Consolidated Statement of Financial Position
For the year ended 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Note | KD 000’s | KD 000’s (Restated)The comparative information has been restated to reflect the adjustments in Note 30. | |
| Assets | |||
| Cash and cash equivalents | 5 | 160,847 | 156,405 |
| Time deposits | 6 | 36,989 | 62,674 |
| Insurance contract assets | 8 | 29,021 | 6,970 |
| Reinsurance contract assets | 8 | 264,195 | 242,269 |
| Investments carried at fair value through profit or loss | 9 | 121,238 | 97,569 |
| Investments at fair value through other comprehensive income | 9 | 374,097 | 332,809 |
| Other assets | 7 | 28,078 | 28,788 |
| Debt instruments at amortised cost | 9 | 72,995 | 76,895 |
| Deferred tax assets from foreign subsidiaries | 2,566 | 3,231 | |
| Right of use assets | 5,897 | 5,348 | |
| Investments in associates | 10 | 24,126 | 24,297 |
| Investment properties | 11 | 6,656 | 8,354 |
| Property and equipment | 12 | 35,921 | 38,993 |
| Intangible assets | 13 | 41,518 | 46,343 |
| Goodwill | 14 | 33,395 | 33,319 |
| Loans secured by life insurance policies | 138 | 619 | |
| 1,237,677 | 1,164,883 | ||
| Disposal group held for sale | 10 | ‑ | 10,533 |
| Total Assets | 1,237,677 | 1,175,416 | |
| Liabilities and Equity | |||
| Liabilities | |||
| Insurance contract liabilities | 8 | 634,503 | 577,846 |
| Reinsurance contract liabilities | 8 | 22,461 | 36,053 |
| Income tax payable | 11,986 | 11,501 | |
| Bank Overdraft | 5 | ‑ | 3,082 |
| Term loans | 15 | 50,866 | 53,116 |
| Deferred tax liabilities from foreign subsidiaries | 2,408 | 1,618 | |
| Other liabilities | 16 | 112,859 | 95,936 |
| Provision for end of service benefits | 17 | 17,313 | 17,087 |
| Lease liabilities | 5,225 | 5,034 | |
| Total liabilities | 857,621 | 801,273 | |
| Equity | |||
| Share capital | 18 | 28,457 | 28,457 |
| Share premium | 18 | 50,947 | 50,947 |
| Treasury shares | 18 | ‑ | (429) |
| Treasury shares reserve | 4,268 | 3,099 | |
| Statutory reserve | 18 | 28,457 | 28,457 |
| Voluntary reserve | 18 | 40,671 | 40,671 |
| Effect of changes in ownership interest of subsidiaries | (2,671) | (2,837) | |
| Other reserve | (1,502) | (1,643) | |
| Insurance and reinsurance finance reserve | 1,014 | 839 | |
| Cumulative changes in fair value reserve | 4,183 | (771) | |
| Foreign currency translation reserve | (50,195) | (39,315) | |
| Revaluation reserve | 14,607 | 16,014 | |
| Retained earnings | 124,323 | 112,770 | |
| Equity attributable to the equity holders of the Parent Company | 242,559 | 236,259 | |
| Subordinated perpetual Tier 2 bonds | 19 | 60,000 | 60,000 |
| Non‑controlling interests | 77,497 | 77,884 | |
| Net Equity | 380,056 | 374,143 | |
| Total Liabilities and Equity | 1,237,677 | 1,175,416 |
Bijan Khosrowshahi
Chairman
The attached notes 1 to 31 form part of this consolidated financial statements.