International General Insurance Holdings Limited | ConsoLIdated statement of InCome
Contents
About IGIH ....................................................................................3
Board of Directors ........................................................................5
Letter from the Board of Directors ..............................................7
Financial Statements ....................................................................9
Auditors’ Report ..........................................................................9
Consolidated Statement of Financial Position .............................11
Consolidated Statement of Income ............................................12
Consolidated Statement of Comprehensive Income ...................13
Consolidated Statement of Cash Flows .....................................14
Consolidated Statement of Change in Equity .............................15
Notes to the Consolidated Financial Statements ........................16
Corporate Officers ......................................................................39
IGI Offices ...................................................................................40
1
1
About IGIH
International General Insurance Holdings Limited
(IGIH) is registered in the Dubai International
Financial Centre with operations in Bermuda
(IGI Bermuda), the United Kingdom, Jordan and
Malaysia.
IGI Bermuda is a class 3B (re)insurer regulated
by the Bermuda Monetary Authority and is rated
A- (“Excellent”) by A.M. Best Company Inc. This
subsidiary is the principal underwriting entity
for the Group with the Jordan office providing
all management, underwriting and operational
functions. The Group also has a subsidiary
company in Labuan, Malaysia registered as a first
tier reinsurer.
IGI Group (companies) underwrite a worldwide
portfolio of energy, property, marine, engineering,
financial institutions, general aviation and non-
proportional reinsurance
treaty business with
the main geographical focus on the Afro-Asian
markets.
IGIH has assets of more than US $ 456 million as
at 31st December, 2009.
2
3
International General Insurance Holdings Limited | boArd of dIrectors
Board of Directors
Mr. Mohammed Abu Ghazaleh
Chairman (Chairman and CEO, Fresh Del Monte Produce Inc. – Miami)
Mr. Wasef Jabsheh
CEO & Vice Chairman
Mr. Amir Abu Ghazaleh
Director (General Manager of Abu-Ghazaleh International Company – UAE)
Mr. Khalifa Al Mulhem
Director (Chairman, National Polypropylene Company Limited – KSA)
Mr. Hani Tarazi
Director (Saba IP & Co. – UAE)
Mr. Khaled Sifri
Director (CEO of Arab Emirates Investment Bank – UAE)
4
5
International General Insurance Holdings Limited | Letter from tHe boArd of dIrectors
Letter from the Board of Directors
The Board of Directors of International General Insurance Holdings Limited (IGIH) is pleased to report on the
Company’s operations and results for 2009.
The world economic crisis continued to impact the global economy during 2009. Cancellations of projects
coupled with large reductions in volume of trade were apparent side effects of the crisis. We are, however,
delighted that conditions started to show signs of improvement during the latter part of 2009. We hope that
the recovery will continue throughout 2010 and beyond with global economies heading towards their pre-crisis
levels.
IGIH reported its financials on a full calendar year basis for the first time in 2009; as a result, a comparison
with 2008 fiscal year results, being a nine month period ending December 31, 2008, does not represent a true
reflection of a year on year assessment.
In line with IGIH’s ongoing philosophy of continual expansion and diversification of product lines, we are pleased
to announce that the Group commenced underwriting a General Aviation portfolio in December 2009. As is the
case with existing classes of business such as Energy, Engineering and Financial Institutions, it is our objective,
over time, to become a strong leadership market particularly in our core geographical area consisting of the
Middle East & North Africa (MENA) along with the greater Afro-Asian region.
In addition, the Group has commenced underwriting a Casualty portfolio offering cover for professional
indemnity, medical malpractice, public liability and the like. Our target for this class of business will be
strictly directed towards exposures emanating from the MENA region, which historically have been extremely
profitable. Our knowledge and expertise in this particular geographical area gives us a strong advantage over
our competitors.
The Company entered into a Managing General Underwriting agreement with Energy Insurance Oslo (EIO), an
underwriting agency specializing in Scandinavian energy and utility business. This venture will assist in further
diversifying and developing our energy book of business via a market that has historically been very rewarding.
We believe this relationship will contribute positively to the profitability of the existing portfolio. We hope that
we will be able to expand this cooperation in to other classes of business in the near future.
The competitive position of the Group has been further enhanced due to a recent change in the Jordanian
insurance regulatory regime whereby all domestic insurers, presently some 28 companies, must seek
reinsurance coverage in the first instance from the Offshore Jordanian market, thus currently placing IGI in a
unique situation.
Furthermore, we are pleased to report that the Company has submitted an application to the UK Financial
Services Authority to establish a wholly owned subsidiary based in London. We anticipate license approval to
be granted in the middle of 2010. The creation of this subsidiary will enable the group to develop its strong
client base and broker relationships from within the Company’s largest production source. It will give us an
important European Union (EU) presence and provide the Company access to business emanating from EU
countries.
IGI Labuan is undertaking the process of applying for a (re)takaful license for this subsidiary, which when
achieved will both strengthen this entity’s market position and allow for further product development within our
existing lines of business.
We are very pleased to report that the Group’s financial strength ratings were re-affirmed during 2009 in spite
of the global back drop.
Financial results achieved during 2009 are in line with our expectations. Whilst under normal circumstances
these results could have been better, the natural catastrophe losses of 2008 along with the remnants of the
economic meltdown continued to impact our results, albeit on a much smaller scale. Nonetheless, we are
confident that future years’ results will continue to improve on 2009 in view of various measures we have
implemented, such as the streamlining of the marine portfolio and complete withdrawal from certain natural
catastrophe areas.
We give hereunder highlights of 2009 results:
• Net Income increased to US$ 9.1 million from a loss of US$ 4.9 million the year before
• Gross Written Premium generated was US$ 152.9 million
• Net Underwriting Profit increased to US$ 13.35 million from a loss of US$ 0.9 million the year before
• Investment Income increased from US$ 3.6 million to US$ 7.2 million representing growth of 100%
• Total assets now stand in excess of US$ 456 million, up from last year’s total of US$ 426 million, an
increase of 7%
We would like to note that His Excellency Rateb Wazani was appointed by a royal decree as President of the
Supreme Court in Jordan and consequently, he has resigned his position on the board of directors of IGIH. We
would like to thank Mr. Wazani for his years of service on the board and his invaluable contribution and sincerely
wish him the utmost success in his new position serving Jordan.
We would like to thank all our clients and producers for their continued support throughout 2009. We would
also like to thank all our employees for their significant effort and contribution this year.
We look forward to working together in 2010 to fulfill the visions and ambitions of the Company and to further
establish IGI as the (Re)insurer of Choice for the region.
6
7
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
AudItors’ rePort
P.O. Box 9267
28th Floor - Al Attar Business Tower
Sheikh Zayed Road
Duabi, United Arab Emirates
Tel: +971 4 332 4000
Fax:+971 4 332 4004
dubai.uae@ae.ey.com
www.ey.com/me
INdePeNdeNt AudItors’ rePort to tHe sHAreHoLders of
INterNAtIoNAL GeNerAL INsurANce HoLdINGs LImIted
We have audited the accompanying consolidated financial statements of International General Insurance Company Holdings Limited
(“the Company”) and its subsidiaries (together “the Group”), which comprise the consolidated statement of financial position as at 31
December 2009 and the consolidated statements of income, comprehensive income, changes in equity and cash flows for the year
then ended, and a summary of significant accounting policies and other explanatory notes.
management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with International
Financial Reporting Standards and the applicable provisions of the Companies Law pursuant to DIFC Law No. 3 of 2006. This
responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than the Company and the shareholders of the Company as a body, for our
audit work, for this report, or for the opinions we have formed. We conducted our audit in accordance with International Standards
on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant
to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate for
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31
December 2009 and its financial performance and its cash flows for the year then ended, in accordance with International Financial
Reporting Standards.
report on other legal and regulatory requirements
We also confirm that, in our opinion, the consolidated financial statements include, in all material respects, the applicable requirements
of the Companies Law pursuant to DIFC Law No. 3 of 2006. We have obtained all the information and explanations which we required
for the purpose of our audit. To the best of our knowledge and belief, no violations of the companies law pursuant to DIFC Law No. 3
of 2006 have occurred during the period which would have had a material effect on the business of the Company or on its financial
position.
Dubai, United Arab Emirates
14 March 2010
8
A member firm of Ernst & Young Global
9
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
coNsoLIdAted stAtemeNt of fINANcIAL PosItIoN
AT 31 DeceMBer 2009
Assets
Premises and equipment
Intangible assets
Investment in associated companies
Investment property
Investments
Deferred policy acquisition costs
Insurance receivables
Other assets
Reinsurers’ share of insurance reserves
Cash and bank balances
totAL Assets
eQuItY ANd LIAbILItIes
equity
Issued share capital
Notes
2009
USD
2008
USD
3
4
5
6
7
8
9
10
11
12
3,720,305
475,438
11,032,729
28,672,789
123,656,287
20,003,250
1,657,747
560,480
10,197,712
7,905,040
98,008,263
18,073,444
94,330,538
114,963,834
4,778,040
2,817,514
61,063,626
63,098,882
108,855,584
109,415,441
456,588,586
426,698,357
13
143,375,678
143,375,678
Foreign currency translation reserve
Cumulative changes in fair value of investments
Retained earnings
(208,050)
4,389,708
23,769,816
(231,658)
(5,010,043)
14,674,685
equity attributable to equity holders of parent
171,327,152
152,808,662
Non-controlling interest
total equity
Liabilities
Insurance reserves
Other liabilities
Reinsurance payable
Reinsurance deposit
Unearned commissions
total liabilities
totAL eQuItY ANd LIAbILItIes
-
529,981
171,327,152
153,338,643
235,220,774
219,775,482
1,310,846
24,755,439
17,318,875
6,655,500
1,856,695
34,332,781
13,808,875
3,585,881
285,261,434
273,359,714
456,588,586
426,698,357
11
15
16
The consolidated financial statements were authorised for issue in accordance with a resolution of the Board of
Directors on 14 March 2010.
10
11
The attached notes 1 to 22 form part of these consolidated financial statements
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
coNsoLIdAted stAtemeNt of INcome
AT 31 DeceMBer 2009
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
coNsoLIdAted stAtemeNt of comPreHeNsIve INcome
AT 31 DeceMBer 2009
Gross premiums
Reinsurers’ share of gross premiums
Net premiums
Claims
Reinsurers’ share of claims
Commission income
Policy acquisition costs
Net underwriting result
Investment income
Share of profit from associated companies
Gain (loss) on sale of premises equipment
Notes
17
17
16
8
18
5
1 April 2008 to 31 December
2009
USD
2008
USD
148,366,598
116,299,988
(51,106,248)
(32,081,401)
97,260,350
84,218,587
(89,879,032)
(107,969,060)
20,087,962
38,095,339
9,733,389
1,555,323
(23,849,829)
(16,881,255)
13,352,840
(981,066)
5,589,866
1,240,368
3,815
1,994,594
3,085,601
(3,474)
General and administrative expenses
(10,683,787)
(7,456,002)
Provision for doubtful debts
Gain (loss) on exchange
ProfIt (Loss) for tHe YeAr / PerIod
Attributable to:
Equity holders of the parent
Non-controlling interest
(847,800)
409,811
9,065,113
-
(1,500,496)
(4,860,843)
9,095,131
(5,023,905)
(30,018)
163,062
9,065,113
(4,860,843)
Profit (loss) for the year / period
other comprehensive income (loss)
Fair value changes during the year / period
Currency translation differences
1 April 2008 to 31 December
2009
USD
2008
USD
9,065,113
(4,860,843)
9,399,751
(23,071,485)
38,123
(376,952)
other comprehensive income (loss) for the year / period
9,437,874
(23,448,437)
total comprehensive income (loss) for the year / period
18,502,987
(28,309,280)
Attributable to
Equity shareholders of the parent
Non-controlling interest
18,518,490
(28,335,812)
(15,503)
26,532
18,502,987
(28,309,280)
The attached notes 1 to 22 form part of these consolidated financial statements
The attached notes 1 to 22 form part of these consolidated financial statements
12
13
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
coNsoLIdAted stAtemeNt of cAsH fLoWs
AT 31 DeceMBer 2009
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
coNsoLIdAted stAtemeNt of cHANGe IN eQuItY
AT 31 DeceMBer 2009
Notes
18
18
18
oPerAtING ActIvItIes
Profit (loss) for the period / year
Adjustments for:
Depreciation and amortisation
Gain on sale of available-for-sale investments
Provision for doubtful debts
Impairment on available-for-sale investments
(Gain) loss on sale of premises and equipment
Loss (gain) on revaluation of held for trading
investments
Dividends and interest income
Share of profit from associated companies
Reinsurers’ share of insurance reserves
Insurance reserves
Deferred policy acquisition costs
Insurance receivables
Other assets
Unearned commission
Held for trading investments
Other liabilities
Net cash from operating activities
INvestING ActIvItIes
Purchase of premises and equipment
Proceeds from sale of premises equipment
Purchase of intangible assets
3
4
1 April 2008 to 31 December
2009
USD
2008
USD
9,065,113
(4,860,843)
578,999
(368,524)
847,800
526,290
(3,815)
1,109,941
176,131
(800,809)
-
3,436,566
3,474
(188,510)
(6,857,573)
(1,240,368)
(4,441,841)
(3,085,601)
2,035,256
(29,853,781)
15,445,292
21,138,411
(1,929,806)
73,476,421
33,861,207
(5,155,663)
13,787,107
(12,671,193)
(2,541,354)
3,069,619
949,281
(545,849)
(433,272)
2,668,631
(3,701,237)
875,288
33,927,409
15,443,761
(2,511,150)
3,815
(9,845)
(472,518)
7,406
(106,989)
Purchase of available-for-sale investments
(23,079,200)
(16,176,822)
Proceeds from sale of available-for-sale investments
4,613,939
3,217,882
Purchase of investment property
(20,767,749)
(7,905,040)
Dividends received from associated companies
5
405,351
2,386,183
6,857,573
305,000
7,804,229
4,441,841
(32,101,083)
(8,885,011)
Deposits maturing after three months
Dividends and interest income
Net cash used in investing activities
fINANcING ActIvItIes
Dividends paid
Net cash used in financing activities
14
-
-
(5,018,149)
(5,018,149)
1,540,601
Net cHANGe IN cAsH ANd cAsH eQuIvALeNts
1,826,326
Cash and cash equivalents at the beginning of the
year / period
cAsH ANd cAsH eQuIvALeNts At tHe eNd
of tHe YeAr / PerIod
12
105,330,046
103,789,445
107,156,372
105,330,046
The attached notes 1 to 22 form part of these consolidated financial statements
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15
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Entities are required to apply this amendment for annual periods beginning on or after 1 January 2009, with
no requirement to provide comparatives on transition.
1. ACTIVITIES
standards issued but not effective.
International General Insurance Holdings Limited [the Company] is incorporated as a company limited by
shares under the Companies Law, DIFC Law No. 2 of 2004 on 7 May 2006 and is engaged in the business
of re-insurance and insurance. The Company’s registered office is in Dubai International Financial Centre.
The Company and its subsidiaries [together the Group] operate in the United Arab Emirates, Bermuda,
Jordan and Malaysia.
2. BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRS).
The consolidated financial statements have been presented in United States Dollars “USD” which is the
Group’s functional currency.
The consolidated financial statements are prepared under the historical cost convention modified to
include the measurement at fair value of financial assets available-for-sale, financial assets held for trading
and investment properties.
basis of consolidation
The financial statements of the subsidiaries are prepared for the same reporting year as the Company,
using consistent accounting policies.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains
control, and continue to be consolidated until the date that such control ceases.
All intra-group balances, transactions, income and expenses and profits and losses, including dividends
resulting from intra-group transactions, are eliminated in full.
changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year except as
follows:
IAS 1 (revised) Presentation of Financial Statements
This standard separates owner and non-owner changes in equity requiring all owner changes in equity to
be presented in a statement of changes in equity, and all non-owner changes either in one statement of
comprehensive income or in two separate statements, which are an income statement and a statement
of comprehensive income. The previous standard required components of comprehensive income to be
presented in the statement of changes in equity. The revised standard also requires that the income tax
effect of each component of comprehensive income to be disclosed. In addition, it requires entities to
present a comparative statement of financial position as at the beginning of the earliest comparative period
when the entity has applied an accounting policy retrospectively, makes a retrospective restatement, or
reclassifies items in the financial statements.
The Group has elected to present comprehensive income in two separate statements of income and
comprehensive income. Information about the individual components of comprehensive income have
been disclosed in the notes to the financial statements.
The Group has not presented three statements of financial position in these financial consolidated statements
because it has not applied an accounting policy retrospectively, made a retrospective restatement of items
in its financial statements, or reclassified items in its financial statements that affected the statement of
financial position at the beginning of the earliest comparative period.
Amendment to Ifrs 7 financial Instruments: Disclosures
The amendment to the standard requires an entity to provide a quantitative and qualitative analysis of
those instruments recognised at fair value based on a three-level measurement hierarchy. Furthermore,
for those instruments which have significant unobservable inputs (classified as Level 3), the amendment
requires disclosures on the transfers into and out of Level 3, a reconciliation of the opening and closing
balances, total gains and losses for the period split between those recognised in other comprehensive
income, purchases, sales, issues and settlements, and sensitivity analysis of reasonably possible changes
in assumptions. In addition, disclosure is required of the movements between different levels of the fair
value hierarchy and the reason for those movements. Finally, the standard amends the previous liquidity
risk disclosures as required under IFRS 7 for non-derivative and derivative financial liabilities.
IFrS 9 Financial Instruments
In November 2009, the International Accounting Standards Board published the first phase of IFRS 9
Financial Instruments (applicable from 1 January 2013), the accounting standard that will eventually
replace IAS 39 Financial Instruments: Recognition and Measurement. The main focus of the first phase
is the classification and measurement of financial assets. The Group is in the process of evaluating the
impact of the revised standard.
summary of significant accounting policies
Premiums earned
Premiums are taken into income over the terms of the policies to which they relate on a pro-rata basis.
Unearned premiums represent the portion of premiums written relating to the unearned period of coverage.
The change in the provision for unearned premiums is taken to the consolidated statement of income in
order that revenue is recognised over the period of risk.
Premiums written include adjustments to premiums written in prior accounting periods and estimates
for “pipeline” premiums. An estimate is made at the statement of financial position date to recognise
retrospective adjustments to premiums or commissions. Outward reinsurance premiums are accounted
for in the same accounting period as the premiums for the related direct insurance or inwards reinsurance
business.
claims
Claims, comprising amounts payable to contract holders and third parties and related loss adjustment
expenses, net of salvage and other recoveries, are charged to income as incurred. Claims comprise the
estimated amounts payable, in respect of claims reported to the Group and those not reported at the
statement of financial position date.
The Group generally estimates its claims based on appointed loss adjusters or leading underwriters’
recommendations. In addition a provision based on management’s judgement and the Group’s prior
experience is maintained for the cost of settling claims incurred but not reported at the statement of
financial position date. Any difference between the provisions at the statement of financial position date
and settlements and provisions for the following year is included in the underwriting account for that year.
Policy acquisition costs
Commissions paid to intermediaries and other direct costs incurred in relation to the acquisition and
renewal of insurance contracts are capitalised as an intangible asset. The deferred policy acquisition costs
are subsequently amortised over the terms of the insurance contracts to which they relate as premiums
are earned.
Liability adequacy test
At each statement of financial position date the Group assesses whether its recognised insurance liabilities
are adequate using current estimates of future cash flows under its insurance contracts. If that assessment
shows that the carrying amount of its insurance liabilities (less related deferred policy acquisition costs) is
inadequate in the light of estimated future cash flows, the entire deficiency is immediately recognised in
income and an unexpired risk provision created.
reinsurance
The Group cedes insurance risk in the normal course of business for all classes of business. Reinsurance
assets represent balances due from reinsurance companies. Recoverable amounts are calculated in a
manner consistent with the outstanding claims provision and are in accordance with the reinsurance
contract.
An impairment review is performed at each reporting date or more frequently when an indication of
impairment arises during the reporting year. Impairment occurs when objective evidence exists that the
Group may not recover outstanding amounts under the terms of the contract and when the impact on the
amounts that the Group will receive from the reinsurer can be measured reliably. The impairment loss is
recorded in the consolidated statement of income.
Ceded reinsurance arrangements do not relieve the Group from its obligations to policyholders.
Premiums and claims on assumed reinsurance are recognised as income and expenses in the same
manner as they would be if the reinsurance were considered direct business, taking into account the
product classification of the reinsured business.
Reinsurance liabilities represent balances due to reinsurance companies. Amounts payable are calculated
in a manner consistent with the associated reinsurance contract.
Premiums and claims are presented on a gross basis for both ceded and assumed reinsurance.
Reinsurance assets or liabilities are derecognised when the contractual rights are extinguished or expire or
when the contract is transferred to another party.
16
17
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
2. BASIS OF PREPARATION (continued)
summary of significant accounting policies (continued)
Interest revenue
Interest revenue is recognised as the interest accrues using the effective interest method, under which the
rate used exactly discounts estimated future cash receipts through the expected life of the financial asset
to the net carrying amount of the financial asset.
dividend revenue
Dividend revenue is recognised when right to receive the payment is established.
Premises and equipment
Premises and equipment is stated at cost less accumulated depreciation and any impairment in value.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets ranging
between 5 to 10 years.
The assets’ residual values, useful lives and method of depreciation are reviewed and adjusted if appropriate
at each financial year-end. Impairment reviews take place when events or changes in circumstances indicate
that the carrying value may not be recoverable. Impairment losses are recognised in the consolidated
statement of income as an expense.
Intangible assets
a) Goodwill
Goodwill acquired in a business combination is initially measured at cost being the excess of the cost of
the business combination over the Group’s interest in the net fair value of the identifiable assets, liabilities
and contingent liabilities acquired. Goodwill arising from the investment in subsidiaries is separately shown
under intangible assets, while that arising from the investment in associates is shown as part of investment
in associates and subsequently adjusted for any impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is from the date of
acquisition allocated to each of the Group’s cash-generating units, or groups of cash-generating units.
Where the recoverable amount of the cash-generating unit is less than the carrying value, an impairment
loss is recognised.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill
is reviewed for impairment, annually or more frequently, if events or changes in circumstances indicate that
the estimated recoverable amount of a cash-generating unit or group of cash-generating units is less than
their carrying amount. Impairment losses are charged to the consolidated statement of income.
b) Intangible assets
Intangible assets acquired through business combinations are recorded at their fair value on that date.
Other intangible assets are measured on initial recognition at cost.
Intangible assets with finite lives are amortised over the useful economic lives, while intangible assets with
indefinite useful lives are assessed for impairment at each reporting date or when there is an indication that
the intangible asset may be impaired.
Internally generated intangible assets are not capitalised and are expensed in the consolidated statement
of income.
Indications of impairment of intangible assets are reviewed for and their useful economic lives are reassessed
at each reporting date. Adjustments are reflected in the current and subsequent periods.
Intangible assets include computer software and software licenses. These intangible assets are amortised
on a straight line basis over their estimated economic useful lives of 5 years.
Impairment and uncollectibility of financial assets
An assessment is made at each statement of financial position date to determine whether there is objective
evidence that a specific financial asset may be impaired. If such evidence exists, any impairment loss is
recognised in the consolidated statement of income.
Impairment is determined as follows:
a. For assets carried at fair value, impairment is the difference between cost and fair value;
b. For assets carried at cost, impairment is the difference between cost and the present value of future
cash flows discounted at the current market rate of return for a similar financial asset; and
c. For assets carried at amortised cost, impairment is based on estimated cash flows discounted at the
effective interest rates.
18
Derecognition of financial instruments
The derecognition of a financial instrument takes place when the Group no longer controls the contractual
rights that comprise the financial instrument, which is normally the case when the instrument is sold, or all
the cash flows attributable to the instrument are passed through to an independent third party.
Investment in associated companies
Investments in associated companies are carried in the statement of financial position at cost plus post
– acquisition changes in the Group’s share of net assets of associates, less any impairment in value. The
consolidated statement of income reflects the share of the results of the operations of the associates.
Investment properties
Investment properties are measured initially at cost, including transaction costs. The carrying amount
includes the cost of replacing part of an existing investment property at the time that cost is incurred if
the recognition criteria are met; and excludes the costs of day to day servicing of an investment property.
Subsequent to initial recognition, investment properties are stated at fair value, which reflects market
conditions at the reporting date. Gains or losses arising from changes in the fair values of investment
properties are included in the income statement in the period in which they arise.
Investment properties are derecognised when either they have been disposed of or when the investment
property is permanently withdrawn from use and no future economic benefit is expected from its
disposal.
The difference between the net disposal proceeds and the carrying amount of the asset is recognised in
the income statement in the period of derecognition.
Transfers are made to or from investment property only when there is a change in use. For a transfer from
investment property to owner occupied property, the deemed cost for subsequent accounting is the fair
value at the date of change in use. If owner occupied property becomes an investment property, the Group
accounts for such property in accordance with the policy stated under property, plant and equipment up
to the date of change in use.
Investments
Financial assets within the scope of IAS 39 are classified as financial assets at fair value through profit
or loss, held-to-maturity investments or available-for-sale financial assets. The Group determines the
classification of its financial assets at initial recognition. All financial assets are recognised initially at fair
value plus, in the case of investments not at fair value through profit or loss, directly attributable transaction
costs.
Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the
date that the Group commits to purchase or sell the asset.
The subsequent measurement of financial assets depends on their classification as follows:
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss includes financial assets held for trading and financial
assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified
as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial
assets at fair value through profit and loss are carried in the statement of financial position at fair value with
changes in fair value recognised in the statement of income. The Group has not designated any financial
assets upon initial recognition as at fair value through profit or loss.
Held-to-maturity investments
Non-derivative financial assets with fixed or determinable payments and fixed maturities are classified as
held-to-maturity when the Group has the positive intention and ability to hold it to maturity. After initial
measurement held-to-maturity investments are measured at amortised cost using the effective interest rate
method, less impairment. Impairment losses are recognised in the consolidated statement of income.
Available-for-sale financial investments
Available-for-sale financial investments include equity and debt securities. Equity investments classified
as available-for sale are those, which are neither classified as held for trading nor designated at fair value
through profit or loss. Debt securities in this category are those which are intended to be held for an
indefinite period of time and which may be sold in response to needs for liquidity or in response to changes
in the market conditions. After initial measurement, available-for-sale financial investments are subsequently
measured at fair value with unrealised gains or losses recognised as other comprehensive income in the
available-for-sale reserve until the investment is derecognised, at which time the cumulative gain or loss is
recognised in other operating income, or determined to be impaired, at which time the cumulative loss is
recognised in the consolidated statement of income and removed from the available-for-sale reserve.
19
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
2. BASIS OF PREPARATION (continued)
summary of significant accounting policies (continued)
cash and cash equivalents
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash in hand, bank
balances, and short-term deposits with an original maturity of three months or less.
Provisions
Provisions are recognised when the Group has an obligation (legal or constructive) as a result of a past
event, and the costs to settle the obligation are both probable and able to be reliably measured.
Offsetting
Financial assets and financial liabilities are offset and the net amount reported in the statement of financial
position only when there is a legally enforceable right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the assets and settle the liability simultaneously. Income and
expense is not offset in the statement of income unless required or permitted by any accounting standard
or interpretation.
Foreign currencies
The Group’s consolidated financial statements are presented in United States Dollars, which is also the
functional currency of the Company. Each entity in the Group determines its own functional currency and
items included in the financial statements of each entity are measured using that functional currency.
Transactions and balances
Transactions in foreign currencies are initially recorded by the Group entities at their respective functional
currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in
foreign currencies are retranslated at the functional currency spot rate of exchange ruling at the reporting
date. All differences are taken to the statement of income. Non-monetary items that are measured in terms
of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial
transactions. Non-monetary items measured at fair value in a foreign currency are translated using the
exchange rates at the date when the fair value is determined.
Group companies
The assets and liabilities of foreign operations are translated into United States Dollars at the rate of
exchange prevailing at the reporting date and their statements of income are translated at exchange rates
prevailing at the date of the transactions. The exchange differences arising on the translation are recognised
in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive
income relating to that particular foreign operation is recognised in the statement of income.
Leases
The Group has no finance leases.
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are
classified as operating leases. Operating lease payments are recognised as an expense in the consolidated
statement of income on a straight-line basis over the lease term.
Fair values
The fair value of financial instruments that are actively traded in organized financial markets is determined
by reference to quoted market bid prices for assets and offer prices for liabilities, at the close of business
on the statement of financial position date. If quoted market prices are not available, reference is also be
made to broker or dealer price quotations.
For financial instruments where there is not an active market, the fair value is determined by using valuation
techniques. Such techniques include using recent arm’s length transactions, reference to the current market
value of another instrument which is substantially the same and/or discounted cash flow analysis. For
discounted cash flow techniques, estimated future cash flows are based on management’s best estimates
and the discount rate used is a market related rate for a similar instrument.
If the fair value can not be measured reliably, these financial instruments are measured at cost, being the
fair value of the consideration paid for the acquisition of the investment or the amount received on issuing
the financial liability. All transaction costs directly attributable to the acquisition are also included in the cost
of the investment.
Judgements
In the process of applying the Group’s accounting policies, management has made the following
judgements, apart from those involving estimations, which have the most significant effect in the amounts
recognised in the financial statements:
Classification of investments
Management decides on acquisition of an investment whether it should be classified as held for trading or
available for sale or held to maturity.
The group classifies investments as trading if they are acquired primarily for the purpose of making a short
term profit by the dealers.
Financial assets are classified as held to maturity if the Group has the positive intention and ability to hold
up till maturity.
All other investments are classified as financial assets available for sale.
Impairment of investments
The group treats financial assets available-for-sale as impaired when there has been a significant or
prolonged decline in the fair value below cost or where other objective evidence of impairment exists.
The determination of what is “significant” or “prolonged” requires considerable judgement. In addition, the
Group evaluates other factors, including normal volatility in share prices for quoted equities and the future
cash flows and discount factors for unquoted equities.
estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the
statement of financial position date, that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are discussed below:
Valuation of outstanding claims, whether reported or not
Considerable judgement by management is required in the estimation of amounts due to contract holders
arising from claims made under insurance contracts. Such estimates are necessarily based on assumptions
about several factors involving varying, and possibly significant, degrees of judgement and uncertainty and
actual results may differ from management’s estimates resulting in future changes in estimated liabilities.
In particular, estimates have to be made both for the expected ultimate cost of claims reported at the
statement of financial position date and for the expected ultimate cost of claims incurred but not yet
reported (IBNR) at the statement of financial position date. The primary technique adopted by management
in estimating the cost of notified and IBNR claims, is that of using past claim settlement trends to predict
future claims settlement trends.
Claims requiring court or arbitration decisions are estimated individually. Independent loss adjustors
normally estimate property claims. Management reviews its provisions for claims incurred, and claims
incurred but not reported, on a quarterly basis.
Investment properties
Investment properties are stated at fair value which is determined based on valuations performed by
professional independent valuers.
reinsurance
The Group is exposed to disputes with, and possibility of defaults by, its reinsurers. The Group monitors
on a quarterly basis the evolution of disputes with and the strength of its reinsurers.
20
21
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
3. PREMISES AND EQUIPMENT
4.
INTANGIBLE ASSETS
Office
building
Office
furniture
Computers Equipment
Leasehold
improvements
Vehicles
Total
USD
USD
USD
USD
USD
USD
USD
cost
At 1 January 2009
-
482,000
273,011
136,601
946,447
198,832 2,036,891
Additions
Transfers
Write off and
disposals
At 31 December
2009
depreciation
At 1 January 2009
Charge for the year
Write off
At 31 December
2009
Net carrying amount
At 31 december
2009
cost
At 1 April 2008
Additions
Write off and
disposals
At 31 December
2008
depreciation
At 1 April 2008
Additions
Disposal
At 31 December
2008
Net carrying amount
At 31 December
2008
1,826,810
184,646
112,397
18,518
314,040
54,739 2,511,150
-
-
466,225
(79,808)
-
-
-
(466,225)
(8,789)
(50,880)
-
-
-
(139,477)
1,826,810 1,053,063
385,408
146,330
743,382
253,571 4,408,564
-
-
-
-
69,165
156,840
(79,808)
146,197
138,035
108,768
-
246,803
39,692
41,865
(8,789)
72,768
45,288
86,964
379,144
77,731
63,388
448,592
(50,880)
-
(139,477)
72,139
150,352
688,259
1,826,810
906,866
138,605
73,562
671,243
103,219 3,720,305
-
-
-
-
-
-
-
-
-
373,027
108,973
-
189,676
89,518
(6,183)
93,704
42,897
-
715,317
218,552 1,590,276
231,130
-
472,518
-
(19,720)
(25,903)
482,000
273,011
136,601
946,447
198,832 2,036,891
31,095
38,070
-
119,977
24,241
(6,183)
30,783
8,909
-
42,112
73,334
297,301
3,176
22,470
96,866
-
(8,840)
(15,023)
69,165
138,035
39,692
45,288
86,964
379,144
412,835
134,976
96,909
901,159
111,868 1,657,747
The depreciation charge for the year of USD 448,592 (2008: USD 96,866) has been included in general and
administrative expenses.
cost
Opening balance
Additions
2009
Goodwill Computer Software
USD
USD
Total
USD
2008
Total
USD
251,966
66,350
552,142
804,108
786,675
9,845
76,195
106,989
Foreign currency translation adjustment
(30,830)
-
(30,830)
(89,556)
closing balance
Amortization
Opening balance
Additions
closing balance
Net book value
287,486
561,987
849,473
804,108
-
-
-
243,628
243,628
164,363
130,407
130,407
79,265
374,035
374,035
243,628
287,486
187,952
475,438
560,480
Goodwill has been allocated to North Star Underwriting Limited which is considered to be a cash generating
unit. The recoverable amount of the cash generating unit has been determined based on a value in use
calculating cash flow projections based on financial budgets approved by senior management covering a
five year period. Goodwill allocated to the cash generating unit has been tested for impairment. There was
no impairment charge during the year ended 31 December 2009 (31 December 2008: nil)
5.
INVESTMENT IN ASSOCIATED COMPANIES
In 2002, the Group acquired a 33% equity ownership interest in companies registered in Lebanon as
shown below:
country of incorporation
Ownership
Star Rock SAL Lebanon
Sina SAL Lebanon
Silver Rock SAL Lebanon
Golden Rock SAL Lebanon
Lebanon
Lebanon
Lebanon
Lebanon
Movement on investment in associates was as follows:
Opening balance
Share of profit (loss) or results associated companies
Share of fair value gain on investment properties
Dividends received
2009
33%
33%
33%
33%
2008
33%
33%
33%
33%
2009
USD
2008
USD
10,197,712
7,417,111
467,264
773,104
(405,351)
(22,845)
3,108,446
(305,000)
11,032,729
10,197,712
22
23
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
The following table includes summarised information of the Group’s investments in associates:
8. DEFERRED POLICY ACQUISITION COSTS
Share of associates’ statement of financial position
Current assets
Non-current assets
Current liabilities
Net assets
Share of associates’ revenues and results
Revenues
Profit
2009
USD
2008
USD
549,809
16,915,258
(6,432,338)
11,032,729
496,456
15,890,798
(6,189,542)
10,197,712
1,492,587
3,547,338
1,240,368
3,085,601
Investment properties of the associates are stated at fair value, which has been determined based on
valuations performed by professional independent valuers who are specialists in valuing these types
of investment properties. The fair value represents the amount, which the assets could be exchanged
between a knowledgeable, willing seller in an arm’s length transaction at the date of valuation. All the
investment properties generated rental income during the current period and the prior years.
6.
INVESTMENT PROPERTY
Investment property amounting to USD 8,243,387 as at 31 December 2009 (2008: USD 7,905,040) is
registered in the name of the Directors of the Company. The Company has obtained an irrevocable proxy
over this investment property.
There is no significant difference between the carrying amount and fair value of the land.
7.
INVESTMENTS
Held to maturity
Unquoted bonds
Held for trading
Quoted funds
Available-for-sale
Quoted bonds and debt securities with fixed interest rate
Quoted equities
Quoted funds and alternative investments
Unquoted government bonds and debt securities
with fixed interest rate
Unquoted equities*
2009
USD
2008
USD
1,690,141
1,690,141
1,830,525
3,889,747
59,362,794
43,511,474
7,463,301
1,410,934
8,387,118
120,135,621
123,656,287
43,353,223
31,436,502
10,747,329
1,410,934
5,480,387
92,428,375
98,008,263
*Carried at cost on account of the unpredictable nature of future cash flows and lack of suitable alternative
methods to arrive at a reliable fair value. There is no market for these investments and the Group intends
to hold them for the long term.
Provision for impairment for equity investments charged to the consolidated statement of income amounted
to USD 526,290 (2008: USD 3,436,566).
24
Opening balance
Acquisition costs
Charged to consolidated statement of income
9.
INSURANCE RECEIVABLES
Receivables from insurance companies and intermediaries
Reinsurers – amounts due in respect of claims paid
2009
USD
2008
USD
18,073,444
25,779,635
12,917,781
22,036,918
(23,849,829)
(16,881,255)
20,003,250
18,073,444
2009
USD
2008
USD
76,948,231
17,382,307
88,173,971
26,789,863
94,330,538
114,963,834
All of the above amounts are due within twelve months of the statement of financial position date.
10. OTHER ASSETS
Deferred XOL premium
Accrued interest income
Advance payment on investments*
Prepaid expenses
Accrued dividend income
Refundable deposits
Employees receivables
Others
2009
USD
2,590,449
1,137,314
126,027
530,330
262,240
37,316
31,003
63,361
2008
USD
-
761,427
580,828
501,101
501,704
17,850
315,637
138,967
4,778,040
2,817,514
*The 2008 amount represents payment to acquire the remaining 49% of North Star Underwriting Limited
(previously known as Sr Bishop Underwriting Limited).
As fully described in note 19, the 49% of North Star Underwriting Limited has been transferred to the
Company during the year.
25
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
11. INSURANCE RESERVES
Gross Reinsurers’
share
2009
Net
Gross Reinsurers’
share
2008
Net
USD
USD
USD
USD
USD
USD
Claims development
The following tables show the estimate of cumulative incurred claims, including both claims notified
and IBNR for each successive accident year at each statement of financial position date, together with
cumulative payments to date.
2005
USD
2006
USD
2007
USD
2008
USD
2009
USD
Total
USD
Unearned premiums 83,238,624
(21,561,486)
61,677,138
78,743,301
(13,427,326) 65,315,975
At end of accident year
17,460,334
6,958,339
21,043,300
48,321,100
27,899,982
121,683,055
Outstanding claims 151,982,150
(39,502,140) 112,480,010
141,032,181
(49,671,556) 91,360,625
235,220,774
(61,063,626) 174,157,148
219,775,482
(63,098,882) 156,676,600
a) unearned premiums
Gross Reinsurers’
share
2009
Net
Gross Reinsurers’
share
2008
Net
USD
USD
USD
USD
USD
USD
Opening balance
78,743,301
(13,427,326)
65,315,975
69,756,299
(10,380,698) 59,375,601
Premiums written
152,861,921
(59,240,408)
93,621,513
125,286,990
(35,128,029) 90,158,961
Premiums earned
(148,366,598)
51,106,248 (97,260,350)
(116,299,988)
32,081,401 (84,218,587)
83,238,624
(21,561,486)
61,677,138
78,743,301
(13,427,326) (65,315,975)
b) outstanding claims
Movement in outstanding claims
Gross Reinsurers’
share
2009
Net
Gross Reinsurers’
share
2008
Net
USD
USD
USD
USD
USD
USD
At the beginning of
the year / period
Reported claims
110,800,288
(48,439,663)
62,360,625
71,042,762 (22,864,403) 48,178,359
Claims incurred but
not reported
30,231,893
(1,231,893)
29,000,000
5,500,000
-
5,500,000
141,032,181
(49,671,556)
91,360,625
76,542,762 (22,864,403) 53,678,359
Claims paid
(78,929,063)
30,257,378 (48,671,685)
(43,479,641)
11,288,186 (32,191,455)
One year later
44,966,702
33,226,096
59,651,500
63,821433
Two years later
55,308,231
49,255,000
79,736,254
Three years later
57,717,000
47,765,268
Four years later
59,726,444
-
-
-
-
-
-
-
-
-
-
201,665,731
184,299,485
105,482,268
59,726,444
59,726,444
47,765,268
79,736,254
63,821,433
27,899,982
278,949,381
(51,809,030)
(39,596,871)
(45,522,855)
(29,500,071)
(6,150,753)
(172,579,580)
7,917,414
8,168,397
34,213,399
34,321,362
21,749,229
106,369,801
Current estimate of
cumulative claims
incurred
Cumulative payments
to date
Liability recognised
in the statement of
financial position
Liability in respect
of years prior to 2005
Incurred but not
reported claims
total liability included in the consolidated statement of financial position
12. CASH AND BANK BALANCES
Cash and bank balances
Time deposits
Cash and cash equivalents
Demand deposits
6,112,349
112,482,150
39,500,000
151,982,150
2009
USD
2008
USD
34,002,791
73,153,581
10,963,620
94,366,426
107,156,372
105,330,046
1,699,212
4,085,395
108,855,584
109,415,441
Provided during the
year
At the end of the
period/ year
At the beginning of
the year / period
89,879,032
(20,087,962)
69,791,070
107,969,060 (38,095,339) 69,873,721
151,982,150
(39,502,140) 112,480,010
141,032,181 (49,671,556) 91,360,625
The time deposits, which are substantially denominated in US Dollars, are made for varying periods of
between one month to three months depending on the immediate cash requirements of the Group, and
earn interest at the respective short-term deposit rates.
13. SHARE CAPITAL
Reported claims
112,482,150
(39,502,140)
72,980,010
110,800,288 (48,439,663) 62,360,625
Claims incurred but
not reported
39,500,000
-
39,500,000
30,231,893
(1,231,893) 29,000,000
151,982,150
(39,502,140) 112,480,010
141,032,181 (49,671,556) 91,360,625
Shares of USD 1 each
Authorised, issued and fully paid
2009
USD
2008
USD
143,375,678
143,375,678
26
27
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
14. DIVIDENDS PAID
19. INVESTMENT IN SUBSIDIAIRES
At a meeting held on 25 May 2008, the shareholders resolved to pay dividend of USD 0.035 per share
amounting to USD 5,018,149 related to the year ended 31 March 2008. No dividends have been declared
in the prior year.
15. OTHER LIABILITIES
Accounts payable
Related parties payable (note 21)
Accrued expenses
16. UNEARNED COMMISSIONS
Opening balance
Commissions received
Commissions earned
17. NET INSURANCE PREMIUM REVENUE
Gross premiums
Change in unearned premiums
Gross premiums
2009
USD
2008
USD
780,360
1,299,961
-
530,486
1,310,846
212,677
344,057
1,856,695
2009
USD
3,585,881
12,803,008
(9,733,389)
6,655,500
2008
USD
917,250
4,223,954
(1,555,323)
3,585,881
2009
USD
2008
USD
152,861,921
125,286,990
(4,495,323)
(8,987,002)
148,366,598
116,299,988
Reinsurers’ share of insurance premiums
(59,240,408)
(35,128,029)
Reinsurers’ share of change in unearned premiums
8,134,160
3,046,628
Reinsurers’ share of gross premiums
(51,106,248)
(32,081,401)
97,260,350
84,218,587
18. INVESTMENT INCOME
Interest
Dividends
Gain on sale of available-for-sale investments
(Loss) gain on revaluation of held for trading investments
Impairment on available-for-sale investments (note 7)
2009
USD
2008
USD
5,924,319
3,876,510
933,254
368,524
(1,109,941)
565,331
800,809
188,510
(526,290)
(3,436,566)
5,589,866
1,994,594
country of incorporation
Ownership
2009
2008
International General Insurance
Company Limited
Bermuda
100%
100%
International General Insurance
Underwriting
Jordan
North Star Underwriting Limited1
United Kingdom
Specialty Malls Investment Co.2
Jordan
100%
100%
100%
100%
51%
-
1 During the year, an investigation and disciplinary procedure was carried out by North Star Underwriting Limited
[previously known as SR Bishop Underwriting Limited] against its managing director, Mr Stephen Bishop, which
determined that he had committed serious breaches of his duties which culminated in his summary dismissal
[i.e. dismissal without notice] for gross misconduct with effect on 12 August 2009. In the circumstances, Mr Bishop
was a “bad leaver” within the meaning of North Star’s Articles of Association [the Articles] and the applicable Share
Sale and Purchase and Option Agreement entered into on 15 June 2007 [the SPA]. Consequently, and pursuant
to the Articles and SPA, the 49% shareholding in North Star held by Skalama Limited [owned by Mr Bishop] was
transferred to the Company at nominal value on 10 September 2009. Whilst the nominal value of GBP 4,900 was
tendered to Skalama, it has not been accepted by Skalama and so has not been paid.
On 23 October 2009, Mr Bishop and Skalama commenced a lawsuit against North Star, the Company and three
directors of North Star.
From 1 January 2009, being the date of acquisition, North Star has contributed USD 1,957,477 of revenue and
USD 15,300 to the net profit before tax of the Group.
2 During the year, the Group acquired 100% of the ownership of Specialty Malls Investment Co., a real estate company
in Amman owning and managing an office complex building. The fair value of the identifiable assets and liabilities of
Specialty Malls Investment Co. as at the date of acquisition were:
Premises and equipment
Investment property
Cash and bank balances
Other liabilities
Purchase consideration
Fair value on
acquisition
USD
1,826,810
20,338,628
93,891
(3,117)
22,256,212
22,256,212
From the date of acquisition, Speciality Malls Investment Co. has not contributed significantly to the
revenue or the profit of the Group.
20. COMMITMENTS AND CONTINGENCIES
As of the date of the financial statements, the Company is contingently liable for the following:
Letters of Guarantee amounting to USD 7,125 (31 December 2008: USD 3,100) to the order of the
Jordanian Ministry of Trade and Industry with margin of USD 713 (31 December 2008: USD 310).
Letters of Credit amounting to USD 42,883,867 to the order of reinsurance companies (31 December
2008: USD 46,205,755).
As stated in note 19, the Company has been named as a defendant in a lawsuit filed by the previous
managing director of North Star Underwriting Limited for wrongful dismissal.
Based on legal advice received to date, the Group has not created any provision for the lawsuit as the
independent legal advice indicates that it is unlikely that any significant loss will arise.
28
29
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
21. Related party transactions
Related parties represent major shareholders, associates, directors and key management personnel of the
Group and entities controlled, jointly controlled or significantly influenced by such parties, Pricing policies
and terms of these transactions are approved by the Group’s management.
Transactions with related parties included in the consolidated financial statements are as follows:
Consolidated statement of financial position
Purchase of subsidiary (note 19)
Accounts payable
Consolidated statement of income
Commission paid
2009
USD
22,256,212
2008
USD
-
-
212,677
2009
USD
50,332
2008
USD
240,710
Compensation of key management personnel of the Group, consisting of salaries and benefits was
USD 2,651,913 (31 December 2008: USD 920,990).
22. RISK MANAGEMENT
The risks faced by the Group and the way these risks are mitigated by management are summarised
below.
Insurance risk
Insurance risk is the risk that actual claims payable to contract holders in respect of insured events exceed
the carrying amount of insurance liabilities. This could occur because the frequency or amounts of claims
are more than expected. The Group only issues insurance contracts in connection with property and
energy (collectively known as fire and accident), and marine risks.
Frequency and amounts of claims
The frequency and amounts of claims can be affected by several factors. The Group underwrites mainly fire
and accident and marine risks. These are regarded as insurance contracts as claims are normally advised.
This helps to mitigate insurance risk.
Property and energy
Property and energy insurance is designed to compensate contract holders for damage suffered to
properties or for the value of property lost. Contract holders could also receive compensation for the loss
of earnings caused by the inability to use the insured properties.
For property and energy insurance contracts the main risks are fire and business interruption. In recent
years the Group has mostly underwritten policies for properties containing fire detection equipment.
These contracts are underwritten by reference to the replacement value of the properties and contents
insured. The cost of rebuilding properties and obtaining replacement contents and the time taken to restart
operations which leads to business interruptions are the main factors that influence the level of claims.
Marine
Marine insurance is designed to compensate contract holders for damage and liability arising through loss
or damage to marine craft and accidents at sea resulting in the total or partial loss of cargoes.
For marine insurance the main risks are loss or damage to marine craft and accidents resulting in the total
or partial loss of cargoes.
The underwriting strategy for the marine class of business is to ensure that policies are well diversified in
terms of vessels and shipping routes covered.
Geographical concentration of risks
Approximately, 38%, 19%, 15% and 28% of the Group’s insurance risk relates to policies written in the
Middle/Far East and Asia, Europe, USA and the rest of the world respectively. (2008: 51%, 15%, 15% and
19% respectively)
reinsurance risk
In common with other insurance companies, in order to minimise financial exposure arising from large
claims, the Group, in the normal course of business, enters into contracts with other parties for reinsurance
purposes. Such reinsurance arrangements provide for greater diversification of business, allow management
to control exposure to potential losses arising from large risks, and provide additional capacity for growth.
A significant portion of the reinsurance is effected under treaty, facultative and excess-of-loss reinsurance
contracts.
To minimize its exposure to significant losses from reinsurer insolvencies, the Group evaluates the financial
condition of its reinsurers. The Group only deals with reinsurers approved by the board of directors, which
are generally rated A or above by international rating agencies.
Financial risk
The Group’s principal financial instruments are financial assets available-for-sale, financial assets held for
trading financial assets held to maturity receivables arising from insurance and reinsurance contracts,
trading investments and cash and cash equivalents.
The Group does not enter into derivative transactions.
The main risks arising from the Group’s financial instruments are interest rate risk, foreign currency risk,
credit risk, market price risk and liquidity risk. The board reviews and agrees policies for managing each of
these risks and they are summarised below.
Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates will affect future profitability or the
fair values of financial instruments. The Group is exposed to interest rate risk on certain of its investments
and cash and cash equivalents. The Group limits interest rate risk by monitoring changes in interest rates
in the currencies in which its cash and interest bearing investments and borrowings are denominated.
Details of maturities of the major classes of financial assets are as follows:
2009
Trading investments
Less than 1
year
1 to 5
years
Non-interest
bearing items
Total
Effective Interest
Rate on interest
bearing assets
USD
-
USD
USD
USD
-
1,830,525
1,830,525
Available-for-sale investments
2,707,380
56,235,842
61,192,399 120,135,621
Held to maturity investments
-
1,690,141
Cash and short term deposits
108,855,584
-
-
1,690,141
- 108,855,584
111,562,964
57,925,983
63,022,924 232,511,871
2008
Trading investments
-
-
3,889,747
3,889,747
Available-for-sale investments
2,815,946
41,948,211
47,664,218
92,428,375
Held to maturity investments
-
1,690,141
Cash and short term deposits
109,415,441
-
-
1,690,141
- 109,415,441
112,231,387
43,638,352
51,553,965 207,423,704
There is no significant difference between contractual repricing or maturity dates.
(%)
4.77
9.50
2.55
5.40
9.50
2.40
The following table demonstrates the sensitivity of consolidated statement of income to reasonably possible
changes in interest rates, with all other variables held constant.
The sensitivity of the consolidated statement of income is the effect of the assumed changes in interest
rates on the Group’s profit for the year, based on the floating rate financial assets and financial liabilities
held at 31 December 2009.
30
31
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
22. RISK MANAGEMENT (continued)
2009
2008
Increase/ decrease in basis points
Effect on profit for the year
+25
-50
+ 25
- 50
USD
419,197
(838,994)
273,538
(547,077)
Foreign currency risk
Foreign currency risk is the risk that the value of a financial instrument will fluctuate due to changes in
foreign exchange rates.
Management believes that there is minimal risk of significant losses due to exchange rate fluctuations
since most of there transactions are in US Dollars and consequently the Group does not hedge its foreign
currency exposure.
credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause
the other party to incur a financial loss. For all classes of financial assets held by the Group, the maximum
credit risk exposure to the Group is the carrying value as disclosed in the statement of financial position.
The Group only enters into insurance and reinsurance contracts with recognised, credit worthy third
parties. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit
verification procedures. In addition, receivables from insurance and reinsurance contracts are monitored
on an ongoing basis in order to reduce the Group’s exposure to bad debts.
The Group portfolio is managed by the Vice-Chairman and CEO in accordance with the investment policy
established by the board of directors.
The Group’s bank balances are maintained with a range of international and local banks in accordance
with limits set by the board of directors.
There are no significant concentrations of credit risk within the Group. The table below provides information
regarding the credit risk exposure of the Group by classifying assets according to the Group’s credit rating
of counterparties:
Neither past due nor impaired
Investment
grade
Non investment
grade
(satisfactory)
Non investment
grade
(un-satisfactory)
Past due or
impaired
Total
USD
USD
USD
USD
USD
2009
Financial assets available-for-sale
54,447,039
65,688,522
Financial assets held for trading
Financial assets held to maturity
Insurance receivables
Reinsurers’ share of unearned
premium
Reinsurers’ share of
outstanding claims
-
-
-
-
1,830,525
1,690,141
94,330,538
21,561,486
35,175,897
4,326,243
Cash and bank balances
66,153,710
42,701,874
155,776,646
232,129,389
-
-
-
-
-
-
-
-
- 120,135,621
-
-
-
-
-
1,830,525
1,690,141
94,330,538
21,561,486
39,502,140
- 108,855,584
- 387,906,035
Neither past due nor impaired
Investment
grade
Non investment
grade
(satisfactory)
Non investment
grade
(un-satisfactory)
Past due or
impaired
Total
USD
USD
USD
USD
USD
2008
Financial assets available-for-sale
43,353,223
49,075,152
Financial assets held for trading
Financial assets held to maturity
Insurance receivables
Reinsurers’ share of unearned
premium
Reinsurers’ share of
outstanding claims
-
-
-
-
3,889,747
1,690,141
114,963,834
13,427,326
44,231,566
5,439,990
Cash and bank balances
63,049,775
46,365,666
150,634,564
234,851,856
-
-
-
-
-
-
-
-
-
-
-
92,428,375
3,889,747
1,690,141
- 114,963,834
-
-
13,427,326
49,671,556
- 109,415,441
- 385,486,420
The following table provides an aging analysis of receivables arising from insurance and reinsurance
contracts past due but not impaired:
Past due but not impaired
Up to 90
days
91 to 180
days
181 to 270
days
271 to 360
days
above 360
days
Neither past
due nor
impaired
USD
USD
USD
USD
USD
Total
USD
31 December 2009
65,792,501
9,891,422
4,620,417
8,270,366
4,759,999
995,833
94,330,538
31 December 2008
72,885,553 26,326,627
6,148,074
3,172,082
6,431,498
- 114,963,834
For assets to be classified as ‘past due and impaired’ contractual payments are in arrears for more than
360 days and an impairment adjustment is recorded in the consolidated statement of income for this.
When the credit exposure is adequately secured, arrears more than 360 days might still be classified as
‘past due but not impaired”, with no impairment adjustment recorded.
Market price risk
Market price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in
market prices (other than those arising from interest rate risk or currency risk), whether those changes are
caused by factors specific to the individual security, or its issuer, or factors affecting all securities traded
in the market.
The company’s equity price risk exposure relates to financial assets whose values will fluctuate as a result
of changes in market prices.
32
33
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
22. RISK MANAGEMENT (continued)
Market price risk
The following table demonstrates the sensitivity of the profit for the period and the cumulative changes in
fair value to reasonably possible changes in equity prices, with all other variables held constant. The effect
of decreases in equity prices is expected to be equal and opposite to the effect of the increases shown.
2009
2008
Change in
equity price
Effect on
equity
Effect on
profit
Change in
equity price
Effect on
equity
Effect on
profit
USD
USD
USD
USD
USD
USD
5% 459,050
5% 749,931
5% 455,109
-
-
-
5% 595,181
5% 399,670
5%
70,546
-
-
-
5% 511,484
91,526
5% 506,429
194,487
Amman Stock Exchange
Saudi Arabia
Dubai International
Financial Exchange
Other quoted
The Group also has unquoted investments carried at cost where the impact of changes in equity prices will
only be reflected when the investment is sold or deemed to be impaired, when the statement of income
will be impacted.
The Group limits market risk by maintaining a diversified portfolio and by monitoring of developments in
equity markets.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its commitments associated with insurance
contracts and financial liabilities as they fall due.
Liquidity requirements are monitored on a monthly basis and management ensures that sufficient liquid
funds are available to meet any commitments as they arise.
All liabilities are non-interest bearing liabilities.
The table below summarizes the maturity profile of the company’s financial liabilities at 31 December 2009
based on contractual undiscounted payments:
2009
Liabilities arising from insurance
contracts
Unearned premiums
Outstanding claims
Other liabilities
Reinsurance payable
Reinsurance deposits
Unearned commissions
total liabilities
2008
Liabilities arising from insurance
contracts
Unearned premiums
Outstanding claims
Other liabilities
Reinsurance payable
Reinsurance deposit
Unearned commissions
total liabilities
34
Less than one year More than one year
No term
USD
USD
USD
Total
USD
72,381,412
99,034,335
1,310,846
24,755,439
-
5,657,175
203,139,207
66,931,806
91,899,136
1,856,695
34,332,781
-
3,047,999
198,068,417
10,857,212
52,947,815
-
-
17,318,875
998,325
82,122,227
11,811,495
49,133,045
-
-
13,808,875
537,882
75,291,297
83,238,624
- 151,982,150
-
-
-
-
1,310,846
24,755,439
17,318,875
6,655,500
285,261,434
-
78,743,301
- 141,032,181
-
-
-
-
1,856,695
34,332,781
13,808,875
3,585,881
- 273,359,714
Maturity analysis of assets and liabilities
The table below shows analysis of assets and liabilities analysed according to when they are expected to
be recovered or settled:
2009
Assets
Premises and equipment
Intangible assets
Investment in associated companies
Investment property
Investments
Less than one
year
More than one
year
No term
USD
USD
USD
Total
USD
-
-
-
-
3,720,305
475,438
11,032,729
-
-
-
3,720,305
475,438
11,032,729
-
28,672,789
28,672,789
3,683,154
43,782,095
76,191,038
123,656,287
Deferred policy acquisition costs
14,715,250
5,288,000
Insurance receivables
Other assets
94,330,538
4,778,040
-
-
Reinsurers’ share of Insurance reserve
45,807,726
15,255,900
Cash and bank balances
108,855,584
-
-
-
-
-
-
20,003,250
94,330,538
4,778,040
61,063,626
108,855,584
totAL Assets
272,170,292
79,554,467
104,863,827
456,588,586
-
-
-
-
-
-
-
-
-
-
143,375,678
143,375,678
(208,050)
(208,050)
4,389,708
4,389,708
23,769,816
23,769,816
171,327,152
171,327,152
eQuItY ANd LIAbILItIes
Equity
Issued share capital
Foreign currency translation reserve
Cumulative changes in fair values
of investments
Retained earnings
total equity
Liabilities
Insurance reserves
Other liabilities
Reinsurance payable
Reinsurance deposits
165,363,926
69,856,848
1,310,846
24,755,439
17,318,875
-
-
-
-
-
-
-
-
-
235,220,774
1,310,846
24,755,439
17,318,875
6,655,500
285,261,434
Unearned commissions
4,991,625
1,663,875
total liabilities
213,740,711
71,520,723
totAL eQuItY ANd LIAbILItIes
213,740,711
71,520,723
171,327,152
456,588,586
35
Fair value
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments
by valuation techniques:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are
observable, either directly or indirectly; and
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are
not based on observable market data.
Held for trading
Available-for-sale
Level 1
USD
1,830,525
110,337,569
112,168,094
31 December 2009
Level 2
USD
-
-
-
Total
USD
1,830,525
110,337,569
112,168,094
Unquoted investments amounting to USD 9,798,052 have been carried at cost in the absence of market
price or other appropriate method from which to derive a fair value.
International General Insurance Holdings Limited | fINANcIAL stAtemeNts
Notes to tHe coNsoLIdAted fINANcIAL stAtemeNts
AT 31 DeceMBer 2009
22. RISK MANAGEMENT (continued)
2008
Assets
Premises and equipment
Intangible assets
Investment in associated companies
Investment property
Investments
Less than one
year
More than one
year
No term
USD
USD
USD
Total
USD
-
-
-
-
1,657,747
560,480
10,197,712
-
-
-
1,657,747
560,480
10,197,712
-
7,905,040
7,905,040
6,705,693
43,638,252
47,664,218
98,008,263
Deferred policy acquisition costs
15,362,427
2,711,017
Receivables arising from insurance
contracts
88,173,971
26,789,863
Other receivables
2,817,514
-
Reinsurers’ share of insurance reserves
48,760,790
14,338,092
Cash and bank balances
109,415,441
-
-
-
-
-
18,073,444
114,963,834
2,817,514
63,098,882
109,415,441
totAL Assets
271,235,836
99,893,263
55,569,258
426,698,357
eQuItY ANd LIAbILItIes
Equity
Issued share capital
Foreign currency translation reserve
Cumulative changes in fair values
of investments
Retained earnings
total equity
minority interest
total equity
Liabilities
Insurance reserves
Other liabilities
Reinsurance payable
Reinsurance deposits
Unearned commissions
total liabilities
-
-
-
-
-
-
-
-
-
-
-
-
-
-
143,375,678
143,375,678
(231,658)
(231,658)
(5,010,043)
(5,010,043)
14,674,685
14,674,685
152,808,662
152,808,662
529,981
529,981
153,338,643
153,338,643
158,830,942
60,944,540
1,856,695
34,332,781
-
-
-
13,808,875
3,047,999
537,882
198,068,417
75,291,297
-
-
-
-
-
-
219,775,482
1,856,695
34,332,781
13,808,875
3,585,881
273,359,714
totAL eQuItY ANd LIAbILItIes
198,068,417
75,291,297
153,338,643
426,698,357
capital management
The Group manages its capital by ‘Enterprise Risk Management’ techniques, using a dynamic financial
analysis model. The Asset Liability match is reviewed and monitored on regular basis to maintain a
strong credit rating and healthy capital adequacy ratios to support its business objectives and maximise
shareholders’ value.
Adjustments to capital levels are made in light of changes in market conditions and risk characteristics of
the Group’s activities.
36
37
International General Insurance Holdings Limited | corPorAte offIcers
CORPORATE OFFICERS
mr. Wasef Jabsheh,
CEO & Vice Chairman
E-mail: wsj@iginsure.com
mr. Paul munday,
President and Chief Underwriter
E-mail: paulmunday@iginsure.com
mr. Waleed Jabsheh,
Executive Vice President
E-mail: waleedjabsheh@iginsure.com
ms. rachel butler,
Senior Vice President Operations
E-mail: rachelbutler@iginsure.com
mr. mark Jeffrey,
Senior Vice President Underwriting
E-mail: markjeffrey@iginsure.com
mr. soumitra biswas,
Senior Vice President Finance
E-mail: soumitrabiswas@iginsure.com
mr. ben Holborow,
Assistant Vice President, Energy
E-mail: benholborow@iginsure.com
mr. tom Wylie,
Underwriter, Engineering
E-mail: twylie@northstaruw.com
mr. Andrew Wood,
Underwriter, Financial Institutions
E-mail: awood@northstaruw.com
mr. darren shearwood,
Underwriter, General Aviation
E-mail: dshearwood@northstaruw.com
38
39
Auditors:
Ernst & Young
Postal Address:
P.O. Box 9267, Dubai, UAE
Address:
Al Attar Business Tower, 28th Floor
Sheikh Zayed Road
Dubai, UAE
Telephone:
Facsimile:
+971 4 332 4000
+971 4 332 4004
Actuary:
Lane Clark & Peacock
Postal Address:
200 Avenue Marcel Thiry Laan,
B-1200 Brussels,
Belgium
Telephone:
Facsimile:
+32 2 761 45 61
+32 2 761 45 46
International General Insurance Holdings Limited | IGI offIces
International General Insurance
Holdings Limited
postal Address:
p.o. box 506646, dubai,
United Arab Emirates
Address:
Dubai International Financial Centre,
Unit 1, Level 1, Gate Village 1,
Dubai, UAE
Telephone:
Facsimile:
+971 4 363 3520
+971 4 425 5675
IGI underwriting Ltd. co.
postal Address:
P.O. Box 941428
Amman 11194, Jordan
physical Address:
74 Abdel Hamid Sharaf St.
Shmeisani, Amman
Jordan
Telephone:
Facsimile:
+962 6 562 2009
+962 6 566 2085
Regulated by the Jordan Insurance Commission
International General Insurance (dubai)
company Ltd.
mr. rod smith - senior executive officer
E-mail: rodsmith@iginsure.com
postal Address:
P.O. Box 506646, Dubai,
United Arab Emirates
physical Address:
Dubai International Financial Centre,
Unit 1, Level 1, Gate Village 1,
Dubai, UAE
Telephone:
Facsimile:
+971 4 363 3520
+971 4 425 5675
International General Insurance
company Limited
Address:
44 Church Street
Hamilton HM 12, Bermuda
Telephone:
Facsimile:
+1 (441) 295 3688
+1 (441) 295 2584
Regulated by the Bermuda Monetary Authority
International General Insurance company
Limited- Labuan branch
Address:
Level 1, LOT 7, Block F, Saguking Commercial Building,
Jalan Patau – Patau, 87000 Labuan, Malaysia
Telephone:
Facsimile:
+6 (087) 410745
+6 (087) 419755
Regulated by the Labuan Financial Services Authority
marketing office:
Mr. Yuzri Yusof - Business Development Manager
E-mail: yuzriyusof@iginsure.com
Address:
29th Floor, Menara TA One
Jalan P Ramlee 50250
Kuala Lumpur, Malaysia
Telephone:
Facsimile:
+60 32 166 1786
+60 32 171 1786
north star underwriting Limited
Address:
52 Lime Street
London EC3M 7AF
England
Telephone:
Facsimile:
+44 207 743 6900
+44 207 743 6901
Regulated by the Dubai Financial Services Authority
Regulated by the UK Financial Services Authority
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