52

Dev

elop

men

t Man

ager

51

2016 2015

2016

623,85130,000,0000.21

2015

108,4992,724,6334,850,3787,683,510

1,189,21430,000,0000.40 %

134,0923,737,1995,335,7159,207,006

50

2016

2016 2015

124,991114,73024,5139,84563,52117,138177,16940,70061,39887,867106,6694,45010,47124,01476,21323,412132,00094,179150,290112,58130,897399,61458,930530,0972,475,6892,085,278390,4112,475,689

2015

4,116,594211,928323,328261,78735,814268,5635,218,0144,416,268801,7465,218,014

3,984,044209,044324,249348,90416,635210,2125,093,0884,304,327788,7615,093,088

113,959179,93816,78311,56261,07011,516126,70140,70069,49167,684132,1296,86412,48730,69898,57722,359132,000114,556188,690118,27545,629365,595199,844556,4952,723,6022,288,863434,7392,723,602

49

2016

2016

2016

2016 2015

14,775942,637957,412

2015

700,397514,300

(181,721)-

334,0741,367,050

2015

43,79590,037

133,83290,03743,795

2015

(2,317,225)(4,927,699)(7,244,924)

(7,244,924)(463,528)

(7,708,452)

66,04448,337

114,38148,33766,044

320,311(27,543)(66,328)347,990364,209938,639

(44,606)872,956828,350

48

2016

2016

2016

2016

2015

1,319,980456,200695,342421,8572,893,379

2015

1,712,9875,634,8397,347,826

2015

3,27857,73020,63727,527

737,681846,853

2015

370,520189,65055,000

2734,655

173,1456,709

799,952

813,045341,328759,180593,7442,507,297

1,780,7705,046,8406,827,610

3,278151,11820,63733,650

719,610928,293

386,433263,85855,000

2734,655

431,8355,681

1,147,745

47

2016

2016

2016

2015

499,650606,0233,19261,0981,169,963

2015

497,50382,103

(484,133)95,473

2015

1,769,8301,769,830

31/12/2016 31/12/2015

511,113416,855285,732

153,7061,367,406

-154,103

1,037,049

213,7311,404,883

511,113570,958

1,322,781

367,4372,772,289

511,113586,730

1,415,612

348,6592,861,914

-164,972

1,157,674

230,0241,552,670

511,113421,758257,738

118,6351,309,244

579,60635,205

(523,547)91,264

434,090560,6002,66515,4091,012,764

2,290,0702,290,070

46

2016

2016

2016 2015

962,700(1,252,594)641,899352,005

2015

3,121,0182,638,970(117,314)5,642,674

2015

14,386,0082,168,852

87,3942,925,509

(4,770,284)14,797,209

31/12/201531/12/2016

950,946

38,799358,351

1,348,096

16,614,4132,029,650101,095873,173

(2,815,324)16,803,007

3,058,5181,563,333(247,314)4,374,537

352,005(769,820)649,618231,803

3,962,273

161,6641,493,1305,617,067

230,000

36,056 -

266,056

2,108,767

40,000396,678

2,545,445

2,083,506

157,7201,096,4523,337,678

500,041

37,853263,148801,042

45

2016

2016

2016

2016

2015

108,499

4,850,3784,958,877

2015

2015

13,836,2523,071,36716,907,619

34,828

34,828

2015

35,350

3,099,603-

3,134,953

15,263,8643,994,71719,258,581

27,012

27,012

134,092

5,335,7155,469,807

35,350

4,451,871(90,000)

4,397,221Deduct : Provislon For Checks Under Collection

44

2016

2016

4,381,0334,381,033

11,473,65911,473,659

15,854,692

2015

2015

4,748,521

4,748,521

31/12/2016 31/12/2015

2,826,104

2,086,8044,912,908

4,124,466

4,124,466

4,667,8674,667,867

11,352,24211,352,242

16,020,109

3,098,949

638,2503,737,199

435,322

1,763,0542,198,376

3,534,271

2,401,3045,935,575

43

3. Use of Estimates

42

41

40

39

2015

1. General

2. Significant Accounting Policies

23/2/2017

NOTES TO FINANCIALSTATEMENTS

37

2015

13,930,322 527,854

8,296,256 5,106,212

2,719,074 890,343

1,828,731

2,920,612 1,150,782 1,769,830

58,901 5,165,113 9,679,297 188,016 188,615

6,630,968 3,047,730

2,639,254 2,128,549 510,705

1,513,832 1,101,135 412,697 98,008

3,145,738 5,165,113 3,145,738

126,660 258,840 90,037 449,799

2,944,711

551,785 1,193,389 149,097

1,894,271 1,050,440

18,367,301 556,957

11,125,549 6,684,795

2,920,612 1,150,782 1,769,830

3,809,172 1,519,102 2,290,070 (520,240) 6,164,555 13,386,040

92,611 149,491

9,929,458 3,399,702

3,564,7842,843,079721,705

2,639,2542,128,549510,705 211,000

3,610,7026,164,5553,610,702

47,989430,866

224,501 264,095

3,521,304

941,119 1,410,805 201,204

2,553,128968,177

2016

36

2016

9,466,20317,135

4,238,8375,210,231

2,960,9781,689,8471,271,131

3,582,2471,859,1821,723,065(451,934)

4,758,297

7,043,534-

3,899,7383,143,796

331,216656,730614,908373,038

273,327735,165569,472439,020(65,982)

3,077,814

4,758,297

3,077,814

-237,4543,560

1,921,497

321,323-

789,302437,042

1,577,667

343,830

9,466,20317,135

4,238,8375,210,231

2,960,9781,689,8471,271,131

3,582,2471,859,1821,723,065(451,934)

4,758,297

7,043,534-

3,899,7383,143,796

331,216656,730614,908373,038

273,327735,165569,472439,020(65,982)

3,077,814

4,758,297

3,077,814

-237,4543,560

1,921,497

321,323-

789,302437,042

1,577,667

343,830

1,817,833-

1,117,714700,119

409,920327,93681,984

544,342397,844146,498(64,514)

635,605

1,212,720-

970,443242,277

79,928218,867239,03759,758

24,61177,34781,56820,39039,368281,645

635,605

281,645

---

353,960

134,044-

283,96392,036

510,043

(156,083)

1,817,833-

1,117,714700,119

409,920327,93681,984

544,342397,844146,498(64,514)

635,605

1,212,720-

970,443242,277

79,928218,867239,03759,758

24,61177,34781,56820,39039,368281,645

635,605

281,645

---

353,960

134,044-

283,96392,036

510,043

(156,083)

7,648,37017,135

3,121,1234,510,112

2,551,0581,361,9111,189,147

3,037,9051,461,3381,576,567(387,420)

4,122,692

5,830,814-

2,929,2952,901,519

251,288437,863375,871313,280

248,716657,818487,904418,630

(105,350)2,796,169

4,122,692

2,796,169

-237,4543,560

1,567,537

187,279-

505,339375,006

1,067,624

499,913

7,648,37017,135

3,121,1234,510,112

2,551,0581,361,9111,189,147

3,037,9051,461,3381,576,567(387,420)

4,122,692

5,830,814-

2,929,2952,901,519

251,288437,863375,871313,280

248,716657,818487,904418,630

(105,350)2,796,169

4,122,692

2,796,169

-237,4543,560

1,567,537

187,279-

505,339375,006

1,067,624

499,913

7,391,33810,533

2,829,7794,551,026

2,838,7141,461,3381,377,376

2,999,8991,178,4811,821,418(444,042)

4,106,984

5,650,926-

2,973,4792,677,447

254,712381,000318,065317,647

251,288437,863375,871313,2804,367

2,681,814

4,106,984

2,681,814

416242,6646,181

1,674,431

189,222-

601,171435,191

1,225,584

448,847

7,391,33810,533

2,829,7794,551,026

2,838,7141,461,3381,377,376

2,999,8991,178,4811,821,418(444,042)

4,106,984

5,650,926-

2,973,4792,677,447

254,712381,000318,065317,647

251,288437,863375,871313,2804,367

2,681,814

4,106,984

2,681,814

416242,6646,181

1,674,431

189,222-

601,171435,191

1,225,584

448,847

2,971,1783,716

1,944,1971,023,265

497,305397,84499,461

1,583,6641,047,201536,463

(437,002)

586,263

1,512,357-

1,216,307296,050

146,523288,844363,38471,983

79,928218,867239,03759,75812,225308,275

586,263

308,275

43367-

278,488

173,359-

330,998105,557609,914

(331,426)

2,971,1783,716

1,944,1971,023,265

497,305397,84499,461

1,583,6641,047,201536,463

(437,002)

586,263

1,512,357-

1,216,307296,050

146,523288,844363,38471,983

79,928218,867239,03759,75812,225308,275

586,263

308,275

43367-

278,488

173,359-

330,998105,557609,914

(331,426)

10,362,51614,249

4,773,9765,574,291

3,336,0191,859,1821,476,837

4,583,5632,225,6822,357,881(881,044)

4,693,247

7,163,283-

4,189,7862,973,497

401,235669,844681,449389,630

331,216656,730614,908373,03816,592

2,990,089

4,693,247

2,990,089

849242,7316,181

1,952,919

362,581-

932,169540,748

1,835,498

117,421

10,362,51614,249

4,773,9765,574,291

3,336,0191,859,1821,476,837

4,583,5632,225,6822,357,881(881,044)

4,693,247

7,163,283-

4,189,7862,973,497

401,235669,844681,449389,630

331,216656,730614,908373,03816,592

2,990,089

4,693,247

2,990,089

849242,7316,181

1,952,919

362,581-

932,169540,748

1,835,498

117,421

2015

35

329,4008,638

-100,937237,101

174,95559,390

115,565

140,05530,125

109,9305,635

242,736

69,084--

31,13537,949

153,2032,97350,117

106,059

166,8761,90078,92489,85216,20754,156

242,73654,156

19,0713,482

-211,133

25,439-

38,413-

63,852

147,281

199,012--

9,944189,068

84,8223,316

81,506

94,1743,818

90,356(8,850)180,218

19,538---

19,538

75,97532-

76,007

47,8801,846

-49,72626,28145,819

180,21845,819

3,976357

-138,732

19,381-

26,338-

45,719

93,013

130,3888,638

-90,99348,033

90,13356,07434,059

45,88126,30719,57414,48562,518

49,546--

31,13518,411

77,2282,94150,11730,052

118,99654

78,92440,126

(10,074)8,337

62,5188,337

15,0953,125

-72,401

6,058-

12,075-

18,133

54,268

178,6161,712 -

106,08274,246

45,88126,30719,574

65,18340,16225,021(5,447)68,799

19,021 - -

12,0756,946

122,859 -

83,11339,746

77,2282,94150,11730,0529,69416,640

68,79916,640

15,7823,739 -

71,680

4,693 -

14,254 -

18,947

52,733

228,413 - -

13,299215,114

94,1743,818

90,356

109,7775,699

104,078(13,722)201,392

69,212 - -

27,45441,758

94,653 17,000

- 111,653

75,97532 -

76,00735,64677,404

201,39277,404

4,988301 -

129,277

25,823 -

17,861 -

43,684

85,593

407,0291,712 -

119,381289,360

140,05530,125

109,930

174,96045,861

129,099(19,169)270,191

88,233 - -

39,52948,704

217,512 17,000 83,113

151,399

153,2032,97350,117

106,05945,34094,044

270,19194,044

20,7704,040 -

200,957

30,516 -

32,115 -

62,631

138,326

20152016

34

1,153,108161,503153,353

1,114,18147,077

847,863821,46926,394

635,008613,47121,5374,857

51,934

34,286105

-29,7534,428

815,976149

796,49119,634

457,863-

434,33623,527(1,494)

535

51,934535

175,21614,103

-238,318

36,450-

115,051-

151,501

86,817

-

20152016

800,983145,597146,662754,49445,424

603,483588,33015,153

513,511492,24821,263(6,110)39,314

205,9022,67517,181174,07011,976

766,4496,000

751,98120,468

815,976149

796,49119,634

83412,810

39,31412,810

100,23113,518

- 140,253

28,466 -

76,720 -

105,186

35,067

92,8144,517 -

75,18922,142

31,52525,1416,384

42,55234,5128,040

(1,656)20,486

- - - - -

- - - -

- - - - - -

20,486 -

25,614532 -

46,632

11,924 -

5,929 -

17,853

28,779

893,797150,114146,662829,68367,566

635,008613,47121,537

556,063526,76029,303(7,766)59,800

205,9022,67517,181174,07011,976

766,4496,000

751,98120,468

815,976149

796,49119,634

83412,810

59,8006,810

125,84514,050

- 186,885

40,390 -

82,649 -

123,039

63,846

149

19,634

535

535

203,910

71,377

33

9,611,1586,048,1726,403,6508,675,139580,541

6,536,1936,333,725202,468

7,641,5697,442,117199,452

3,016583,557

4,137,911388,634 (9,570)

3,527,907230,940

14,286,81021,433

13,833,701472,142

16,898,58918,139

16,446,174470,554

1,588232,528

583,557232,528

1,397,301148,8325,723

1,902,885

152,626193,566

1,301,53871,117

1,718,847

184,038

956,62796,46919,769922,446110,881

585,600534,73050,870

512,171464,27647,8952,975

113,856

171,4981,8322,982

155,21611,468

2,996,083411

2,888,483108,011

181,253449

161,24520,45787,55399,022

113,85699,022

268,8731,951

-285,658

101,75834,067148,813

51284,689

969

8,654,5315,951,7036,383,8817,752,693469,660

5,950,5935,798,995151,598

7,129,3986,977,841151,557

41469,701

3,966,413386,802(12,552)

3,372,691219,472

11,290,72721,022

10,945,218366,531

16,717,33617,690

16,284,929450,097(85,965)135,906

469,701135,906

1,128,428146,8815,723

1,614,827

50,868159,499

1,152,72571,066

1,434,158

180,669

20152016

9,491,0846,026,2236,412,7038,587,029517,575

7,129,3986,977,841151,557

6,792,9326,618,938173,994(22,437)495,138

5,526,693219,62665,307

4,928,284313,476

6,054,2545,000

5,845,571213,683

11,290,72721,022

10,945,218366,531

(152,848)160,628

495,138160,628

1,153,218113,3533,229

1,604,310

64,458236,023932,62770,358

1,303,466

300,844

949,77351,5845,147

883,512112,698

512,171464,27647,895

486,471428,85557,616(9,721)102,977

219,863471

-208,72410,668

2,959,3921,000

2,787,542172,850

2,996,083411

2,888,483108,01164,83975,507

102,97775,507

242,1751,984

-271,629

87,91541,577105,1772,135

236,804

34,825

10,440,8576,077,8076,417,8509,470,541630,273

7,641,5697,442,117199,452

7,279,4037,047,793231,610(32,158)598,115

5,746,556220,09765,307

5,137,008324,144

9,013,6466,000

8,633,113386,533

14,286,81021,433

13,833,701474,542(88,009)236,135

598,115236,135

1,395,393115,3373,229

1,875,939

152,373277,600

1,037,80472,493

1,540,270

335,669

32

2,590,397510,336348,811

2,351,427400,495

753,465651,706101,759

560,362470,66689,69612,063

412,558

1,397,44931,4955,002

1,170,360190,592

1,200,97723,000

1,064,040159,937

671,9925,267

560,363116,89643,041

233,633

412,558233,633

707,39533,002255,553

1,174,875

153,99553,000290,45612,545

509,996

664,879

908,122--

788,453119,669

190,250160,83129,419

158,368129,68728,681

738120,407

433,90316,649

-373,93343,321

876,2844,063

812,90767,440

483,2881,270

430,98753,57113,86957,190

120,40757,190

213,3291,541

-278,087

87,82715,837

138,426-

242,090

35,997

1,682,275510,336348,811

1,562,974280,826

563,215490,87572,340

401,994340,97961,01511,325

292,151

963,54614,8465,002

796,427147,271

324,69318,937

251,13392,497

188,7043,997

129,37663,32529,172

176,443

292,151176,443

494,06631,461

255,553896,788

66,16837,163

152,03012,545

267,906

628,882

20152016

1,139,708266,095190,767989,510225,526

401,994340,97961,015

454,760395,04059,7201,295

226,821

292,0831,328 -

246,36944,386

1,116,870 18,000 989,672145,198

324,69318,937

251,13392,49752,70197,087

226,82197,087

285,43623,745

204,216643,131

38,75233,685

124,2156,454

203,106

440,025

840,710 -

18,804692,587129,319

158,368129,68728,681

208,819174,45734,362(5,681)123,638

171,8292,070 -

148,22921,530

617,724 28,000 572,13273,592

876,2844,063

812,90767,4406,152

27,682

123,63827,682

189,5861,255

-286,797

80,85719,31584,487

- 184,659

102,138

1,980,418266,095209,571

1,682,097354,845

560,362470,66689,696

663,579569,49794,082(4,386)350,459

463,9123,398 -

394,59865,916

1,734,594 46,000 1,561,804218,790

1,200,97723,000

1,064,040159,93758,853

124,769

350,459124,769

475,02225,000

204,216929,928

119,60953,000

208,7026,454

387,765

542,163

31

16,129,532975,623120,813

-16,984,342

6,756,94663,391

6,693,555

8,077,93554,436

8,023,499-

(1,329,944)15,654,39813,537,8872,105,355

24,716-

11,407,816

10,654,0341,012,218279,022

1,806,5179,580,713

9,390,1361,397,673269,289857,355

9,661,165(80,452)

11,327,36415,654,39811,327,364

- 734,189124,804

5,186,027

852,346205,488

1,646,387509,098

3,213,319

1,972,708

6,302,023--

37,0426,264,981

2,618,4236,151

2,612,272

3,360,57220,002

3,340,570-

(728,298)5,536,6834,497,444606,163

--

3,891,281

2,677,976667,4693,700

1,020,3372,321,408

2,132,190368,22342,165

865,1821,593,066728,342

4,619,6235,536,6834,619,623

8,145 118,0041,872

1,045,081

590,62275,798

1,127,010-

1,793,430

(748,349)

22,431,555975,623120,81337,042

23,249,323

9,375,36969,542

9,305,827

11,438,50774,438

11,364,069-

(2,058,242)21,191,08118,035,3312,711,518

24,716-

15,299,097

13,332,0101,679,687282,722

2,826,85411,902,121

11,522,3261,765,896311,454

1,722,53711,254,231

647,89015.946.98721,191,08115,946,987

8,145 852,193126,676

6,231,108

1,442,968281,286

2,773,397509,098

5,006,749

1,224,359

2016 2015

16,863,221821,4283,073

410,18217,271,394

8,077,93554,436

8,023,499

8,363,974165,796

8,198,178-

(174,679)17,096,71518,658,1443,835,118

30,82138,403

14,753,802

11,794,612686,452459,618

3,406,9248,614,527

10,654,0341,012,218279,022

1,806,5179,580,713(966,186)

13,787,61617,096,71513,787,616

112,800784,622147,944

4,354,465

900,470192,973

1,734,209421,737

3,249,389

1,105,076

8,787,705--

67,6188,720,087

3,360,57220,002

3,340,570

4,977,68934,320

4,943,369179,000

(1,781,799)6,938,2885,749,312945,990

-35,753

4,767,569

4,133,8651,302,298

58,143987,055

4,390,962

2,677,976667,4693,700

1,020,3372,321,4082,069,5586,837,1236,938,2886,837,123

19,389207,242

264328,060

861,28797,430

1,154,738114,094

2,227,549

(1,899,489)

25,650,926821,4283,073

477,80025,991,481

11,438,50774,438

11,364,069

13,341,663200,116

13,141,541179,000

(1,956,478)24,035,00324,407,4564,781,108

30,82174,156

19,521,371

15,928,4771,988,750517,761

4,393,97913,005,489

13,332,0101,679,687282,722

2,826,85411,902,1211,103,37220,624,73924,035,00320,624,739

132,189991,864148,208

4,682,525

1,761,757290,403

2,888,947535,831

5,476,938

(794,413)

Premium Deficiency Reserve

30

34

94,324

181,721(514,300)

-2,484,605739,259(58,901)

-6,541,486

4,587,550(174,435)

(3,239,443)(1,501,260)(544,511)

1,262,329743,480

(219,414)7,455,782

(1,252,594)(108,152)6,095,036

8,483(1,600,081)

23,333(304,818)

(1,873,083)

(207,683)(2,100,000)(2,307,683)1,914,2705,769,2407,683,510

2016 2015

2,385,885 927,430

384,2732,303,075

2,722,001

5,540,392

3,487,812

2,627,097

1,523,4967,683,5109,207,006

1,268,137

1,347,973

299,855

66,328

72,824

520,240179,000

530,184

(520,216)

7,816

---

429,220

27,543

(1,823,267)90,000 -

(1,352,268)(1,932,523)

(1,103,601)(472,371)

(386,085)

(769,820)

(10,101)(628,945)

(90,895)

(347,990)

(89,029)

11

28

1320

26

7 or 28

Premium Deficiency Provision - Net

Recovered FromChecks Under Collection Provision

29

31/12/2016

31/12/201530,000,000

- -

- - -

30,000,000

7,500,000 - -

- - -

7,500,000

(2,317,225)

(4,927,699)

(4,927,699) - -

(7,244,924)

3,483,098623,851

(447,930)

175,921 (2,100,000)

- (515,764) 1,043,255

2,095,494 - - -

- -

515,7642,611,258

40,761,367623,851

(5,375,629)

(4,751,778) (2,100,000)

-

33,909,589

30,000,000 -

-

- -

30,000,000

7,500,000 -

-

- -

7,500,000

(7,244,924)

(463,528)

-(463,528)

-

(7,708,452)

1,043,2551,189,214

- -

1,189,214 263,079

2,495,548

2,611,258 - -

- -

(263,079)

2,348,179

33,909,5891,189,214 (463,528)

- 725,686

-

34,635,275

28

2016 2015

2016 2015

53,286,093 13,930,322 (23,561,325) (8,824,110) 34,830,980 (2,484,605)

58,901 -

32,405,276 2,433,788 1,547,906

43,795 1,367,050 957,412

38,755,227

40,396,892 (3,131,752) (15,498,624)

188,016 21,954,532

739,259 4,416,268 2,085,278 527,852

2,684,586 1,208,899

33,616,674 801,746 306,566 390,411 2,303,075

- 260,000 149,324

4,211,123 927,430

(303,579) 623,851

-/021

57,052,699 18,367,301 (24,144,883) (11,682,506) 39,592,611 (2,722,001) (520,240)(179,000) 36,171,370 2,198,057 1,823,888

66,044 938,639 828,350

42,026,348

51,461,382 (5,007,278) (20,201,405)

92,611 26,345,310 1,347,978 4,304,327 2,288,863 621,003

3,408,345 1,356,730

39,672,551 788,761 299,855 434,739

(1,823,267)90,000 50,000

127,824 (32,088)

2,385,885 (1,196,671) 1,189,214

-/040

623,851

(4,927,699) (447,930)

(4,751,778)

1,189,214

(463,528) -

725,686

Net Premium Deficiency Reserve

Provision For Checks Under Collection

27

2015

2015

4,912,9084,748,52115,854,69216,907,619

34,82842,458,568

4,958,8773,134,95314,797,2095,642,6741,348,0961,367,406

95,4731,169,963

74,973,219

5,935,5754,124,46616,020,10919,258,581

27,01245,365,743

5,469,8074,397,22116,803,0074,374,537801,042

1,309,24491,264

1,012,76479,624,629

2016

2016

13,507,74913,546,0361,769,830

-28,823,615

- 2,893,3797,347,826846,853352,005799,952

41,063,630

30,000,0007,500,000

(7,244,924) 3,654,51333,909,58974,973,219

15,983,52214,894,0142,290,070179,000

33,346,606

2,507,2976,827,610928,293231,803

1,147,74544,989,354

30,000,0007,500,000

(7,708,452) 4,843,72734,635,27579,624,629

Premium Deficiency Reserve

26

25

24

23

22

For the Year Ending 31/12/2016

20

201520163,701,6441,371,690 5,207,291 3,004,621 3,304,400

2014 2015 2016

19

2015 2016

2016 2015

20152016

67,216,41532,385,435

37,265,140 15,498,624

75,420,00035,827,389

46,454,104 20,201,405

58,704,94433,052,216

28,227,72111,350,626

60,283,59330,918,582

44,518,27626,854,408

52,058,61527,067,650

24,861,6029,897,131

Investments

Real EstateFinancial Investments

OtherTotal AssetsShareholders’ Equity

42,458,56816,907,61925,516,12134,82874,973,21933,909,589

45,365,743 19,258,581 26,080,150 27,012 79,624,62934,635,275

50,868,97516,983,59233,827,22258,16177,705,84540,761,367

55,485,65417,081,84238,319,97383,83980,620,35943,335,560

58,294,29117,165,28041,043,46385,54882,875,00647,056,795

18

2015201667,216,41532,405,2761,367,050 6,691,64038,755,227 22,693,79115,134,00637,827,797

927,430623,851

75,420,00036,171,370 938,639

4,916,33942,026,34827,693,28811,947,17539,640,4632,385,8851,189,214

52,058,61523,895,4223,209,2134,138,02031,242,65516,498,4249,997,85126,496,2754,746,3804,210,335

60,283,59327,436,9551,042,9556,810,59435,290,50418,741,77012,183,78530,925,5554,364,9493,507,798

58,704,94424,960,767(178,794)5,934,53630,725,50918,901,78811,142,78130,044,569

680,940270,428

17,312

3,101 56.6 %

23,407

13,930

9,466 61.5 %

32.98 %

75.3 %

60.9 %

2016

20162016

2016

2016

20162016

20162016

20162016

2,24735.6%

36.9%

85.8%

58.57 %

63.7 %

17,971

26,472

18,367

10,363

17

Until 30/9/2016

Mr. Bernd Kohn Since 1/10/2016

16

elias@jicad.aehayel@jicad.aekhalidm@jicshj.aeallinsure@jicjo.com

15

Our real estate investments continue to perform positively and they are annually re-evaluated by three accredited real estate appraisers. Thankfully, market values continue to appreciate year after year. Such strategic assets have long formed the backbone of JIC’s financial solvency, with a total fair value of 40.9 million, being an increase of 20.4 million from book value being JD 20.5 million.

The occupancy ratio of our leased properties has registered 70% and we are always doing what is necessary to increase it further.

The Future Plan

1.Adhere to the Company’s strategy of preserving its leading position in the local market through prudent and disciplined underwriting policies.

2.Continue to expand horizontally by opening new branches in neighboring markets and enhance overall performance of existing branches.

3.Maintain our Human Resources development policy in order to sustain high standards of client service.

4.Maintain our Company's financial strength rating by A M Best and work toward upgrading it.

5.Continue to expand in existing markets by possible mergers and acquisitions.

In conclusion, the Board of Directors would like to extend its sincere gratitude and apprecia-tion to all our employee staff for their continued hard work and commitment to the success and accomplishments of our Company.

We would also like to thank our clients and agents for their consistent trust and support, as well as our Reinsurance partners for their continued solid support.

We ask God Almighty to guide us towards more success in the service of our national econo-my under the guidance of His Majesty King Abdullah II Bin Al-Hussein.

Chairman of the Board

Othman M. Bdeir

14

While our Net profit before taxes and fees reached JD 4.5 million in Jordan compared to JD 1.9 million in 2015, our regional branches, especially in the UAE have sustained a JD 2.1 million in losses due to underperforming insurance market in addition to new regulation in the UAE requiring additional provisions . For 2017, we expect a slow rebound due to recent regulatory reforms in the UAE’s insurance market.

With regard to our ratings, following the latest review conducted by A.M. Best in October 2016, , our company has maintained FSR (Financial Strength Rating) at B++ (Good) and ICR (Issuer Credit Rating) at BBB+ despite the difficult investment and insurance market environment prevailing in the region.

ReinsuranceIt is a well-known fact that the global and regional crises have had a direct impact on reinsurance companies, and therefore reinsurance contracts still face major difficulties year after year. Moreover, the result of a series of major insured losses, especially under property and engineering lines, which negatively affected reinsurers operating in the region over the past few of years have led to an ongoing hardline approach by global reinsurance companies, especially the major ones that hold leading positions in the reinsurance sector.

However, because of its disciplined underwriting philosophy and its excellent historical relationship with reinsurers that is based on trust and credibility, JIC was able to renew its reinsurance treaty program for 2017 with elite reinsurance companies in a manner that serves the best interest of all parties concerned with better terms and conditions.

Regional BranchesThe increasingly hyper competition in the UAE’s insurance sector coupled with new regulatory reforms on technical reserves introduced by the UAE’s Insurance Authority in 2015, have resulted heavy losses among most companies in the market . This has negatively affected our branches’ performance in Abu Dhabi, Dubai, and Sharjah, with a total underwriting loss of JD 2.1 million, , which in turn have weakened JIC's overall technical profit margin.

Gross Written Premiums by JIC's regional branches have reached 14 million in 2016 (increasing by JD 4 million from the previous year). This accounts for 19 % of JIC's overall premiums. The Company's management continues to exert additional efforts to deal with the difficult conditions under which its regional branches are operating, as part of a well strategic plan to improve premium volume and also technical results going forward.

Effective January 1, 2017, the UAE Insurance Authority has issued new motor vehicle insurance tarrif which sets the minimum and maximum premium for motor vehicle insurance, for both, third party liability and comprehensive insurance, in addition to new benefits under both policies. Such increased pricing is expected to start improving the bottom line results of Insurance Companies that have suffered from financial losses over the past few years.

Real Estate and Financial InvestmentsThe continuous slight decline in the performance of financial markets year after year has negatively impacted our investment portfolios, particularly the strategic ones. Such negative impact is evident on JIC's financial assets revaluation reserve through shareholders' assets, that have maintained shareholders’ equity at JD 34.6 million compared to JD 33.9 million in 2015.

13

Dear Shareholders,

May God's peace and blessings be upon you.

The Board of Directors is pleased to meet and welcome you to the Company’s 65th Ordinary General Assembly meeting, and to present to you its annual financial report for the fiscal year ending on 31/12/2016.

In 2016 same as in 2015 diverse economic challenges continued in Jordan's public and private sectors largely related to inflation, budget deficit and high rates of unemployment. The continuing conflict in Syria and Iraq leading to accelerated influx of refugees. Latest numbers of Jordan’s population has rapidly increased to reach 11 million exerting further pressure on the country’s economy.

As Jordan tops the list of refugee host countries, the overall amount of foreign assistance, grants and soft loans committed to Jordan in the face of the refugee burden is less than required and does not cater for the provision of basic needs of shelter, food, health, education, and the relevant infrastructure.

The Jordanian economy remains resilient in the face of such challenges. The Gross Domestic Product has achieved a modest growth rate of 2% in 2016, compared with 2.3% in 2015. Whereas inflation rate hovered around 0% compared to 2.7% in 2015. The rate of unemployment registered 16% from 13% for the previous year.

Amidst regional turmoil, especially the Syrian crises and the closure of trade routes with Iraq and Syria ,imports & exports activities have slowed down, eventually causing slower market in Marine insurance.

The implementation of planned reforms related to the labor market, improving the investment climate and easing access to finance remain vital to stimulate economic activity.

New business opportunities in Jordan include the utilization of the massive oil shale reserves in addition to solar & wind energy for generating electric power. Our country has developed an Energy Master Plan requiring that 10% of its energy be generated from renewable resources by the year 2020.

Stock trading volume at the Amman Stock Exchange (ASE) reached 2.3 Billion compared to JD 3.4 billion in 2015. The ASE price index increased slightly to 2170.3 points by the end of 2016 from 2136.3 points at end of 2015, being an increase of 1.6% .Meanwhile, the market value of listed shares at the ASE has amounted to 17.3 billion at the end of 2016, down from JD18 billion for the previous year.

Investments portfolios of insurance companies backing up their reserves and capital are usually of a great importance in producing returns to meet liabilities, at the same time, their impact on company’s balance sheets are key. Recent years sluggish market conditions have negatively affected the performance of such portfolios in most companies.

JIC has closed 2016 with a Gross Written Premium of JD 75.4 million compared to JD 67.2 million in the previous year, being 12% increase. Our underwriting profits stood at JD 1.4 million. Today, JIC continues to hold over 10% of the local market share among 25 insurance companies.

2016

His Royal HighnessCrown Prince Al Hussein Bin Abdullah IIHis Royal HighnessCrown Prince Al Hussein Bin Abdullah II

His MajestyKing Abdullah II Bin Al-HusseinHis MajestyKing Abdullah II Bin Al-Hussein

Letter from the Chairman

Branches

Board of Directors

Income Statement Information

Financial Statements

Notes to Financial Statements

13

16

17

18

20

38