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25 April 07:00 AM

AHLIEA INSURANCE GROUP(AIG) discloses its Annual Report 2019.

AIG AIG -5.26% 0.18 -0.01
Disclosure Year 2019 2018
Disclosure Period End of 3112 End of 3112
Disclosure Start Date 01/01/2019 01/01/2018
Disclosure End Date 31/12/2019 31/12/2018
Disclosure Type Financial Disclosure Financial Disclosure
Company's Name AHLIEA INSURANCE GROUP AHLIEA INSURANCE GROUP
Company Symbol AIG AIG
Sector Insurance Sector Insurance Sector
Currency USD USD
End date of legal disclosure period 29/04/2020 30/03/2019
Actual Disclosure Date 02/07/2020 12:32:00 PM 14/04/2019 01:48:00 PM
Hard Copy Disclosure
Consolidation Status Consolidated Consolidated
Notes Display Source Note ID Only Note ID Only
Preliminary or Annual? Annual Report Annual Report
Auditing Status Audited Audited
Net income in Cash Flow Statement Income Before Tax Income Before Tax
Expected date to disclose the annual report 01/07/2020 11/04/2019
Suggested date for the General Assembly meeting for the financial year 29/07/2020 24/07/2019
Where the annual report will be placed as shareholders can have access on it فروع الشركة / الموقع الالكتروني الموقع الإلكتروني وموقع البورصة
The attached notes form part of these financial statements
- 2019 2018
- USD USD
- As a 31/12/2019 As a 31/12/2018
Note Audited Audited
Property, plant and equipment 2,387,955 1,940,927
Property Investments 4,815,294 4,571,250
Investment in associates 11,968,252 12,329,642
Held to maturity Investments 56,950 0
Available-for-sale financial assets 0 56,950
Checks under collection maturing after one year 57,478 23,653
Total Fixed Assets 19,285,929 18,922,422
Accounts Receivable 13,423,332 11,368,882
Reinsurance contract assets 10,545,085 5,489,992
Other accounts receivable 9,640,272 8,426,692
Cheques under collection 5,460,175 6,834,472
Held for trading financial assets through profit and loss 5,727 44,358
Balances at banks and financial institutions 5,978,939 7,340,588
Cash and cash equivalents 5,502,074 5,657,782
Total Current Assets 50,555,604 45,162,766
Total assets 69,841,533 64,085,188
Paid-in Capital 13,500,000 10,000,000
Additional paid-in capital (Share premium) 75,000 75,000
Statutory reserve 2,860,116 2,785,506
voluntary reserve 2,900,000 2,500,000
Fair value adjustment reserve 474,980 313,772
Foreign currency translation differences 553,828 (732,456)
Retained earnings 3,475,814 7,264,323
Total Owners' Equity 23,839,738 22,206,145
Provision for employees' indemnity 1,832,713 1,625,862
Total non-current liabilities 1,832,713 1,625,862
Sundry Provisions 2,528,700 2,378,212
Accounts Payable 4,390,989 4,791,636
Accounts Payable - Insurance and Reinsurance companies 237,503 57,002
Other credit balances 4,358,444 3,412,984
Insurance contracts liabilities 26,284,897 25,583,879
Credit Facilities 3,236,730 -
Post dated Cheques 3,131,819 4,029,468
Total Current Liabilities 44,169,082 40,253,181
Total Liabilities 46,001,795 41,879,043
Total Liabilities & Owners' Equity 69,841,533 64,085,188
The attached notes form part of these financial statements
- 2019 2018
- USD USD
- End of 31122019 End of 31122018
Note Audited Audited
Gross premiums written 19,981,707 23,921,173
Earned Insurance Revenues 19,981,707 23,921,173
Gross premiums ceded to reinsurers (1,026,411) (1,527,825)
Net premiums ceded to reinsurers (1,026,411) (1,527,825)
Net premium revenue 18,955,296 22,393,348
Change in provision for un‐expired risk 1,768,521 704,630
Realized net Insurance premium 20,723,817 23,097,978
Gross commissions income from reinsurers 173,966 140,467
Commissions paid (1,434,763) (1,328,014)
Net premium revenues after commissions 19,463,020 21,910,431
Gross Claims incurred (17,184,344) (19,024,441)
Reinsurers' share of premium 1,130,580 1,941,479
Net change in legal cases / claims allowance 4,165,691 186,718
Net claims incurred (11,888,073) (16,896,244)
Net Insurance profit before investment income and general and administrative expenses 7,574,947 5,014,187
Direct administrative and general expenses-Insurance activities 0 (1,762,142)
General and administrative expenses relating to underwriting activities (2,352,025) (2,836,519)
Allowance of doubtful accounts (959,748) (500,000)
Gains/Losses of foreign currency translation differences (1,932,970) 1,306,353
Gains/(Losses) from financial assets portfolio (37,429) 0
Impairment loss of investments 0 (78,157)
Share of results of Associates 310,610 725,258
Interest Income 449,188 477,861
Gains (losses) of revaluation of investment property 195,481 0
Other revenues (expenses) 298,495 2,834
Unallocated general and administrative expenses to insurance segments (2,482,195) 0
Net Income before tax 1,064,354 2,349,675
Income tax expense (318,253) (227,079)
Net Income after tax 746,101 2,122,596
Basic and diluted earnings (loss) per share 0.014 0.053
Foreign currency translation differences 1,286,286 (727,707)
Change in fair value of available-for-sale-financial assets through other comprehensive income 161,208 (25,498)
Net Comprehensive Income 2,193,595 1,369,391
The attached notes form part of these financial statements
Paid-in Capital Additional Paid in capital Statutory Reserve Voluntary Reserve Accumulated Change in Fair Value Change in Translation Difference Retained Earnings Total Owners' Equity
Note USD USD USD USD USD USD USD USD
2019 - - - - - - - - -
Balance - Beginning of the period
10,000,000 75,000 2,785,506 2,500,000 313,772 (732,456) 7,264,323 22,206,145
Net profit or (loss) for the period after tax
- - 74,610 400,000 - - 271,491 746,101
Change in fair value - available-for-sale-financial assets
- - - - 161,208 - - 161,208
Foreign currency translation differences
- - - - - 1,286,284 - 1,286,284
Total Comprehensive Income for the Period
0 0 74,610 400,000 161,208 1,286,284 271,491 2,193,593
Board of Director Remuneration
- - - - - - (60,000) (60,000)
Cash Dividends Paid
- - - - - - (500,000) (500,000)
Increase of paid-in capital
- - - - - - (3,500,000) (3,500,000)
Stock Dividends
3,500,000 - - - - - 0 3,500,000
Balance - End of the period
13,500,000 75,000 2,860,116 2,900,000 474,980 553,828 3,475,814 23,839,738
2018 - - - - - - - - -
Balance - Beginning of the period 10,000,000 75,000 2,573,246 1,750,000 339,270 (4,749) 6,163,987 20,896,754
Net profit or (loss) for the period after tax - - 212,260 750,000 - - 1,160,336 2,122,596
Change in fair value - available-for-sale-financial assets - - - - (25,498) - - (25,498)
Foreign currency translation differences - - - - - (727,707) - (727,707)
Total Comprehensive Income for the Period 0 0 212,260 750,000 (25,498) (727,707) 1,160,336 1,369,391
Board of Director Remuneration - - - - - - (60,000) (60,000)
Balance - End of the period 10,000,000 75,000 2,785,506 2,500,000 313,772 (732,456) 7,264,323 22,206,145
The attached notes form part of these financial statements
- 2019 2018
- USD USD
- End of 31122019 End of 31122018
Note Audited Audited
Net Income before/after tax 1,064,354 2,349,675
Depreciation and Amortization expense 216,268 299,805
Change in Accounts Receivable (2,054,451) 2,387,628
Change in reinsurance contract assets (5,055,093) 1,306,426
Change in Other Current Assets (1,213,580) 465,552
Change in reinsurance contracts liabilities 701,018 (3,666,273)
Change in Sundry Allowances (167,765) (555,811)
Change in Accounts Payable (400,647) 1,521,271
Change in reinsurance and insurance contracts 180,501 (4,632)
Change in other credit balances 945,460 (803,454)
Change in Cheques under collection 1,340,472 (1,115,850)
Change in post dated Cheques (897,649) 1,287,243
Change in end of service allowance payments 206,851 (148,423)
Net Cash Flow from Operating Activities (5,134,261) 3,323,157
Financial assets for trading 38,631 8,157
Banks and Financial Institutions' Deposits 1,361,649 (267,302)
Purchase of investment properties (244,044) 0
Investment in associates 361,390 (656,089)
Purchase of Property, Plant and Equipment (485,353) (252,886)
Sale of investment properties 0 249,401
Net Cash Flow from Investing Activities 1,032,273 (918,719)
Net change in fair value 161,208 (25,498)
Credit Facilities 3,236,730 -
Net Cash Flow from Financing Activities 3,397,938 (25,498)
Net change in cash and cash equivalents (704,050) 2,378,940
Cash and cash equivalents, beginning of Period 5,657,782 3,907,204
Foreign currency translation differences 548,342 (628,362)
Cash and cash equivalents, end of period 5,502,074 5,657,782
The attached notes form part of these financial statements

Palestine Exchange: Received Final Financial Statement of AHLIEA INSURANCE GROUP(AIG) for the year 2019

The Palestine Exchange (PEX) received the Annual Report that includes the Audited & Consolidated financial statements of 2019 from AHLIEA INSURANCE GROUP(AIG).

According to financial statements for year 2019, Net profit after tax of the period reached 746,101 USD Compared with Net profit after tax 2,122,596 USD for 2018, a net decrease in profit of 64.85%.Total assets of the company reached 69,841,533 USD compared with total assets of 64,085,188 USD at the end of year 2018, a net increase of 8.98%.Total liabilities of the company reached 46,001,795 USD compared with total liabilities of 41,879,043 USD at the end of year 2018, a net increase of 9.84%. Net ownership equity of the company reached 23,839,738 USD compared with total owner equity of 22,206,145 USD at the end of year 2018, a net increase of 7.36%.Noting that paid-in capital increased from 10,000,000 USD in year 2018 to 13,500,000 USD of this year,a net increase of 35.00%

The attached notes form part of these financial statements
The disclosure statutory period ended on 29/04/2020
AIG Glossy Report 2019

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