AHLIEA INSURANCE GROUP(AIG) disclosed its financial statements for the second quarter of the year 2020.
| Disclosure Year | 2020 | 2019 | ||
| Disclosure Period | End of 3006 | End of 3006 | ||
| Disclosure Start Date | 01/01/2020 | 01/01/2019 | ||
| Disclosure End Date | 29/06/2020 | 29/06/2019 | ||
| 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 | 30/08/2020 | 21/08/2019 | ||
| Actual Disclosure Date | 17/09/2020 12:53:00 PM | 29/08/2019 09:15:00 AM | ||
| Hard Copy Disclosure | ||||
| Consolidation Status | Consolidated | Consolidated | ||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Auditing Status | Reviewed | Reviewed | ||
| Net income in Cash Flow Statement | Income Before Tax | Income Before Tax |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | As a 29/06/2020 | As a 31/12/2019 | ||
| Note | Reviewed | Audited | ||
| Property, plant and equipment | 2,315,135 | 2,387,955 | ||
| Property Investments | 4,818,538 | 4,815,294 | ||
| Investment in associates | 11,986,434 | 11,968,252 | ||
| Held to maturity Investments | 56,950 | 56,950 | ||
| Checks under collection maturing after one year | 82,562 | 57,478 | ||
| Total Fixed Assets | 19,259,619 | 19,285,929 | ||
| Accounts Receivable | 14,468,080 | 13,423,332 | ||
| Reinsurance contract assets | 10,484,428 | 10,545,085 | ||
| Other accounts receivable | 10,497,451 | 9,640,272 | ||
| Cheques under collection | 4,773,044 | 5,460,175 | ||
| Held for trading financial assets through profit and loss | 5,496 | 5,727 | ||
| Balances at banks and financial institutions | 6,007,158 | 5,978,939 | ||
| Cash and cash equivalents | 5,320,712 | 5,502,074 | ||
| Total Current Assets | 51,556,369 | 50,555,604 | ||
| Total assets | 70,815,988 | 69,841,533 | ||
| Paid-in Capital | 13,500,000 | 13,500,000 | ||
| Additional paid-in capital (Share premium) | 75,000 | 75,000 | ||
| Statutory reserve | 2,910,237 | 2,860,116 | ||
| voluntary reserve | 2,900,000 | 2,900,000 | ||
| Fair value adjustment reserve | 476,356 | 474,980 | ||
| Foreign currency translation differences | 599,270 | 553,828 | ||
| Retained earnings | 3,926,902 | 3,475,814 | ||
| Total Owners' Equity | 24,387,765 | 23,839,738 | ||
| Provision for employees' indemnity | 1,803,788 | 1,832,713 | ||
| Total non-current liabilities | 1,803,788 | 1,832,713 | ||
| Sundry Provisions | 2,860,166 | 2,528,700 | ||
| Accounts Payable | 4,827,736 | 4,390,989 | ||
| Accounts Payable - Insurance and Reinsurance companies | 226,305 | 237,503 | ||
| Other credit balances | 4,139,792 | 4,358,444 | ||
| Insurance contracts liabilities | 25,608,922 | 26,284,897 | ||
| Credit Facilities | 3,343,547 | 3,236,730 | ||
| Short term loans | 500,000 | 0 | ||
| Post dated Cheques | 3,117,967 | 3,131,819 | ||
| Total Current Liabilities | 44,624,435 | 44,169,082 | ||
| Total Liabilities | 46,428,223 | 46,001,795 | ||
| Total Liabilities & Owners' Equity | 70,815,988 | 69,841,533 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 30062020 | End of 30062019 | ||
| Note | Reviewed | Reviewed | ||
| Gross premiums written | 8,476,074 | 10,690,073 | ||
| Earned Insurance Revenues | 8,476,074 | 10,690,073 | ||
| Gross premiums ceded to reinsurers | (422,042) | (576,702) | ||
| Net premiums ceded to reinsurers | (422,042) | (576,702) | ||
| Net premium revenue | 8,054,032 | 10,113,371 | ||
| Change in provision for un‐expired risk | 492,846 | 1,301,792 | ||
| Realized net Insurance premium | 8,546,878 | 11,415,163 | ||
| Gross commissions income from reinsurers | 90,839 | 103,368 | ||
| Commissions paid | (639,192) | (554,908) | ||
| Net premium revenues after commissions | 7,998,525 | 10,963,623 | ||
| Gross Claims incurred | (5,094,987) | (8,950,232) | ||
| Reinsurers' share of premium | 394,172 | 791,711 | ||
| Net change in legal cases / claims allowance | 150,383 | 755,196 | ||
| Net claims incurred | (4,550,432) | (7,403,325) | ||
| Net Insurance profit before investment income and general and administrative expenses | 3,448,093 | 3,560,298 | ||
| Direct administrative and general expenses-Insurance activities | (986,124) | (927,217) | ||
| Allowance of doubtful accounts | (400,000) | (150,000) | ||
| Gains/Losses of foreign currency translation differences | 27,328 | (665,209) | ||
| Impairment loss of investments | (226) | 31 | ||
| Share of results of Associates | 17,695 | 221,276 | ||
| Interest Income | 198,714 | 226,160 | ||
| Other revenues (expenses) | 2,821 | 2,655 | ||
| Unallocated general and administrative expenses to insurance segments | (1,618,174) | (1,441,945) | ||
| Net Income before tax | 690,127 | 826,049 | ||
| Income tax expense | (188,918) | (186,293) | ||
| Net Income after tax | 501,209 | 639,756 | ||
| Basic and diluted earnings (loss) per share | 0.009 | 0.016 | ||
| Foreign currency translation differences | 45,442 | 261,575 | ||
| Change in fair value of available-for-sale-financial assets through other comprehensive income | 1,376 | 15,103 | ||
| Net Comprehensive Income | 548,027 | 916,434 |
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 | |
| 2020 | - | - | - | - | - | - | - | - | - |
|
Balance - Beginning of the period
|
13,500,000 | 75,000 | 2,860,116 | 2,900,000 | 474,980 | 553,828 | 3,475,814 | 23,839,738 | |
|
Net profit or (loss) for the period after tax
|
- | - | 0 | 0 | - | - | 501,209 | 501,209 | |
|
Change in fair value - available-for-sale-financial assets
|
- | - | - | - | 1,376 | - | - | 1,376 | |
|
Foreign currency translation differences
|
- | - | - | - | - | 45,442 | - | 45,442 | |
|
Total Comprehensive Income for the Period
|
0 | 0 | 0 | 0 | 1,376 | 45,442 | 501,209 | 548,027 | |
|
Balance - End of the period
|
13,500,000 | 75,000 | 2,860,116 | 2,900,000 | 476,356 | 599,270 | 3,977,023 | 24,387,765 | |
| 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 | - | - | 63,976 | 0 | - | - | 575,780 | 639,756 | |
| Change in fair value - available-for-sale-financial assets | - | - | - | - | 15,103 | - | - | 15,103 | |
| Foreign currency translation differences | - | - | - | - | - | 261,575 | - | 261,575 | |
| Total Comprehensive Income for the Period | 0 | 0 | 63,976 | 0 | 15,103 | 261,575 | 575,780 | 916,434 | |
| Balance - End of the period | 10,000,000 | 75,000 | 2,849,482 | 2,500,000 | 328,875 | (470,881) | 7,840,103 | 23,122,579 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | USD | USD | ||
| - | End of 30062020 | End of 30062019 | ||
| Note | Reviewed | Reviewed | ||
| Net Income before/after tax | 690,127 | 826,049 | ||
| Depreciation and Amortization expense | 115,213 | 147,220 | ||
| Change in Accounts Receivable | (1,044,748) | (1,988,697) | ||
| Change in reinsurance contract assets | 60,657 | (115,070) | ||
| Change in Other Current Assets | (857,179) | (673,774) | ||
| Change in reinsurance contracts liabilities | (675,975) | (999,144) | ||
| Change in Sundry Allowances | 142,548 | (208,511) | ||
| Change in Accounts Payable | 436,747 | (787,689) | ||
| Change in reinsurance and insurance contracts | (11,198) | 2,744 | ||
| Change in other credit balances | (218,652) | 540,973 | ||
| Change in Cheques under collection | 662,047 | 837,306 | ||
| Change in post dated Cheques | (13,852) | (954,649) | ||
| Change in end of service allowance payments | (28,925) | 105,254 | ||
| Net Cash Flow from Operating Activities | (743,190) | (3,267,988) | ||
| Financial assets for trading | 231 | (32) | ||
| Banks and Financial Institutions' Deposits | (28,219) | (101,873) | ||
| Purchase of investment properties | (3,244) | (5,320) | ||
| Investment in associates | (18,182) | (221,276) | ||
| Accumulated depreciation for disposed equipment, tool and properties | (37,609) | (230,255) | ||
| Net Cash Flow from Investing Activities | (87,023) | (558,756) | ||
| Net change in fair value | 1,376 | 15,103 | ||
| Long term loans | 500,000 | 0 | ||
| Credit Facilities | 106,817 | 3,469,043 | ||
| Net Cash Flow from Financing Activities | 608,193 | 3,484,146 | ||
| Net change in cash and cash equivalents | (222,020) | (342,598) | ||
| Cash and cash equivalents, beginning of Period | 5,502,074 | 5,657,782 | ||
| Foreign currency translation differences | 40,658 | 167,438 | ||
| Cash and cash equivalents, end of period | 5,320,712 | 5,482,622 |
The attached notes form part of these financial statements
Palestine Exchange: Received Disclosed Interim Financial Statements of AHLIEA INSURANCE GROUP(AIG) for the First Half of 2020
The Palestine Exchange (PEX) received the Reviewed & Consolidated interim financial statements for first half of 2020 from AHLIEA INSURANCE GROUP(AIG).
According to financial statements for first half of 2020, Net profit after tax of the period reached 501,209 USD Compared with Net profit after tax 639,756 USD for 2019, a net decrease in profit of 21.66%.Total assets of the company reached 70,815,988 USD compared with total assets of 69,841,533 USD at the end of year 2019, a net increase of 1.40%.Total liabilities of the company reached 46,428,223 USD compared with total liabilities of 46,001,795 USD at the end of year 2019, a net increase of 0.92%. Net ownership equity of the company reached 24,387,765 USD compared with total owner equity of 23,839,738 USD at the end of year 2019, a net increase of 2.30%.
The attached notes form part of these financial statements
The disclosure statutory period ended on 30/08/2020
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