Insurance House P.J.S.C.

Condensed Interim Financial Statements

(Un-audited)

For the three months period ended 31 March 2023

OfficeNo. 3701, Floor 37, Addax – C1 Tower (HydraAvenue) City ofLights, Al Reem Island, P OBox 109460, Abu Dhabi, U.A.E

Main +971 2 678 1130

Fax +971 2 678 1170 abudhabi@crowe.ae www.crowe.ae

Report on review of condensed interim financial statements

To the Shareholders of Insurance House P.J.S.C

Introduction

We have reviewed the accompanying condensed interim financial statements of Insurance House P.J.S.C. (the “Company”), which comprise the statement of financial position as at 31 March 2023 and the related condensed interim statement of profit or loss, the condensed interim statement of comprehensive income, the condensed interim statement of changes in equity and the condensed interimstatementofcashflowsforthethreemonthsperiodthenendedandotherrelatedexplanatory notes. Management is responsible for the preparation and fair presentation of these condensed interim financial statements in accordance with International Accounting Standard 34 (“IAS 34”) “InterimFinancialReporting”.Ourresponsibilityistoexpressaconclusiononthecondensedinterim financial statements based on our review.

Scope of Review

WeconductedourreviewinaccordancewithInternationalStandardonReviewEngagements2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity.Areview of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enableus to obtain assurance that wewould become awareof all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for Adverse Conclusion

(i) The Company has not adopted International Financial Reporting Standard (IFRS) 17, “InsuranceContracts”,whichis effectiveforperiodsbeginningonorafter1January2023,inthe preparation of these condensed interim financial statements. As referred in Note 2.3 to these condensed interim financial statements,theCompany is still intheprocess of implementing the provisions of IFRS 17 and has thus, continued with the provisions of IFRS 4, “Insurance Contracts” in preparation of these condensed interim financial statements. Had the entity adopted IFRS 17, several account balances covering equity, assets and liabilities and loss for theperiod,therelatedaccountingpoliciesandpresentationanddisclosuresinthesecondensed interim financial statements would have been materially different.

(ii) During the current period, the management has identified material errors in the process of recording of transactions covering a) reinsurance share of premium; b) reinsurance share of loss adjustment; and c) commission income, related to reinsurance of medical and personal assurance for prior periods. Management is in the process of assessing the impact of these errors and reconciliation of balances with the Reinsurers and brokers. Pending completion of such reconciliation, management has provisionally accounted for reversal of Reinsurance receivable from reinsurers aggregating AED 69,343,226 (Note 23) on retrospective basis by restating the comparative balances in these condensed interim financial statements. Consequently, we are unable to assess whether any further adjustments might be required to these condensed interim financial statements.

Adverse Conclusion

Our review indicates that, because of the significance of matters, as described in the Basis for Adverse conclusion section of our report, the condensed interim financial statements is not prepared, in all material respects, in accordance with IAS 34.

Emphasis of Matter

Asof31March2023,theCompany’saccumulatedlossesareAED84,342,984(Note1.1)whichhas resulted in the erosion of equity in excess of 50%. This has led to non-compliance by the Company with the solvency ratio as required by financial regulations for insurance companies and Central Bank of theUAE.

OtherMatters

The condensed interim financial statements of the Company for the three-month period ended 31 March 2022 were reviewed by another auditor, who expressed an unmodified review conclusion dated 10 May 2022.

The financial statements of the Company for the year ended 31 December 2022 were audited by another auditor, who expressed an unmodified opinion onthose statements on 13 February 2023.

Crowe Mak

Zayd Khalid Maniar Partner

Registration number 579

Abu Dhabi, United Arab Emirates

11 May 2023