Summary of the Preliminary Results of PEX – Listed Companies 

Main Information:
Name of the company: National Insurance Group public shareholding limited  
Sector: Insurance 
  Trading symbol: NIC
  ISIN Number: PS 3002112921 
Date of Registration: 15/03/1992
Type of Market (First/ Second): second
  Authorized Capital: USD 20,000,000
  Subscribed Capital: USD 17,250,000
  Paid‐in Capital: USD 17,250,000
  Name of the Chairman of the Board:  Aziz Mahmoud Abdel Jawwad 
  Name of the Chief Executive Officer/ General Manager:  Ahmad  Fuad Mushasha
  Name of the Internal Auditor: Mustafa Suliman Taha
  Name of the External Auditor: PriceWaterHouseCoopers
Location (Head Office): AlWataniah Bldg., 34 AlBireh Municipality  St
Telephone Number: 009702‐2983800 
E‐mail: nic@nic‐pal.com

Information about the Annual Report & General Assembly Meeting:
Approximate date for the publication of the Annual  15/03/2022
Report:
The site where the Annual Report shall be displayed  for  The company's headquarter & All branches, the company's 
viewing by the public: website, and the website of Palestine Exchange 
The proposed date for the annual Ordinary General  30/03/2022 
Assembly Meeting:  

 
  

Preliminary Results Comparison:                                                                                                           Currency: USD
  Item    31/12/2021 31/12/2020
(Unaudited) (Audited)
1. Total assets:  139,330,953  134,147,918 
a) Non‐current assets:  61,533,019 55,255,785 
b) Current assets:  77,797,934  78,892,133
2. Total Liabilities:  92,622,354  87,186,238 
a) Non‐current liabilities:  7,687,678  7,037,883
b) Current liabilities:  84,934,676  80,148,355
c)  Unrestricted investments accounts (Islamic Banks):               
d) Restricted investments accounts (Islamic Banks):               
3. Total Equity:  46,708,599  46,961,680 
a) Equity attributable to equity holders of the company  44,948,418  45,246,056 
b) Non‐controlling interests 1,760,181  1,715,624
4. Net Operating Income/ (Loss) (1,613,588)  5,388,626
5. Net Income/ (Loss) before Tax  3,322,504  9,799,608
6. Provision for Income Tax  (216,475)  (1,990,556)
7. Net Income/ (Loss) after Tax: 3,106,029  7,809,052 
a) Attributable to equity holders of the company  3,024,765  7,719,585 
b) Non‐controlling interests  81,264  89,467
8. Other Comprehensive Income  57,047  21,475
9. Total Comprehensive Income (7+8) 3,163,076  7,830,527 
a) Equity Holders of the Company  3,077,362  7,737,165 
b) Non–controlling interests  85,714  93,362
10. Summary of the Company’s Financial Performance for 2021 :
1. Increase in insurance premiums by 8.6 % compared to last year
2. Decrease in net income by 60 % compared to last year 
3. Increase in technical reserves by 11.6 % compared to last year 
4. Increase in total assets by 3.9 % compared to last year
5. The board of directors will recommend to the general assembly ditributing cash dividends of 17.5% from the paid‐in 
capital; a total amount of around USD 3 million for the Group’s business results for the year 2021. 
     
     
 

__________________________ ________________________

Ahmad Mushasha Date: Alaa Safi

General Manager 15/02/2022 Deputy General Manager-Finance and
Logistics

 
NATIONAL INSURANCE GROUP PUBLIC
SHAREHOLDING LIMITED
Consolidated financial statements (unaudited)
For the year ended December 31, 2021

(Translated from the original Arabic version)

National Insurance Group Public Shareholding Limited
Consolidated financial statements for the year ended December 31, 2021
(All amounts are in USD)
Consolidated statement of financial position
December 31, 2021 December 31, 2020
Unaudited Audited
Assets
Non-current assets
Property, plant and equipment 4,459,358 4,036,301
Investment properties 21,667,954 20,430,290
Deferred tax assets 2,999,965 2,538,347
Right of use assets- Leases 1,042,058 1,149,355
Investment in associates 3,336,452 3,215,306
Long-term financial assets at amortised cost 19,869,493 20,862,177
Financial assets at fair value through the statement of
1,533,812 1,533,535
comprehensive income
Long-term other debit balances 298,768 -
Long-term cheques under collection 2,615,108 990,303
Restricted cash 3,710,051 500,171
61,533,019 55,255,785
Current assets
Financial assets at fair value through profit or loss 10,112,843 8,256,490
Short-term financial assets at amortised cost 2,141,156 4,170,486
Accounts receivable 12,055,317 13,196,934
Reinsurance contracts assets 11,228,782 10,466,812
Insurance and reinsurance companies’ receivables 2,338,064 1,887,283
Taxes advances 1,032,970 -
Short-term other debit balances 1,549,363 1,659,373
Short-term cheques under collection 22,433,982 22,167,337
Cash and cash equivalents 14,905,457 17,087,418
77,797,934 78,892,133
Total assets 139,330,953 134,147,918
Equity and liabilities
Equity
Paid-in capital 17,250,000 15,000,000
Statutory reserve 8,201,120 8,018,686
Voluntary Reserve 3,000,000 3,000,000
Fair value reserve (205,781) (197,726)
Foreign currency translation differences 112,369 51,717
Retained earnings 16,590,710 19,373,379
Equity attributable to shareholders of the Parent Company 44,948,418 45,246,056
Non-controlling interests 1,760,181 1,715,624
Total equity 46,708,599 46,961,680
Liabilities
Non-current liabilities
Provision for end of service indemnity 5,193,178 4,588,439
Deferred tax liabilities 1,560,866 1,427,981
Long-term lease liabilities 933,634 1,021,463
7,687,678 7,037,883
Current liabilities
Insurance contracts liabilities 70,448,446 63,110,304
Insurance and reinsurance companies’ payables 3,671,866 4,176,648
Short-term lease liabilities 122,896 111,382
Accounts payable 8,036,862 7,287,557
Taxes provision - 1,489,018
Due to Palestinian Road Accidents Victims Compensation Fund 184,543 198,556
Other credit balances 2,470,063 3,774,890
84,934,676 80,148,355
Total liabilities 92,622,354 87,186,238
Total equity and liabilities 139,330,953 134,147,918

Mr. Alaa Safi Mr. Ahmad Mushasha

Deputy General Manager for General Manager

Finance and Logistics

1
National Insurance Group Public Shareholding Limited
Consolidated financial statements for the year ended December 31, 2021
(All amounts are in USD)
Consolidated statement of income
For the year ended

December 31, December 31,

2021 2020
Unaudited Audited

Gross written insurance premiums 59,608,546 54,902,712

Change in unearned premiums (1,617,147) (1,531,369)
57,991,399 53,371,343
Gross reinsurers’ premiums (9,713,711) (8,811,940)
Reinsurers’ share of change in unearned premiums 362,493 107,090
(9,351,218) (8,704,850)
Net earned premiums before commissions 48,640,181 44,666,493
Reinsurance commissions earned 1,340,712 1,197,967
Commissions paid (1,960,497) (1,914,496)
Net earned premiums after commissions 48,020,396 43,949,964

Claims paid (38,525,601) (28,987,168)

Reinsurers' share of claims paid 2,546,806 1,793,607
Net claims paid (35,978,795) (27,193,561)
Change in outstanding claims reserve (5,720,995) (7,248,789)
Change in reinsurers’ share of outstanding claims reserve 399,477 3,912,990
Net claims incurred (41,300,313) (30,529,360)
Net insurance profit before allocated general and
6,720,083 13,420,604
administrative expenses
Expenses allocated to insurance segments:
Insurance segments' share of general and administrative
(8,333,671) (8,031,978)
expenses
Net insurance (loss) profit after allocated general and
(1,613,588) 5,388,626
administrative expenses

Unallocated expenses and revenues to insurance segments:

Investment income 3,520,476 2,203,572
Gain on sale of property, plant and equipment 65,302 30,662
Group’s share of the results of the associates’ businesses 154,044 156,010
Currency exchange gains 1,355,432 2,705,153
Other segments’ revenues 1,321,437 1,358,335
Unallocated general and administrative expenses to insurance
(794,264) (773,653)
segments
Net impairment (losses) (686,335) (1,269,097)
Net income before taxes 3,322,504 9,799,608
Taxes expense (216,475) (1,990,556)
Net income 3,106,029 7,809,052

Attributable to:
Shareholders of the Parent Company 3,024,765 7,719,585
Non-controlling interests 81,264 89,467
3,106,029 7,809,052
Earnings per share attributable to the shareholders of the
0.175 0.448
Parent Company

2
National Insurance Group Public Shareholding Limited
Consolidated financial statements for the year ended December 31, 2021
(All amounts are in USD)

Consolidated statement of comprehensive income

For the year ended

December 31, December 31,

2021 2020
Unaudited Audited

Net income 3,106,029 7,809,052

Comprehensive income:
Items that will not be reclassified to the statement of income in
subsequent periods:
Change in fair value- financial assets at fair value through other
(8,055) (34,137)
comprehensive income

Items that will be reclassified to the statement of income in

subsequent periods:
Foreign currency translation differences 65,102 55,612
Other comprehensive income 57,047 21,475
Total comprehensive income 3,163,076 7,830,527

Attributable to:
Shareholders of the Parent Company 3,077,362 7,737,165
Non-controlling interests 85,714 93,362
3,163,076 7,830,527
Earnings per share attributable to the shareholders of the
0.178 0.449
Parent Company
 National Insurance Group Public Shareholding Limited
Consolidated financial statements for the year ended December 31, 2021
(All amounts are in USD)
Consolidated statement of changes in equity
For the year ended

Equity attributable
Foreign currency Non-
Paid-in Statutory Voluntary Retained Fair value to shareholders of Total
translation controlling
capital reserve reserve earnings reserve the equity
differences interests
Parent Company
Balance as at January 1, 2020 15,000,000 7,261,465 3,000,000 15,411,015 - (163,589) 40,508,891 1,651,337 42,160,228
Net income - - - 7,719,585 - - 7,719,585 89,467 7,809,052
Other comprehensive income - - - - 51,717 (34,137) 17,580 3,895 21,475
Total comprehensive income - - - 7,719,585 51,717 (34,137) 7,737,165 93,362 7,830,527
Cash dividends - - - (3,000,000) - - (3,000,000) - (3,000,000)
Net change in non-controlling interests - - - - - - - (29,075) (29,075)
Transferred to the reserves - 757,221 - (757,221) - - - - -
Balance as at December 31, 2020
15,000,000 8,018,686 3,000,000 19,373,379 51,717 (197,726) 45,246,056 1,715,624 46,961,680
(Audited)

Balance as at January 1, 2021 15,000,000 8,018,686 3,000,000 19,373,379 51,717 (197,726) 45,246,056 1,715,624 46,961,680
Net income - - - 3,024,765 - - 3,024,765 81,264 3,106,029
Other comprehensive income - - - - 60,652 (8,055) 52,597 4,450 57,047
Total comprehensive income - - - 3,024,765 60,652 (8,055) 3,077,362 85,714 3,163,076
Cash dividends - - - (3,375,000) - - (3,375,000) - (3,375,000)
Stocks dividends 2,250,000 - - (2,250,000) - - - - -
Net change in non-controlling interests - - - - - - - (41,157) (41,157)
Transferred to the reserves - 182,434 - (182,434) - - - - -
Balance as at December 31, 2021
17,250,000 8,201,120 3,000,000 16,590,710 112,369 (205,781) 44,948,418 1,760,181 46,708,599
(Unaudited)

.
National Insurance Company Public Shareholding Limited
Consolidated financial statements for the year ended December 31, 2021
(All amounts are in USD)
Consolidated statement of cash flows
For the year ended
December December
31,2021 31,2020
Unaudited Audited
Cash flows from operating activities:
Net income before taxes 3,322,504 9,799,608
Depreciation of property, plant and equipment 531,763 507,347
Depreciation of right of use assets 135,935 135,955
Losses (Gains) on disposal of right of use assets 1,322 (1,644)
(Gains) on disposal of property, plant and equipment (65,302) (30,662)
(Gains) from sale of financial assets at fair value through profit or loss (1,420,766) (76,061)
Fair value (gains) from investment properties (904,406) (930,409)
Change in fair value of financial assets at fair value through profit or loss (418,327) (406,661)
Investment proceeds (1,681,383) (1,720,850)
End of service indemnity provision 1,086,321 892,296
Group’s share of the results of the associates’ businesses (154,044) (156,010)
Finance costs - lease liabilities 54,296 59,776
Net impairment losses 686,335 1,269,097
Cash flows before changes in operating activities 1,174,248 9,341,782
Change in operating assets and liabilities:
Cheques under collection (1,948,529) (4,782,663)
Accounts receivable 759,569 (4,855,315)
Insurance and reinsurance companies’ receivables (462,957) (88,224)
Reinsurance contracts assets (761,970) (4,020,080)
Other debit balances (188,758) (243,963)
Insurance contracts liabilities 7,338,142 8,780,158
Accounts payable 605,831 1,299,043
Insurance and reinsurance companies’ payables (504,782) 1,043,448
Due to Palestinian Road Accidents Victims Compensation Fund (14,013) 16,275
Other credit balances (1,304,827) 658,541
Purchase of financial assets at fair value through profit or loss (12,262,120) (3,219,165)
Sale of financial assets at fair value through profit or loss 12,244,860 1,253,686
Net cash flows provided by operating activities before taxes and end of
4,674,694 5,183,523
service indemnity payments
Taxes payments (3,067,196) (1,511,365)
End of service indemnity paid (481,582) (584,811)
Net cash flows provided by operating activities 1,125,916 3,087,347
Cash flows from investing activities:
Change in restricted cash (3,209,880) 35,002
Purchase of property, equipment and investment properties (1,400,677) (475,759)
Sale of property, equipment and investment properties 177,901 1,510,264
Purchase of investment in associates - (2,408,668)
Purchase of financial assets at fair value through the statement of
(8,332) (5,000)
comprehensive income
Change in financial assets at amortised cost 2,792,386 (4,813,409)
Investments proceeds 1,681,383 1,720,850
Net cash flows provided by (used in) investing activities 32,781 (4,436,720)
Cash flows from financing activities
Loans - (64,673)
Change in non-controlling interests (41,157) (29,075)
Lease liabilities paid (160,571) (164,012)
Cash dividends (3,133,526) (2,748,531)
Net cash flows (used in) financing activities (3,335,254) (3,006,291)
Net change in cash and cash equivalents (2,176,557) (4,355,664)
Cash and cash equivalents, beginning of the year 17,295,109 21,376,399
Cash and cash equivalents, end of the year 15,118,552 17,020,735