NIC Consolidated 31 December 2021 - English
NIC Consolidated 31 December 2021 - English
NIC Consolidated 31 December 2021 - English
Summary of the Preliminary Results of PEX – Listed Companies
Main Information:
Name of the company: National Insurance Group public shareholding limited
Sector: Insurance
Trading symbol: NIC
ISIN Number: PS 3002112921
Date of Registration: 15/03/1992
Type of Market (First/ Second): second
Authorized Capital: USD 20,000,000
Subscribed Capital: USD 17,250,000
Paid‐in Capital: USD 17,250,000
Name of the Chairman of the Board: Aziz Mahmoud Abdel Jawwad
Name of the Chief Executive Officer/ General Manager: Ahmad Fuad Mushasha
Name of the Internal Auditor: Mustafa Suliman Taha
Name of the External Auditor: PriceWaterHouseCoopers
Location (Head Office): AlWataniah Bldg., 34 AlBireh Municipality St
Telephone Number: 009702‐2983800
E‐mail: nic@nic‐pal.com
Information about the Annual Report & General Assembly Meeting:
Approximate date for the publication of the Annual 15/03/2022
Report:
The site where the Annual Report shall be displayed for The company's headquarter & All branches, the company's
viewing by the public: website, and the website of Palestine Exchange
The proposed date for the annual Ordinary General 30/03/2022
Assembly Meeting:
Preliminary Results Comparison: Currency: USD
Item 31/12/2021 31/12/2020
(Unaudited) (Audited)
1. Total assets: 139,330,953 134,147,918
a) Non‐current assets: 61,533,019 55,255,785
b) Current assets: 77,797,934 78,892,133
2. Total Liabilities: 92,622,354 87,186,238
a) Non‐current liabilities: 7,687,678 7,037,883
b) Current liabilities: 84,934,676 80,148,355
c) Unrestricted investments accounts (Islamic Banks):
d) Restricted investments accounts (Islamic Banks):
3. Total Equity: 46,708,599 46,961,680
a) Equity attributable to equity holders of the company 44,948,418 45,246,056
b) Non‐controlling interests 1,760,181 1,715,624
4. Net Operating Income/ (Loss) (1,613,588) 5,388,626
5. Net Income/ (Loss) before Tax 3,322,504 9,799,608
6. Provision for Income Tax (216,475) (1,990,556)
7. Net Income/ (Loss) after Tax: 3,106,029 7,809,052
a) Attributable to equity holders of the company 3,024,765 7,719,585
b) Non‐controlling interests 81,264 89,467
8. Other Comprehensive Income 57,047 21,475
9. Total Comprehensive Income (7+8) 3,163,076 7,830,527
a) Equity Holders of the Company 3,077,362 7,737,165
b) Non–controlling interests 85,714 93,362
10. Summary of the Company’s Financial Performance for 2021 :
1. Increase in insurance premiums by 8.6 % compared to last year
2. Decrease in net income by 60 % compared to last year
3. Increase in technical reserves by 11.6 % compared to last year
4. Increase in total assets by 3.9 % compared to last year
5. The board of directors will recommend to the general assembly ditributing cash dividends of 17.5% from the paid‐in
capital; a total amount of around USD 3 million for the Group’s business results for the year 2021.
__________________________ ________________________
NATIONAL INSURANCE GROUP PUBLIC
SHAREHOLDING LIMITED
Consolidated financial statements (unaudited)
For the year ended December 31, 2021
1
National Insurance Group Public Shareholding Limited
Consolidated financial statements for the year ended December 31, 2021
(All amounts are in USD)
Consolidated statement of income
For the year ended
Attributable to:
Shareholders of the Parent Company 3,024,765 7,719,585
Non-controlling interests 81,264 89,467
3,106,029 7,809,052
Earnings per share attributable to the shareholders of the
0.175 0.448
Parent Company
2
National Insurance Group Public Shareholding Limited
Consolidated financial statements for the year ended December 31, 2021
(All amounts are in USD)
Attributable to:
Shareholders of the Parent Company 3,077,362 7,737,165
Non-controlling interests 85,714 93,362
3,163,076 7,830,527
Earnings per share attributable to the shareholders of the
0.178 0.449
Parent Company
National Insurance Group Public Shareholding Limited
Consolidated financial statements for the year ended December 31, 2021
(All amounts are in USD)
Consolidated statement of changes in equity
For the year ended
Equity attributable
Foreign currency Non-
Paid-in Statutory Voluntary Retained Fair value to shareholders of Total
translation controlling
capital reserve reserve earnings reserve the equity
differences interests
Parent Company
Balance as at January 1, 2020 15,000,000 7,261,465 3,000,000 15,411,015 - (163,589) 40,508,891 1,651,337 42,160,228
Net income - - - 7,719,585 - - 7,719,585 89,467 7,809,052
Other comprehensive income - - - - 51,717 (34,137) 17,580 3,895 21,475
Total comprehensive income - - - 7,719,585 51,717 (34,137) 7,737,165 93,362 7,830,527
Cash dividends - - - (3,000,000) - - (3,000,000) - (3,000,000)
Net change in non-controlling interests - - - - - - - (29,075) (29,075)
Transferred to the reserves - 757,221 - (757,221) - - - - -
Balance as at December 31, 2020
15,000,000 8,018,686 3,000,000 19,373,379 51,717 (197,726) 45,246,056 1,715,624 46,961,680
(Audited)
Balance as at January 1, 2021 15,000,000 8,018,686 3,000,000 19,373,379 51,717 (197,726) 45,246,056 1,715,624 46,961,680
Net income - - - 3,024,765 - - 3,024,765 81,264 3,106,029
Other comprehensive income - - - - 60,652 (8,055) 52,597 4,450 57,047
Total comprehensive income - - - 3,024,765 60,652 (8,055) 3,077,362 85,714 3,163,076
Cash dividends - - - (3,375,000) - - (3,375,000) - (3,375,000)
Stocks dividends 2,250,000 - - (2,250,000) - - - - -
Net change in non-controlling interests - - - - - - - (41,157) (41,157)
Transferred to the reserves - 182,434 - (182,434) - - - - -
Balance as at December 31, 2021
17,250,000 8,201,120 3,000,000 16,590,710 112,369 (205,781) 44,948,418 1,760,181 46,708,599
(Unaudited)
.
National Insurance Company Public Shareholding Limited
Consolidated financial statements for the year ended December 31, 2021
(All amounts are in USD)
Consolidated statement of cash flows
For the year ended
December December
31,2021 31,2020
Unaudited Audited
Cash flows from operating activities:
Net income before taxes 3,322,504 9,799,608
Depreciation of property, plant and equipment 531,763 507,347
Depreciation of right of use assets 135,935 135,955
Losses (Gains) on disposal of right of use assets 1,322 (1,644)
(Gains) on disposal of property, plant and equipment (65,302) (30,662)
(Gains) from sale of financial assets at fair value through profit or loss (1,420,766) (76,061)
Fair value (gains) from investment properties (904,406) (930,409)
Change in fair value of financial assets at fair value through profit or loss (418,327) (406,661)
Investment proceeds (1,681,383) (1,720,850)
End of service indemnity provision 1,086,321 892,296
Group’s share of the results of the associates’ businesses (154,044) (156,010)
Finance costs - lease liabilities 54,296 59,776
Net impairment losses 686,335 1,269,097
Cash flows before changes in operating activities 1,174,248 9,341,782
Change in operating assets and liabilities:
Cheques under collection (1,948,529) (4,782,663)
Accounts receivable 759,569 (4,855,315)
Insurance and reinsurance companies’ receivables (462,957) (88,224)
Reinsurance contracts assets (761,970) (4,020,080)
Other debit balances (188,758) (243,963)
Insurance contracts liabilities 7,338,142 8,780,158
Accounts payable 605,831 1,299,043
Insurance and reinsurance companies’ payables (504,782) 1,043,448
Due to Palestinian Road Accidents Victims Compensation Fund (14,013) 16,275
Other credit balances (1,304,827) 658,541
Purchase of financial assets at fair value through profit or loss (12,262,120) (3,219,165)
Sale of financial assets at fair value through profit or loss 12,244,860 1,253,686
Net cash flows provided by operating activities before taxes and end of
4,674,694 5,183,523
service indemnity payments
Taxes payments (3,067,196) (1,511,365)
End of service indemnity paid (481,582) (584,811)
Net cash flows provided by operating activities 1,125,916 3,087,347
Cash flows from investing activities:
Change in restricted cash (3,209,880) 35,002
Purchase of property, equipment and investment properties (1,400,677) (475,759)
Sale of property, equipment and investment properties 177,901 1,510,264
Purchase of investment in associates - (2,408,668)
Purchase of financial assets at fair value through the statement of
(8,332) (5,000)
comprehensive income
Change in financial assets at amortised cost 2,792,386 (4,813,409)
Investments proceeds 1,681,383 1,720,850
Net cash flows provided by (used in) investing activities 32,781 (4,436,720)
Cash flows from financing activities
Loans - (64,673)
Change in non-controlling interests (41,157) (29,075)
Lease liabilities paid (160,571) (164,012)
Cash dividends (3,133,526) (2,748,531)
Net cash flows (used in) financing activities (3,335,254) (3,006,291)
Net change in cash and cash equivalents (2,176,557) (4,355,664)
Cash and cash equivalents, beginning of the year 17,295,109 21,376,399
Cash and cash equivalents, end of the year 15,118,552 17,020,735