Islamic Arab Insurance PSC : Financial statements for 30 Sept 2016

Islamic Arab Insurance Co. (Salama) and its subsidiaries

Condensed consolidated interim financial statements

for the nine-month period ended 30 September 2016

Islamic Arab Insurance Co. (Salama) and its subsidiaries
Condensed consolidated interim financial statements
for the nine-month period ended 30 September 2016
Contents	Page
Independent auditors' report on review of condensed consolidated interim financial
information	1 - 2
Condensed consolidated interim statement of profit or loss	3 - 4
Condensed consolidated interim statement of profit or loss and other comprehensive income	5
Condensed consolidated interim statement of financial position	6
Condensed consolidated interim statement of cash flows	7
Condensed consolidated interim statement of changes in equity	8 - 9
Notes	10 - 25

KPMG Lower Gulf Limited

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Mohammed Bin Rashid Boulevard, Downtown Dubai, UAE Tel. [phone], Fax [phone]

Independent Auditors' Report on Review of Condensed Consolidated Interim Financial Statements

The Shareholders

Islamic Arab Insurance Co. (Salama) and its subsidiaries

Introduction

We have reviewed the accompanying 30 September 2016 condensed consolidated interim financial statements of Islamic Arab Insurance Co. (Salama) (the "Company") and its subsidiaries (collectively referred to as the "Group"). which comprises:

• the condensed consolidated interim statement of financial position as at 30 September 2016;

• the condensed consolidated interim statement of profit or loss for the three-month and nine-month periods ended 30 September 2016;

• the condensed consolidated interim statement of profit or loss and other comprehensive income for the three-month and nine-month periods ended 30 September 2016;

• the condensed consolidated interim statement of changes in equity for the nine­ month period ended 30 September 2016;

• the condensed consolidated interim statement of cash flows for the nine-month period ended 30 September 2016; and

• notes to the condensed consolidated interim financial statements .

Management is responsible for the preparation and presentation of these condensed consolidated interim financial statements in accordance with JAS 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed consolidated interim financial statements consists of making inquiries, primarily of persons responsible for financial

and accounting matters, and applying analytical and other review procedures. A review is substantially Jess in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.

Accordingly, we do not express an audit opinion.

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Islamic Arab Insurance Co. {Salama) and its subsidiaries

Independent Auditors' Report on Review of Condensed Consolidated Interim Financial Statements

30 September 2016

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying 30 September 2016 condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting'.

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KPMG Lower Gulf Limited

Fawzi AbuRass

Registered Auditor Number: 968 Date: 1 4 NOV 2016

2

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