Alliance Insurance PSC : Financial statements for the year of 2021

ALLIANCE INSURANCE P.S.C.

Report of the Board of Directors, Independent auditor's report and financial statements

for the year ended 31 December 2021

ALLIANCE INSURANCE P.S.C.

Contents	Pages
Report of the Board of Directors	1 - 2
Independent auditor's report	3 - 8
Statement of financial position	9 - 10
Statement of profit or loss	11
Statement of comprehensive income	12
Statement of changes in equity	13
Statement of cash flows	14 - 15
Notes to the financial statements	16 - 75

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 REPORT

The Shareholders of

Alliance Insurance P.S.C.

Dubai

United Arab Emirates

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Alliance Insurance P.S.C. (the "Company"), which comprise the statement of financial position as at 31 December 2021, and the statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards ('IFRSs').

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the other ethical requirements that are relevant to our audit of Company's financial statements in United Arab Emirates, and we have fulfilled our other ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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.