National General Insurance Co (p.j.s.c)DFM: NGI

Financial Q2 2025

Aug 14, 2025 at 11:41 AM UTC · Issued by National General Insurance Co (p.j.s.c)

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

Condensed interim financial information (Unaudited) For the period ended 30 June 2025

GrantThornton

Review Report of the Independent Auditor

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

Grant Thornton Audit and Accounting Limited (Dubai Branch)

The Offices S Level 3

Office 302, 303, 308

One Central, DWTC Dubai, UAE

P.O. Box 1620

T +97 1 4 388 9925

F +971 4 388 9915

www.gran Ithornron ae

We have reviewed the accompanying condensed ioterim statement of financial position of National General Insurance Co. (P.J.S.C) (the "Company's as at 30)une 2025 and the related condensed interim statement of profit or loss, condensed interim statement of other comprehensive income for three-month and six-month periods then ended, condensed inteñm statement of changes in equity, condensed interim statement of cash flows for the six-month peñod then ended and material accounting policy information. Management is responsible fo* the preparation and presentation of this condensed interim financial information in accordance with International Accounting Standard 34 "Inteñm Financial Reporting". Our responsibility is to express a conclusion on this condensed infirm financial infotmation based on on

We conducted our review in accordance with the Inteuiational Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financid and accounting matters, and applying analytical and other revieu' procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does riot enable us to obtain assurance that we would become aware of all sigpificant 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 coadoosed interim bnanciat iafozmatioo is noc prepared, in all material respects, in accordance with Intetriationnl Accounting Standard 34 "fn/eri/» Fi»un‹i«fdarting".

Farouk Mohamed Registration No: 86

Dubai, United Arab Emirates

13 Auguet 2025

Accounting

and Sharjah

O< 2025 Grant Thorn ton UA E . Ali r igh ts refer-ved. GI an r Thorn to n uAE re presen ts all legal Vice nses under whic h Grant Thornton Audit and

Lim ited Corpo ra tion, A british Virgin Islands |"6Vl") regis tered Branch, operate in the UAE. These licenses incTude the Abu 0 habi, 0u bai

based b ranches - Grant Thornt on Audit and Accounting Lim ited - re gi ste red with the Ab u Dha bT Glob ai Market - Gran t Thorn ton Audit and

Limited Corporat ion BVI - re gisrered with the Dub ai Minanc ial 5ervice a As I hOrIts.

"Gran I thorn ton" refers to the brand under which the Gran t Thornt on m em ber firms p rovide assurance, tax anda dvisory services to th eir c lients

granttho rnton. a e

and/or refers to one or m ore m em ber firms, as the context requires. GUI L and the m e m bar Umg

are n or a wor idw ide p ar t nersh•p . GT iL and each

m e mber firm is a sep arate deg a ent ity. Serv ice s are d e Tier ed by the m eWbAf firm s. GAIL does ooh proviae ser»ces o clients GTt L and its m ember

firm s are not agents of, and do not ob ligate, one an o th er an d are n ot liable for one an at her's acts or om issio ns.

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

Condensed interim financial information (Unaudited)

Condensed interim statement of financial position As at 30 June 2025

		{Unaudited) 30}une	(Audited) 31 December
	Notes	2025	2024
		AED	AIID
Aasets
Property and equipment Intangible assets		23,808,242 t,742,675	24,617,856 2,t72,566
Investment property	5	75,450,000	75,450,000
Investment securities	6	423,958,595	373,276,067
Investments on behalf of policy holders of unit-linked
products	6	105,156,217	89,261,723
Reinsurance contract assets	9	354,015,654	464,822,624
Insurance contract assets	9	25,205,983	t6,195,820
Prepayments and otJaer receivables		22,633,281	M,041,442
Fixed deposits	10	454,169,569	522,630,631
Banlr balances and cash	10	83,124,005	62,418,855

Total assets 1,569,264,221 t,653,887,584

Equity and liabiliaes Equity
Share capital	11	164,949,523	164,949,523
Legal xesetve	12	82,474,762	82,474,762
General reserve	12	82,474,762	82,474,762
Reinsurance zesetves	12	8,000,568	8,000,568
Cumulative change in FVTOCI investments Insurance finance reserve through othe comprehensive income (OCI)		(12,837,501) 31,900	(15,459,100) 42,054
Retained earnings		333,161,814	322,J42,5t7
Total equity 658,255,828 644,625,086
Liabilities Provision for end of service indemnity		16,984,158	15,507,825
Other payables		22,963,779	55,997,253
Insurance contract liabiliaes	9	848,82J,780	904,064,541
Reinsurance contract liabiliaes	9	5,569,291	23,077,982
Income tax payable	20	14,247,187	8,914,912
Deferred tax liability	20	2,420,198	1,699,985
Total liabilities 911,008,393 1,009,262,498

Total equity and liabilities 1,S69,264,221 1,653,887,584

This condensed interim financial information was authorised fot issue on 13 August 2025 by the Board of Directors and signed on its behalf by

De. Hainad Mubarak Buamim Chairman

Dr. Abdul Zahra A. Ali Chief Execuave Oificer

The notes horn I to 24 fonn an integral part of this condensed trite m financial information.

Condensed interim statement of profit or loss For the period ended 30 June 2025

	(Unaudited) Three-month period ended	(Unaudited) Three-month period ended	(Unaudited) Six-month peziod ended	(Unaudited) Six-month period ended
Notes	30 June 2025 AED	30)une 2024 AED	**J•ne 2025 AED	30June 2024 AED
l5	251,635,781	225,967,574	481,073,190	443,575,249
l6	(161,946,010) (330,089,237) (300,664,775) (486,191,703)

Insurance revenue Insurance service expenses Insurance service results

before reinsurance

contracts held Allocation of reinsurance

premiums

Amounts recoverable from reinsurance for incurred claims

Net (expense)/income

89,689,771 (104,121,663) 180,408,415 (42,6t 6,454) (109,028,180) (93,001,961) (206,823,142) (188,671,020)

43,223,441 209,404,759 78,405,695 265,827,960

from reinsurance contracts held		(65,804,739)	I i6,402,798	(128,417,447)	77,156,940
Insurance service result		23,885,032	12,281,l 35	51,990,968	34,540,486
Insurance finance expenses net of unit linked fair value
change	17	(18,136,327)	(4,859,900)	(19,222,887)	(t6,685,805)
Reinsurance finance income	17	2,292,665	1,678,884	7,038,686	4,627,200
Net insurance financial
result		(15,843,662)	(3,181,016)	(12,184,201)	12,058,605)

Net fair value gain/ losses)

on financial	assets at
FVTPL		22,761,206	(i,294,1S0)	M,862,198	(5,253,388)
Income from investment
properties		1,139,015	T,099,906	2,441,986	2,202,835
Net fair value gain on unit
linked investments			13,956,747	3,681,656	7,546,753	9,048,356
Other investment income		18	12,059,137	47,l21,i34	26,544,385	67,797,050
Total investment income			49,91C,10S	50,608,546	60,395,362	73,794,853
Other operating income			159,085	36,988	1,300,105	843,036
Other operating expenses			(5,668,123)	(3,691,391)	(10,203,165)	(8,150,434)
Profit before tax for the period			52,448,437	56,054,262	91,299,069	88,969,336
Income tax expense		20	(2,780,717)	(5,523,17J)	(6,052,487)	(8,121,170)
Profit after tax for the
period			49,667,720	50,531,091	85,246,582	80,848,166

Basic and diluted earnings per share 0.30 0.31 0.52

0.49

The notes -om I to 24 form rim integral part of this condensed interim financial information.

Condensed interim statement of other comprehensive income

For the period ended 30 June 2025

	(Unaudited) Three-month period ended	(Unaudited) Three-month period ended	(Unaudited) Six-month period endecl	(Unaudited) Six-month peñod ended
	30 June 2025	30June 2024	30 June 2025	30June 2024
	AED	AED	AED	ID
Profit after tsx for the period	45,667,720	50,53t,09t	85,246,582	80,848,166
Other comprehensive

income/(loss):

Net gain/loss) on insurance Enance reserve through OCI

Net gain /doss) on fair value of equity instruments designated at FVTOCI

Total other comprehensive income/(loss) for the period

Total comprehensive income for the period

(6,206)

(15,380)

1,448,235 (1,24G,471) 2,621,599 (l,3t0,905)

1,465,170 (1,252,677) 2,611,445 (t,326,285)

51,132,890 49,278,414 87,858,027 79,52t,881

The notes from 1 to 24 form an integral pm of this condensed interim Enancial information.

National General Insiuance Co. (P.y.S.C.)

Condensed interim financial information (Unaudited)

Condensed interim statement of changes in equity

Por the period ended 30 june 2025

Share capital

AED

Cumulative

change in fair Insurance

value of finance

Legal General Reinsurance FVOCI reserve Retained

reserve reserve reserve investments through OCI earnings Total equity

AED AED AED AED AED AED AED

Balance at 1 January 2024 (Audited)

i 49,954,li2 74,977,056 74,977,056 5,770,295 (3,423,304)

28,246 27t,177,441 573,460,902

Increase in capital through bonus issue Profit for the period

Other comprehensive loss for the pedod

Total comprehensive loss)/ income for the peciod

Directors' iemuneradon

Dividend paid (note 11)

14,995,41 I

(i,3l0,905)

(1,3i0,905)

(4,995,41 J)

80,848,TSG 80,848,t GG

(t5,380) - (T,32G,285)

(15,380) 80,848,TGG 79,521,881

(G,825,000) (£,825,000)

(57,488,528) (37,488,528)

Balance at 30 June 2024 (Unaudited)

Balance at 1 January 2025 (Audited)

Profit after tax for the period

Other comprehensive loss for the petiod

Total compreherisive income/(loss) for the period

Dividend paid (note II)

Balance at 30)une 2025 (Unaudited)

I64,949,523 74,977,056 74,977,056 5,770,255 (4,734,209)

164,949,523 82,474,762 82,474,762 8,000,568 (15,459,100)

2,621,599

164,949,523 82,474,762 82,474,762 8,000,568 (12,837,501)

2,8G5 292,71G,GG8 608,669,255

42,054 322142,517 54 625086

85,246,582 85,246,582

10,t54 2,611,445

(10,154) 85,246,582 87,8S8,027

4,227,285

31,900 333,161,814 658,2S5,828

The notes from I to 24 form an integral part of this condensed interim Enancial information.

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

Condensed interim financial information (Unaudited)

Condensed interim statement of cash dows

For the period ended 30 June 2025

		(Unaudited) Six-month period ended	(Unaudited) Six-month period ended
		30 June 2025	30June 2024
	Notes	AED	AED
Cash flows from operating activities Profit before tax for the period		91,299,069	88,965,336
Adjustments :Tox now-cash:items:
Depreciation and amortisation		1,774,164	1,514,193
Dividend income		(10,069,12S)	(7,636,974)
Realised gain on fare value through profit or loss investments		(1,334,825)	(8,502,812)
Realised gain on sale of investment properties		-	(40,96i,015)
Unrealised (gain)/loss on FVTPL investments		(23,862,195)	5,253,388
Other investment income		(17,518,459)	(7,700,699)
Provision for employees' end of service indemnity		2,041,563	t,074,229
Operating cash flows before changes in working capital		42,330,184	32,005,646
Changes in working capital:
Change in insurance and reinsurance contract assets		101,796,807	(151,941,228)
Change in prepaid expenses and ot:her assets		408,163	178,745,055)
Change in insurance and reinsurance contract liabilities		(72,749,453)	t57,422,835
Change in accrued expenses and other liabilities		(33,033,475)	39,175,614
Change in insurance finance reserve		(10,154)	(15,380)
Employees' end of service indemnity paid		(565,M0)	(850,723)
Net cash generated from/(used in) operating activities 38,176,842 (t02,944,291)
Cash flows from investing activities Purchase of property and equipment	(534,657)		(520,209)
Proceeds from disposal of property and equipment	-		284,770
Purchase of FVTPL investments	(50,903,469)		(52,742,265)
Purchase of FVTOCI investments	(136,855)		(t4,971,808)
Proceeds from sale of FVTPL investments	28,176,422		84,749,284
Proceeds from sale of investment property	-		155,640,051
Net movement in payable to policy holders in unit linked products	(15,894,494)		(21,421,200)
Dividends received	10,0G9,12S		7,G3G,974
Interest and other income received	17,518,459		7,700,699

Change in back deposits

Net cash generated from investing activities

68,461,062 (12,472,248)

56,755,593 153,884,048

Cash nows from financing activities
Dividends paid	(74,227,285)		(37,488,528)
Directors' remuneration paid	-		(6,825,000)
Net cash used in financing activities (74,227,285) (44,343,528)
Net increase in cash and cash equivalents		20,705,150	6,626,229
Cash and cash equivalents at beginning of the period		62,418,855	84,875,024
Cash and cash equivalents at end of the period	10	83,124,005	9l,50l,2S3

The notes from t to 24 form an integral part of this condensed interim financial information.

For the period ended 30 June 2025

Legal status and activities
National General Insurance Co. (P.j.S.C.) ("the Company") was originally incorporated as a Private I,imited Liability Company on 19 November 1980. Subsequently, the Company was converted to a Public )oint Stock Company with effect from 12 September 2001. The Company's shares are listed 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.
The registered office of the Company is at the NGI House, P.O. Box 154, Dubai, United Arab Emirates.
Basis ofpreparation
This condensed inte m financial information is for the six-month peaod ended 30 June 2024 and is presented in United Arab Emirate Dirham (AED), which is also the functional currency of the Company. This condensed interim financial information has been prepared in accordance with IAS 34 'Intetim Financial Reporting' and complies with the apphcable 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 comptehensive income and financial assets carried at fair value through profit rind 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 inter statement of financial position is not presented using a current / concurrent 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.
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 annunl financial statements as at and for the year ended 31 December 2024. In addition, results for the six-month period ended 30 June 2025 are not necessarily indicative of the results that may be expected for the financial year ending 3i December 2025.
Material aecounting poliay 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 1 January 2025 and several amendments and interpretations apply for the first time in 2025.

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

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

Standard numbec Title

Amendments to IAS 21 Lack of Exchangcability Sale or

Effective date

IAS2;

Contribution of Assets between an Investor and its Associate or I January 2025

]oint Venture.

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

For the period ended 30 June 2025

Material accounting policy information (continued)

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

Standard number	Title	Effective date
IFRS 9 & IFRS 7	Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures regarding the classification	i january 2026
IrRS 18	and measurement of financial instruments Presentation and Disclosure in Financial Statements	I January 2027
IFRS l9	Subsidiaries without Public Accountability: Disclosures	i january 2027

Significant management judgment in applying accounting policies andestimation uncertainty
The preparation of this condensed inter financial information requires management to make judgements, estimates and assumptions that effect 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 this 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 hnancial risk management
The Company's insurance and financial Ask 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.
Investments property
The canying value of the investment property as at 30 June 2025 is AED 75.4 million (3t December 2024: AED 75.4 million). This includes a rented-out pocrion of a commeroal building withtn LIAE.
Management estimates that there has been no change in the fair value of investment property.
Invesnnent property is classified as Level 3 in the fair value hierarchy as at 30 )une 2025 (31 December 2024: Level 3).

Investment securities

(Unaudited) (Audited) 30June 31 December

2025 2024

AED AED

value through profit OF loss (FVTPL)

rair value through other comprehensive income (FVTOCI) Less: Expected credit losses (ECL)

410,712,053 346,680,392 118,986,755 I16,228,302

(584,036) (370,904)

529,114,812 62,5S7,790

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

(Unaudited) (Audited)

**June 3i December

2025 2024

AND AED

Investment securities

Investments on behalf of policy holders of unit- linked products

423,958,555 373,276,067

105,156,217 85,261,723

529,114,812 462,537,790

Investments securities - Geographic concentration

	(Unaudited) 30 June	(Audited) 3i December
Investments made:	2025 AED	2024 AED
- Within UAE	255,522,412	2T°i,43,47
- Outside UAE	273,592,400	247,124,643
	529,114,812	462,537,790
Pair value through profit or loss (FVTPL) investments
	(Unaudited)	(Audited)
	30 June	31 December
	2025 AED	2024 AED
Equity investments - quoted	187,196,028	162,089,888
Fixed income investments/ bonds - quoted	118,359,848	95,328,78t
Investments held on behalf of policyholders' unit linked products	105156,217	8O,26723

4t0,7I2,093 344680,392

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

	(Unaudited) 30 June	(Audited) 31 December
	2025	2024
	AED	AED
At 1 )anuary	346,680,392	295,337,i60
Purchases during the period/year	50,903,469	i08,691,747
Sold during the period/year	(26,628,461)	(94,106,712)
Change in fair value	23,862,199	i5,t27,3P5
Net movement in payable to policyholder's unit linked products	15,894,494	21,630,802
	410,712,053	346,680,392

Fair value through other comprehensive income (FVTOCI) investments

(Unaudited) (Audited) 30 June 31 December

2025 2024 AED AED

Equity investments - unquoted	40,763,257	38,704,777
Fixed income investments/bonds - quoted	78,223,498	77,S23,525
	118,586,755	li6,228,302

Movement in investments carried at fair value through other comprehensive income (FVTOCI) is as

#OLO>S:

	(Unaudited)	(Audited)
	*°J ne 2025	31 December 2024
	AND	AED
At I january	116,228,302	i26,l19,923
Purchases during the period/year	136,8S5	27,903,840
Sold during the period/year	-	(25,759,665)

Change in fair value

Movements in provision for ECL are as follows:

2,621,598 (12,035,796)

118,986,755 116,228,302

(Unaudited) (Audited)

30 June 31 December

2025 2024

AED AED

Balance at the beginning of the period / year

370,904

4i8,037

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

213,132 (47,i 33)

584,036 370,904

J"•iational General Insurance Co. (P.J.S.C.)

Condensed interim financial information (Unaudited)

Notes to the condensed interim financial informaaon

Fo* the period ended 30 June 2025

Classes and categories of financial assets and financial liabilities

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

Amotâsed

FVTPL AED

FVTOCI

AED

cost

AED

Total AED

30 June 2025 (Unaudited)

Financial assets:

Investment securities 305,045,317

Invesnnents on behalf of policyholders

118,913,278

423,958,595

of unit-linlced products 105,156,217

Other receivables (excluding

105,156,217

prepayments)

14,337,865

Fixed deposits

454,169,569

Bank balances and cash -

83,124,005

410,201,534

118,913,278

554,631,439

1,080,746,251

Financial liabilities:

O ther and income tax payables

37,210,966

31 December 2024 (Audited)

Financial assets:

Investment securities 257,120,fi32

T TG,155,T 35

373,276,067

Investments on behalf of policyholders

of unit-linked products 89,261,723

85,261,723

Other receivables (excluding

prepayments)

19,875,994

Fixed deposits

522,630,631

522,G30,631

Bank balances and cash

62,4t8,855

62,418,855

346,382,655

116,t55,t35

604,925,480

1,067,463,270

Financial liabilities:

Other and income tax payables -

64,912,165

64,9l2,i 65

8 Fair value of financial instruments

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

Ualiiatian techniques mid assuuptiaiis applied far the puipaiei aftiieasiiriiig fair value

The fmr 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 3t December 2024.

Fair yallie af the Coz/@a»y's finayñal assets that are i ieaxiired at fair yaliie on recurring basir

The table on the next page provides an analysis o£ financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:

Notes to the condensed interim financial informaaon

For the period ended 30 June 2025

Fair value of financial instruments (continued}

Fair value uf the Caiipaig's finaiicial meets that are iiieasiired at flirt- value on refining busts (runtiuurd) Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.

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

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

(Unaudited) (Audited)

Valuation

Significant

30 June 31 December Fair value techniques 2025 2024 hierarchy and key inputs

AED AED

Quoted bid

unobservable inputs

Quoted equity securities	187,196,028	162,089,888	Levell	prices in an active market	N/A
Quoted debt				Quoted bid prices in an	N/A
securities	118,359,848	95,328,781	Level t	active market Net assets
				valuation	Net asset value

Unit linked products 105,156,217 89,261,723 Level 2 method

FVTOCI				Quoted bid
				prices in an
Quoted securities	78,223,498	77,523,525	Level I	active market
				Net assets
Unquoted equity securities	40,763,257	38,704,777	Level 3	valuation method

N/A

Net asset

value

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.

For the period ended 30 June 2025

Insurance ancl reinsurance contracts

The breakdown of groups of insurance and 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:

	Assets	Liabilities	Net	Assets	Liabilities	Net
	AED	AED	AED	AED	AED	AED
Insurance contracts issued
General and medical		(652,304,445)	(652,304,445)		(732,690,887)	(732,690,887)
Life	25,205,983	(196,519,335)	(171,313,352)	t6,195,820	(t71,373,654)	(tss,t77,834)
848,823,780			823,617,79	16,t9S,820	04,064,541	B7,868,72t
Reinsurance contracts held General and medical	332,043,203		332,043,203	422,052,4S3	(149,453)	421,903,000
Life	21,972,451	(5,569,2@)	16,403,160	42,770,17t	(22,928,529)	19,841,642
	354,015,G54	(5,569,291)	348,446,3G3	4G4,822,G24	(23,077,982)	441,744,642

June 2025 (Unaudited) 31 December 2024 (Audited)

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

Iliabilities for remaining Liabilities for incurred

coverage claJzrte

Estimates of

	Excluding loss component	Loss component	the present value of future cash dows	Risk adjusonent	Tonal
30 June 2025 (Ur audited)	AED	AED	AED	AED	bD
Insurance connect assets as at t January	21,790,656	-	(5,296,181)	(298,655)	1G,t95,820
Insurance contract liabilities as at t ]anuy	(2fi1t663,684)	(122,375)	(532,925,647)	(15,669,301)	(750,381,007)
Net insurance contract liabilities as nt t J.cup'	(179,873,028)	(122,375)	(538,221,828)	(15,967,956)	(734,185,187)
Insurance revenue	477,193,649				477,193,G49
Insurance service expenses
Incwed claims and other expenses	-	-	(312,396,727)	(11,631,S72)	(324,028,299)
Amortisation of insurance acquisition cash fjows	(60,546,375)				(60,546,37S)
Reversal on losses on onerous contracts	-	122,375	-		122,375
Changes to liabilities £or incurred claims		-	70,592,905	13,596,256	84,189,1G1
Insurance service result	416,647,274	122,375	(241,803,822)	1,964,684	17G,930,511
Insurnnce £lnance expense		-	(8,981,016)	-	(8,981,016)
Total changes in the statement of comprehensive income/(loss)	416,647,274	122,375	(250,784,838)	1,964,684	167,949,495
Cayli Dows
Premiums received	(466,2fi1,719)			-	(466,201,719)
Claims and other expenses paid		-	298,882,G48	-	298,882,G48
Insurance acquisition cash flows	75,614,669			-	75,614,669
Total cash flows	(390,587,050)	-	258,882,648	-	(91,704,402)
Insurance contract assets as at 30 june	25,205,983				25205983
Insurance contract liabilities as at 30 June	(179,018,787)	-	(490,124,018)	(14,003,272)	(683,146,077)
Net insurance contract ljabilicies as at 30 June	(153,812,804)	-	(490,124,018)	(14,003,272)	(657,940,094)

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

coverage claims

Estimates of the present

Excluding loss

component

Los8

component

value of future

cash flows

adjustment

Totnl

31 December 2024 (Audited)

AED

Insurance contract assets as at 1 January

16,144,532

(4,748,t96)

(247,064)

1T,T4fi,272

Insurance contract liabilities as at 1 January

(142,851,350)

(4,202,586)

(441,718,759)

(9,G84,785)

(5fi8,457,48T)

Net insurance contract liabilities as at t ]anuary

(126,706,818)

(4,202,586)

(446,466,955)

(9,fi3T,850)

(587,308,209)

Insurance revenue

864,840 697

864,840,697

Insurance service expenses

Incurred claims and other expenses

(732,319,716)

(28,29i,358)

(760,611,074)

Amortisation of insurance acquisition cashflows

(116,079,319)

(1T6,079,35}

Reversal on losses on onerous connects Changes to liabilities for incurred claims

4,080,211

1,669,349

22,255,252

4,080,2T 1

23,924,GOT

Insurance service result

748,761,378

4,080,211

(730,650,367)

(6,036,}0G)

TG,t55,tG

I nsumnce finance expenses

(8,369,233)

Toudch:mgeinthesiaemenrofcomprehensive

income/jobs

748,761,378

4,080,21 i

(739,019,600)

036,106)

7,785,883

Carl flairs

Premiums received

(936,103,398)

Claims and other expenses pad

G47,2G4,727

647,264,727

Insurance acquisition cash flows

134,175,810

Toral cash flows

(80t,927,588)

647,264,727

(154,662,861)

Insurance contract nssets as at 31 December

2t,790,656

(5,296,181)

(298,655)

16,195,820

Insurance contract liabilities as at31 December

(201,663,684)

(122,375)

(532,925,647)

(J5,669,301)

(750,381,007)

Net insurance contract liabilities as at

34 December

(175,873,028)

(122,375)

(538,22i,828)

(15,967,956)

(734,185,i 87)

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

Liabilities for remaining Liabilities for

coverage incurred claims

Estimates of

	Excluding loss component	component	Cepeent value offunue czsfioows	Tots
30 yune 2025 (Unaudited)	AED	AED	mD	bD
Insurance contract liabilities as at 1 ]ariuary	(137,253,814)	(2,727,740)	(13,701,980)	(153,683,534)
Net insurance contract liabilities as at 1 january	(137,253,814)	(2,727,740)	(13,701,980)	(253,683,S34)
Insurance revenue	3,879,541			3,879,541
Insurance service expenses
Incurred cIaims and other expenses	-	-	GG0,3G8	6G0,368
Amortisation of insurance acquisition cash flows	(386,408)	-	-	(386,408)
Losses on onerous contr'1cts	-	(675,597)	-	(675,557)
Insurance service result	3,493,133	(C75,597)	660,368	3,477,904
Insurance finance expenses	(9,904,945)	(368,880)	-	(10,273,825)
Investment components	10,355,321	-	(10,355,321)	-
Total changes in the statement of comprehensive income/(loss)	3,943,509	(1,044,477)	(9,G94,953)	(G,795,921)
Cash Dows
Premiums received	(17,8G0,103)	-	-	(17,860,193)
Claims and other expenses paid		-	11,123,885	11,123,885
Insurance acquisition cash flows	t,538,0G0	-	-	1,538,060
Total cash flows	(1G,322,133)	-	1,123,885	(5,198,248)
Net insurance contract liabilities as at 30 June	(149,632,438)	(3,772,217)	(12,273,048)	(165,677,703)
31 December 2024 (Audited)
lnsumnce contract assets as at I ]anuary
Insurance contract liabilities as at 1 ]anuary	(121,156,024)	(2,320,026)	(22,357,t49)	(t45,833,199)
Net insurance contract liabilities as at 1 anuary	(121,156,024)	(2,320,026)	(22,357,t49)	(t 45,833,199)
Insurance revenue	9,177,5t2	-	-	9,77,5T2
Insurance service expenses
Incurred claims and other expenses	-	-	(386,063)	(386,063)
Amorwsation of insurance acquisition cash flows	(536,508)	-	-	(536,608)
Losses on onerous contracts	-	(201,047)	-	(201,047)
Insurance service result	8,640,904	(201,047)	(386,063)	8,053,794
Insurance finance expenses	(13,827,57d)	(206,667)	-	(i 4,034,246)
Investment components	37,773,278	-	(37,773,278)	-
Total changes in the statement of comprehensive income/loss)	32,586,603	(407,714)	(38,159,341)	(5,980,452)
CU› l••i Premiums received	(54,148,949)	-	-	(54,148,949)
Claims and other expenses paid		-	46,814,510	46,814,510
Insurance acquisition cash flows	5,464,556	-	-	5,464,556
Total cash flows	(48,684,393)	-	46,8i4,SI0	(1,869,883)
Net insurance contract liabilities as at 31 December	(137,253,814)	(2,727,740)	(13,701,980)	(153,683,534)

	J5

9 Insurance and reinsuranee contracts (continued)

Roll-forward of net asset or liability for insurance contracts issued showing the liability for remaining coverage anal

the liability for incurred claims (continued)

Analysis by measurement component - Contracts not measured under the PAA

cSM

	Estimates of present	Risk	under modified
	value of	adjustment	retrospective
	future cash	for non-	transition	Other
30 June 2025 (Unaudited)	flows	financial risL	approach	0 n
	AED	AED	AED	AED	AED
Insurance contract liabilities as at 1 January	(119,690,273)	(8,689,494)	-	(25,303,767)	(153,683,534)
Changes that relate to current services
CSM recognised for services provided				1,490,647	1,490,647
Change in risk adjustment for non-financial risk for risk expired	-	155,868	-		155,868
Experience adjustments	(59,428)	-	-		(59,428)
Changes that relate to future services
Contracts iriitially recognised in the year	1,077,638	(518,558)		(763,060)	(204,380)
Changes in estimates that adjust the CSM	(4,670,608)	978,186	-	3,692,422
Changes in estimates that resuit in losses and reversals of losses on onerous contracts	(921,375)	153,924			(767,451)
Changes that relate to past services
Adjust:ments to liabilities for incurred claims	2.726, 31	136 '17			2,862 G48
Insurance service result	(1,847,442)	505,337		4,420,009	3,477,904
Net finance expenses from insurance contracts	10,148,S17			125 308	10 273,825
Total changes in the statement of (loes)/income and OCI	(11,995,959)	905,337	-	4,294,701	(6,795,921)
Cash flows
Premiums received Claims and other directly attributable expenses paid	(17,860,193) 11,123,885				(17,860,153) 11,123,885
Insurance acquisition cash flows paid	538,060				1,538,060
Total cash fiowe	5,198,248				198,248
Insurance contract liabilities as at 30 June	136,884 480			21,009,	165,677,703

Contracts

National General Insurance Co. W J-S.C.)

Condensed interim financial information (Unaudited)

Notes to the condensed interim financial information

For the period ended 30 June 2025

9 Insurance and reinsurance contracts (continued)

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

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

CSM

Contracts

Estimates under

o£ present Itisk modified

value of adjustment for retrospective

fum‹e cash non-financial nnns*tion Other

31 December 2024 (Audited)

flows risk approach contracts

AED AED AED AED

Total AED

Insurance contract liabilities as at 1 ] anuary

(t2T,653,4G4) /,7G4,fiG2)

- (16,414,773) (145,833,1P9)

Changes that relate to current services

CSM recognised for services provided

Change in risk adjustment for non-financial risk for

risk expired

Experience adjustments

Changes that relate to £umre services

1,P6l,465

1,002,291

3,28t,254 3,281,254

Contacts 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	i96,281	(9,431,961)
Changes in estimates that result in losses and
reversals of losses on onerous contracts	(315 84	1936595		(1,220,251)
Changes that relate to past services
Adjustments to liabilities for incurred claims	3,920,325	(60,t03)		3,860,222
Insurance service result	17,604,467	(P24,532)	(8,626,t4l)	8,053,794
Net finance expenses from insurance contracts	(i3,771,393)	-	(262,853)	(t4,034,246)
Total changes in the statement of income/(toss) and OCI	3,833,074	(924,532)	(8,888,994)	(5,980,452)
Cash flows
Premiums received	(54,148,949)	-	-	(54,148,949)
Clnims and ocher directly attributable expenses paid	46,8l4,5i0	-	-	46,814,510
Insurance acquisition cash flows paid	5,464,556	-	- -	5,464,556
Total cash flows	(1,869,883)			(1,869,883)
Insurance contact liabilities as at 31 December	(119,690,273)	(8,68P,494)	- (25,303,767)	(153,683,534)

Fo* the period ended 30)une 2025

9 Insuranee 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

Contracts measured under the PAA

Aeeets for remaining Amounts recoverable on

coverage incurred claims

Estimated of the present

30 June 2025 (Unauifited)

Excludinglosa

recovery

component

AED

value of

Loss future

component caeh flows

AED ARD

ad)ustzaeztt

AHD

Total

AED

Reinsurance contract assets as at 1 January Reinsurance contract liabilities as at 1 ]anuary

Net reinsurance contract (liabilities)/aesets

An allocation of reinsurance premiums

Amounts recoverable from reinsurers for incurred

claims

Amounts recoverable for incurred claims and

other expenses

Changes to amounts recoverable for incurred

claims

Net (expense) /ineome from reinsurance contracts held

Reinsurance finance income

Total changes in the statement of comprehensive (loss)/income 'act Doves

Premiums paid Amounts received Total cash flows

Reinsurance contract assets as at 30 June

Reinsurance contract liabilities as at 30]une

Net reinsurance connect (liabilities)/assets as at 30 June

(13,248,140)

(25,311,429)

(38,559,589)

(206,094,795)

58,932

58.932

(206,094,795)

214,81S,729

214,815,729

(24,435,076)

5,403,559

214,815,729

187,167 68 87 167,68

187,l67,G86 27,648,043

365,771,013 8,880,085 350,216,022

5,403,559

(206,094,795)

(25,838,635)

58,932 463,031,873

- 2,556,952

58,932 4ti5,588,825

80,350,272

(58,932) 80,350,272

- 6,999,602

(58,932) 87,345,874

- 365,771,013

10,822,942 460,665,607

15,307 (22,739,170)

10,838,249 437,926,437

- (206,094,795)

(1,958,164) 78,392,108

(1,958,164) (127,761,619)

- G,999,602

(1,958,1G4) (120,762,017)

8,880,085 344,812,4G3

For the period ended 30 June 2025

9 Insurance and reinsurance contracts (continued)

Roll-forward of net asset or liabilit)' 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 for remaining

coveray

Amounts recoverable on incurred claims

Estimates of

the present

Excluding loss

value o£

recovery

Loss

future

31 December 2024 (Audited)

component

AED

component

AED

cash flows

AED

adjustment

AED

Total

AED

Reinsurance contract assets as at 1 j anuary

(25,953,461)

1,698,952

263,379,143

3,869,832

242,994,466

Reinsurance contract liabilities as at 1 ]anuary

(11,797,408)

7,825,142

200,666

(3,771,600)

Net reinsurance conccact (liabilities)/assets

(37,750,869)

1,698,952

271,204,285

4,070,498

239,222,866

An allocation of reinsurance premiums

Amounts recoverable from reinsurers for incurred

(365,899,639)

(365,859,639)

claims

Amounts recoverable for incurred claims and

other expenses

402,554,87t

6,767,751

409,322,622

Changes to amounts recoverable for incurred

(1,640,020)

Net (expense)/income from reinsurance connects

held

(365,899,639)

(1,640,020)

402,554,87i

6,767,75t

41,782,963

Reinsurance Finance income

5,631,648

5,63i,648

Total changes in rhe statement of comprehensive

(loss)/income

(365,899,639)

(1,640,020)

408,l86,5t9

6,767,751

47,414,61 t

Carla flat's

Premiums paid

365,090,939

Amounts received

(213,80t,979)

(213,801,979)

Total cash flows

365,0P0,93P

(213,801,979)

151,288,960

Reinsurance contract assets as nt 31 December

(} 3 248,140)

58,932

463,031,873

i0,822,942

460,665,607

Reinsurance contract habilities as at 31 December

(25,311,429)

2,556,952

15,307

(22,73P,170)

Net reinsurance contract (1iabiliaes)/assets as at 31

December

(38,559,5G9)

58,932

4G5,588,825

t0,838,249

437,925,437

Notes to the condensed interim financial informaaon

For the eriod ended 30 June 2025

9 Insurance and reinsurance contracts (continued)

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

Assets for remaining recoverable on

coverage

Estimates of the present

30 June 2025 (iinaudited)

Excluding

loss recovery Loss component component AED AED

value of future cash flows

AED

Total

AED

Reinsurance contract nssets as at 1 urinary Reinsurance contract liabilities as at t ] anuary

Net reinsurance contract assets as at 1 January

An allocation of reinsurance premiums

Amounts recoverable from reinsurers for incurred claims Amounts recoverable for incurred claims and other expenses Changes to amounts recoverable for incurred claims Changes in fulfilment cash flows that do not adjust CSM

Net expense from reinsurance contracts held

Reinsurance finance income

Total changes in the statement of comprehensive

(loss)/income Cash Don s Premiums p'ud Amounts received Total cash flows

Reinsurance contract assets as at 30 june Reinsurance contract liabilities as at 30 June

Net reinsurance contract assets as at 30 June

31 December 2024 (Audited)

Reinsurance connect assets as at 1 january Reinsurance contract liabilities as at I anuaiy Net reinsurance contract assets as at 1 january

An allocation of reinsurance premiums

Net expense from reinsurance contracts held Reinsurance finance income

Total changes in the statement of comprehensive loss

Amou nts received Total cash flows

Reinsurance contract assets as at 3t December Reinsurance contract liabilities as at 31 December

3,512,706 48,557

(447,592) -

3,065,114 48,557

(728,347)

- (29,657)

(728,347) (29,657)

60,885 - (667,462) (29,657)

476,4' 9 -

476,499 -

3,148,663 18,900

(274,5U) -

2,874,1S1 18,900

5,434,620 138,000

(3G0,2t8)

5,074,402 38,000

(2,555,626)

- (89,443)

(2,555,G26) (89,443)

T44,222 -

(2,4T1,404) (89,443)

402,116

3,512,706 48,557

'447,592'

595,754 4,157,017

108,780 (338,812)

704,534 3,818,205

(728,347)

65,862 65,862

36,314 3C,314

- (29,657)

102,176 (655,828)

- 60,885

102,17G (594,943)

- 47G,499

(65,861) (6S,861)

(65,861) 410,638

632,069 3,799,632

108,780 (165,732)

740,849 3,633,900

1,535,735 7,i08,355

107,744 (252,474)

1,643,479 6,855,881

(2,555,626)

318,655 3i8,655

(938,944) (938,944)

(89,443)

(620,289) (3,265,358)

144,222

(620,289) (3,l2t,136)

402,116

3i8,656 i 8,65

18,65 83,460

595,754 4,157,017

108,780 38,812

Net reinsurance contract assets as at 31 December

3,055,114 48,557 704,534 3,818,205

Roh-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 measurement component - Contracts not measured under the PAA

CsM

Contracts

Estimates

undec

of present

Risk

modified

value of

adjusonent

retrospective

future cash

for non-

transition

Other

30 June 2025 (Unaudited)

flows

Enancial risk

approach

contracts

Wotat

AED

AND

AED

Reinsurance contract assets as nt 1 ]anuary

1,390,224

62,449

2,704,344

4,157,017

Reinsurance contract liabilities as at t j anuary

(415,920)

108,844

(31,736)

(338,812)

Net reinsurance contract assets

974,304

171,293

2,672,608

3,818,20S

Changes that relate to current services

CSM recognised for services provided

(429,443)

Change in risk adjustment for non-financial risk £or

Ask expired

(5,083)

Experience adjustments

(227,9S9)

(227 59)

Changes that relate to future services

Contracts initially recognised in the year

(1,472)

2,191

(719)

Changes in estimates that adjust the CSM

(474,760)

(12,063)

486,823

Changes in estimates that relate to losses on onerous

underlying contracts

(29,657)

Changes that relate to past services

Adjustments to assets for incurred claims

34,585

1,729

36,314

Ef£ect of changes in non-performance tisk

of reinsurers

Net (expenses)/income from reinsurance

contacts

(669,606)

(13,226)

27004

(655,828)

Net finance income from reinsurance contracts

24,820

36065

60,885

Total changes in the statement of (foes)/income

and OCI

(644,786)

(13,226)

63,069

(594,943)

Cash Oows

Premiums received

476,499

Claims and other directly anributable expenses paid

65 861

65,861

Total cash flows

410,638

Reinsurance contract assets as at 30 june

1,169,442

58,105

572,081

3,799,632

Reinsurance contract liabilides as at 30 june

429,28

99,958

163,596

165,732'

Net reinsurance contract assets as at 30 June

740,156

158,067

2,735,677

3,633,900

Roh-forward of net asset or liability for reinsurance 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 (continued)

CSM

			Contracts
	Estimates		under
	of present	Risk	modified
	value of	adjustment for	retrospective
	future cash	non-financial	transition	Other
31 December 2024 (Audited)	flows	dsk	approach	contracts	Tod
	AED	AED	AED	AED	AED
Reinsurance contract assets as at 1 January	2,795,690	120,745		4,19t,920	7,108,355
Reinsurance contract liabilities as at I ]anuary	(490,549)	126,62i		111,454	(252,474)
Net reinsurance contract assets	2,305,141	247,366		4,303,374	6,8S5,88I
Changes that relate to current services
CSM recognised for services provided				(1,430,656)	(i,430,656)
Change in risk adjustment for non-financial risk for
Ask expired		(7,39P)	-		(7,39P)
Experience adjustments	(7P8 1				(798,9i7)
Changes that relate to future services
Contracts initially recognised in the year	40,255	13,153	(53,40s)
Changes in estimates that adjust the CSM	228,343	(52,i66)	(T76,17
Changes in estimates that relate to losses on
onerous underlying contracts			(89,443)		(89,443)
Changes that relate to past services
Adjustments to assets for incurred claims	(909,282)	(29,661)	-		(938,943)
Net expenses from reinsurance contracts	(1,439,601)	(76,073)	(1,749,684)		(3,265,358)
Net finance income from reinsurance contracts	25,304		118,918		144,222
Total changes in the statement of loss and OCI	(1,414,297)	(76,073)	(1,630,76G)		(3,121,136)
Cash flows
Premiums received	402,116				402,116
Claims and other directly atñbutable expenses
paid	(318,656)	-			(3t8,G5G}
Totnl cash flows	83,460		- -		83,460
Reinsurance connect assets as at 31 December	1,390,224	62,449	2,704,344		4,157,017
Reinsurance contract liabilities as at 31 December	(415,920)	108,844	(3,736)		(338,8t2)
Net reinsurance contract assets as at 31 December	974,304	l7i,293	2,G72,608		3,818,205

Condensed interim financial information (Unaudited)

Notes to the condensed interim financial information

For the period ended 30 June 2025

Insurance and reinsurance oontraots (continued)

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

1 year

2 year

3 year

4 year

5 year

>6 year

Total

AED

30 June 2025 (Unaudited)

AED

Total CSM for insurance

contracts issued (1,130,888)

Total CSM for

(1,905,028)

(1,752,663)

(1,643,351)

(1,557,046)

(43,020,090)

(21,009,066)

contracts held 291,064

382,292

324,604

293,531

270,378

1,173,808

2,735,677

31 December 2024

(Audited)

Total CSM for insurance

contracts issued

(2,463,750)

(2,031,989)

(1,898,777)

(t,790,569)

(1,698,790)

(15,4i9,892)

(25,303,767)

Total CSM

for

reinsurance

contracts held

679,423

341,474

289,464

25i,3l6

232,024

878,907

2,672,608

Reconciliation of the measurement components of insurance and reinsurance contact balances measured under bode PAA and GMM as ac

AED

30 June 2025 (unaudjted)

Insurance contract assets

25,205,983

Insurance contract liabilities

(683,14G,077)

(165,G77,703)

(848,825,780)

Reinsurance contract assets

350,216,022

3,799,632

354,015,G54

Reinsurance contract liabilities

(5,403,559) (165,732) (5,569,291)

3t December 2024 Audited)
Insurance contract assets	16,195,820		16,t95,820
Insurance contract liabilities	(750,381,007)	(153,683,534)	(904,064,541)
Reinsurance contract assets	460,665,607	4,i57,0i7	464,822,624

Reinsurance contract liabilities (22,739,T70) (338,8t2) (23,077,982)

Notes to the condensed interim financial information

For the period ended 30june 2025

Bank balances and oash

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

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

AED AED

Cash on hand		12,674	17,454
Cash with banks		83,406,903	62,672,098
Statutory deposits		10,000,000	t0,000,000
Fixed deposits		444,169,569	512,630,631
Less: ECL		(295,572)	(270,697)
Total bank balances and cash Less: Deposits with original	maturities greater than three months	537,293,574	585,049,486
including statutory deposits (454,169,565) (522,630,63d)
Cash and cash equivalents	83,124,005		62,418,855

Fixed deposits amounting to AED 19.5 million (31 December 2024: AED i 8.6 million) 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 10 million (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

¥asoax of the Central Bank of the United Arab Emirates ("CB UAE") 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 June

2025

31 December

2024

Balance at the beginning of the period/year

270,697

61,547

Charge during the period/year

24,875

209,150

Balance at the end of the period/year

295,572

270,697

11 Share capital

(Unaudited)

(Audited)

30June

2025

31 December

2024

AED

Issued and fully paid 164,949,523 shares of AED I each (31 December 2024: 164,949,523 shares of AED I each)

164,949,523

At the Annual General Meeting held on 14 April 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 3l December 2024. (At the Annual General Meeting held on 16 April 2024, the shareholders approved the distribution of cash dividend of 25% (25 fills per share), amounting to AED 37,488,528 for the year ended 31 December 2023).

Notes to the condensed interim financial informaaon

For the period ended 30 June 2025

Reserves
MgaJ reset+'e
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 duting the six-months period ended 30 June 2025, as the Company's legal reserve akeady reads 50% of the share capital (31 December 2024: AED 82.47 million)

General reserve can be created upon the recommendation of the Board of Directors and this reserve cannot be utilised for any other purpose unless approved by the Ordinary General Assembly. No transfer to voluntary reserve is made during the period ended 30 June 2025 (31 December 2024: AED 82.47 million)
J?ezoazzzance zesecve
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 ptemiums 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 Bsnk of the UAE. The Company has not booked any reserve as at 30 June 2025, as it will be created on the annual audited results.
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 and terms of these transactions are approved by the Company's management. The significant balances outstanding in respect of related parties included in the financial information are as follows:

	(Unaudited) 30 June	(Audited) 31 December
	2025	2024
	AED	AED
ADiliates oZmujoz yLarenoJdexy:
Due from policyholders - as part of insurance contract assets	19,993,209	20,£57,890
Due to related parties - as part of insurance contract liabilities - 33fi,525
Cash and cash equivalent:
Cash at banks	48,432,469	26,757,327
Short term deposits	163,417,407	160,907,269

Du rig the period, the Company entered into the following transactions with related parties:

ted'

Three-month Six-month

ended 30 June ended 30 june encted 30 June ended 30 June

2025 2024 2025 2024

AED AED AED AED

key management personnel compensation

Remuneration and short-term benefits

End of service benefit

Board of directors' remuneration

1,885,266 1,797,430 3,764,130 3,566,i87

82,382 89,273 566,852 165,028

10,S00,000 6,825,000 11,444,000 7,719,000

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

Condensed interim financial information (Unaudited)

Notes to the condensed interim financial information

For the period ended 30 June 2025

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

naudited
Three-month nth Six-month ended 30 June ended 30 June ended 30 June
2025 2024 2025 AED AED AED
Insurance premium 26,141,749 N,892,589 32,235,491
Insurance claims paid 11,764,372 7,5t8,393 zs,026,300
Motor repairs 297,200 405,182
Portfolio management fees 45,822 - 110,049
Dividend paid 51,202,380 25,315,668 51,202,380
Six-month ended 30 June
2024
AED
24,t80,938
14,249,670
25,315,668
Interest income 1,701,139 lt902,290 3,745,860 3,682,642 The Company has not recorded any impairment of amounts owed by related panics.
Contingent liabilities
(Unaudited) (Audited)
** June 3t December
2025 2024
AED AED
Letters of guarantee t0,8G3,000 T0,988,000
Guarantees include an amount of AED 10 million (31 December 2024: AED 10 million) favor a the Ministry of Economy and Commerce. Fixed deposits amounting to AED 19.5 million (31 December 2024: AED 18.6 million) (note IO) are under lien as collateral in respect of above guarantees. The Company, in
common with the significant majoaty of insurers, is subject to litigation 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 material impact on the Company's financial performance or financial position.
Insuranee revenue

General Life Total

For the six-month period ended 30 June 2025 (Unaudited) Contracts not measured under the PAA Expected incurred claims and other insurance service
expenses	-	1,459,319	1,459,319
Recovery of insurance acquisition cash flows		386,408	386,408
CSM recognised for services provided		1,450,647	1,490,647
Experience adjustments		402,0G8	402,068
Change in risk adjustment for non-financial risk for

risk expired

Contracts measured under the PAA

Total insurance revenue

- 141,099 141,059

- 3,875,541 3,879,542

449,704,403 27,489,246 477,193,649

449,704,403 31,368,787 48t,073,190

Notes to the condensed interim financial information

For the period ended 30 June 2025

15 Insurance revenue (continued)

General

AED

IJfe

AED

Tout

AND

For the six-month period ended 30)une 2024 (Unaudited) Contracts not measured under the PAA Expected incurred claims and other insurance service
expenses		2,335,353	2,335,353
Recovery of insurance acquisition cash Oows		256,905	256,905
CSM recognised Not services provided		1,443,929	1,443,929
Experience adjustments Change in risk adjustment for non-financial risk for		448,153	448,i53
risk expired	535,047		535,047
		5,09,387	5,0t9,587
Contracts measured under the PAA	41,8fi4,9J0	25,6G0,fi52	438,555,8G2
Total insurance revenue	4T,8'?4,fi10	31,680,339	443,575,249
For the three-month period ended 30 june 2025 (Unaudited)
Contracts not measured under the PAA
Expected incurred claims and other insurance service
expenses	-	638,842	G8,842
Recovery of insurance acquisition cash flows		193,807	493,807
CSM recognised for services provided		793,963	793,563
Experience adjustments		285,655	285,659
Change in risk adjustment for non-financial dsk for
risk expired	-	109,682	109,682
		2,021,953	2,021,953
Contracts measured under the PAA	235,910,246	13,703,582	249,613,828
Total insurance revenue	235,910,246	15,725,535	251,635,781
For the three-month period ended 30)une 2024
(Unaudited)
Contracts not measured under the PAA
Expected incurred claims and other insurance service
expenses		1,048,309	1,048,309
Recovery of insurance acquisition cash flows		l36,t96	136,196
CSM recognised for services provided		583,311	583,31i
Experience adjustments		448,153	448,153
Change in risk adjustment for non-financial risk for
risk expired	-	49,078	49,078
		2,265,047	2,265,047
Contracts measured under the PAA	2i0,3t4,240	13,3B8,287	223,702,527
Total insurance revenue	2i0,3l4,240	15,653,334	225,967,574

Notes to the condensed interim financial informaaon

For the period ended 30 )une 2025

16 Insurance service expense

For the six-month period ended 30 June 2025 (Unaudited)

General

AED

Life

AED

Total

AED

Incurred claims and other expenses	309,834,141	16,396,437	326,230,578
(Reversal of losses)/ losses on onerous contracts	(122,375)	675,597	553,222
Changes to liabilities for incurred claims	(85,173,845)	(1,877,960)	(87,051,809)
Acquisition cash flows recognised when incurred	57,M6,758	3,696,026	60,932,784
For the six-month pedod ended 30 June 2024	281,774,675	18,890,100	300,664,775
(Unaudited)
Incurred claims and other expenses	448,900,717	23,303,745	472,204,462
(Reversal on losses)/ losses on onerous contracts	(582,239)	1,973,98P	1,391,750
Changes to liabilities for incurred claims	(32,282,56P)	(11,905,863)	(44,i88,432)
Acquisition cash flows recognised when incurred	53,475,235	3,308,688	56,783,923
For the three-month period ended 30 June 2025	469,511,144	16,680,559	486,191,703
(Unaudited)
Incurred claims and other expenses	168,889,147	8,098,024	176,987,171
Reversal of losses on onerous contracts	(285,203)	(1,020,265)	(1,305,468)
Changes to liabilities for incurred claims	(45,285,437)	963,143	(44,322,294)
Acquisition cash flows recognised when incurred	28,564,661	2,021,940	30,586,601
For the three-month period ended 30 June 2024	151,883,168	10,062,842	161,946,010
(Unaudited)
Incurred claims and other expenses	314,497,267	15,211,965	329,709,232
(Reversal on losses)/ losses on onerous contracts	(1,540,103)	1,588,555	48,452
Changes to liabilities for incurred claims	(20,538,262)	(10,589,466)	(3t,i27,728)
Acquisition cash flows recognised when incurred	29,772,357	1,686,924	31,459,281
	322,191,259	7,897,978	330,089,237

Notes to the condensed interim financial information

For the period ended 30 June 2025

17 Net insurance financial result

For the six-month period ended 30 June 2025 (Unaudited)

Insurance finance expenses net of unit linked fair

value change

Interest accreted to insurance contracts using current

General

AED

Life

Total AED

financial assumptions

Due to changes in interest rates and other Enancial assumptions

Zotal insurance finance expenses net of unit (G,850,190) (9,185,143) (1,893,320) (1,326,188) (1G,035,333)

(3,2t9,508)

linked fair value change Represented by:

(8,743,510) (1fi,511,331) (19,254,841)

Amounts recognised in statement of profit or loss	(8,743,51fi)	(10,479,377)	(19,222,887)
Amounts recognised in OCI	-	(31,954)	(31,954)
Reinsurance finance income from reinsurance
contracts held
Interest accreted to teinsurance contracts using
current financial assumptions	5,495,569	1.74,31G	5,G69,885
Due to changes in interest rates and other financial assumptions	1,3G2,461	28,140	1,390,G01
Reinsurance finance income from reinsurance
contracts held	G,858,030	202,456	7060,486
Represented by:
Amounts recognised in statement of profit or loss	6,858,030	180,656	7038,586
Amounts recognised in OCI		21,800	21,800
Total net insurance finance net of unit linked fair value change and reinsurance finance
income	(1,885,480)	(10,308,875)	(I2,t94,355)
Represented by:
Amounts recognised in profit or loss	(1,885,480)	(10,298,721)	(12,184,201)
Amounts recognised in OCI		(10,154)	(10,154)
For the six-month period ended 30 June 2024
Insurance finance expenses net of unit linked fair

value change

Interest accreted to insurance contracts using current financial assumptions

Due to changes in interest rates and other financial assumptions

Total insurance finance expenses net of unit linked

(4,fi4G,968) (,fi22,8fi2) (1,336,063) 493,i 20

(15,869,860)

(842,943)

fair value change	(6,283,031)	(i 0,429,772)	(T5,7I2,803)
Represented by:
Amounts recogrused in statement of profit or loss	(G,283,031)	(10,402,774)	(t6,585,805)
Amounts recognised in OCI	-	(2G,998)	(2G,998)

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