Financial statements for the 3rd QTR of 2021

ALLIANCE INSURANCE P.S.C.

Dubai, United Arab Emirates

Review report and condensed interim financial information for the nine months period ended 30 September 2021

ALLIANCE INSURANCE P.S.C.

Contents	Pages
Independent auditor's review report	1
Condensed statement of financial position	2 - 3
Condensed statement of profit or loss (unaudited)	4
Condensed statement of comprehensive income (unaudited)	5
Condensed statement of changes in equity	6
Condensed statement of cash flows (unaudited)	7
Notes to the condensed interim financial information	8 - 25

Deloitte & Touche (M.E.)

UAB Tower - Level 13

Al Buhairah Corniche

P.O. Box 5470

Sharjah

United Arab Emirates

Tel: [phone]

Fax:[phone]

www.deloitte.com

INDEPENDENT AUDITOR'S REVIEW REPORT

The Board of Directors

Alliance Insurance P.S.C.

Dubai

United Arab Emirates

Introduction

We have reviewed the accompanying condensed statement of financial position of Alliance Insurance P.S.C. (the "Company"), Dubai, United Arab Emirates, as at 30 September 2021 and the related condensed statements of profit or loss, comprehensive income, changes in equity and cash flows for the nine months period then ended and other explanatory notes. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with International Accounting Standard 34: "Interim Financial Reporting" as issued by International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of condensed interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less 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.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34: "Interim Financial Reporting".

Deloitte & Touche (M.E.)

Signed by: Samir Madbak Registration No. 386 8 November 2021

Sharjah, United Arab Emirates

Akbar Ahmad (1141), Cynthia Corby (995), Georges Najem (809), Mohammad Jallad (1164), Mohammad Khamees Al Tah (717), Musa Ramahi (872), Mutasem M. Dajani (726), Obada Alkowatly (1056), Rama Padmanabha Acharya (701) and Samir Madbak (386) are registered practicing auditors with the UAE Ministry of Economy.

ALLIANCE INSURANCE P.S.C.					2
Condensed statement of financial position
at 30 September 2021
	Notes	30 September	31 December
		2021		2020
			(unaudited)	(audited)
			AED	AED
ASSETS
Property and equipment		3,658,190		4,261,569
Investment properties	6	200,440,000		200,440,000
Investments at amortised cost	7.1	333,674,457		335,622,610
Investments at fair value through other comprehensive
income (FVOCI)	7.2	6,210,215		5,175,180
Loans guaranteed by life insurance policies		46,666,560		48,458,780
Reinsurance contract assets	8	164,796,534		192,691,454
Deferred acquisition costs		3,799,483		5,937,160
Premium and insurance balances receivable	9	96,466,378		74,924,855
Other receivables and prepayments	10	25,853,694		21,586,863
Statutory deposits	11	10,228,125		10,000,000
Deposits	12	476,634,771		498,471,334
Cash and cash equivalents	13	22,293,859		48,691,929
Total assets		1,390,722,266	1,446,261,734
EQUITY AND LIABILITIES
Capital and reserves
Share capital	14	100,000,000		100,000,000
Statutory reserve		89,549,184		89,549,184
Regular reserve		79,959,984		79,959,984
General reserve		222,000,000		222,000,000
Reinsurance reserve		869,651		869,651
Cumulative change in fair value of FVOCI investments		(4,553,351)	(5,588,386)
Retained earnings		36,133,683		40,108,173
Total equity		523,959,151		526,898,606
Liabilities
Provision for employees' end of service indemnity		4,605,277		4,984,443
Accounts payable	15	93,448,892		83,226,463
		98,054,169		88,210,906
Insurance liabilities
Insurance liabilities	16	72,039,935		74,436,991
Premium collected in advance		10,799,096		9,198,901
Deferred commission income		6,008,902		4,707,241
		88,847,933		88,343,133

The accompanying notes form an integral part of this condensed interim financial information.