30/6/2017

Receivables

from

policyholders

L.E

30/6/2017

Debtors

and other

debit balances

L.E

Cost at 1/7/2017

Additions

Disposals

Balance as of 30/06/2018

Accumulated depreciation as of 1/7/2017

Depreciation

Disposals


Netbook value as of 30/06/2018

Netbook value as of 30/06/2017

15 010 000

-

-

15 010 000

-

-

-

-

15 010 000

15 010 000

24 705 791

-

-

24 705 791

(5 933 130)

(467 840)

-

(6 400 970)

18 304 821

18 772 661

6 029 914

210 133

(32 741)

6 207 306

(4 680 661)

(341 723)

32 741

(4 989 643)

1 217 663

1 349 253

3 305 940

1 145 677

-

4 451 617

(2 750 451)

(302 644)

-

(3 053 095)

1 398 522

555 489

3 694 946

5 061 000

(188 750)

8 567 196

(3 001 763)

(703 287)

188 750

(3 516 300)

5 050 896

693 183

2 391 647

351 570

-

2 743 217

(2 310 751)

(141 647)

-

(2 452 398)

290 819

80 894

55 138 238

6 768 380

(221 491)

61 685 127

(18 676 756)

(1 957 141)

221 491

(20 412 406)

41 272 721

36 461 480

Land

L.E

Buildings

L.E

Furniture andoffice

equipmentL.E

Computers

L.E

transportation Otherassets

L.E

Total

L.E

Cost as of 1/7/2018

Addition

Balance as of 30/06/2017

Accumulated depreciation as 0f 1/7/2017

Depreciation


Total Total

L.E

45gig-Egypt

The balance of Insurance and Reinsurance Companies (credit balances) includes an amount of

18- Projects under constructions

30/6/2018L.E

30/6/2017L.E

9 759 633

144 768 495

130 782 349

285 310 477

4 072 096

167 726 889

74 556 145

246 355 130

Administrative building fifth settlement 40 434 415

40 434 415

18 232 074

18 232 074

58 666 489

58 666 489

Balance atthe beginning

of the yearL.E

Additionsduring the

year

Balance atthe end ofthe year

L.E

19 – Technical provisions

20- Insurance and reinsurance companies – (Credit balances)

Provision for unearned premiums

Provision for outstanding

Provision for retrograde fluctuations

Total Policy holders rights

161 529 966

102 201 832

59 003 219

322 735 017

44 140 793

29 319 992

4 539 193

77 999 978

205 670 759

131 521 824

63 542 412

400 734 995


of the yearL.E

Made duringthe year

L.E


L.E

Local companies

Foreign companies

Reserves retained from reinsurers companies

30/6/2018L.E

30/6/2017L.E

18 358 239

169 889

23 143

21 771 094

91 128 709

2 859 272

2 148 769

26 433 709

10 339

162 903 163

18 594 149

169 889

23 143

12 293 231

46 046 208

2 811 303

1 460 317

27 596 771

9 796

109 004 807

21- Creditors and other credit balances

Accrued expenses and commissions dues

Deposits to third parties

Deposits to contractors

Current accounts of agents

Stamp duty tax

Salary tax

Other taxes

creditors

Dividends payable

L.E

46gig-Egypt

22 - Subordinated loan

reserve.

24Shareholders' equity

30/6/2018L.E

30/6/2017L.E

11 831 566

646 029

(3 000 000)

9 477 595

12 556 289

775 277

(1 500 000)

11 831 566

Balance at the beginning of the year

Cost of finance

Payment of subordinated loan

Provisionfor contingencies 6 000 000

6 000 000

15 000 000

15 000 000

21 000 000

21 000 000


of the yearL.E

Providedduring the year

L.E


23- Provisions

47gig-Egypt

30/6/2018L.E

30/6/2017L.E

22 004 773

6 664 993

6 869 576

(63 349)

125 127

35 623 887

18 214 619

18 394 671

34 061 833

12 085 697

1 348 348

155 330 175

12 644 325

6 245 521

6 915 794

329 527

212 196

24 451 171

30 374 951

12 227 870

25 365 238

6 832 530

2 827 497

128 426 620

26- Net investment income

Financial Investments

Undesignated investments Designated investment

Fire

Cargo

In land

Hull

Aviation

Motor complementary

Compulsory motor

Engineering

Accidents

Medical

Oil and gas

Surplus

30/6/2018

L.E

30/6/2017

L.E

30/6/2018

L.E

30/6/2017

L.E

Interest on time deposits

Interest on current accounts

Treasury bills income

Gain on sale of financial assets at fair value through

profit or loss

Equity dividends

Net changes in fair value for financial assets fair value

through profit or loss

Net profit from investment portfolios

Net profit from available for sale investments

Fund management fees

Interest on Suez Canal Investment Certificates

Interest on Group B Investment Certificate

Dividend on Treasury Bonds

Dividend on housing bond

Amortization premium

Amortization discount

Financial investment expenses

Investment property returns

Interests paid on reserves retained by reinsurers

Net income from investments

Indirect investment expenses 10%

Net income from investments

3 567 435

2 502 014

277 270

16 284 157

111 000

582 279

690 348

-

392 852

-

-

-

14 138

-

-

175 121)

-

-

24 246 372

(393 899)

23 852 473

2 225 646

1 359 550

-

10 014 109

55 500

3 261 684

606 171

4 437 750

143 439

-

-

-

-

-

-

(2 040)

-

-

22 101 809

( 461 241)

21 640 568

906 541

-

44 711 607

-

-

-

-

-

-

775 000

8 561 361

48 379 436

-

(529 964)

754 663

(4 763)

817 126

( 1 459 306)

102 911 701

(5 662 447)

97 249 254

154 774

-

44 106 765

-

-

-

-

-

-

714 418

12 750 000

22 864 935

-

(478 789)

653 988

(29 347)

782 397

(1 732 576)

79 777 565

(4 562 703)

75 214 862

25- Surplus (Deficit) of the insurance activity

Property and liability insurance

(

48gig-Egypt

28- Premiums for property and liability insurance

Insurance branches

27- Other income

Undesignated designated

Directpremiums

Grosspremiums

NetPremiums

Outward reinsurancepremiums

Reinsurance premiumsreceived

Issuing fees

Credit interests

Gain on fixed assets

Other income

Fire

Cargo

Inland

Hull

Aviation

Motor Complementary

Motor compulsory

Engineering

Oil and Gas

Accident

Medical

Total

-

-

236 481

500

263 981

253 663 395

58 977 178

22 500 050

3 252 737

11 440 865

211 031 721

51 402 599

120 521 565

38 508 861

112 709 285

63 998 000

948 006 256

80 069

-

-

-

-

-

-

-

-

-

-

80 069

253 743 464

58 977 178

22 500 050

3 252 737

11 440 865

211 031 721

51 402 599

140 324 271

38 508 861

116 021 887

63 998 000

971 201 633

25 462

165 393

-

81 159

-

-

-

(2 149 814)

-

6 929 412

-

5 051 612

23 6738 207

49 347 135

11 478 098

2 774 293

11 419 710

13 785 718

25 627 652

117 397 254

37 918 082

63 399 716

23 069 799

592 955 664

16 979 795

9 464 650

11 021 952

397 285

21 155

197 246 003

25 774 947

25 076 831

590 779

45 692 759

40 928 201

373 194 357

-

-

-

-

-

-

-

19 802 706

-

3 312 602

-

23 115 308

Fire

cargo

Inland

Hull

Aviation

Motor Complementary

Motor Compulsory

Engineering

Oil and Gas

Accidents

Medical

Total

215 760 209

33 955 012

17 966 884

3 273 842

4 744 611

183 615 816

56 974 265

96 408 280

24 489 279

90 940 018

24 164 216

752 292 432

215 833 558

33 955 012

17 986 884

32 732 842

4 744 611

183 615 816

56 974 265

96 408 280

24 489 279

90 940 018

24 164 216

752 365 781

93 418

157 267

-

199 670

-

-

-

(519 772)

-

4 612 423

-

4 543 006

198 606 687

25 864 301

9 461 567

2 600 378

4 717 068

3 807 123

25 512 065

75 503 050

23 486 021

53 891 576

16 773 509

440 223 345

17 133 453

7 933 444

8 505 317

473 794

27 543

179 808 693

31 462 200

21 425 002

1 003 258

32 436 019

7 390 707

307 599 430

-

-

-

-

-

-

-

-

-

-

-

-

73 349

-

-

-

-

-

-

-

-

-

-

73 349

-

-

-

8 100

8 100

20 540 466

1 091 143

-

-

21 631 609

13 022 388

922 558

-

8 -

13 944 946

30/6/2018L.E

30/6/2017L.E

30/6/2018L.E

30/6/2017L.E

30/6/2018

30/6/2017

L.E L.E L.ELocalL.E

ForeignL.E

LocalL.E

ForeignL.E

49gig-Egypt

29-Claims for property and liability insurance

Insurance branches

DirectCommission

ExpensesTotal

ClaimsNet

ClaimsOutward reinsurance

Claims paidInward reinsurance commission

Expenses

Fire

Cargo

Inland

Hull

Aviation

Motor Complementary

Motor Compulsory

Engineering

Oil and Gas

Accident

Medical

Total

8 626 724

2 476 084

2 799 381

1 495 344

-

119 504 847

24 269 336

97 078 055

-

15 744 637

28 382 095

300 376 503

8 626 724

2 476 084

2 799 381

1 495 344

-

119 504 847

24 269 336

97 078 055

-

15 744 637

28 382 095

300 376 503

1 707

-

-

103 745

-

-

-

58 547

-

8 118

-

172 117

5 894 384

2 032 928

1 799 145

992 700

-

-

1 1250 993

89 388 867

-

12 763 666

15 742 960

139 865 544

2 730 633

443 156

1 000 236

398 899

-

119 504 847

13 018 343

7 630 641

-

2 972 853

12 639 135

160 338 842

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fire

Cargo

Inland

Hull

Aviation

Motor Complementary

Motor Compulsory

Engineering

Oil and Gas

Accident

Medical

Total

222 001 540

12 013 289

3 586 268

1 236 270

-

117 048 489

21 391 229

9 256 986

238 195

13 525 828

14 129 938

217 428 032

22 001 540

15 013 289

3 586 268

1 236 270

-

117 048 489

21 391 229

9 256 986

238 195

13 525 828

14 129 938

217 428 032

(10 266)

-

-

220 215

-

-

-

-

-

-

-

209 949

17 118 126

12 742 502

2 527 927

873 153

-

-

9 113 765

5 465 804

-

9 545 541

9 836 523

67 223 341

4 893 680

2 270 787

1 058 341

142 902

-

117 048 489

12 277 464

3 791 182

238 195

3 980 287

4 293 415

149 994 742

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30/6/2018

30/6/2017

L.E L.E L.ELocalL.E

ForeignL.E

LocalL.E

ForeignL.E

50gig-Egypt

30/6/2018L.E

30/6/2017L.E

31-Production costs

570 429

47 936 885

372 227

3 313 323

19 014 815

14 499 013

13 235 295

3 023 776

1 671 089

103 636 853

(2 235 816)

101 401 037

477 657

38 105 617

290 963

3 527 103

9 871 005

12 371 138

10 447 926

1 832 500

1 110 250

78 034 159

(2 170 710)

75 863 449

Inward reinsurance commissions expense Outward reinsurance commissions income

Fire

Cargo

Inland

Hull

Aviation

Motor comprehensive

Motor compulsory

Engineering

Oil and Gas

Accident

Medical

Total

33 268

-

-

-

-

-

-

-

-

268 330

-

301 598

33 268

-

-

-

-

-

-

-

-

268 330

-

301 598

4 577

59 941

-

11 207

-

-

-

(1 880 245)

-

1 239 001

-

(565 519)

54 049 585

12 123 659

5 063 274

655 728

1 707 740

9 813 302

9 203 823

30 104 271

5 066 155

17 320 532

7 417 748

152 525 817

54 054 162

12 183 600

5 063 274

666 935

1 707 740

9 813 302

9 203 823

28 224 026

5 066 155

18 559 533

7 417 748

151 960 298

-

-

-

-

-

-

-

-

-

-

-

-

Fire

Cargo

Inland

Hull

Aviation

Motor Complementary

Motor compulsory

Engineering

Oil and Gas

Accident

Medical

Total

21 160

29 952

-

128 029

-

-

-

(98 728)

-

1 161 009

-

1 241 422

42 936 444

9 977 553

4 219 286

595 788

758 149

5 659

10 986 018

23 014 810

6 603 301

12 373 485

8 240 046

119 710 539

42 957 604

10 007 505

4 219 286

723 817

758 149

5 659

10 986 018

22 916 082

6 603 301

13 534 494

8 240 046

120 951 961

-

-

-

-

-

-

-

-

-

-

-

-

30 073

-

-

-

-

-

-

-

-

-

30 073

30 073

-

-

-

-

-

-

-

-

-

-

30 073

30- Reinsurance commissions

Insurance branches

30/6/2018

30/6/2017

LocalL.E

ForeignL.E

TotalL.E

LocalL.E

ForeignL.E

TotalL.E

Wages and salaries

The share of the company in the relative stamp tax

Inspection fees

Advertising

Production service expenses

The annual incentive

Collection expenses

Bonus

Miscellaneous expenses

Less

of indirect production costs (transferred 50%

(to general and administrative expenses

51gig-Egypt

30/6/2018L.E

30/6/2017L.E

32- General and administrative expenses

52 115 730

29 266 172

81 381 902

2 235 816

(6 056 346)

77 561 372

43 259 877

23 076 296

66 336 173

2 170 710

(5 023 944)

63 482 939

Wages and salaries

Miscellaneous expenses

Add:

50% of indirect production costs (converted from production costs)

Less:

10%of indirect overhead expenses (converted to investment expenses )

30/6/2018L.E

30/6/2017L.E

33- Earning Per Share

116 692 187

(9 000 000)

(600 000)

107 092 187

2 480 240

43.18

Net profit of the year

Less:

Distributions of employees (proposed)

Board of directors remuneration (proposed)

Equity of the Shareholders of net profit for the year

Weighted average for the number of shares

Earnings per share

126 906 542

(12 750 000)

(840 000)

113 316 542

2 480 240

45.69

30/6/2018L.E

30/6/2017L.E

34 - Adjustment of the effective income tax rate

143 017 677

22.5 %

32 178 977

(189 556 )

3 517 382

( 5 556 447)

(3 624 866)

26 325 490

18.41 %

Net profit before income tax

applicable tax rate

Income tax computed based on applicable tax rate

Depreciation and amortization

Impairment and provisions

Amounts subject to taxation

Deferred tax

Income tax

Actual tax rate

158 725 099

22.5 %

35 713 147

(441 518)

5 393 293

( 3 656 833)

(5 189 533)

31 818 556

20.46 %

52gig-Egypt

36- The tax position

The tax returns were delivered and taxes due for those years based on the returns were paid.

,

37- Related parties transactions

represented in the financial statements are as follows

30/6/2018L.E

30/6/2017L.E

A. Insurance and reinsurance companies - Credit balances

Gulf Insurance & Reinsurance Company

Arab Orient Insurance Company in Jordan

GIG Turkey

B- Loans

Subordinated loan from Gulf Insurance Group

Short term loan from Gulf Insurance Group

C- Other credit balances

Gulf insurance Group

D- Other receivables

Egyptian Takaful Insurance Company

Bahraini Kuwait Insurance Company

AL Shark Alaraby Insurance Company

AL Borg Insurance Company

Sagorta gig turkey

Gulf Insurance Group

30/6/2018L.E

30/6/2017L.E

35- Deferred tax assets

1 117 937

6 481 320

11 398 890

18 998 147

Depreciation differences for fixed assets and investment properties

Provision differences

Differences in revaluation of monetary assets and liabilities of denominated in foreign

currencies – comprehensive income

statement

914 177

11 874 613

-

16 350 634

306 637

121 644

9 477 595

-

-

37 636 417

222 571

222 571

158 979

127 183

83 310 694

304 853

-

13500 000

6 780 000

249 164

25 214 646

-

-

-

-

-

12 788 790

348 370

38. TranslationThese financial statements are a translation into English from original Arabic statements. The original

Arabic statements are the official financial statements


COMPANYBACKGROUND

gig-Egypt2017 2018

1 COMPANY BACKGROUND

54gig-Egypt

Description 2015 2016 2017 2018 DevelopmentRatio

431 911

204 510

230 297

100 395

49%

80 656

19%

40 040

9%

265

522 655

256 578

204%

279 435

73 590

26%

536 704

244 711

179 026

133 576

55%

95 616

18%

50 700

9%

273

608 125

289 195

210%

314 391

76 797

24%

752 365

283 045

217 427

158 979

56%

125 182

17%

63 483

8%

279

743 206

322 739

230%

378 655

116 697

31%

971 201

329 053

300 377

189 659

58%

157 080

16%

77 561

8%

285

885 269

400 735

221%

481 488

126 906

26%

125%

61%

30%

89%

95%

94%

8%

69%

56%

72%

72%

Gross Premium

Earned Premium

Gross Claims

Incurred Claims

Losses Ratio

Total Acquisition Costs

Total Acquisition Costs Ratio

General & Administrative Expense

General & Administrative Expense Ratio

Number of Employees

Total Investments

Policy Holders' Rights

Total Investments/Policy Holders' Rights

Total Shareholders' Equity

Net Profit for the Year

Net Shareholders' Equity Ratio

Gross Premium

Total Acquisition Costs Ratio Total Investments

Total Shareholders' Equity

Total claims paid General & Administrative Expense Ratio

Policy Holders' Rights

1000 000

800 000

200 000

%18%18

% 18

1000 000

800 000

200 000

100 000 200 000 300 000

2018

2018

300 000

200 000

100 000

%8%8

300 000

200 000

100 000

%10%10

%8%8

2 GROSS PREMIUMS

55gig-Egypt

Description

71 521

32 542

14 474

2 924

4678

134 053

51 357

52 638

47 289

17 504

2 931

431 911

93 613

29 326

17 153

2 468

4781

164 121

55 863

73 048

58 894

20 199

17 238

536 704

215 833

33 955

17 967

3 274

4745

183 616

56 974

96 408

90 940

24 489

24 164

752 365

253 744

58 977

22 500

3 253

11441

211 032

51 403

140 324

116 022

38 509

63 998

971 203

Fire

Marine

Inland

Hull

Aviation

Motor comprehensive

Motor Act

Engineering

Miscellaneous

Oil & Gas

Medical

Total

Gross premiums

17%

8%

3%

1%

1%

31%

12%

12%

11%

4%

1%

100%

17%

5%

3%

0%

1%

31%

10%

14%

11%

4%

3%

100%

29%

5%

2%

0%

1%

24%

8%

13%

12%

3%

3%

100%

26%

6%

2%

0%

1%

22%

5%

14%

12%

4%

7%

100%

255%

81%

55%

11%

145%

57%

0%

167%

145%

120%

2083%

125%

2015

Value % Value % Value % Value % %

2016 2017 2018 DevelopmentRatio

FireMarinelnlandHullAviationMotorComprehensive

Motor ActMiscellaneous

2018

300 000

200 000

100 000

0

29. Premiums of property and casualty insurance

Gross Claims paid

3 GROSS CLAIMS PAID

Description

18 340

5 854

5 294

221

79 815

12 021

14 950

15 167

78 391

244

230 297

11 355

9 536

4 557

4 575

108 305

16 401

3 837

16 133

384

3 943

179 026

22 002

15 013

3 586

1 236

117 048

9 257

13 526

21 391

238

14 130

217 427

8 627

2 476

2 799

1 495

119 505

97 078

15 745

24 269

28 382

300 376

Fire

Marine

Inland

Hull

Motor comprehensive

Engineering

Miscellaneous

Motor Act

Oil & Gas

Aviation

Medical

Total

8.0%

2.5%

2.3%

0.1%

34.7%

5.2%

6.5%

6.6%

34.0%

0.0%

0.1%

100.0%

6.3%

5.3%

2.5%

2.6%

60.5%

9.2%

2.1%

9.0%

0.2%

0.0%

2.2%

100.0%

10.1%

6.9%

1.6%

0.6%

53.8%

4.3%

6.2%

9.8%

0.1%

0.0%

6.5%

100.0%

2.9%

0.8%

0.9%

0.5%

39.8%

32.3%

5.2%

8.1%

0.0%

0.0%

9.4%

100.0%

(53.0%)

(57.7%)

(47.1%)

576.5%

49.7%

707.6%

5.3%

50.4%

(100.0%)

0.3%

30.4%

2015



2018

FireMarinelnlandHullMotorComprehensive

Miscellaneous

gig-Egypt 56

120 000

100 000

80 000

20 000

0

57gig-Egypt

Total Acquisition costs

4 TOTAL ACQUISITION COSTS

Description

14 820

7 036

3 513

270

194

26 304

5 596

9 328

2 919

10 263

416

80 658

19 757

6 132

4 090

405

246

32 207

1 310

14 172

4 056

11 302

1939

95 615

30 265

7 440

4 749

480

263

35 090

1 585

18 825

5 055

18 613

2817

125 181

38 562

10 587

6 137

541

495

39 499

1 673

22 978

3 540

26 089

6978

157 078

Fire

Marine

Inland

Hull

Aviation

Motor comprehensive

Motor Act

Engineering

Oil & Gas

Miscellaneous

Medical

Total

18.4%

8.7%

4.4%

0.3%

0.2%

32.6%

6.9%

11.6%

3.6%

12.7%

0.5%

100%

20.7%

6.4%

4.3%

0.4%

0.3%

33.7%

1.4%

14.8%

4.2%

11.8%

2.0%

100%

24.2%

5.9%

3.8%

0.4%

0.2%

28.0%

1.3%

15.0%

4.0%

14.9%

2.3%

100%

24.5%

6.7%

3.9%

0.3%

0.3%

25.1%

1.1%

14.6%

2.3%

16.6%

4.4%

100%

2015

Value % Value % Value % Value %

2016 2017 2018

% 18% 18

% 18

2018

58gig-Egypt

5 GENERAL & ADMINISTRATIVE EXPENSES


Description

4 908

3 014

1 259

251

385

13 468

5 547

4 653

1 351

4 123

1 081

40 040

5 794

2 884

1 559

227

409

15 547

10 440

5 633

1 386

4 407

2 414

50 700

10 160

3 525

1 739

335

386

18 231

11 867

5 973

1 553

6 480

3 234

63 483

11 726

4 914

1 818

289

1000

20 557

14 675

7 089

2 094

7 382

6 018

77 562

Fire

Marine

Inland

hull

Aviation

Motor comprehensive

MotorAct

Engineering

Oil & Gas

Miscellaneous

Medical

Total

12.3%

7.5%

3.1%

0.6%

1.0%

33.6%

13.9%

11.6%

3.4%

10.3%

2.7%

100%

11.4%

5.7%

3.1%

0.4%

0.8%

30.7%

20.6%

11.1%

2.7%

8.7%

4.8%

100%

16.0%

5.6%

2.7%

0.5%

0.6%

28.7%

18.7%

9.4%

2.4%

10.2%

5.1%

100%

15.1%

6.3%

2.3%

0.4%

1.3%

26.5%

18.9%

9.1%

2.7%

9.5%

7.8%

100%

2015

Value % Value % Value % Value %

2016 2017 2018

%10

%10

%8

%8

2018

% 8

% 8

Investments as at 30/6/2018

Description

48 658

24 348

428 629

19 716

1 304

522 655

1 661

51 275

443 639

110 190

88

1 273

608 126

35 684

26 648

286 444

386 021

7 167

1 242

743 206

40 671

18 060

306 945

508 813

9 568

1 212

885 269


Financial Asets ( Fair value )

Governmental securities


Available - for - sale securities

(Real Estates (net

Total

9.4%

4.7%

82.0%

3.8%

0.0%

0.2%

100%

0.2%

8.5%

73.0%

18.0%

0.1%

0.2%

100.0%

4.8%

3.6%

38.6%

52.0%

0.8%

0.1%

100%

4.6%

2.0%

34.7%

57.5%

1.1%

0.1%

100%

(16.4%)

(25.8%)

(28.4%)

2480.7%

(7.1%)

69.4%

2015



6 INVESTMENTS

59gig-Egypt

Time depositsat banks Available - for

sale securitiesReal Estates

(net)Financial Asets

( Fair value )

Governmentalsecurities

Held to maturityinvestments

% 30.0

% 20.0

% 10.0

%0.0

% 2.0 % 1.1 % 0.1

Policy holders' rights development

Description

121 967

78 437

56 174

256 578

136 975

93 217

59 003

289 195

161 530

102 202

59 003

322 735

205 671

131 522

63 542

400 735

provision of unearned premiums

provision for outstanding claims

provision for retrograde fluctuations

Total

69%

68%

13%

56%

2015 2016 2017 2018 DevelopmentRatio

7POLICY HOLDERS' RIGHTS DEVELOPMENT

60gig-Egypt

Provision of unearned premium

Provision for outstanding claims

Provision for retrograde fluctuations

Total

2018

300 000

200 000

100 000

0

102202102202

shareholders, Equity

Description

160000

46144

73590

279734

175000

60726

2444

76797

314967

225000

30710

6248

116697

378655

258750

87828

8002

126906

481486

Paid upCapital

Reserves and Retained profits


(Available for Sale)

Net profits

Total

57.2%

16.5%

0.0%

26.3%

100%

55.6%

19.3%

0.8%

24.4%

100%

59.4%

8.1%

1.7%

30.8%

100%

53.7%

18.2%

1.7%

26.4%

100%

61.7%

90.3%

100.0%

72.5%

72.1%

2015



8 SHAREHOLDERS, EQUITY

61gig-Egypt

Paid up capital

Retained profits

Fair value reserve for investments ( Available for sale )

Reserves and retained profits

2018

200 000

100 000

0

300 000

8002

english final 017 - 2018بد التعديل final 2017-2018.pdf · administrative building for...

Documents