Insurance House P.J.S.C. Condensed Interim Financial Statements

Notes to the condensed interim financial statements (continued) For the period ended 30 June 2023

1 Legalstatusandactivities

Insurance House P.J.S.C. (the “Company”) is a Public Joint – Stock company registered and incorporated in the Emirate of Abu Dhabi, United Arab Emirates and is engaged in providing all classes of non-life insurance solutions in accordance with UAE Federal Law No.6 of 2007 (asamended). The Company was established on 8 December 2010 and commenced its operations on 10 April 2011. The Company performs its activities through its head office in Abu Dhabi and branches located in Al Samha, Dubai – Sheikh Zayed Road, Sharjah, Al Mussafah, Mahawi and Motor World.

The Company's ordinary shares are listed on the Abu Dhabi Securities Exchange.

The registered office of the Company is P.O. Box 129921 Abu Dhabi, United Arab Emirates. The range of products and services offered by the company include but is not limited to accidents and civil responsibility insurance, land, marine and air transportation, dangers insurance, health insurance, onshore and offshore oil and gas fields and facilities services.

1.1 Equity

As of June 30, 2023, the Company’s accumulated losses are AED 105,435,856 (December 31, 2022: 77,941,647) which resulted in erosion of equity in excess of 50% and had affected the required solvency ratio as prescribed by the Central Bank of the UAE. The management has submitted the recovery plan to the Central Bank of UAE dated 16 June 2023. The shareholders have also approved the option of Company’s continuation and the commencement of the implementation plan in the General Assembly Meeting dated 07 July 2023.

2 Generalinformation

2.1 Statementofcompliance

The condensed interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting” as issued by the International Accounting Standard Board (IASB), and also comply with the applicable requirements of the laws in the UAE.

On 28 December 2014, the United Arab Emirates (UAE) Insurance Authority issued Financial Regulations for Insurance Companies which came into force on 29 January 2015. The Company is in compliance with theFinancialRegulationsforInsuranceCompaniesasat 30June2023subjecttosolvencyratioasprescribed in UAE federal law No.6 of 2007, Federal Law by Decree No. 32 of 2021 on Commercial Companies and Note 1.1.

2.2 Basisofpreparation

These condensed interim financial statements are for the six months period ended 30 June 2023 and are presented in United Arab Emirate Dirham (AED), which is the functional and presentational currency of the Company.

The condensed interim financial statements have been prepared on the historical cost basis, except for the measurement at fair value of certain financial instruments.

These condensed interim financial statements have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ and do not include all of the information required in annual financial statements in accordance with International Financial Reporting Standards and should be read in conjunction with the financial statements for theyear ended 31December 2022.In addition,theresults forthe six months period ended 30 June 2023 are not necessarily an indication of the results that may be expected for the financial year ending 31 December 2023.