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Qatar Insurance Company Q.S.P.C Qatar Insurance Company Q.S.P.C INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REVIEW REPORT FOR THE NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2020 Qatar Insurance Company Q.S.P.C INTERIM CONSOLIDATED STATEMENT OF INCOME For the nine months period ended 30 September 2020 For the three months period For the nine months period ended ended 30 September 30 September 30 September 30 September 2020 2019 2020 2019 Note (QR ‘000) (QR ‘000) (QR ‘000) (QR ‘000) (Reviewed) (Unreviewed) (Reviewed) (Unreviewed) Gross premiums 2,969,362 3,420,267 10,203,122 9,805,515 Premiums ceded to reinsurers (1,345,364) (439,312) (3,144,102) (1,174,689) Net premiums 1,623,998 2,980,955 7,059,020 8,630,826 Movement in unexpired risk reserve 535,523 (455,500) 327,509 (775,872) Net earned premiums 2,159,521 2,525,455 7,386,529 7,854,954 Gross claims paid (1,765,472) (2,023,508) (5,973,939) (6,800,979) Reinsurance recoveries 191,117 512,710 1,154,853 1,329,733 Movement in outstanding claims (202,615) (311,876) (956,023) 44,139 Net commission (457,193) (615,758) (1,697,581) (2,014,746) Other insurance income 1,234 1,877 2,776 6,401 Net underwriting result (73,408) 88,900 (83,385) 419,502 Investment income 293,890 215,428 439,127 714,479 Finance costs (11,055) (31,630) (40,860) (104,365) Net investment income 282,835 183,798 398,267 610,114 Advisory fee income 776 1,636 8,393 8,686 Rental income 9,892 10,842 30,526 34,750 Other income 4,401 166 5,660 329 Total investment and other income 297,904 196,442 442,846 653,879 Share of profit from equity accounted investments 3,894 3,742 11,352 10,442 TOTAL INCOME 228,390 289,084 370,813 1,083,823 Operating and administrative expenses (137,125) (180,385) (437,272) (511,102) Depreciation and amortization (19,293) (25,499) (56,618) (61,490) PROFIT / (LOSS) BEFORE INCOME TAX 71,972 83,200 (123,077) 511,231 Income tax (4,131) (2,102) (7,576) (10,971) PROFIT / (LOSS) AFTER TAX FOR THE PERIOD 67,841 81,098 (130,653) 500,260 Attributable to: Equity holders of the parent 60,458 75,313 (147,380) 485,231 Non-controlling interests 7,383 5,785 16,727 15,029 67,841 81,098 (130,653) 500,260 Earnings per share Basic and diluted earnings / (loss) per 10 share attributable to ordinary equity holders of the parent in Qatari Riyals 0.007 0.017 (0.073) 0.130 The accompanying notes are an integral part of these interim consolidated financial statements 4 Qatar Insurance Company Q.S.P.C INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the nine months period ended 30 September 2020 For the three months period For the nine months period ended ended 30 September 30 September 30 September 30 September 2020 2019 2020 2019 QR (‘000) QR (‘000) QR (‘000) QR (‘000) (Reviewed) (Unreviewed) (Reviewed) (Unreviewed) Profit / (loss) for the period 67,841 81,098 (130,653) 500,260 Other comprehensive income (OCI) OCI to be reclassified to profit or loss in subsequent periods Debt instruments at fair value through other comprehensive income Net changes in fair value during the period 239,984 62,631 (119,674) 440,126 Foreign currency translation differences foreign operations 13,424 (12,173) (32,547) (16,176) TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE PERIOD 321,249 131,556 (282,874) 924,210 Attributable to: Equity holders of the Parent 313,641 124,400 (298,534) 901,516 Non-controlling interests 7,608 7,156 15,660 22,694 Total comprehensive (loss) / income for the period 321,249 131,556 (282,874) 924,210 The accompanying notes are an integral part of these interim consolidated financial statements 5 Qatar Insurance Company Q.S.P.C INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the nine months period ended 30 September 2020 Attributable to Catastrophe Other owners of the Non- Share Share Legal General Fair value special components Retained Parent controlling capital premium reserve reserve reserve reserve of equity earnings Company interests Total equity QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) At 1 January 2020 (Audited) 3,266,101 2,759,194 634,567 287,000 177,462 32,017 (38,772) 1,335,692 8,453,261 147,337 8,600,598 Loss for the period - - - - - - - (147,380) (147,380) 16,727 (130,653) Foreign currency translation - - - - - - (31,351) - (31,351) (1,196) (32,547) Net change in investments at fair value through other comprehensive income (FVOCI) - - - - (119,803) - - - (119,803) 129 (119,674) Total comprehensive income for the period - - - - (119,803) - (31,351) (147,380) (298,534) 15,660 (282,874) Dividend for the period 2019 (Note 11) - - - - - - - (489,915) (489,915) (8,250) (498,165) Interest on subordinated perpetual debt - - - - - - - (89,726) (89,726) - (89,726) Transfer to other components of equity - - - - - - 11,352 (11,352) - - - At 30 September 2020 (Reviewed) 3,266,101 2,759,194 634,567 287,000 57,659 32,017 (58,771) 597,319 7,575,086 154,747 7,729,833 The accompanying notes are an integral part of these interim consolidated financial statements 6 Qatar Insurance Company Q.S.P.C INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) For the nine months period ended 30 September 2020 Attributable Catastrophe Other to owners of Non- Share Share Legal General Fair value special components Retained the Parent controlling capital premium reserve reserve reserve reserve of equity earnings Company interests Total equity QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) QR (‘000) At 1 January 2019 (Audited) 3,189,059 2,554,492 634,567 287,000 (313,851) 32,017 60,012 1,282,527 7,725,823 245,816 7,971,639 Impact of Adopting IFRS 16 - - - - - - - 3,033 3,033 57 3,090 At 1 January 2019 (Adjusted) 3,189,059 2,554,492 634,567 287,000 (313,851) 32,017 60,012 1,285,560 7,728,856 245,873 7,974,729 Profit for the period - - - - - - - 485,231 485,231 15,029 500,260 Foreign currency translation - - - - - - (16,176) - (16,176) - (16,176) Net change in investments at fair value through other comprehensive income (FVOCI) - - - - 432,461 - - - 432,461 7,665 440,126 Total comprehensive income for the period - - - - 432,461 - (16,176) 485,231 901,516 22,694 924,210 Dividend for the period 2018 (Note 11) - - - - - - - (478,359) (478,359) - (478,359) Interest on subordinated perpetual debt - - - - - - - (60,811) (60,811) - (60,811) Transfer to other components of equity - - - - - - 10,442 (10,442) - - - Issuance of shares (Note 12) 77,042 204,702 - - (8,107) - (139,238) (7,248) 127,151 (127,151) - At 30 September 2019 (Unreviewed) 3,266,101 2,759,194 634,567 287,000 110,503 32,017 (84,960) 1,213,931 8,218,353 141,416 8,359,769 The accompanying notes are an integral part of these interim consolidated financial statements 7 Qatar Insurance Company Q.S.P.C INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS For the nine months period ended 30 September 2020 For the nine months period ended 30 September 30 September 2020 2019 QR (‘000) QR (‘000) Notes (Reviewed) (Unreviewed) OPERATING ACTIVITIES (Loss) / profit before tax (123,077) 511,231 Adjustments for: Depreciation and amortisation 56,618 61,490 Share of profit from investments in equity accounted investments (11,352) (10,442) Investment income and other income (403,927) (610,443) Impairment loss on insurance and other receivables 6,697 8,538 Provision for employees’ end of service benefits 3,956 5,248 Loss on disposal of property and equipment 452 3,091 Operating loss before working capital changes (470,633) (31,287) Working capital changes Change in insurance and other receivables (457,539) (706,876) Change in insurance reserves – net 661,170 663,223 Change in provisions, reinsurance and other payables 391,508 (9,973) Cash flows from / (used in) operations 124,506 (84,913) Income tax paid (5,151) (2,367) Employees’ end of service benefits paid (4,814) (347) Net cash flows from / (used in) operating activities 114,541 (87,627) INVESTING ACTIVITIES Net cash movements in investments (1,164,574) 537,722 Investment income and other finance income 403,927 610,443 Purchase of property and equipment (11,523) (10,891) Dividend received from equity accounted investments 9,375 9,250 Purchase of investment properties 7 (556) (2,169) Net cash flows (used in)/ from investing activities (763,351) 1,144,355 FINANCING ACTIVITIES Interest on subordinated perpetual debt (81,081) (81,081) Dividends paid (489,915) (478,359) Net movement of borrowings 265,770 (534,235) Proceeds from subordinated perpetual debt 15 1,081,645 - Dividends paid to non-controlling interests (8,250) - Net cash flows from / (used in) financing activities 768,169 (1,093,675) Net increase / (decrease) in cash and cash equivalents 119,359 (36,947) Effect of foreign currency exchange differences (23,274) (12,006) Cash and cash equivalents at 1 January 8,544,700 8,011,163 CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER 3 8,640,785 7,962,210 The accompanying notes are an integral part of these interim consolidated financial statements 8 Qatar Insurance Company Q.S.P.C.
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