Amended New Report EN Edit - Jordan Insurance Company · 2018-04-18 · 51 2016 2015 2016 623,851...
Transcript of Amended New Report EN Edit - Jordan Insurance Company · 2018-04-18 · 51 2016 2015 2016 623,851...
52
Dev
elop
men
t Man
ager
51
2016 2015
2016
623,85130,000,0000.21
2015
108,4992,724,6334,850,3787,683,510
1,189,21430,000,0000.40 %
134,0923,737,1995,335,7159,207,006
50
2016
2016 2015
124,991114,73024,5139,84563,52117,138177,16940,70061,39887,867106,6694,45010,47124,01476,21323,412132,00094,179150,290112,58130,897399,61458,930530,0972,475,6892,085,278390,4112,475,689
2015
4,116,594211,928323,328261,78735,814268,5635,218,0144,416,268801,7465,218,014
3,984,044209,044324,249348,90416,635210,2125,093,0884,304,327788,7615,093,088
113,959179,93816,78311,56261,07011,516126,70140,70069,49167,684132,1296,86412,48730,69898,57722,359132,000114,556188,690118,27545,629365,595199,844556,4952,723,6022,288,863434,7392,723,602
49
2016
2016
2016
2016 2015
14,775942,637957,412
2015
700,397514,300
(181,721)-
334,0741,367,050
2015
43,79590,037
133,83290,03743,795
2015
(2,317,225)(4,927,699)(7,244,924)
(7,244,924)(463,528)
(7,708,452)
66,04448,337
114,38148,33766,044
320,311(27,543)(66,328)347,990364,209938,639
(44,606)872,956828,350
48
2016
2016
2016
2016
2015
1,319,980456,200695,342421,8572,893,379
2015
1,712,9875,634,8397,347,826
2015
3,27857,73020,63727,527
737,681846,853
2015
370,520189,65055,000
2734,655
173,1456,709
799,952
813,045341,328759,180593,7442,507,297
1,780,7705,046,8406,827,610
3,278151,11820,63733,650
719,610928,293
386,433263,85855,000
2734,655
431,8355,681
1,147,745
47
2016
2016
2016
2015
499,650606,0233,19261,0981,169,963
2015
497,50382,103
(484,133)95,473
2015
1,769,8301,769,830
31/12/2016 31/12/2015
511,113416,855285,732
153,7061,367,406
-154,103
1,037,049
213,7311,404,883
511,113570,958
1,322,781
367,4372,772,289
511,113586,730
1,415,612
348,6592,861,914
-164,972
1,157,674
230,0241,552,670
511,113421,758257,738
118,6351,309,244
579,60635,205
(523,547)91,264
434,090560,6002,66515,4091,012,764
2,290,0702,290,070
46
2016
2016
2016 2015
962,700(1,252,594)641,899352,005
2015
3,121,0182,638,970(117,314)5,642,674
2015
14,386,0082,168,852
87,3942,925,509
(4,770,284)14,797,209
31/12/201531/12/2016
950,946
38,799358,351
1,348,096
16,614,4132,029,650101,095873,173
(2,815,324)16,803,007
3,058,5181,563,333(247,314)4,374,537
352,005(769,820)649,618231,803
3,962,273
161,6641,493,1305,617,067
230,000
36,056 -
266,056
2,108,767
40,000396,678
2,545,445
2,083,506
157,7201,096,4523,337,678
500,041
37,853263,148801,042
45
2016
2016
2016
2016
2015
108,499
4,850,3784,958,877
2015
2015
13,836,2523,071,36716,907,619
34,828
34,828
2015
35,350
3,099,603-
3,134,953
15,263,8643,994,71719,258,581
27,012
27,012
134,092
5,335,7155,469,807
35,350
4,451,871(90,000)
4,397,221Deduct : Provislon For Checks Under Collection
44
2016
2016
4,381,0334,381,033
11,473,65911,473,659
15,854,692
2015
2015
4,748,521
4,748,521
31/12/2016 31/12/2015
2,826,104
2,086,8044,912,908
4,124,466
4,124,466
4,667,8674,667,867
11,352,24211,352,242
16,020,109
3,098,949
638,2503,737,199
435,322
1,763,0542,198,376
3,534,271
2,401,3045,935,575
43
3. Use of Estimates
42
41
40
39
2015
1. General
2. Significant Accounting Policies
23/2/2017
NOTES TO FINANCIALSTATEMENTS
37
2015
13,930,322 527,854
8,296,256 5,106,212
2,719,074 890,343
1,828,731
2,920,612 1,150,782 1,769,830
58,901 5,165,113 9,679,297 188,016 188,615
6,630,968 3,047,730
2,639,254 2,128,549 510,705
1,513,832 1,101,135 412,697 98,008
3,145,738 5,165,113 3,145,738
126,660 258,840 90,037 449,799
2,944,711
551,785 1,193,389 149,097
1,894,271 1,050,440
18,367,301 556,957
11,125,549 6,684,795
2,920,612 1,150,782 1,769,830
3,809,172 1,519,102 2,290,070 (520,240) 6,164,555 13,386,040
92,611 149,491
9,929,458 3,399,702
3,564,7842,843,079721,705
2,639,2542,128,549510,705 211,000
3,610,7026,164,5553,610,702
47,989430,866
224,501 264,095
3,521,304
941,119 1,410,805 201,204
2,553,128968,177
2016
36
2016
9,466,20317,135
4,238,8375,210,231
2,960,9781,689,8471,271,131
3,582,2471,859,1821,723,065(451,934)
4,758,297
7,043,534-
3,899,7383,143,796
331,216656,730614,908373,038
273,327735,165569,472439,020(65,982)
3,077,814
4,758,297
3,077,814
-237,4543,560
1,921,497
321,323-
789,302437,042
1,577,667
343,830
9,466,20317,135
4,238,8375,210,231
2,960,9781,689,8471,271,131
3,582,2471,859,1821,723,065(451,934)
4,758,297
7,043,534-
3,899,7383,143,796
331,216656,730614,908373,038
273,327735,165569,472439,020(65,982)
3,077,814
4,758,297
3,077,814
-237,4543,560
1,921,497
321,323-
789,302437,042
1,577,667
343,830
1,817,833-
1,117,714700,119
409,920327,93681,984
544,342397,844146,498(64,514)
635,605
1,212,720-
970,443242,277
79,928218,867239,03759,758
24,61177,34781,56820,39039,368281,645
635,605
281,645
---
353,960
134,044-
283,96392,036
510,043
(156,083)
1,817,833-
1,117,714700,119
409,920327,93681,984
544,342397,844146,498(64,514)
635,605
1,212,720-
970,443242,277
79,928218,867239,03759,758
24,61177,34781,56820,39039,368281,645
635,605
281,645
---
353,960
134,044-
283,96392,036
510,043
(156,083)
7,648,37017,135
3,121,1234,510,112
2,551,0581,361,9111,189,147
3,037,9051,461,3381,576,567(387,420)
4,122,692
5,830,814-
2,929,2952,901,519
251,288437,863375,871313,280
248,716657,818487,904418,630
(105,350)2,796,169
4,122,692
2,796,169
-237,4543,560
1,567,537
187,279-
505,339375,006
1,067,624
499,913
7,648,37017,135
3,121,1234,510,112
2,551,0581,361,9111,189,147
3,037,9051,461,3381,576,567(387,420)
4,122,692
5,830,814-
2,929,2952,901,519
251,288437,863375,871313,280
248,716657,818487,904418,630
(105,350)2,796,169
4,122,692
2,796,169
-237,4543,560
1,567,537
187,279-
505,339375,006
1,067,624
499,913
7,391,33810,533
2,829,7794,551,026
2,838,7141,461,3381,377,376
2,999,8991,178,4811,821,418(444,042)
4,106,984
5,650,926-
2,973,4792,677,447
254,712381,000318,065317,647
251,288437,863375,871313,2804,367
2,681,814
4,106,984
2,681,814
416242,6646,181
1,674,431
189,222-
601,171435,191
1,225,584
448,847
7,391,33810,533
2,829,7794,551,026
2,838,7141,461,3381,377,376
2,999,8991,178,4811,821,418(444,042)
4,106,984
5,650,926-
2,973,4792,677,447
254,712381,000318,065317,647
251,288437,863375,871313,2804,367
2,681,814
4,106,984
2,681,814
416242,6646,181
1,674,431
189,222-
601,171435,191
1,225,584
448,847
2,971,1783,716
1,944,1971,023,265
497,305397,84499,461
1,583,6641,047,201536,463
(437,002)
586,263
1,512,357-
1,216,307296,050
146,523288,844363,38471,983
79,928218,867239,03759,75812,225308,275
586,263
308,275
43367-
278,488
173,359-
330,998105,557609,914
(331,426)
2,971,1783,716
1,944,1971,023,265
497,305397,84499,461
1,583,6641,047,201536,463
(437,002)
586,263
1,512,357-
1,216,307296,050
146,523288,844363,38471,983
79,928218,867239,03759,75812,225308,275
586,263
308,275
43367-
278,488
173,359-
330,998105,557609,914
(331,426)
10,362,51614,249
4,773,9765,574,291
3,336,0191,859,1821,476,837
4,583,5632,225,6822,357,881(881,044)
4,693,247
7,163,283-
4,189,7862,973,497
401,235669,844681,449389,630
331,216656,730614,908373,03816,592
2,990,089
4,693,247
2,990,089
849242,7316,181
1,952,919
362,581-
932,169540,748
1,835,498
117,421
10,362,51614,249
4,773,9765,574,291
3,336,0191,859,1821,476,837
4,583,5632,225,6822,357,881(881,044)
4,693,247
7,163,283-
4,189,7862,973,497
401,235669,844681,449389,630
331,216656,730614,908373,03816,592
2,990,089
4,693,247
2,990,089
849242,7316,181
1,952,919
362,581-
932,169540,748
1,835,498
117,421
2015
35
329,4008,638
-100,937237,101
174,95559,390
115,565
140,05530,125
109,9305,635
242,736
69,084--
31,13537,949
153,2032,97350,117
106,059
166,8761,90078,92489,85216,20754,156
242,73654,156
19,0713,482
-211,133
25,439-
38,413-
63,852
147,281
199,012--
9,944189,068
84,8223,316
81,506
94,1743,818
90,356(8,850)180,218
19,538---
19,538
75,97532-
76,007
47,8801,846
-49,72626,28145,819
180,21845,819
3,976357
-138,732
19,381-
26,338-
45,719
93,013
130,3888,638
-90,99348,033
90,13356,07434,059
45,88126,30719,57414,48562,518
49,546--
31,13518,411
77,2282,94150,11730,052
118,99654
78,92440,126
(10,074)8,337
62,5188,337
15,0953,125
-72,401
6,058-
12,075-
18,133
54,268
178,6161,712 -
106,08274,246
45,88126,30719,574
65,18340,16225,021(5,447)68,799
19,021 - -
12,0756,946
122,859 -
83,11339,746
77,2282,94150,11730,0529,69416,640
68,79916,640
15,7823,739 -
71,680
4,693 -
14,254 -
18,947
52,733
228,413 - -
13,299215,114
94,1743,818
90,356
109,7775,699
104,078(13,722)201,392
69,212 - -
27,45441,758
94,653 17,000
- 111,653
75,97532 -
76,00735,64677,404
201,39277,404
4,988301 -
129,277
25,823 -
17,861 -
43,684
85,593
407,0291,712 -
119,381289,360
140,05530,125
109,930
174,96045,861
129,099(19,169)270,191
88,233 - -
39,52948,704
217,512 17,000 83,113
151,399
153,2032,97350,117
106,05945,34094,044
270,19194,044
20,7704,040 -
200,957
30,516 -
32,115 -
62,631
138,326
20152016
34
1,153,108161,503153,353
1,114,18147,077
847,863821,46926,394
635,008613,47121,5374,857
51,934
34,286105
-29,7534,428
815,976149
796,49119,634
457,863-
434,33623,527(1,494)
535
51,934535
175,21614,103
-238,318
36,450-
115,051-
151,501
86,817
-
20152016
800,983145,597146,662754,49445,424
603,483588,33015,153
513,511492,24821,263(6,110)39,314
205,9022,67517,181174,07011,976
766,4496,000
751,98120,468
815,976149
796,49119,634
83412,810
39,31412,810
100,23113,518
- 140,253
28,466 -
76,720 -
105,186
35,067
92,8144,517 -
75,18922,142
31,52525,1416,384
42,55234,5128,040
(1,656)20,486
- - - - -
- - - -
- - - - - -
20,486 -
25,614532 -
46,632
11,924 -
5,929 -
17,853
28,779
893,797150,114146,662829,68367,566
635,008613,47121,537
556,063526,76029,303(7,766)59,800
205,9022,67517,181174,07011,976
766,4496,000
751,98120,468
815,976149
796,49119,634
83412,810
59,8006,810
125,84514,050
- 186,885
40,390 -
82,649 -
123,039
63,846
149
19,634
535
535
203,910
71,377
33
9,611,1586,048,1726,403,6508,675,139580,541
6,536,1936,333,725202,468
7,641,5697,442,117199,452
3,016583,557
4,137,911388,634 (9,570)
3,527,907230,940
14,286,81021,433
13,833,701472,142
16,898,58918,139
16,446,174470,554
1,588232,528
583,557232,528
1,397,301148,8325,723
1,902,885
152,626193,566
1,301,53871,117
1,718,847
184,038
956,62796,46919,769922,446110,881
585,600534,73050,870
512,171464,27647,8952,975
113,856
171,4981,8322,982
155,21611,468
2,996,083411
2,888,483108,011
181,253449
161,24520,45787,55399,022
113,85699,022
268,8731,951
-285,658
101,75834,067148,813
51284,689
969
8,654,5315,951,7036,383,8817,752,693469,660
5,950,5935,798,995151,598
7,129,3986,977,841151,557
41469,701
3,966,413386,802(12,552)
3,372,691219,472
11,290,72721,022
10,945,218366,531
16,717,33617,690
16,284,929450,097(85,965)135,906
469,701135,906
1,128,428146,8815,723
1,614,827
50,868159,499
1,152,72571,066
1,434,158
180,669
20152016
9,491,0846,026,2236,412,7038,587,029517,575
7,129,3986,977,841151,557
6,792,9326,618,938173,994(22,437)495,138
5,526,693219,62665,307
4,928,284313,476
6,054,2545,000
5,845,571213,683
11,290,72721,022
10,945,218366,531
(152,848)160,628
495,138160,628
1,153,218113,3533,229
1,604,310
64,458236,023932,62770,358
1,303,466
300,844
949,77351,5845,147
883,512112,698
512,171464,27647,895
486,471428,85557,616(9,721)102,977
219,863471
-208,72410,668
2,959,3921,000
2,787,542172,850
2,996,083411
2,888,483108,01164,83975,507
102,97775,507
242,1751,984
-271,629
87,91541,577105,1772,135
236,804
34,825
10,440,8576,077,8076,417,8509,470,541630,273
7,641,5697,442,117199,452
7,279,4037,047,793231,610(32,158)598,115
5,746,556220,09765,307
5,137,008324,144
9,013,6466,000
8,633,113386,533
14,286,81021,433
13,833,701474,542(88,009)236,135
598,115236,135
1,395,393115,3373,229
1,875,939
152,373277,600
1,037,80472,493
1,540,270
335,669
32
2,590,397510,336348,811
2,351,427400,495
753,465651,706101,759
560,362470,66689,69612,063
412,558
1,397,44931,4955,002
1,170,360190,592
1,200,97723,000
1,064,040159,937
671,9925,267
560,363116,89643,041
233,633
412,558233,633
707,39533,002255,553
1,174,875
153,99553,000290,45612,545
509,996
664,879
908,122--
788,453119,669
190,250160,83129,419
158,368129,68728,681
738120,407
433,90316,649
-373,93343,321
876,2844,063
812,90767,440
483,2881,270
430,98753,57113,86957,190
120,40757,190
213,3291,541
-278,087
87,82715,837
138,426-
242,090
35,997
1,682,275510,336348,811
1,562,974280,826
563,215490,87572,340
401,994340,97961,01511,325
292,151
963,54614,8465,002
796,427147,271
324,69318,937
251,13392,497
188,7043,997
129,37663,32529,172
176,443
292,151176,443
494,06631,461
255,553896,788
66,16837,163
152,03012,545
267,906
628,882
20152016
1,139,708266,095190,767989,510225,526
401,994340,97961,015
454,760395,04059,7201,295
226,821
292,0831,328 -
246,36944,386
1,116,870 18,000 989,672145,198
324,69318,937
251,13392,49752,70197,087
226,82197,087
285,43623,745
204,216643,131
38,75233,685
124,2156,454
203,106
440,025
840,710 -
18,804692,587129,319
158,368129,68728,681
208,819174,45734,362(5,681)123,638
171,8292,070 -
148,22921,530
617,724 28,000 572,13273,592
876,2844,063
812,90767,4406,152
27,682
123,63827,682
189,5861,255
-286,797
80,85719,31584,487
- 184,659
102,138
1,980,418266,095209,571
1,682,097354,845
560,362470,66689,696
663,579569,49794,082(4,386)350,459
463,9123,398 -
394,59865,916
1,734,594 46,000 1,561,804218,790
1,200,97723,000
1,064,040159,93758,853
124,769
350,459124,769
475,02225,000
204,216929,928
119,60953,000
208,7026,454
387,765
542,163
31
16,129,532975,623120,813
-16,984,342
6,756,94663,391
6,693,555
8,077,93554,436
8,023,499-
(1,329,944)15,654,39813,537,8872,105,355
24,716-
11,407,816
10,654,0341,012,218279,022
1,806,5179,580,713
9,390,1361,397,673269,289857,355
9,661,165(80,452)
11,327,36415,654,39811,327,364
- 734,189124,804
5,186,027
852,346205,488
1,646,387509,098
3,213,319
1,972,708
6,302,023--
37,0426,264,981
2,618,4236,151
2,612,272
3,360,57220,002
3,340,570-
(728,298)5,536,6834,497,444606,163
--
3,891,281
2,677,976667,4693,700
1,020,3372,321,408
2,132,190368,22342,165
865,1821,593,066728,342
4,619,6235,536,6834,619,623
8,145 118,0041,872
1,045,081
590,62275,798
1,127,010-
1,793,430
(748,349)
22,431,555975,623120,81337,042
23,249,323
9,375,36969,542
9,305,827
11,438,50774,438
11,364,069-
(2,058,242)21,191,08118,035,3312,711,518
24,716-
15,299,097
13,332,0101,679,687282,722
2,826,85411,902,121
11,522,3261,765,896311,454
1,722,53711,254,231
647,89015.946.98721,191,08115,946,987
8,145 852,193126,676
6,231,108
1,442,968281,286
2,773,397509,098
5,006,749
1,224,359
2016 2015
16,863,221821,4283,073
410,18217,271,394
8,077,93554,436
8,023,499
8,363,974165,796
8,198,178-
(174,679)17,096,71518,658,1443,835,118
30,82138,403
14,753,802
11,794,612686,452459,618
3,406,9248,614,527
10,654,0341,012,218279,022
1,806,5179,580,713(966,186)
13,787,61617,096,71513,787,616
112,800784,622147,944
4,354,465
900,470192,973
1,734,209421,737
3,249,389
1,105,076
8,787,705--
67,6188,720,087
3,360,57220,002
3,340,570
4,977,68934,320
4,943,369179,000
(1,781,799)6,938,2885,749,312945,990
-35,753
4,767,569
4,133,8651,302,298
58,143987,055
4,390,962
2,677,976667,4693,700
1,020,3372,321,4082,069,5586,837,1236,938,2886,837,123
19,389207,242
264328,060
861,28797,430
1,154,738114,094
2,227,549
(1,899,489)
25,650,926821,4283,073
477,80025,991,481
11,438,50774,438
11,364,069
13,341,663200,116
13,141,541179,000
(1,956,478)24,035,00324,407,4564,781,108
30,82174,156
19,521,371
15,928,4771,988,750517,761
4,393,97913,005,489
13,332,0101,679,687282,722
2,826,85411,902,1211,103,37220,624,73924,035,00320,624,739
132,189991,864148,208
4,682,525
1,761,757290,403
2,888,947535,831
5,476,938
(794,413)
Premium Deficiency Reserve
30
34
94,324
181,721(514,300)
-2,484,605739,259(58,901)
-6,541,486
4,587,550(174,435)
(3,239,443)(1,501,260)(544,511)
1,262,329743,480
(219,414)7,455,782
(1,252,594)(108,152)6,095,036
8,483(1,600,081)
23,333(304,818)
(1,873,083)
(207,683)(2,100,000)(2,307,683)1,914,2705,769,2407,683,510
2016 2015
2,385,885 927,430
384,2732,303,075
2,722,001
5,540,392
3,487,812
2,627,097
1,523,4967,683,5109,207,006
1,268,137
1,347,973
299,855
66,328
72,824
520,240179,000
530,184
(520,216)
7,816
---
429,220
27,543
(1,823,267)90,000 -
(1,352,268)(1,932,523)
(1,103,601)(472,371)
(386,085)
(769,820)
(10,101)(628,945)
(90,895)
(347,990)
(89,029)
11
28
1320
26
7 or 28
Premium Deficiency Provision - Net
Recovered FromChecks Under Collection Provision
29
31/12/2016
31/12/201530,000,000
- -
- - -
30,000,000
7,500,000 - -
- - -
7,500,000
(2,317,225)
(4,927,699)
(4,927,699) - -
(7,244,924)
3,483,098623,851
(447,930)
175,921 (2,100,000)
- (515,764) 1,043,255
2,095,494 - - -
- -
515,7642,611,258
40,761,367623,851
(5,375,629)
(4,751,778) (2,100,000)
-
33,909,589
30,000,000 -
-
- -
30,000,000
7,500,000 -
-
- -
7,500,000
(7,244,924)
(463,528)
-(463,528)
-
(7,708,452)
1,043,2551,189,214
- -
1,189,214 263,079
2,495,548
2,611,258 - -
- -
(263,079)
2,348,179
33,909,5891,189,214 (463,528)
- 725,686
-
34,635,275
28
2016 2015
2016 2015
53,286,093 13,930,322 (23,561,325) (8,824,110) 34,830,980 (2,484,605)
58,901 -
32,405,276 2,433,788 1,547,906
43,795 1,367,050 957,412
38,755,227
40,396,892 (3,131,752) (15,498,624)
188,016 21,954,532
739,259 4,416,268 2,085,278 527,852
2,684,586 1,208,899
33,616,674 801,746 306,566 390,411 2,303,075
- 260,000 149,324
4,211,123 927,430
(303,579) 623,851
-/021
57,052,699 18,367,301 (24,144,883) (11,682,506) 39,592,611 (2,722,001) (520,240)(179,000) 36,171,370 2,198,057 1,823,888
66,044 938,639 828,350
42,026,348
51,461,382 (5,007,278) (20,201,405)
92,611 26,345,310 1,347,978 4,304,327 2,288,863 621,003
3,408,345 1,356,730
39,672,551 788,761 299,855 434,739
(1,823,267)90,000 50,000
127,824 (32,088)
2,385,885 (1,196,671) 1,189,214
-/040
623,851
(4,927,699) (447,930)
(4,751,778)
1,189,214
(463,528) -
725,686
Net Premium Deficiency Reserve
Provision For Checks Under Collection
27
2015
2015
4,912,9084,748,52115,854,69216,907,619
34,82842,458,568
4,958,8773,134,95314,797,2095,642,6741,348,0961,367,406
95,4731,169,963
74,973,219
5,935,5754,124,46616,020,10919,258,581
27,01245,365,743
5,469,8074,397,22116,803,0074,374,537801,042
1,309,24491,264
1,012,76479,624,629
2016
2016
13,507,74913,546,0361,769,830
-28,823,615
- 2,893,3797,347,826846,853352,005799,952
41,063,630
30,000,0007,500,000
(7,244,924) 3,654,51333,909,58974,973,219
15,983,52214,894,0142,290,070179,000
33,346,606
2,507,2976,827,610928,293231,803
1,147,74544,989,354
30,000,0007,500,000
(7,708,452) 4,843,72734,635,27579,624,629
Premium Deficiency Reserve
26
25
24
23
22
For the Year Ending 31/12/2016
20
201520163,701,6441,371,690 5,207,291 3,004,621 3,304,400
2014 2015 2016
19
2015 2016
2016 2015
20152016
67,216,41532,385,435
37,265,140 15,498,624
75,420,00035,827,389
46,454,104 20,201,405
58,704,94433,052,216
28,227,72111,350,626
60,283,59330,918,582
44,518,27626,854,408
52,058,61527,067,650
24,861,6029,897,131
Investments
Real EstateFinancial Investments
OtherTotal AssetsShareholders’ Equity
42,458,56816,907,61925,516,12134,82874,973,21933,909,589
45,365,743 19,258,581 26,080,150 27,012 79,624,62934,635,275
50,868,97516,983,59233,827,22258,16177,705,84540,761,367
55,485,65417,081,84238,319,97383,83980,620,35943,335,560
58,294,29117,165,28041,043,46385,54882,875,00647,056,795
18
2015201667,216,41532,405,2761,367,050 6,691,64038,755,227 22,693,79115,134,00637,827,797
927,430623,851
75,420,00036,171,370 938,639
4,916,33942,026,34827,693,28811,947,17539,640,4632,385,8851,189,214
52,058,61523,895,4223,209,2134,138,02031,242,65516,498,4249,997,85126,496,2754,746,3804,210,335
60,283,59327,436,9551,042,9556,810,59435,290,50418,741,77012,183,78530,925,5554,364,9493,507,798
58,704,94424,960,767(178,794)5,934,53630,725,50918,901,78811,142,78130,044,569
680,940270,428
17,312
3,101 56.6 %
23,407
13,930
9,466 61.5 %
32.98 %
75.3 %
60.9 %
2016
20162016
2016
2016
20162016
20162016
20162016
2,24735.6%
36.9%
85.8%
58.57 %
63.7 %
17,971
26,472
18,367
10,363
17
Until 30/9/2016
Mr. Bernd Kohn Since 1/10/2016
16
[email protected]@[email protected]@jicjo.com
15
Our real estate investments continue to perform positively and they are annually re-evaluated by three accredited real estate appraisers. Thankfully, market values continue to appreciate year after year. Such strategic assets have long formed the backbone of JIC’s financial solvency, with a total fair value of 40.9 million, being an increase of 20.4 million from book value being JD 20.5 million.
The occupancy ratio of our leased properties has registered 70% and we are always doing what is necessary to increase it further.
The Future Plan
1.Adhere to the Company’s strategy of preserving its leading position in the local market through prudent and disciplined underwriting policies.
2.Continue to expand horizontally by opening new branches in neighboring markets and enhance overall performance of existing branches.
3.Maintain our Human Resources development policy in order to sustain high standards of client service.
4.Maintain our Company's financial strength rating by A M Best and work toward upgrading it.
5.Continue to expand in existing markets by possible mergers and acquisitions.
In conclusion, the Board of Directors would like to extend its sincere gratitude and apprecia-tion to all our employee staff for their continued hard work and commitment to the success and accomplishments of our Company.
We would also like to thank our clients and agents for their consistent trust and support, as well as our Reinsurance partners for their continued solid support.
We ask God Almighty to guide us towards more success in the service of our national econo-my under the guidance of His Majesty King Abdullah II Bin Al-Hussein.
Chairman of the Board
Othman M. Bdeir
14
While our Net profit before taxes and fees reached JD 4.5 million in Jordan compared to JD 1.9 million in 2015, our regional branches, especially in the UAE have sustained a JD 2.1 million in losses due to underperforming insurance market in addition to new regulation in the UAE requiring additional provisions . For 2017, we expect a slow rebound due to recent regulatory reforms in the UAE’s insurance market.
With regard to our ratings, following the latest review conducted by A.M. Best in October 2016, , our company has maintained FSR (Financial Strength Rating) at B++ (Good) and ICR (Issuer Credit Rating) at BBB+ despite the difficult investment and insurance market environment prevailing in the region.
ReinsuranceIt is a well-known fact that the global and regional crises have had a direct impact on reinsurance companies, and therefore reinsurance contracts still face major difficulties year after year. Moreover, the result of a series of major insured losses, especially under property and engineering lines, which negatively affected reinsurers operating in the region over the past few of years have led to an ongoing hardline approach by global reinsurance companies, especially the major ones that hold leading positions in the reinsurance sector.
However, because of its disciplined underwriting philosophy and its excellent historical relationship with reinsurers that is based on trust and credibility, JIC was able to renew its reinsurance treaty program for 2017 with elite reinsurance companies in a manner that serves the best interest of all parties concerned with better terms and conditions.
Regional BranchesThe increasingly hyper competition in the UAE’s insurance sector coupled with new regulatory reforms on technical reserves introduced by the UAE’s Insurance Authority in 2015, have resulted heavy losses among most companies in the market . This has negatively affected our branches’ performance in Abu Dhabi, Dubai, and Sharjah, with a total underwriting loss of JD 2.1 million, , which in turn have weakened JIC's overall technical profit margin.
Gross Written Premiums by JIC's regional branches have reached 14 million in 2016 (increasing by JD 4 million from the previous year). This accounts for 19 % of JIC's overall premiums. The Company's management continues to exert additional efforts to deal with the difficult conditions under which its regional branches are operating, as part of a well strategic plan to improve premium volume and also technical results going forward.
Effective January 1, 2017, the UAE Insurance Authority has issued new motor vehicle insurance tarrif which sets the minimum and maximum premium for motor vehicle insurance, for both, third party liability and comprehensive insurance, in addition to new benefits under both policies. Such increased pricing is expected to start improving the bottom line results of Insurance Companies that have suffered from financial losses over the past few years.
Real Estate and Financial InvestmentsThe continuous slight decline in the performance of financial markets year after year has negatively impacted our investment portfolios, particularly the strategic ones. Such negative impact is evident on JIC's financial assets revaluation reserve through shareholders' assets, that have maintained shareholders’ equity at JD 34.6 million compared to JD 33.9 million in 2015.
13
Dear Shareholders,
May God's peace and blessings be upon you.
The Board of Directors is pleased to meet and welcome you to the Company’s 65th Ordinary General Assembly meeting, and to present to you its annual financial report for the fiscal year ending on 31/12/2016.
In 2016 same as in 2015 diverse economic challenges continued in Jordan's public and private sectors largely related to inflation, budget deficit and high rates of unemployment. The continuing conflict in Syria and Iraq leading to accelerated influx of refugees. Latest numbers of Jordan’s population has rapidly increased to reach 11 million exerting further pressure on the country’s economy.
As Jordan tops the list of refugee host countries, the overall amount of foreign assistance, grants and soft loans committed to Jordan in the face of the refugee burden is less than required and does not cater for the provision of basic needs of shelter, food, health, education, and the relevant infrastructure.
The Jordanian economy remains resilient in the face of such challenges. The Gross Domestic Product has achieved a modest growth rate of 2% in 2016, compared with 2.3% in 2015. Whereas inflation rate hovered around 0% compared to 2.7% in 2015. The rate of unemployment registered 16% from 13% for the previous year.
Amidst regional turmoil, especially the Syrian crises and the closure of trade routes with Iraq and Syria ,imports & exports activities have slowed down, eventually causing slower market in Marine insurance.
The implementation of planned reforms related to the labor market, improving the investment climate and easing access to finance remain vital to stimulate economic activity.
New business opportunities in Jordan include the utilization of the massive oil shale reserves in addition to solar & wind energy for generating electric power. Our country has developed an Energy Master Plan requiring that 10% of its energy be generated from renewable resources by the year 2020.
Stock trading volume at the Amman Stock Exchange (ASE) reached 2.3 Billion compared to JD 3.4 billion in 2015. The ASE price index increased slightly to 2170.3 points by the end of 2016 from 2136.3 points at end of 2015, being an increase of 1.6% .Meanwhile, the market value of listed shares at the ASE has amounted to 17.3 billion at the end of 2016, down from JD18 billion for the previous year.
Investments portfolios of insurance companies backing up their reserves and capital are usually of a great importance in producing returns to meet liabilities, at the same time, their impact on company’s balance sheets are key. Recent years sluggish market conditions have negatively affected the performance of such portfolios in most companies.
JIC has closed 2016 with a Gross Written Premium of JD 75.4 million compared to JD 67.2 million in the previous year, being 12% increase. Our underwriting profits stood at JD 1.4 million. Today, JIC continues to hold over 10% of the local market share among 25 insurance companies.
2016
His Royal HighnessCrown Prince Al Hussein Bin Abdullah IIHis Royal HighnessCrown Prince Al Hussein Bin Abdullah II
His MajestyKing Abdullah II Bin Al-HusseinHis MajestyKing Abdullah II Bin Al-Hussein
Letter from the Chairman
Branches
Board of Directors
Income Statement Information
Financial Statements
Notes to Financial Statements
13
16
17
18
20
38