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Appendix (1) Financial Statement Forms

IA-BOD-RES 26/2014 Effective from 28/12/2014

Takaful Insurance Company Financial Statement Forms (with Disclosures)

Consolidated Financial Position for Takaful Insurance Company as of Day, Month, 20XX
 Notes20XX20YY
  AEDAED
    

Assets
Takaful Operations Assets

Property, machinery and equipment
Financial assets designated at fair value through income

Financial assets carried at fair value through other comprehensive income
Financial assets at Amortized Cost
Deferred policy acquisition costs
Reinsurers' share of unearned premiums
Prepaid expenses and other assets
Due from shareholders
Reinsurers' share of outstanding claims
Premiums and Re-Takaful balances receivables
Cash and cash equivalents
Total Takaful Operations’ Assets
Shareholders’ Assets

Property and equipment
Investments in associates
Intangible assets
Investments at amortized cost
Investments carried at fair value through other comprehensive
income
Derivative finance instruments
Investments valued at fair value through income
Investments in properties
Statutory deposits
Dues from Takaful operations
Other receivables and prepayments
Deposits
Cash and cash equivalents
Total Shareholders’ Assets
Total Assets

 

Liabilities, Participants' Claims’ Fund, and Shareholders’ Equity
 

Liabilities

Takaful Operations’ Liabilities and related surplus (deficit):

Takaful payables
Takaful contract liabilities
Total outstanding claims
Reinsurance payables balances
Accrued expenses and other liabilities
Unearned Re-Takaful commission income
Total unearned premiums
Total technical provisions
End of service Indemnity
Surplus distribution payable
Total Takaful Operations’ Liabilities and related surplus (deficit)


Participants’ account

Family Takaful Fund

Property and Liability Takaful Fund

Surplus/ Deficit in Family Participants' Takaful Fund
Surplus/ Deficit in Property and Liability Participants' Takaful
Fund

Proposed Profit Distribution to Family Takaful Fund Participants
Proposed Profit Distribution to Property and Liability Takaful
Fund Participants
Investments Revaluation Reserve Attributable to Family Takaful
Fund
Investments Revaluation Reserve Attributable to Property and
Liability Takaful Fund

Total surplus/deficit in Participants' Account
 

Shareholders’ Liabilities
Accrued expenses and other liabilities
End of Service Benefits
Other payables
Total Shareholders’ Liabilities

Shareholders’ Equity

Share Capital

Retained Earnings/Loss

Employee Share Options Reserve

Statutory Reserves

Cumulative change in fair value
Total Shareholders’ Equity attributable to Shareholders of the Company

Minority Interest

Foreign Currency Translation Adjustments

Total Shareholders’ Equity
Total Liabilities, Participants' Claims’ Fund, and Shareholders’ Equity

Consolidated refers to a group of companies running both Takaful insurance of persons and Property and Liability Takaful insurance.The cash flow and change in shareholders’ equity format under consolidated financial statements is applicable to individual financial statements to be prepared for Takaful insurance of persons and Property and Liability Takaful insurance.

 

 

 

Consolidated Income Statement for Takaful Insurance Company for the period ended Day, Month, 20XX
 Notes20XX20YY
  AEDAED
    

Takaful Income

Gross Takaful Contributions

Re-Takaful Share of accepted business

Re-Takaful Share of ceded business

Net Takaful contributions

Net Transfer to Unearned Contribution Reserve

Net Takaful contributions Earned

Commissions Earned

 

Gross Takaful Contributions

Takaful Expenses

Gross Claims Incurred

Re-Takaful Share of Accepted Business Claims

Re-Takaful Share of Ceded Business Claims

Net claims incurred

Provision for Takaful contract liabilities (outstanding claims)

Re-Takaful Share of Outstanding Claims
Increase/ (Decrease) in Incurred but Not Reported Claims
Reserves
Increase/ (Decrease) in the provision for unearned
subscriptions
Increase/ (Decrease) in Unallocated Loss Adjustment Expense
Reserve

Increase/ (Decrease) in Mathematical Reserves

Net Takaful Claims Incurred

Net Takaful Income

(Wakala/Mudaraba Fees)

Income from Investments

Income from Real Estate

Foreign Currency Exchange Fluctuation (Gain/Loss)

Other Income

Net Income/ (loss) from Takaful operations

 

Other Revenues

Investment Income/(loss) (Shareholders fund)

Wakala/ Mudaraba fees from Participants

Other Operating Income

Impairment /(Write-Off) of Loan to Participants' Fund

Other Expenses
Commissions Paid

Other Operating Expenses

General and Administrative Expenses

 

Net Profit/(loss) for the year

Net loss on revaluation of available for sale investments

Reclassification adjustment of investments available for sale
impaired during the year

Transfer to P/L on sale of investments available for sale

Provision/Impairment loss on financial assets carried at
amortized cost

Board of Directors’ remuneration
 

Total Comprehensive Profit/Loss for the Year

 

Earnings per share:

Basic

Diluted

 

 

 

Consolidated Comprehensive Income Statement for Takaful Insurance Company for the period ended Day,
                                                                               Month, 20XX
 Notes20XX20YY
  AEDAED
    

Net Profit for the year

Other Comprehensive Income (OCI)
Other comprehensive income reclassified to net earnings or
loss in subsequent periods:

Share of other comprehensive income of associates

Net unrealized gain/(loss) from investments at fair value from
other comprehensive income

Net realized (gain)/loss transferred to income from the sale of
investments at fair value from other comprehensive income

Impairment of Investments at fair value through transferred to
income

Foreign currency adjustments from translation of foreign
operations

Other Comprehensive Income for the Year

Total Comprehensive Income for the Year

Attributable to:

Shareholders of the parent company

Non-controlling interests

 

 

 

Consolidated Cash Flow for Takaful Insurance Company for the period ended Day, Month, 20XX
 Notes20XX20YY
  AEDAED
    

Income (Loss) for the year

Adjustments:

Depreciation

Unrealized Gain/Loss on Investment in properties

Unrealized Gain/Loss on Investment

Unrealized Gain /Loss Foreign Currency Exchange Fluctuation

Other Gain/ Loss

 

Cash flows from operating activities

Decrease/(Increase) in Takaful Receivable

(Increase)/Decrease in Other Receivables and Prepayments

(Decrease)/Increase in Takaful Payables (Decrease)/Increase in Takaful Contract Liabilities

End of Service Indemnity Paid

Net Cash from Operating Activities
 

Cash flows from investing activities

Purchase of Property and Equipment

Proceeds from Sale of Property and Equipment

Investments

Net Cash from Investing Activities

Cash Flows from Financing Activities

Ijara Payables

Decrease/(Increase) in Family Takaful Participants’
Fund Decrease/(Increase) in Property and Liability Takaful Participants’
Fund

Loan Payments for Family Takaful Fund Participants
Loan Payments for Property and Liability Takaful Fund
Participants

Profit Distribution to Family Takaful Fund Participants
Profit Distribution to Property and Liability Takaful Fund
Participants

Zakat Paid

Net Cash from Financing Activities

(Decrease)/Increase in Cash and Cash Equivalents

Cash and Cash Equivalent at the End of the Year

 

 

 

Consolidated Statement of Change in Equity for Takaful Insurance Company for the period ended Day, Month, 20XX

Attributable to Equity Holders of the Parent Company

NotesShare CapitalRetained EarningsReservesCumulative Change in Investments Through other Comprehensive IncomeTotal Equity Attributable to Shareholders of the CompanyMinority InterestForeign currency translation adjustmentsTotal equity
 XXXAEDXXXAEDXXXAEDXXXAEDXXXAEDXXXAEDXXXAED XXXAED

 

 

 

 

 

 

 

As at XX Month 20XX     

Profit/(Loss) for the year

Other comprehensive income

Total comprehensive income

Transfer to statutory reserve

Transfer to general reserve

Zakat

Dividends distributed

As at XX Month 20XX

 

 

 

Financial Position for Takaful Insurance Company for Persons as of Day, Month, 20XX
 Notes20XX20YY
  AEDAED
    

Assets
Takaful Insurance of Persons’ Assets

Property, machinery and Equipment

Investments at fair value through the income statement
Investments carried at Fair Value through other comprehensive
income

Investments carried at amortized cost

Family Takaful fund

Deferred policy acquisition cost

Reinsurers' share of unearned premiums

Prepaid expenses and other assets

Amounts due from shareholders

Other receivables and prepayments

Reinsurers' share of claims under the Takaful settlement

Premiums and Re-Takaful balances receivables

Cash and bank balances

Total Takaful Insurance of Persons’ Assets
 

Shareholders’ Assets

Property, machinery and Equipment

Investment in Associates

Intangible Assets

Investments at amortized cost
Investments carried at Fair Value through other comprehensive
income

Derivative Financial Instruments
Investments valued at fair market value through the income
statement

Investments in properties

Statutory Deposits

Receivables from participants
Other Receivables and Prepayments
Deposits

Cash and cash equivalent

Total Shareholders’ Assets

Total Assets
Liabilities, Participants' Claims’ Fund, and Shareholders’ Equity

Liabilities

Takaful Liabilities:

Takaful Contracts Liabilities

Total Technical Provisions

Takaful Payables

Total Takaful Liabilities

Ijara Payables

Shareholders’ Liabilities:

End of Service Indemnity

Other Payables

Total Takaful Insurance of Persons’ Liabilities
 

Participants' Claims’ Fund

Takaful Insurance of persons’ Fund

Surplus/ Deficit in Participants' Fund

Loans from Shareholders

Proposed Profit Distribution to Participants

Investments Revaluation Reserve

Total Surplus/Deficit in Participants' Fund
 

Shareholders’ Equity

Share Capital

Retained Profit/Loss

Reserves
Total Shareholders’ Equity attributable to Shareholders of the Company

Minority Interest

Foreign currency translation reserve

Total Shareholders’ Equity
 

Total Liabilities, Participants' Claims’ Fund, and Shareholders’ Equity

 

 

 

 

Income Statement for Takaful Insurance of Persons Company for the period ended Day, Month, 20XX
 Notes20XX20YY
  AEDAED
    

Takaful Income

Gross Takaful Contributions

Re-Takaful Share of accepted business

Re-Takaful Share of ceded business

Net Takaful contributions

Net Transfer to Unearned Contribution Reserve

Net Takaful contributions Earned

Commissions Earned

Gross Takaful Contributions

Takaful expenses

Gross Claims Incurred

Re-Takaful Share of Accepted Business Claims

Re-Takaful Share of Ceded Business Claims

Net claims incurred

provision for Takaful contract liabilities (outstanding claims)

Re-Takaful Share of Outstanding Claims
Increase/ (Decrease) in the provision for unearned
subscriptions
Increase/ (Decrease) in Incurred but Not Reported Claims
Reserves
Increase/ (Decrease) in Unallocated Loss Adjustment Expense
Reserve

Increase/ (Decrease) in Mathematical Reserves

Net Takaful Claims Incurred

Net Takaful income

(Wakala/ Mudaraba Fees)

Income from Investments

Income from Investment in Properties

Foreign Currency Exchange Fluctuation (Gain/Loss)

Other Income

Net Income/ (loss) from Takaful operations
 

Other Revenues

investment Income/(loss) (shareholders fund)

Wakala/ Mudaraba fees from Participants

Other Operating Income

Impairment/(Write-Off) of Loan to Participants' Fund
 

Other Expenses
Commissions Paid

Other Operating Expenses

General and Administrative Expenses
 

Net Profit/(loss) for the year

Net loss on revaluation of investments through other

comprehensive income

Reclassification adjustment relating to investments through
other comprehensive income impaired during the year
Transfer to P/L on sale of investments through other
comprehensive income

Board of Directors’ remuneration

 

Total Comprehensive Profit/Loss for the Year

 

Earnings per share:

Basic

Diluted

 

 

 

Financial Position for Property and Liability Takaful Operator as of Day, Month, 20XX
 Notes20XX20YY
  AEDAED
    

Assets
Takaful Operations Assets

Property, machinery, and Equipment

Investments at fair value through the income statement
Investments carried at Fair Value through other comprehensive
income

Investments carried at amortized cost

Deferred policy acquisition cost

Reinsurers' share of unearned premiums

Prepaid expenses and other assets

Amounts due from shareholders

Reinsurers' share of claims under settlement

Premiums and insurance balances receivables

Cash and bank balances

Total Takaful Assets
 

Shareholders’ Assets

Property and Equipment

Investment in Associates

Intangible Assets

Investments at amortized cost held to maturity
Investments carried at Fair Value through other comprehensive
income

Derivative Financial Instruments

Investments valued at fair market value through income statement

Investments in properties

Statutory Deposits

Receivables from participants

Other Receivables and Prepayments

Deposits

Cash and cash equivalent

Total Shareholders’ Assets

Total Assets

Liabilities, Participants' Claims’ Fund and Shareholders’ Equity

Liabilities

Takaful Liabilities:

Takaful Contracts Liabilities

Total Technical Provisions

Takaful Payables

Total Takaful Liabilities

Ijara Payables

Shareholders’ Liabilities:

End of Service Indemnity

Other Payables

Total Liabilities

 

Participants' Claims’ Fund

Property and Liability Takaful Fund

Surplus/Deficit in Participants' Fund

Loans from Shareholders

Proposed Profit Distribution to Participants

Investments Revaluation Reserve

Total Surplus/Deficit in Participants' Fund

 

Shareholders’ Equity

Share Capital

Retained Earnings/Loss

Reserves

Total Equity Attributable to Shareholders of the Company

Minority Interest

Foreign Currency Translation Adjustments

Total Equity

 

Total Liabilities, Participants' Claims’ Fund, and Shareholders’ Equity

 

 

 

 

Income Statement for Property and Liability Takaful Operator for the period ended Day, Month, 20XX
 Notes20XX20YY
  AEDAED
    

Takaful Income

Gross Takaful Contributions

Re-Takaful Share of accepted business

Re-Takaful Share of ceded business
 

Net Takaful Contributions

Net Transfer to Unearned Contribution Reserve

Net Takaful contributions Earned

Commissions Earned

Gross Takaful Contributions

Takaful expenses

Gross Claims Incurred

Re-Takaful Share of Accepted Business Claims

Re-Takaful Share of Ceded Business Claims

Net claims incurred

Provision for Takaful contract liabilities (outstanding claims)

Re-Takaful Share of Outstanding Claims
Increase/ (Decrease) in the provision for unearned
subscriptions
Increase/ (Decrease) in Incurred but Not Reported Claims
Reserves
Increase/ (Decrease) in Unallocated Loss Adjustment Expense
Reserve

Increase/ (Decrease) in Mathematical Reserves

Net Takaful Claims Incurred

Net Takaful income

(Wakala/ Mudaraba Fees)

Income from Investments

Income from Real Estate

Foreign Currency Exchange Fluctuation (Gain/Loss)

Other Income

Net Income/ (loss) from Takaful operations

 

Other Revenues

Investment Income/(loss) (shareholders fund)

Wakala/ Mudaraba from Participants

Other Operating Income

Impairment /(Write-Off) of Loan to Participants' Fund
 

Other Expenses
Commissions Paid

Other Operating Expenses

General and Administrative Expenses
 

Net Profit/(loss) for the year

Net loss on revaluation of investments at fair value through
other comprehensive income
Reclassification adjustment relating to investment through other
comprehensive income impaired during the year
Transfer to P/L on sale of investments through other
comprehensive income

Board of Directors’ remuneration

 

Total Comprehensive Profit/Loss for the Year

 

Earnings per share:

Basic

Diluted

 

Notes to the Financial Statements

  1. Disclosure over the financial statements is made in compliance with the AAOIFI (Accounting and Auditing Of Islamic Financial Institutions) Board in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and its interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC), and according to the templates identified by the Authority.
     
  2. Notes to financial statements include the following:

    2.1 General information.

    2.2 Adoption of new and revised International Financial Reporting Standards (IFRSs).

    2.3 Summary of significant Accounting Policies which include:

    1. a. Statement of compliance.

    2. b. Basis of preparation.

    3. c. Basis of consolidation.

    4. d. Business combinations.

    5. e. Goodwill.

    6. f. Takaful contracts.

    7. g. Revenue recognition.

    8. h. General and administrative expenses.

    9. i. Foreign currencies.

    10. j. Property, machinery and equipment.

    11. k. Investment properties.

    12. l. Impairment of non-financial assets.

    13. m. Provisions.

    14. n. Financial instruments.

    15. o. Financial assets.

    16. p. Financial liabilities.

    17. q. Dividend distribution.

    18. r. Others.

     2.4 Accounting assumptions and key sources of estimation of uncertainty.

    2.5 Property, machinery and equipment.

    2.6 Investment properties.

    2.7 Financial investments.

    2.8 Statutory deposits.

    2.9 Takaful contract liabilities and Re-Takaful contract assets.

    2.10 Takaful receivables.

    2.11 Bank balances and cash.

    2.12 Share Capital.

    2.13 Reserves.

    2.14 Bank borrowings.

    2.15 Takaful payables and others.

    2.16 Net investment income / loss.

    2.17 Related party transactions.

    2.18 Segment information.

    2.19 Contingent liabilities.

    2.20 Commitments.

    2.21 Takaful risk.

    2.22 Capital risk management.

    2.23 Financial instruments.

    2.24 Dividends.

    2.25 Approval of financial statements.

    2.26 Others.

  3. In addition to the above, the Company should disclose the following:

    3.1 Wakala model or Wakala and Mudaraba model used by the company.

    3.2 Deficit in participants’ fund

    Any deficit in the participants’ fund, except for deficits arising from a decline in the fair value of securities, is financed by the shareholders through a Qard Hasan (a finance cost free loan with no repayment terms). The Company maintains a full provision against the Qard Hasan. The company maintains full power in the management of the loan.

    3.3 The amounts and expenses that have been debited to the subscribers accounts and the mechanism pursued by the company to record these amounts and expenses.

    3.4 Gross Contributions

    This item is to comprise all amounts due during the financial year in respect of Takaful contracts entered into regardless of the fact that such amounts may relate in whole or in part to a later financial year, and must include the following:

    a. Contributions yet to be determined, where the contribution calculation can be done only at the end of the year;

    b. Individual contributions, including annuity contributions, and, in long-term business, individual contributions resulting from bonus and rebate provisions in so far as they must be considered as contributions under the terms of the contract;

    c. Additional contributions in the case of half-yearly, quarterly or monthly payments and additional payments from participants for expenses borne by the Company;

    d. In the case of co-Takaful, the Company’s portion of total contributions;

    e. Re-Takaful contributions due from ceding and retroceding Takaful undertakings, including portfolio entries, after deduction of cancellations and portfolio withdrawals credited to ceding and retroceding Takaful undertakings.

    3.5 Zakat

    Zakat is calculated on the basis of the rates prescribed according to the Islamic Supervisory Committee and prevailing laws, regulations, and instructions in state.

    3.6 Statutory Deposit

    In accordance with Federal Law No. (6) of 2007, the Company shall place a deposit at a Bank in the State as guarantee of fulfilling its liabilities and amounting to AED 4 million for Takaful of Persons and Fund Accumulation Operations, and AED 2 million per line of business for Property and Liability Insurance, not to exceed AED 6 million.

    3.7 Takaful Receivables

 

This item consists of the following:

                                                                                                                                          December 31,

                                                                                                                              20XX                          20YY
                                                                                                                            AED000                      AED000

Due from Participants Less:

Allowance for Doubtful Debts
 

Due from Takaful/ re-Takaful operators

Due from brokers/ agents Less:

Allowance for Doubtful Debts
 

Insurance Receivable – Net

Inside UAE:

 

                                                                                                                                           December 31,

                                                                                                                              20XX                            20YY
                                                                                                                            AED000                        AED000

Due from Participants

Less: Allowance for Doubtful Debts
 

Due from Takaful/ re-Takaful operators Due

from brokers/ agents Less: Allowance for

Doubtful Debts
 

Insurance Receivable - Net

Outside UAE:

 

                                                                                                                                        December 31,

                                                                                                                              20XX                        20YY
                                                                                                                           AED000                     AED000

Due from Participants

Less: Allowance for Doubtful Debts


Due from Takaful/ re-Takaful operators Due

from brokers/ agents Less: Allowance for

Doubtful Debts
 

Insurance Receivable - Net

Note: The receivables ageing details to be disclosed separately for participants, Takaful companies, re-Takaful companies, brokers and agents in the below format:

Inside UAE:

 

                                                                                                                                  December 31,

                                                                                                                        20XX                         20YY
                                                                                                                     AED 000                     AED000

Less than 30 days 30 – 90
days 91 – 180 days 181 –
270 days 271 – 360 days
More than 360 days
Total

Outside UAE:

 

                                                                                                                                December 31,

                                                                                                                       20XX                        20YY
                                                                                                                     AED000                  AED 000

Less than 30 days
30 – 90 days 91 – 180
days 181 – 270 days 271
– 360 days More than
360 days
Total

Movement on the provision for doubtful debts during the year was as follows:

 

                                                                                                                                 December 31

                                                                                                                      20XX                        20YY
                                                                                                                       AED                         AED

Balance at the beginning of the year
Additions
Balance at year end

 

3.8 Other Receivables and Prepayments

                                                                                                                                December 31,

                                                                                                                      20XX                       20YY
                                                                                                                    AED000                   AED000

Receivable from Employees
Refundable Deposits
Prepayments
Others
Other Receivables and Prepayments

 

3.9 Takaful Payables

This item consists of the following:

                                                                                                                                December 31,

                                                                                                                      20XX                        20YY
                                                                                                                    AED000                    AED 000

Payables – Inside UAE Payables
– Outside UAE
Total



Inside UAE:

                                                                                                                               December 31,

                                                                                                                     20XX                        20YY
                                                                                                                   AED 000                   AED 000

Payables
Payables from insurance companies
Payables from re-insurance companies
Payables from Insurance agents Payables
from Insurance Brokers Payables from staff
Other payables
Total

 

Outside UAE:

                                                                                                                              December 31,

                                                                                                                     20XX                      20YY
                                                                                                                      AED                       AED

Payables
Payables from insurance companies
Payables from re-insurance companies
Payables from Insurance agents
Payables from Insurance Brokers
Payables from staff
Other payables

Total

 

3.10 Share Capital

Subscribed and paid – up capital amounted to AED XX distributed over XX shares, the par value of each is AED 1 as of December 31, 20XX (against AED XX million shares of AED 1 each as of December 31, 20YY).

 

3.11 Technical Provisions

This item consists of the following:

                                                                                                                         December 31,

                                                                                                               20XX                        20YY
                                                                                                                AED                         AED

Insurance of Persons and Fund Accumulation:
Unearned Contribution Reserve
Incurred but Not Reported Reserve (Short-term life and Fund
Accumulation products of one year)
Mathematical Reserve
Unallocated Loss Adjustment Expense Reserve
Total Insurance of Person and Fund Accumulation Operations
Technical Provisions

Note: Technical provisions details in the above format to be provided for each class of insurance as defined by the Authority.

Adequate explanation for the method adopted should be given and the method should be consistent from year to year for technical provisions. In case the Actuary decides to change the method being used from previous years, sufficient explanation to the same needs to be provided.

 

3.12 Takaful net Contribution

        a) Gross contributions

                                                                                                              20XX                      20YY
                                                                                                               AED                       AED

Takaful Insurance of Persons

 

Total Gross Contributions Takaful Insurance of persons
Property and Liability Takaful
 

Total Gross Contributions for Property and Liability Takaful
Change in unearned contributions reserves
Total Gross Contributions

Note: Gross Contribution details in the above format to be provided for each class of insurance as defined by the Authority.
b) Contributions ceded to re-Takaful

                                                                                                                                            20XX         20YY
                                                                                                                                          AED000     AED 000

Takaful Insurance of Persons

 

Total Takaful Insurance of Persons Ceded to Re-insurers
Property and Liability Takaful Total

 

Property and Liability Takaful Contributions Ceded to Re-Takaful
Change in unearned contributions reserves
Total Contributions Ceded to Re-Takaful
Note: Contributions ceded to re-Takaful details in the above format to be provided for each class of insurance as defined by the Authority.
c) Re-Takaful share of accepted business contributions

     20XX            20YY  AED 000           AED 000 Takaful Insurance of persons

 

Total Takaful Insurance of persons for accepted share of re-Takaful business Property and Liability Takaful

 

Total Property and Liability Takaful Contributions for accepted share of re-Takaful
business
Change in unearned contributions reserves
Total Contributions for accepted share of re-Takaful business
Note: Re-Takaful share of accepted business contributions details in the above format to be provided for each class of insurance as defined by the Authority.

Total Net Contribution (a-b+c)

 

3.13 Net Claims Paid

a) Gross claims paid

                                                                                                                         20XX          20YY
                                                                                                                      AED 000       AED 000

Takaful Insurance of persons

Total Gross Claims Takaful Insurance of persons

Property and Liability Takaful

 

Total Gross Claims for Property and Liability Takaful Total

Gross Claims

Note: Gross Claims Paid details in the above format to be provided for each class of insurance as defined by the Authority.

b) Re-Takaful share of claims

                                                                                                                        20XX                                 20YY
                                                                                                                      AED000                            AED000

Takaful Insurance of persons

 

Total Takaful Insurance of persons’ Claims Ceded to Re-Takaful
Property and Liability Takaful

 

Total Property and Liability Takaful Claims Ceded to Re-Takaful Total
Claims Ceded to Re-Takaful

Note: Claims ceded to Re-Takaful details in the above format to be provided for each class of insurance as defined by the Authority.
c) Re-Takaful share of accepted business claims

20XX                       20YY AED                    AED Takaful Insurance of persons

Total Takaful Insurance of persons’ Claims for accepted share of Re-Takaful
business
Property and Liability Takaful

Total Takaful Property and Liability Takaful Claims for accepted share of Re-Takaful
business
Total Claims for accepted share of Re-Takaful business
Note: Re-Takaful share of accepted business claims details in the above format to be provided for each class of insurance as defined by the Authority.

Total Net Claims (a-b+c)

 

3.14 Capital risk management

The solvency regulations identify the required Solvency Margin to be held in addition to insurance liabilities. The Solvency Margin (presented in the table below) must be maintained at all times throughout the year. The Company is subject to solvency regulations which it has complied with during the year. The Company has incorporated in its policies and procedures the necessary tests to ensure continuous and full compliance with such regulations.

The table below summarizes the Minimum Capital Requirement, Minimum Guarantee Fund and Solvency Capital Requirement of the Company and the total capital held to meet these required Solvency Margins.

                                                                                                                                      December 31,
                                                                                                                        20XX                                 20YY
                                                                                                                         AED                                  AED

Minimum Capital Requirement (MCR)
Solvency Capital Requirement (SCR)
Minimum Guarantee Fund (MGF)
Own Funds
Basic Own Funds
Ancillary Own Funds
MCR Solvency Margin (Surplus/Deficit)
SCR Solvency Margin (Surplus/Deficit)
MGF Solvency Margin (Surplus/Deficit)


3.15 Risk management

The listed risks should be disclosed in detailed, as a minimum:

a) Underwriting Risk.

b) Market and Liquidity (Investment) Risk.

c) Credit Risk.

d) Operational Risk.

3.16 Claims development schedule