Islamic Arab Insurance PSC : Financial statements for 30 June 2016

Islamic Arab Insurance Co. (Salama) and its subsidiaries

Condensed consolidated interim financial

statements

for the six-month period ended 30 June 2016

Islamic Arab Insurance Co. (Salama) and its subsidiaries Condensed consolidated interim financial statements
for the six-month period ended 30 June 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

Level 13, Boulevard Plaza Tower One

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 June 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 June 2016;

• the condensed consolidated interim statement of prof it or loss for the three­ month and six-month periods ended 30 June 2016;

• the condensed consolidated interim statement of prof it or loss and other comprehensive income for the three-month and six-month periods ended 30 June 2016;

• the condensed consolidated interim statement of changes in equity for the six-month period ended 30 June 2016;

• the condensed consolidated interim statement of cash flows for the six­ month period ended 30 June 2016; and

• notes to the condensed consolidated interim f inancial statements.

Management is responsible for the preparation and presentation of this condensed consolidated interim financial statements in accordance with IAS 34, 'Interim Financial Reporting'. Our responsibility is to express a conclusion on this 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 less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain

.assurnce that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

KPMG Lower Gulf Limited is a member firm of the KPMG network or independent member firms affiliated with KPMG lntcrnatmnal

Cooperative ("KPMG International"), a Swiss entil'(. All rights reserved.

KPMG Lower Gulf Limited Branch) is registered and licensed under the laws of the United Arab Emirates.

Islamic Arab Insurance Co. (Salama) and fts subsidiaries

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

30 June 2016

Conclusion

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

rv'v

KPMG Lower Gulf Limited Muhammad Tariq

Registered Auditor Number: 793

Date: 1 4 /.UG 2016

2

KPMG Lower Gulf Limited is a member firm of the KPMG network of independent member firms affihated w11h KPMG International Cooperauve (NKPMG lnternat,ontil"), a Swiss emuy. All rights reserved KPMG Lower Gult Limned (Ouba1 Brand1) lS registered and hcens(!d under the laws of the Untted Arab Emira1es.