NATIONAL GENERAL INSURANCE Co. (P.J.S.C.)

Condensed interim financial information (Unaudited) For the nine-month period ended 30 September 2025



GrantThornton

Grant Thornton Audit and Accounting Limited

{Dubai Branch)

The Offices S Level 3

Office 302, 303, 308

One Ce ntra I, DWTC Dubai, UAE

P.O. Box 1620

T +971 4 388 9925

F +971 4 388 991S

https://www.grantthornton.ae

Report on Review of Condensed Interim Financial Information

To the Shareholders of National General Insurance Co. (P.J.S.C)



We have reviewed the accompanying condensed interim statement of financial position of National General Insurance Co. (P.J.S.C) (the "Company's as at 30 September 2025 and condensed interim statement of profit or loss and condensed incerim statement of other comprehensive income for three-month and nine-month periods then ended, and condensed interim statement of changes in equity and condensed trite&n statement of cash flows for the nine-month petiod then ended, and material accounting policy information and other related explanatory notes. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with International Accounting Standard 34 "Interim Financial Reporting". Our responsibility is to express a conclusion on this condensed interim financial information based on our review.



We conducted our review in accordance with the International Standard on Review Engagements 2410, "Reign ufInterim Fiiiani:tel lifumiati n P Jumi d !y IN Itidpe»d‹nI ditar nf the Eatitf'. A cevies of interim financial information consists of mating inquiries, pzimatily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A revievr is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.



Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial informaaon is not prepared, in all material respects, in accordance with International Accounting Standard 34 'Int rio Fri »h Rf r ig".



GB 'HOItNTON £IAIZ

Wm°(

Farouk Mohan

Regletration No: 86

Dubai, United Arab Emirates 11 November 2025

0 2025 Grant Whom ton UAE All rights reseryed. Grant Thornton UAr represents all legal licenses under which Grant Thorn ton Audit and Accounting

Lim ited Corpora tion, A Br It ish Virgin Islands {"evi") registered 8ranch, oper ate in t he LTAg. These iicenses ‹nclude the Abu D ha6 i, Du bai and Sfiarjah

g+anttfi o rn to n.ae

based branche-s Grant Tfiornton Audit and ''ccount ing Limited -registered wirh the Abu Dhabi blob al Market - Grant Thornton Audit and Accounting

Limited Corporat ion BVI - regisrered wirh the Oubai Ginanc al Services Authority.

"Gran I Whom ton" refers to the brand under wh ich the Grant Whomlon mem ber firm s provide assurance, tax and advisory services to their clients and/or refers to one or more mem ber firms, as the context requires. Gill and the m em ber firm s are nor a worldwide partnership . GTIL and each mem ber firm is a separate legal eritit y. Service5 are deRivered by the mem ber firms. GTi L does not provide services to cTien ts GTI L and its mem ber firm s are not agents of, and da not obligate, one another and are not Tiabe for one ariother's acts or am issions.





30September 3t December







23, I 24,617,856

2e59f›&$8 2,t72,S66

5 7â,4S0 7â,4S0,000



6 414 f88 89,261,723

s ozs ass +et,szz,sz+



9 2t,P10"5Z2 t6,19S,820



M,f¥9,896 23.0+2,442

10 S2S,¥4/768 5t2,630,6SJ



52

8S,47'/7#z

4T#,742

22

7 760

82,474,762









79,9S9 322,142,St7







9 8AT,T4]49 9M,V]€

s saw :m,sn#



20 8,tK2,88& 8,914.912









2 E,773,639 I,699t98S







Condensed interim statement of profit or loss

For the period ended 30 September 2025

(Unaudited) Three-month period ende‹t

30 September

(Unaudited) Three-month peciod ended

30 September

(Unaudited) Nine-month period ended

30 September

(Unaudited) Nine-month petiod ended

30 September

Notes

2025

2024

2025

2024

Insurance revenue 15

AED

264,107,518

AED

216,817,570

AED

745,180,708

AED

660,392,819

Insurance service expenses 16 (196,284,738) (21S,804,546) (496,545,513) (701,996,249)

Insurance service results before reinsurance

contracts held

Allocation of reinsurance

premiums

Amounts recoverable from reinsurance for incurred claims

Net(expense)/ncome

67,822,780 1,013,024 248,231,155 (41,603,430)

(110,481,594) (86,516,820) (317,304,736) (275,187,839)

56,058,303 100,109,593 134,463,998 365,937,553

from reinsurance

contracts held

(54,4M,291)

13,592,773

(182,840,738)

90,749,714

Insurance service result

13,359,489

14,605,797

65,390,457

49,146,284

Insurance finance expenses net of unit linked fair value change

17

(3,143,927)

(7,331,984)

(22,366,814)

(24,017,750)

Reinsurance finance income

t7

1,08S,755

965,594

8,124,442

5,592,794

Net insurance financial

result

(2,058172)

(6334390)

14242372)

(Bd24996)

Net fair value (loss)/gain on financial assets at FVTPL

(6,946,185)

11,375,914

16,@6,013

6,122,526

Income from investment properties

1,235,693

l,125,615

3,677,679

41,142,740

Net fair value gain on unit

linked investments

1,537,005

4,938,259

9,083,798

13,986,6i6

Other investment income

18

20,843,613

8,858,801

47,387,998

38,841,561

Total investment income

16,670,126

26,298,589

77,065,488

t00,093,443

Other operating income

52,192

1,300,105

895,227

Other operating expenses

(4,643,391)

(4,289,408)

(14,846,556)

(t2,439,84i)

Profit before tax for the period

23,368,052

30,300,780

114,667,122

119,270,117

Income tax expense

20

(3,049,868)

(2,468,057)

(9,102,355)

(10,589,228)

Profit after tax for the period

20,318,184

27,832,723

105,564,767

108,680,889

Basic and diluted earnings per share

i 9

0.12

0.17

0.64

0.66

Condensed interim statement of other comprehensive income For the period ended 30 September 2025

(Unaudited)

Three-month petiod ended 30 September

2025

(Unaudited) (Unaudited) (Unaudited) Thcee-month Nine-month Nine-month penod ended period ended period ended

30 September 30 September 30 September

AED

2024 2025 2024

AED

AED

AED

Profit after tax for the peñod

Other comprehensive income:



Net loss)/gain on insurance finance reserve through OCI

Net gain on fnir value of equity

20,318,184

(4,571)

27,832,723 105,564,767 i08,680,889

102,882 (14,724) 87,502

instruments designated at FVTOCI 3,931,688 3,529,936 6,553,287 2,219,032

Total other comprehensive

income for the period

Total comprehensive income for the Period

3,927,117 3,632,818 6,538,563 2,306,534

24,245,301 3t,465,54T 112,103,330 I t0,987,423

National General Insurance Co. (P.J.S.C.)

Condensed interim financial information (Unaudited)

Condensed interim statement of changes in equity For the period ended 30 September 2025

Share capital

AED

CumMadve

changeiufñr

vMueof Legal General Reinsurance FVOCI reserve *eserve reserve investments AED AED AED AED

Insurance finance reserve Retained through OCI earnings Total equity AED AED AED

Balance at I ]anuary 2024 (Audited) Increase in capiml through bonus issue Profit for the pedod

Other comprehensive income for the pedod Total comprehensive income for the pedod Directors' remuneration

Dividend paid (note 11)

Balance at 30 September 2024 (Unaudited)

Balance at 1 January 2025 (Audited) Profit after tax for the pedod

Other comprehensive income/loss for the period Total comprehensive income/(loss) for the pedod Dividend paid (note l I)

Balance at 30 September 2025 (Unaudited)

J49,954,112 74,977,056 74,977,056 5,770,295 (3,423,304)

14,995,411

2,219,032

2,29,032



I64,949,523 74,977,056 74,577,056 5,770,295 (1,204,272)

164,949,5M 82,474,762 82,474,762 8,000,568 (15,459,100)

4,227,285

74,227,28'


6,553,287

14,724

G,538,563



5,553,287

164,949,523 82,474,762 82,474,762 8,000,568 (8,505,843)

28,246 271,177,441 573,460,902

(14,995,411)

108,680,889 108,680,889

87,502 - 2,306,534

87,502 108,680,889 1i0,987,423

(6,825,000) (6,825,000)

7,488,52 37,488,528

i15,748 320,549,391 640,134,797

42,054 322,142,517 644,625,086

105,564,767 105,564,767

(14,724) 105,564,767 112,103,330

27,330 353,479,999 682,501,131

Condensed interim statement of cash Dows

For the period ended 30 September 2025

(Unaudited) Nine-month period ended

30 September

(Unaudited) Nine-month period ended

30 September

Cash dows from operating activities

Note

2025

AED

2024

AED

Profit before tax for the period

114,GG7,122

TI9,270, 7

Depreciation and amortisation

2,530,221

2,320,603

Dividend income

(11,223,109)

(9,860,233)

Realised gain on sale on fair value through profit or loss investments Realised gain on sale of investment properties

Unrealised gain on FVTPL investments

(13,109,S84)

-

(16,9lC,013)

(8,064,284)

(40,961,0i5)

(6,122,526)

Other investment income

(26,632,391)

(13,045,372)

Provision for employees' end of service indemnity

2,5C3,935

1,459,592

Operating cash flows before changes in working capital

51,880,181

44,996,882

Changes in working capital:

Change in insurance and reinsurance contract assets

133,843,870

(246,66l,4i6)

Change in prepayment and other receivables

(1,182,203)

(127,523,380)

Change in insurance and reinsurance contract liabilities

(25,715,130)

227,324,052

Change in other payables

(29,613,156)

22,790,309

Change in insurance finance reserve

(14,724)

87,502

Net cash generated from/(used in) ope*aaons

120,108,838

(78,98G,05t)

Employees' end of service indemnity paid

(843,756)

(i,0l6,255)

Income tax paid

Net cash generated from/(used in) operating activities

(8,g00,732)

119,454,350 (80,002,306)

Cash dows from investing activities

Purchase of property and equipment

(965,031)

(1,239,880)

Proceeds from disposal of property and equipment

-

238,680

Purchase of FVTPL investments

(105,180,636)

(86,966,580)

Purchase of FVTOCI investments

(11,127,774)

(15,010,199)

Proceeds from sale of FVTPL investments

84,344,202

t04,570,252

Proceeds from sale of investment property

-

155,640,05t

Net movement in payable to policy holders in unit linked products

(24,761,466)

(24,i43,007)

Dividends received

11,223,109

9,860,233

Interest and other income received

26,632,391

T3,04S,372

Change in bank deposits

Net cash (used in)/generated from investing activities

Cash flows feom financing activities Dividends paid

Ditectors' remuneration paid

Net cash use‹4 in financing activities

Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginrung of the period Cash and cash equivalents at end of the period

(13,015,137) (59,T92,285) (32,850,342) 9G,802,GS7

(74,227,285) (37,488,528)

- (6,825,000)

(74,227,285) (44,313,528)

12,376,723 (27,5i3,197)

62,418,855 84,875,024

i0 74,795,578 57,361,827

Notes to the condensed interim financial informaaon

For the period ended 30 September 2025

  1. Legal status and activities

    National General Insurance Co. (P.J.S.C.) ("the Company's was originally incorporated as a Private Limited Liability Company on l9 November 1580. Subsequently, the Company was converted to a Public Joint Stock Company with effect from 12 September 2001. The Company's shares are hsted on the Dubai Financial Market.

    This condensed interim financial information has been prepared in accordance with the requirements of the applicable laws and regulations, including UAE Federal Decree-Law No. (32) of 2021. The Company is subject to regulations of the UAE Federal Decree Law No. 48 of 2023 concerning Financial Regulations of Insurance Companies used by the Central Bank of UAE and regulation of its operations, under the registraaon number 6L The registered office of the Company is at the NGI House, P.O. Box i54, Dubai, United Arab Emirates.

  2. Basis of preparation

    This condensed intedm financial information is I:or the nine-month period ended 30 September 2025 and is presented in United Arab Ernirate Dirham (AED), which is also the functional currency of the Company. This condensed interim Enancial information has been prepared in accordance with IAS 34 'Interim Financial Reporting' and complies with the applicable requirements of the laws in the U.A.E.

    This condensed interim financial information has been prepared on the historical cost basis, except for financial assets carried at fair value through other comprehensive income and financial assets carried at fair value through profit or loss which are carried at fair value and the provision for employees' end of service indemnity which is measured in accordance with U.A.E labour laws.

    The Company's condensed interim statement of financial position is not presented using a current / non-current classification. However, the following balances would generally be classified as current: bank balances and cash, prepayments and other receivables other payables and income tax payables. The following balances would generally be classified as non-current: property and equipment, intangible assets, investment property, investment securities, investments on behalf of policy holders of unit-linked products, statutory deposits, fixed deposits and provision for employees' end of service indemnity. The following balances are of a mixed nature (including both current and non-current portions): reinsurance contract assets, insurance contract assets, insurance contract liabilities, reinsurance contract liabilities, and deferred tax liabilities. This condensed interim financial information does not include all the information required for full annual financial statements and should be read in conjunction with the Company's audited annual financial statements as at and for the year ended 31 December 2024. In addition, results for the nine-month petiod ended 30 September 2025 are not necessarily indicative of the results that may be expected for the finenr.ial year ending 3i December 2025.

  3. Material accounting policy information

The accounting policies, critical accounting judgments and key sources of estimation used in the preparation of this condensed interim financial information are consistent with those used in the audited financial statements for the year ended 31 December 2024, except for application of new standards effective as of l January 2025 and several amendments and interpretations apply for the first time in 2025.

Application of new and revised International Pinancial Reporting Standards ("IFRS")

The following relevant standards, interpretations and amendments to existing standards wete issued by the IASB:

Standard number

IAS 21

Title Effective date

Amendments to IAS 21 Lack of Exchangeability Sale or

Contribution of Assets between an Investor and its Associate or 1 january 2025

)oint Venture.

This standard (where applicable) did not have any material impact on condensed interim financial information. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Notes to the condensed interim financial information

For the period ended 30 September 2025

  1. Material accounting policy information (continued)

    Application of new and revised International Financial Reporting Standards ("IFRS") (continued)

    Standard number

    Title

    Effective date

    Amendments to IFRS 9 Financial Instruments and IFRS 7

    IFRS 9 & IFRS 7

    Financial Instniments: Disclosures regarding the classification

    1 January 2026

    and measurement of financial instnirnents

    IFRS 18

    Presentation and Disclosure in Financial Statements

    1 January 2027

    IFRS 19

    Subsidiaries without Public Accountability: Disclosures

    1 January 2027

  2. Significant management judgment in applying aceounting policies and estimation

    uncertainty

    The preparation of this condensed interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expense. Actual results may differ from these estimates.

    In preparing tlus condensed interim financial information, the significant judgements made by management in applying the accounting policies and the key sources of estimation uncertainty were the same as those that were applied in the audited financial statements as at and for the year ended 31 December 2024.

    Insurance and financial risk management

    The Company's insurance and Enancial risk management objectives and policies are consistent with those disclosed in the audited financial statements as at and for the year ended 31 December 2024. There have been no changes in any risk management policies since the year end.

  3. Investments property

    The carrying value of the investment property as at 30 September 2025 is AED 75.4 million (31 December 2024: AED 75.4 million). This includes a rented-out portion of a commercial building within UAE.

    Management estimates that there has been no material change in the fair value of investment property.

    Investment property is classified as Level 3 in the fail value hierarchy as at 30 September 2025 (31 December 2024: Level 3).

  4. Investment securities

    (Unaudited) 30 September

    (Audited) 31 December

    2025

    AED

    2024

    AED

    Fair value through profit or loss (FVTPL)

    422,551,70G

    345,680,3'?2

    Fair value through other comprehensive income (FVTOCI)

    134,023,117

    I t5,228,302

    Less: Expected credit losses (ECL)

    (618,720)

    (370,904)

    555,956,103

    462,337,790

    The spilt of investment securities in the statement of financial position is as follows:

    (Unaudited) (Audited) 30 September 31 December

    2025 2024

    AED AED

    Invesnnent securities

    441,932,SIS

    373,276,067

    Investments on behalf of policy holders of unit- linked products

    114,023,188

    89,261,723

    555,95G,103

    462,537,790

    Investments securities - Geographic concentration

    (Unaudited)

    30 September

    (Audited)

    31 December

    Investments made:

    2025

    AED

    2024

    AED

    - Within UAE

    257,879,246

    215,413,147

    - Outside UAE

    298,076,857

    247,124,643

    555,956,103

    462,537,790

    Fair value through profit or loss (FVTPL) investments

    (Unaudited)

    30 September

    2025

    AED

    (Audited) 31 December

    2024

    AED

    Equity investments - quoted

    189,086,027

    t62,089,888

    Fixed income investments / bonds - quoted

    119,442,491

    95,328,781

    Investments held on behalf of pohcyholders' unit linked products

    114,023,188

    89,261,723

    422,551,706 346,680,392

    Movement in investments carried at fair value through profit or loss (FVTPL) is as follows:

    (Unaudited)

    30 September

    (Audited)

    31 December

    2025

    AED

    2024

    AED

    At I ]anuary

    346,680,392

    295,337,160

    Purchases duting the period/year

    105,180,G36

    108,691,747

    Sold during the period/year

    (70,98G,801)

    (fi4,t0G,712)

    Change in fair value

    1G,91G,013

    t5,27,395

    Net movement in payable to polic)'holder's unit linked products

    24,761,4 6

    21,630,802

    422,551,706 346,680,392

    Fair value through other comprehensive income (FVTOCI) investments

    (Unaudited)

    30 September

    (Audited)

    31 December

    2025

    AED

    2024

    AED

    Equity investments - unquoted

    43,281,372

    38,704,777

    Fixed income investments/bonds - quoted

    90,741,745

    77,523,525

    134,023,117 116,228,302

    Movement in investments carried at fnir value through other comprehensive income (F'VTOCI) is as

    #OLOWS:

    (Unaudited) 30 September

    (Audited) 31 December

    2025

    2024

    At I january

    116,228,302

    l26,t19,923

    Purchases during the pedod/year

    11,127,774

    27,903,840

    Sold during the period/year

    -

    (25,759,665)

    Change in fair value

    Movements in provision for ECL nre as follows:

    6,667,041 (t2,035,796)

    134,023,117 116,228,302

    (Unaudited) (Audited) 30 September 31 December 2025 2024 AED AED

    Balance at the beginning of the period / year

    370,904

    418,037

    Charge/ (reversal) during the period /year Balance at the end of the period /year

    247,816 (47,133)

    618,720 370,904

    10

    Notes to the condensed interim financial information For the period ended 30 September 2025

  5. Classes and eategories of financial assets and financial liabilities

    The table below sets out the classification of each class of financial assets and liabilities and their fart value:

    FVTPL FVTOCI Amortised cost Total AED AED AED AED

    30 September 2025 (Unaudited)

    Financial assets:

    Investment securities Investments on behalf of policyholders of unit-linked

    products

    308,0t7,722

    114,023,188

    133,915,193

    -

    -

    441,932,915

    114,023,188

    Other receivables (excluding

    prepayments)

    -

    16,5G2,264

    16,562,264

    Fixed deposits

    525,645,768

    525,645,768

    Statutory deposits

    10,000,000

    10,000,000

    Bank balances and cash

    -

    -

    74,755,578

    74,795,578

    422,040,910

    133,915,193

    627,003,610

    1,182,989,713

    Financial liabilities:

    Other payables

    -

    -

    26,384,097

    2G,S84,097

    31 December 2024 (Audited)

    Financial assets:

    Investment securities Investments on behalf of

    257,120,932

    116,155,135

    -

    373,276067

    policyholders of unit-linked products

    Other receivables (excluding

    8P,261,723

    -

    89,2G,723

    ptepayments)

    19,875,994

    19,875,994

    Fixed deposits

    512,630,631

    512,630,63)

    Statutory deposits

    10,000,000

    10,000,000

    Bank balances and cash

    -

    62,418,855

    62,418,855

    346,382,655

    II6,l55,135

    604,925,480

    1,067,463,270

    Financial liabilities:

    Other payables

    -

    55,997,253

    55,9fi7,253

  6. Fair value of financial instruments

Fair value is the price that would be received to sell an asset oc paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, differences can arise between book values and fair value estimates. Underlying the deEnition of fair value is the presumption that the Company is a going concern without any intention or requirement to materially curtail the scale of its operation or to undertake a transaction on adverse terms.



The fair values of financial assets and financial liabilities are determined using similar valuation techniques and assumptions as used in the audited annual financial statements for the year ended 3i December 2024.

Notes to the condensed interim financial informaaon

For the peciod ended 30 September 2025

8 Fair value of financial instruments (continued}

Fair value of the C iiipaiy ifinaiiñol arseli that ii'e iiieaiiired atfair ualiie on re‹iirritig basis (auti:uied)

Lrre/ /: Quoted prices in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly.

Leuel 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

The table below provides an analysis of financial instniments that are measured subsequent to initial recognition at fair value, grouped into Levels I to 3 based on the degree to which the fair value is observable:

(Unaudited) (Audited) Valuation Significant FVTPL

Quoted equity

30 September 31 Decembet Fair value techniques 2025 2024 hierarchy and key inputs

Quoted bid prices in an

unobservable inputs

N/A

securities

Quoted debt securities

189,086,027 162,089,888 Level t lls,442,4S1 95,328,78d Level 1

active market Quoted bid paces in an active market Net assets valuation

N/A

Net asset value

Unit linked products 114,023,188 89,261,723 Level 2 FVTOCI

method

Quoted bid pcices in an

N/5

Quored securities

Unquoted equity

90,741,745 77,523,525 Level 1

active market Net assets valuation

Net asset

value

securities 43,281,372 38,704,777 Level3 method

There were no transfers between each of the level during the period. There are no financial liabilities, which should be measured at fair value, and accordingly no disclosure is made in the above table.

12

9 Insurance and reinsurance contracts

The breakdown of groups of insurance rind reinsurance contracts issued, and reinsurance contracts held, that are in an asset position and those in a liability position is set out in the table below:

30 September 2025 (Unaudited) 31 December 2024 (Audited)

Assets

Liabilities

Net

Assets

Liabilities

Net

Insurance contracts issued

AED

AED

AED

AED



AED

General and medical

(691,373,146)

(691,373,146)

(732,690,887)

(732,690,887)

Life

17,910,522

(204,098,103)

(186,187,581)

16,195,820

(171,373,654)

(IS5,177,834)

17,910,522

(895,471,249)

(877,560,727)

16,t95,820

(904,064,54d)

(887,858,721)

Reimsu vcecontactshMd

GenerMmdmelcM

306,445,933

306,445,933

422,052,453

(t49,453)

421,903,000

life

22,818,120

(5,956,144)

16,861,976

42,770,t71

(22,928,529)

19,841,642

329,264,053

(5,956,144)

323,307,909

464,822,624

(23,077,982)

441,744,642

Roll-forward of net asset or liability for insurance contracts issued showing the liability for remaining coverage and the liability for incurred claims Contracts measured under the PAA

Ltabiñtiesfor remaining Liabilities for incurred

coverage claim e

Eetimates of

loss component

Loss component

value of future cash flows

Risk adjusonent

Total

30 September 2025 (Unaudited)

AED

AED

AED

AED

AED

Insurance contract assets as at 1 January

21,790,656

-

(5,296,181)

(298,655)

16,195,820

Insurance contract liabilities as at 1 january

(201,663,684)

(122,375)

(532,925,647)

(15,669,301)

(750,381,007)

Net insurance contract liabilities as at ljanuary

(179,873,028)

(122,375)

(538,221,828)

(15,967,956)

(734,185,187)

Insurance revenue

739,501,864

-

739,S01,864

Insurance service expenses

(96 4fl6,567)

122,375

(399,193,716)

2,916,647

(492,591,261)

Incurred claims and other expenses

(482,862,822)

(14,978,390)

(497,841,2t2)

Amortisaoon o£insurance acquisition cash

flows

Reversal on losses on onerous contracts

(96,436,567)

122,375

-

-

(96,436,567)

t22,375

Changes to habilities for incurred claims

-

83,669,106

17,895,037

101,564,143

Insurance service result

643,065,297

122,375

(399,193,716)

2,916,647

246,910,603

Insurance finance expense

-

(10,069,959)

-

(10,069,959)

Total changes in the statement of

comprehensive income/(loss)

643,065,297

122,375

(409,263,675)

2,916,647

236,840,G44

Cash Does

Premiums received

(789,301,085)

-

(789,301,085)

Clémsand oisrexpensespad

466,873,804

3,804

Insurance acquisition cash flows

114,146,886

114 146 886

Total cash flows

675,154,199

466 873,804

208,280,39

Insurance contact assets as at 30 September

17,910,522

17,910,522

Insurance contract liabilities as nt 30 September

(229,872,452)

-

(480,611,699)

(13,051,309)

(723,535,460)

Net insurance contract liabilities as at 30 September (Unaudited)

(211,964,930)

-

(480,611,699)

(13,051,309)

(705,624,938)

Excluding the present



Roll-forward of net asset or liability for insurance contracts issued showing the liability for remaining coverage and the liability for incurred claims (continued)

Contracts measured under the PAA (continued)

Liabilities for remaining Liabilities for incuned

covemge claims

Estimates o£ the present

31 December 2024 (Audited)

Excluding loss loss value of future component component cash flows AED AED AED

Risk

adjustment

AED

Total AED

Insurance contact assets us at ljanuary J6,144,532 - (4,748,196) Insurance connect liabilities as at ljanuary (142,851,350) (4,202,585) (441,718,759)

(247,064) 11,149,272

(9,684,786) (598,457,481)

Net insurance contract liabilities as at 1 january (]26,706,818) (4,202,586) (446,466 955) (9,931,850) (587,308,209)

Insumnce revenue

864,840,697

864,840,697

Insurance service expenses

(116,079,319)

4,080,211

(730,650,367)

(6,036,106)

(848,685,581)

Incurred claims and other expenses Amortisation of insurance acquisition cash0ows Reversal on losses on onerous contracts

-(116,079,319)

-

-

-

4,080,211

(732,319,716)

(28,29i,358)

-

(760,611,074)

(lt6,079,319)

4,080,211

Changes to liabilities for incurred claims

-

-

1,669,349

22,255,252

23,924,601

Insurance service result

748,761,378

4,080,211

(730,650,367)

(6,036,106)

i6,t55,116

Insurance finance expenses

-

-

(8,359,233)

(8,369,233)

Total changes in the statement o£ comprehensive income/ loss)

748,761,378

4,080,21 i

(739,019,600)

(6,036,106)

7,785,883

Carl fioirs

Premiums received

(936,103,398)

-

(936,103,398)

Claims and other expenses paid

-

647,264,727

647,264,727

Insurance acquisition cash flows

134 i 75 810

134,175,8i0

Total cash flows

(801,927,588)

-

647,264,727

-

(154,662,861)

Insurance contract assets as at 31 December

2J 790 656

(5,296,181)

(298,é55)

¿ 9 ,820

Insurance contract liabilities as at 31 December

(201,663,684)

(122,375)

(532,925,647)

(t550930J)

(750,38¿007)

Net insurance contract liabilides as at 31 December (Audited)

(i79,873,028)

(122,375)

(538,22J,828)

(15,967,956)

(734,185,187)

Roll-forward of net asset or liability for insurance contracts issued showing the liability for remaining coverage and the liability for incurred claims (continued)

Applicable to contracts not measured under the PAA

OabTñeeforremaññng

dabbles For

30 September 2025 (Unaudited)

coverage mcumed cue

Esdzoates o/

Excluding the present

loss Loss value of future component component cash dows

AED AED AED

Total

ARD

Insurance contract liabilities as at I )anuary

(137,253,814)

(2,727,740)

(13,701,980)

(153,683,534)

Insurance revenue

5,678,844

-

-

5,678,844

Insurance service expenses

(579,915)

(3,134,180)

(644,157)

(4,3582S2)

Incurred claims and orher expenses

-

-

(644,157)

(644,157)

Amortisation o£insurance acquisition cash flows

(579,915)

-

-

(575,915)

Losses on onerous contracts

-

(3,134,180)

-

(3,134,18fi)

Insurance eerviee result

5,098,929

(3,134,180)

(644,157)

1,320,592

Insurance finance expenses

(11,869,362)

(474,704)

(12,344,066)

Investment components

15,466,578

-

(15,466,578)

Total changes in the statement of comprehensive

income/(loss)

8,696,145

(3,G08,884)

(1C,110,735)

(11,023,474)

Cash Dow's

Premiums received



(25,750,690)

(25,750,650)

Claims end other expenses paid

16,448,106

16,448,106

Insurance acquisidon cash flows

073,803

2,073,803

Total cash flows

Insurance contracc liabilities as at 30 September (Unaudited)

23,676 887

(152,234,556)

(6,336,624)

16

(13,364,609)

228,781

(171,935,789)

31 December 2024 (Audited)

Insurance contract liabilities as at 1 januaty

(i2l,156,024)

(2,320,026)

(22,357,149)

(145,833,199)

Insurance revenue

9,177,512

-

-

9,177,512

Insurance service expenses

(536,608)

(201,047)

(386,063)

(1,l23,7t8)

Incurred claims and other expenses

(386,063)

(386,063)

Amortisation of insurance ncqulsition cash flows

(536,608)

-

-

(536,608)

Losses on onerous contracts

-

(201,047)

-

(201,047)

Insurance service result

8,640,904

(201,047)

(386,063)

8,0S3,794

Insurance finance expenses

(13,827,579)

(206,667)

-

(14,034,246)

Investment components

37,773,278

-

(37,773,278)

Totnl changes in the statement of comprehensive income/ loss)

32,586,603

(407,714)

(38,159,341)

(5,980,452)

Cash l'au's

Premiums received

(54,t48,fi4fi)

-

(54,148,949)

Claims and other expenses paid

46,814,510

46,814,510

Insurance acquisition cash flows

5,464,556

-

-

5,464,556

Tots cash flows

(48,684,3P3)

-

46,8t4,510

(1,869,883)

Insurance contract liabilities as at 31 December (Audited)

(i37,253,814)

(2,727,740)

(13,701,980)

(t53,683,534)

Roll-forwar*3 of net asset or liability for insurance contracts issued showing the liability for remaining coverage and

the liability for incurred claims (condnued)

Analysis by measurement component - Contracts not measured under the PAA

CSM

Contracts

Estimates under

of present Risk modified value of adjustment retrospective

30 September 2025 (Unaudited)

future cash for non- transition flowe financial risk approach AED ARD AED

O‹her

cozttzaCtS

AED

Tots{

AED

Insurance contract liabilities as at 1 January

(119,690,273)

(8,689,494)

-

(25,303,767)

(153,G83,534)

Changes EHat relate to cuzzent secricee

CSM recognised for services provided

2,101,486

2,101,486

Change in risk adjusrmenr for non-financial

risk for risk expired

306,424

306,424

Experience adjustments

335,6C5

33S,GGS

Changes that relate to future services

Contacts initially recognised in the year

1,480,267

(753,938)

-

(1,267,325)

(540,596)

Changes in estimates thnt adjust the CRM

(5,718,812)

461,267

5,257,545

Changes in estimates that result in losses and

revssals of losses on onerous contracts

(3,977,444)

841,972

(3,435,472)

Changes that relate to past services

Adjustments to habilities for incurred claims

2,146,176

107,305

-

-

2,253,485

Insurance service result

5 734,148)

963,034

-

6,091,706

1,320,592

Net finance expenses from insurance contracts

(12 155 013)

-

(189,053)

(12,344,066)

Total changes in the etatement of (loss)/income and Ofl

(17,889,161)

963,034

-

S,902,653

(11,023,474)

Cash flows

Premiums received

(25,750,650)

(25,750,690)

Claims and other directly attributable expenses

paid

1G,448,106

-

-

16,448,106

Insurance acquisition cash flows paid

2,073,803

-

-

-

2,073,803

Toalcash0ows

(7,228,781)

-

-

-

(7,228,781)

Insuzancecontractñabiññesas at30

9epiember[Unuu‹lxed)

(144,808,215)

(7,726,460)

-

(19,401,414)

(171,935,789)

Roll-forward of net asset or liability for insurance contracts issued showing the liability for remai s ° verage and the liability for incurred claims (conHnued)

Analysis by measurement component - Contracts not measured under the PAA (continued)

CSM

Contracts

Estimates under

of present Risk modified value of adjustment for retrospective



future cash non-financial transition Other flows risk approach contracts



31 December 2024 (Audited) AED AED AED AED

Insurance contract liabilities as at 1] anuary

(121,653,464) (7,764,962)

- (16,414,773) (145,833,199)

Changes that relate to current services

CSM recognised for services provided

Change In dsk adjustment for non-financial risk £or

risk expired

Experience adjustments

Changes that relate to future services

{,fiGJ,4G5

002,291

3,281,254 3,28t,254

1,002,291

- 1,961,465

Contracts initially recognised in the year

5,643,843

(3,999,596)

-

(2,475,434)

(831,187)

Changes in estimates that adjust the CSM

9,235,680

196,281

(9,431,961)

Changes in estimates that result In losses and reversals of losses on onerous contracts

(3,156,846)

1,936,595

(1,220,251)

Changes that relate to past services

Adjustments to liabilities for incurred claims

3,920,325

(60,103)

-

-

3,8C0,222

Insurance service result

17,604,467

(924,532)

(8,626,14i)

8,053,754

Net finance expenses from insurance contacts

(13,771,393)

(262,853)

(14,034,246)

Total changes in the statement of income/ tjoss) and owl

3,833,074

(924,532)

-

(8,888,fi94)

(5,fi80,452)

Cash flows

Premiums received

Claims and ocher directly attributable expenses paid

$b4 148,949)

46,814,510

-

-

-

-

-

(S4,148,94fi)

6,84,5

Insurance acquisition cash bows paid

5,464,556

-

5,4G4,SSG

Total cash flows

(1,869,883)

-

(1,869,883)

Insurance contract liabilities as at 31 December

(Audited)

(119,690,273)

(8,689,494)

-

(25,303,767)

(153,683,534)

Roll-forward of net asset or liability for reinsurance contracts held showing the assets for remaining coverage and the amounts recoverable on incurred claims

Contracts measured under the PAA

Aaset9 £oz remaining Amounts recoverable on

coverage incurred claims

Estimates of

the present

Excluding loss

30 September 2025 (Unaudited)

AED

AED

AED

iD

Reinsurance contract assets as at t ]anuary

(13,248,140)

58,932

463,031,873

10,822,942

460,665,607

Reinsurance contract liabilities as at 1 january

(25,311,429)

-

2,556,952

15 307

f22,739,170)

Net reinsurance contract (liabilities)/assets

(38,559,569)

58,932

465,588,825

10,838,249

437,926,437

An allocation of reinsurance premiums

(316,292,437)

(31G,292,437)

Amounts recoverable from reinsurers for incurred

claims

(58,932)

138,046,022

(3,4GG,J55)

134,520,935

Amounts recoverable for incurred claim s and

other expenses

138,046,022

(3,466,155)

134,579,867

Changes to amounts recoverable for incurred

claims

58.932

58,932

Net (expense) /income from reinsurance

contracts held

(316,292,437)

(58,932)

138,046,022

(3,466,155)

(181,771,502)

Reinsurance finance income

-

8,077,394

-

8,077,394

Total changes in the statement of

comprehensive (loss)/income

(316,292,437)

(58,932)

146,123,416

(3,46615)

(73,694J08)

Cost Dows

Premiums paid

329,324,581

-

329,324,581

Amounts received

-

(273,516,338)

-

(273,516,338)

Total cash flows

325,324,581

-

(273,516,338)

-

55,808,243

Reinsurance contact nssets as at 30 September

(19,783,582)

-

338,195,903

7,372,094

325,784,415

Reinsurance contract liabilities as at 30 September

(5,743,843)

-

(5,743,843)

Net reinsurance contract (liabilities)/assets as at

30 September (Unaudited)

(25,527,425)

-

338,195,903

7,372,094

320,040,S72

recover component

value of

future

component cash flows



ad justmerit

Toud





9 insurance and reinsurance contracts (continued)

Roll-forward of net asset or liability for reinsurance contracts held showing the assets for remaining coverage and the amounts recoverable on incurred claims (continued)

Contracts measured under the PAA (continued)

Assets foe remzJnlng Amounts recovet«ble on

coverage incurred claims

Estimates of

the present

Excluding loss

recovery

component

Loss

component

value of future cash flows

Risk

adjustment

Total

31 December 2024 (Audited)

AFsD

AED

AED

AED

LED

Reinsurance contract assets as at 1 ]anuaty

(25,953,461)

1,698,952

263,379,143

3,869,832

242,994,466

Reinsurance contact liabilities as at 1 ]anuary

(11,797,408)

-

7,825,142

200,666

(3,771,600)

Net reinsurance contract (liabilities)/assets as at 1

January

(37,750,869)

1,698,952

271,204,285

4,070,498

239,222,866

An allocation of reinsurance premiums

(365,899,639)

(365,899,639)

Amounts recoverable from reinsurers for incurred

claims

-

(1,G40,020)

402,554,871

6,767,751

407,682,602

Amounts recoverable for incurred claims and

other expenses

-

402,554,871

6,767,751

409,322,622

Changes to amounts recoverable for incurred

-

(1,640,020)

(t,640,020)

Net (expense)/income £rom reinsurance contracts

held

(365,899,639)

(1,640,020)

402,554,87t

6,767,751

41,782,963

Reinsurance finance income

5,631,648

5,63i,648

Total changes in the statement of comprehensive

(loss)/income

(365,899,639)

(1,640,020)

408,186,519

6,767,751

47,414,611

Carl flaws

Premiums paid

365,090,939

365090959

Amounts received

-

(213,801,979)

-

(213,801,979)

Total cash flows

365,090,939

-

(213,80t,979)

l§1,288960

Reinsurance contract assets as at 31 December

(13,248,140)

58,P32

463,031,873

10,822,942

460,665,607

Reinsurance contract liabilities as at 31 December

(25,311 429)

-

2,556,952

15,307

(22,739,170)

Net reinsurance contract (liabi1ioes)/assets as at 31

December (Audited)

(38,559,569)

58,932

465,588,825

10,838,249

437,926,437

Notes to the condensed interim financial information

For the period ended 30 September 2025

9 Insurance and reinsurance contracts (continued)

Roll-forward of net asset or liability for reinsurance contracts held showing the assets for remaining coverage and the amounts recoverable on incurred claims (continuect) - Connects not measured under the PAA

Amounts Assets for remaining recoverable on

coverage incurred claims

Estimates of the present



vatUC Of

30 September 2025 (uriaudited)

loss recovery Loss component component AED AED

Cuuue cxsfi0ows

AED

Total ABD

Reinsurance contract *ssets as at I january

3,512,706

48,557

595,754

4,157,017

Reinsurance contract liabilities as at 1 january

(447,592)

-

108,780

(338,822)

Net reinsurance contract assets ae at l January

3,065,114

48,557

704,534

3,818,205

An allocation o£ reinsurance premiums

(1,012,299)

-

-

(1,012,299)

Amounts recoverable from reinsurers for incurred claims

-

(31,668)

(25,269)

(56,537)

Amounts recoverable for incuned claims and other expenses

65,862

65,862

Changes to amounts recoverable for incurred claims

(91,131)

(91,131)

Changes in fulfilment cash flows that do not ad)ust CSM

-

(31,668)

-

(31,668)

Net expense from reinsurance contracts held

(1,012,299)

(31,668)

(25,269)

(1,069,236)

Reinsurance finance income

79,534

-

79,534

Total changes in the statement of comprehensive loss

(932,765)

(31,668)

(25,269)

(989,702)

Cash Dora

Premiums paid

504,G96

-

-

504,696

Amounts received

-

-

(65,862)

(6S,862)

Total cash Oows

504,696

-

(65 862)

438,834

Reinsurance contract assets as nt 30 September

2 958,126

16,889

504 G23

3y479,638

Reinsurance contract liabihties as at 30 September

(321,081)

-

108,780

(212,301)

Net reinsurance contract assets as at 30 September (Unaudited)

2 637,045

16,889

613t403

3,267,337

3t December 2024 (Audited)

Reinsurance contract assets as at 1 ]anuary

5,434,620

138,000

t,53S,735

7,108,355

Reinsurance contact haLilities as at 1 january

(360,218)

-

107,744

(252,474)

Net reinsurance connect nssets as at 1 j anuary

5,074,402

138,000

1,643,479

6,855,88t

An allocation of reinsurance premiums

(2,5S5,626)

-

-

(2,555,626)

Amounts recoverat›1e from reinsurers for incurred claims

(8944S)

(620,289)

(709,732)

Amounts recoverable for incurred claims and other expenses

318,655

318,655

Changes to amounts recoverable for incurred claims

(938,944)

(938,944)

Changes in fulfilment cash Oows that do not adjust CSM

(89,443)

(89,443)

Net expense from reinsurance contracts held

(2,555,626)

(89,443)

(620,28

(3,265358)

Reinsurance finance income

144,222

144,222

Total changes in the statement of comprehensive loss

(2,411,404)

(89,443)

(620,289)

(3,121,136)

Cashflau'i

Premiums paid

402,1I G

-

402,1i6

Amounts received

(3i8,656)

(318,656)

Total cash flows

402,116

-

(318,656)

83,460

Reinsurance contract assets as at 31 December

3,512,706

48,557

595,754

4,157,017

Reinsurance contract liabilities as at 31 December

(447,592)

-

108,780

(338,812)

Net reinsurance contract assets *s ar 31 December (Audited)

3,065,114

48,557

704 534

3,818,205

Notes to the condeneed interim financial informaaon

For the period ended 30 September 2025

9 Insurance and reinsurance contracts (continued)

Roll-forward of net asset or liability for zeinsutance contracts held showing the assets fot remaining coverage and the amounts recoverable on incurred claims (continued)

Analysis by measurement component - Contracts not measured under the PAA

CSM

Contracte

Eetimates

of present

Risk

under

rnodiEed

value of

adjueanent

zettospectiye

future caeh

for non-

transition

Other

flows

financial rich

approach

contracts

Total

30 September 2025 {Uneudited)

AED

ARD

AED

AED

ABD

Reinsurance contract assets as at t january

1,390,224

62,449

-

2704,344

4157,017

Reinsurance contract liabilities as at 1 january

(415,930)

108,844

-

(3I,736)

(338,812)

Net reinsurance contract assets as at 1 January

974,304

171,293

-

2,672G08

3,818,205

Changes that relate to current eervicee

CSM recognised for services provided

(563,402)

(563,402)

Change in risk adjustment for non-financial risk for

risk expired

-

(9,585)

-

-

(9,585)

ExpNence adjustments

(373,450)

-

(373,45fi)

Changes that relate to biture services

Contracts initially recognised in the year

(20,480)

14,789

5,691

Changes in estimates that adjust the CSM

(350,303)

(28,758)

-

379,061

Changes in estimates that relate to losses on onerous

underlying contracts

-

(31,668)

(31,668)

Chargee that relate to past services

Adjustment to assets for incurred claims

(86,791)

(4,340)

(91,131)

Effect of changes in non-performance risk

of reinsurers

Net expenses from reinsurance contracts



(831,024)

(27,894)

-

(210,318)

(1,069,236)

Net finance income from reinsurance contracts

25,043

-

-

%49

79,534

Total changes in the statement of loss and OCI

(805,981)

(27,894)

-

15827)

(989702)

Cach flows

Premiums received

504,696

-

-

-

504,G96

Claims and other directly attribumble expenses paid

(65,862)

-

-

-

(65862)

Totat cash dowe

438,834

-

-

-

438,834

Reinsurance contract assets as at 30 September

984,075

49,035

-

2,446,528

3,479,638

Reinsurance contract liabilities as at 30 September

(376,918)

94,364

-

70,253

(212,301)

Net reinsurance connact assets as at 30

September ‹Unaudited)

607,157

143,399

-

2,516,781

3,267,337

Notes to the condensed interim financial informadon For the period ended 30 September 2025

9 Insurance and reinsurance contracts (continued)

Roll-forward of net asset or liability for reinsurance contracts held showing the assets for remaining coverage and the amounts recoverable on incurred claims (continued)

Analysis by measutement component - Contracts not measured under the PAA (continued)

CSM

Contracts

Estimates

of present

Risk

under

modified

value of

adjustment for

retrospective

future cash

flows

non-financial

risk

transition

approach

Other

contracts

Total

3i December 2024 (Audited)

AED

AED

AED

AED

AED

Reinsurance contact assets as at I ]anuary

2,795,690

120,745

-

4,19t,920

78,355

Reinsurance contract liabilities as at 1 January

(490,549)

126,621

t1,454

(252474)

Net reinsurance contract assets as at 1 january

2,305,141

247,366

4,303,374

6,85588T

Changes t:hat relate to current services

CSM recognised for services provided

(i,430,6S6)

(1,430,656)

Change in risk adjustment for non-financial risk for

risk expired

(7,399)

(7,399)

Experience adjustments



(798,9t7)

Chariges that relate to future services

Contracts initially recognised in the year

40,255

13,153

(53,408)

Changes in estimates that adjust the CSM

228,343

(52,166)

(176,d77)

Changes in estimates that relate to losses on onerous underlying contracts

(89,443)

(89,443)

Changes that relate to pasr services

Adjusnnents to assets for incurred claims

(909,282)

(29,661)

(938,943)

Net expenses £iom reinsurance contracts

(1,439,601)

(76,073)

(1,749,684)

(3,265,358)

Net firiance income from reinsurance contracts

25,304

l18,9t8

144,222

Total changes in the statement of loss and OCI

(T,4t4,297}

(7G,073}

(1,630,766)

(3,l21,t36)

Cash flows

Premiums received

Claims and other directly attributable expenses '

paid

402,J16

(318,656)

-

402,i i6

(31845G)

Total cash flows

83,460

-

83,460

Reinsurance contract assets as at 31 December

1,390,224

62,449

2,704,344

4,57,017

Reinsurance contract liabilities as at 31 December

(415,920)

108,844

(31,736)

(338,8T2)

Net reinsurance contract assets as at 31 December

(Audited)

974,304

171,293

-

2,672,608

3,818,205

Notes to the condensed interim financial information For the period ended 30 September 2025

  1. Insurance and reinsurance contracts (continued)

    1 year

    2 year

    3 year

    4 year

    5 year

    >6 year



    AED

    30 September 2025

    AED

    AED

    AED

    AED

    AED

    AED

    Total CSM for insurance

    contracts issued (1,602,838) Total CSM for

    (1,745,496)

    (1,596,912)

    (1,491,386)

    (1,408,483)

    (11,555,999)

    (19,401,114)

    reinsurance

    contracts held 333,316

    334,147

    293,045

    265,183

    244,384

    1,049,702

    2,516,781

    31 December 2024 (Audited)

    Total CSM for insurance

    contracts issued Total CSM

    reinsurance

    contracts held

    for

    (2,463,750)

    679,423

    (2,031,989)

    34i,474

    (1,898,777)

    289,464

    (t,790,569)

    251,3d 6

    (1,658,790)

    232,024

    (15,419,892)

    878,907

    (25,303,767)

    2,672,608

    Expected recognition of the contractual service margin - An analysis of the expected recognition of the CSM emaining at the end of the reporting penod in profit or loss is provided in the following table (number of years until expected to be recognised).

    (Unaudited)

    Reconciliation of the measurement components of insurance and reinsurance contact balances measured under both PAA and GMM as at:

    PAA

    AED

    Non-PAA

    AED



    AED

    30 September 2025 (Unaudited)

    Insurance contract assets

    17,910,522

    17,910,522

    Insurance contract liabilities

    (723,535,460)

    (171,93S,789)

    (895,471,249)

    Reinsurance contract assets

    325,784,41S

    3,479,638

    329,264,053

    Reinsurance contract liabilities

    (5,743,843) (212,301) (5,956,144)

    31 December 2024 (Audited)

    Insurance contract assets

    i6,495,820

    16,195,820

    Insurance contract liabilities

    (750,381,007)

    (153,683,534)

    (904,064,541)

    Reinsurance contract assets

    460,665,607

    4,157,0i7

    4G4,822,624

    Reinsurance contract liabilities (22,739,170) (338,812) (23,077,982)

    Notes to the condensed interim financial information

    For the period ended 30 September 2025

  2. Bank balances and cash

    Bank balances and cash comprise the following statement of financial position amounts:

    (Unaudited) (Audited) 30 Septembe* 31 December 2025 2024

    AED AED

    Cash on hand

    17,454

    17,454

    Cash with banks

    75,080,736

    62,672,098

    Statutory deposits

    10,000,000

    10,000,000

    Fixed deposits

    525,645,768

    512,630,631

    Less: ECL

    (302,612)

    (270,697)

    Total bank balances and cash Less: Deposits with original

    maturities greater than three months

    610,441,346

    585,049,486

    including statutory deposits (535,645,768) (522,630,631)

    Cash and cash equivalents

    74,795,578

    62,4i 8,855

    Fixed deposits amounting to AED 19.6 million (31 December 2024: AED 18.6 nutlion) under lien are against letters of guarantee.

    In accordance with Article (42) of the Federal Law No. 48 of 2023, the Company maintains a bank deposit of AED J0 rrullion (31 December 2024: AED 10 million) as a statutory deposit. This deposit has been pledged to the bank as security against a guarantee issued by the bank in favour of the Central Bank of the United Arab Emirates ("CB UAE'Q for the same amount This deposit cannot be withdrawn without the prior approval of the Central Bank of the United Arab Emirates.

    Movements in provision for ECL are as follows:

    (Unaudited) (Audited)

    30 September 31 December 2025 2024


    Balance at the beginning of the period/year Charge during the period/year

    Balance at the end of the period/year

  3. Share capital

    270,697 31,915 302,612

    6i,547

    209,150

    270,697

    (Unaudited) (Audited) 30 September 3i December

    2025 2024

    AED AND

    Issued and fully paid 164,949,523 shares of AED I each

    (31 December 2024: 164,949,523 shares of AED 1 each) 164,949,S23 164,549,523

    At the Annual General Meeting held on 14 Apt 2025, the shareholders approved the distribution of cash dividend of 45% (45 fills per share), amounting to AED 74,227,285 for the year ended 31 December 2024. (At the Annual General Meeting held on l6 Apcil 2024, the shareholders approved the disMbution of cash dividend of 25% (25 flls per share), amounnng to AED 37,488,528 for the year ended 31 December 2023).

    1"Jotes to the condensed interim financial information Fof the period ended 30 September 2025

  4. Reserves

    ZegWzesewe

    In accordance with the Company's Articles of Association and UAE Federal Law No. 32 of 2021, the Company transfers 10% of annual net profits, if any, to the legal reserve until it equals 50% of the share capital. There is no transfer made during t:he nine-month period ended 30 September 2025, as the Company's legal reserve already equals 50% of the share capital (3t December 2024: AED 82.47 million)

    General zeseme

    General teserve can be created upon the recommendation of the Board of Directors and this reserve cannot be utilised for my other purpose unless approved by the Ordinary General Assembly. No mansfer to voluntary reserve is made during the period ended 30 September 2025 (31 December 2024: AED 82.47 million)

    J?einsuzance zeseme

    In accordance with Article 34 issued by Central Bank of U.A.E, Board of Directors Decision No. (23) of 2019, the Company allocated an amount equal to 0.5% of the total reinsurance premiums ceded to reinsurance reserve. This reserve is accumulated year after year and may not be disposed off without the written approval of the Director General of the Central Bank of the UAE. The Company has not booked any reserve as at 30 September 2025, as it will be created on the annual audited results.

  5. Related party balances and transactions

Related parties represent, major shareholders, directors and key management personnel of the Company, and entities controlled, jointly controlled or significantly influenced by such parties. The pricing policies nnrJ terms of these transactions are approved by the Company's management. The significant balances outstanding in respect of related parties included in the condensed inter Enancial information are as follows:

(Unaudited) (Audited) 30 September 31 December

2025 2024

AED AED

Due from policyholders - as part of insurance contract assets Due to related parties - as part of insurance contract liabilities

34,163,297 20,657,890

- 339,525

Caeh and cash equivalent:

Cash at banks 25,243,765 26,757,327

Short term deposits 228,249,238 d60,907,269 During the period, the Company entered into the following transactions with related parties:

(Unaudited)

Key management personnel compensation

Three-month period ended 30 September

2025

AED

Three-month Nine-month Nine-month peniod ended period ended period ended 30 September 30 September 30 September

2024 2025 2024

AED AED AED

Remuneration and short-term benefits 1,887,790 1,781,313 5,651,920 5,347,500

End of service benefit 83,288 73,387 650,140 238,415 Board of directors' remuneration - - 11,444,000 7,719,000

For the period ended 30 September 2025

  1. Related party balances and transactions (continued) Other related party transactions



    (Unaudited)

    Three-month

    period ended 30 September

    Three-month period ended 30 September

    Nine-month period ended 30 September

    Nine-month period ended 30 September

    2025

    2024

    2025

    2024

    AED

    AED

    AED

    AED

    Insurance premium

    32,912,925

    32,882,913

    65,148,416

    57,977,607

    Insurance claims paid

    30,438,085

    24,273,429

    55,464,383

    38,547,467

    Dividend paid

    51,202,380

    25,739,879

    Portfolio management fees

    59,124

    1G9,173

    199,312

    Garage motor repairs

    461,590

    866,772

    t,420,566

    Interest income

  2. Contingent liabilities

    Letters of guarantee

    2,176,222 1,956,791 S,922,082 5,639,433

    (Unaudited) (Audited) 30 September 31 December

    20M 2024

    AED AED

    10,8C3,000 t0,988,000

    Guarantees include an amount of AED 10 million (31 December 2024: AED 10 million) favor r+g the Ministry of Economy and Commerce. Fixed deposits amounting to AED 19.6 million (31 December 2024: AED 18.6 million) (note 10) are under lien as collateral in respect of above guarantees. The Company, in common with the significant majority of insurers, is subject to liagation in the normal course of its business. The Company, based on independent legal advice, does not expect that the outcome of these court cases will have a matetial impact on the Company's financial performance or financial position.

  3. Insurance revenue

For the nine-month period ended 30 September 2025 (Unaudited)

Contracts not measured uncter the PAA

Expected incurred claims and other insurance service

General

AED

life



AED AED

expenses

Recovery of insurance acquisition cash flows CSM recognised for services provided Experience adjustments

Change in risk adjustment for non-financial risk for

risk expired

Contracts measured under the PAA Total insurance revenue

- 1,918,299 1,918,299

579,@6 579,916

2,101,48G 2,101,486

809,761 809,761

- 269,382 269,382

S,678,844 5,678,844

697,494,150 42,007,714 739,501,864

697,494,150 47,686,558 745,180,708

Notes to the condensed interim financial information

For the period ended 30 September 2025

15 Insurance revenue (continued)

For the nine-month period ended 30 September 2024 (Unaudited)

Contracts not measured under the PAA

Expected incurred claims and other insurance service

Genezd

AED

Wfe

bD

Toal

AED

expenses

2,925,472

2,92S,472

Recovery of insurance acquisition cash flows

381,364

381,364

CSM recognised for services provided

2,291,388

2,291,388

Experience adjustments

Change in risk adjustment for non-financial risk for

841,675

841,675

risk expired 604,878

604,878

7,044,777

7,044,777

Contracts measuted under the PAA

612,892,054

40,455,988

653,348,042

Total insurance revenue

612,8P2,0S4

47,500,765

660,392,819

For the three-month period ended 30 September

2025 (Unaudited)

Contracts not measured under the PAA

Expected incurred claims and other insurance service

expenses

458,980

458,980

Recovery of insurance acquisition cash flows

193,508

193,508

CSM recognised for services provided

610,839

610,839

Experience adjustments

Change in risk adjustment for non-financial risk for

407,694

407,G94

risk expired -

128,283

128,283

t,799"304

1,799,304

Contracts measured under the PAA

247,789,747

14,518,467

262,308,214

Total insurance revenue

247,789,747

16,317,771

264,107,518

For the three-month period ended 30 September

2024 (Unaudited)

Contracts not measured under the PAA

Expected incurred claims and other insurance service

expenses

5fi0,1tfi

590,119

Recovery of insurance acquisition cash flows

24,459

i24,459

CSM recognised for services provided

847,459

84745P

Experience adjustments

Change in risk adjustment for non-financial risk for

263,080

2b3,080

Ask expired 200,273

200,273

2,025,390

2,025,3fi0

Contracts measured under the PAA

200,997,143

13,795,037

214,792,180

Total insurance revenue

200,997,143

15,820,427

2t6,8T7,570

I totes to the condensed interim financial informaaon

For the period ended 30 September 2025

16 Insurance service expense

For the nine-month period ended 30 September

2025 (Unaudited) General

AED

Life



AED bD

Incurred claims and other expenses

469,464,102

31,274,750

500,738,852

(Reversal of losses)/ losses on onerous contracts

(122,375)

3,134,480

3,011,805

Changes to liabilities for incurred claims

(93,989,938)

(9,827,690)

(103,817,628)

Acquisition cash flows recognised when incurred

For the nine-month period ended 30 September 2024 (Unaudited)

91,311,865 5,704,615 97,016,484

466,6G3,654 30,285,859 496,949,513

Incurred claims and other expenses

569,939,851

25,801,430

595,74t,28J

(Reversal on losses)/ losses on onerous contracts

(2,431,799)

2,519,742

87,943

Changes to liabilities fot incurred claims

24,668,073

(3,452,177)

21,215,896

Acquisition cash flows tecognised when incurred

Por the three-month period ended 30 September

2025 (Unaudited)

76,951,231 7,999,898 84,951,129

669,127,356 32,868,893 701,996,249

Incurred claims and other expenses

159,629,961

14,878,313

174,508,274

Losses on onerous contracts

2,458,583

2,458,583

Changes to liabilities for incurred claims

(8,816,089)

(7,949,730)

(16,765,815)

Acquisition cash flows recognised when incurred

34,075,108

2,008,S92

36,083,700

184,888,980

11,355,758

196,284,738

For the three-month peciod ended 30 September

2024 (Unaudited)

Incurred claims and other expenses

119,199,631

3,850,662

123,050,293

Losses on onerous contracts

31,690,273

545,753

32,236,026

Changes to habilities for incurred claims

25,250,312

7,100,709

32,35l,02i

Acquisition cash flows recognised when incurred

23,475,996

4,691,210

28,167,206

I9S,6i6,212

16,i88,334

215,804,546

Notes to the condensed interim financial informaaon For the period ended 30 September 2025

17 Net insurance financial result

For the nine-month pecio‹$ ended 30 September

2025 (Unaudited)

Insurance finance expenses net of unit linked fair value change

Interest accreted to insurance contacts using current

General

AED

Life AED

Total

AED

financial assumptions

Due to changes in interest rates and other financial assumptions

Total insurance finance expenses net of unit

(8,228,041) (11,472,092) (1,579,852) (1,134,040)

(19,700,133)

(2,713,892)

linked fair value change Represented by:

(9,807,893) (I2,60G,I32) (22,414,025)

Amounts recognised in statement of profit or loss

Amounts recognised in OCI

(9,807,893) (12,558,921)

- (47,211)

(22,366,814)

(4T,212) Reinsurance finance income from reinsurance contracts held

Interest accreted to reinsutance contracts using current financial assumptions

Due to changes in interest rates and other financial assumptions

Reinsurance finance income from reinsurance contracts held

Represented by:

Amounts recognised in statement of profit or loss Amounts recognised in OCI

Total net insurance finance expense net of unit linked faix value change and reinsurance

6,7G6,193

1,154,065

1,191,738



7,920,258

7,920,258

198,998 236,671

204,184

32,487

6,965,T91

8,156,g29

8124,442

32,487

finance income

Represented by:

(1,887,635) (12,369,461) (14,25T,09G)

Amounts recognised in profit or loss Amounts recognised in OCI

For the nine-month period ended 30 September 2024 (Unaudited)

Insurance Enance expenses net of unit linked fair value change

Interest secreted to insurance contracts using current

6nancizt assumptions

Due to changes in interest rates and other financial assumptions

Total insurance finance expenses net of unit linked

(1,887,635) (12,354,737)

- (14,724)

(i,430,534)

430,88t



(G,282,148) (6,7t2,590}

(14,242,372)

(14,724)

(22,994,738)

fair value change Represented by:

Amounts recognised in statement of profit or loss

Amounts recognised in OCI

(7,712,682) (16,281,709) (23,994,391)



(7,712,682) (i6,30S,i08)

23,399

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Disclaimer

NGi - National General Insurance Company PJSC published this content on November 17, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 17, 2025 at 12:31 UTC.