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

6 Financialassets(continued)

Management considers that the fair values of financial assets and financial liabilities that are not measured at fair value approximates to their carrying amounts as stated in the condensed interim financial statements and are classified as level 3 in accordance with the IFRS 13 hierarchy.

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value into Levels 1 to 3 based on the degree to which the fair value is observable.

 Level 1 – fair value measurements derived from quoted prices (unadjusted) in active markets for identicalassetsorliabilities;

 Level2–fairvaluemeasurementsderivedfrominputsotherthanquotedpricesincludedwithinLevel 1thatareobservablefortheassetorliability,eitherdirectly(i.e.asprices)orindirectly(i.e.derivedfrom prices);and

 Level3–fairvaluemeasurementsderivedfromvaluationtechniquesthatincludeinputsfortheasset or liability that are not based on observable market data (unobservable inputs). Management has determined the fair value of these unquoted investments by applying an appropriate risk adjusted liquiditydiscountonthenetassetsoftheinvesteecompanies.

(a) Fair values have been determined by reference to the quoted prices at the reporting date.

During the period, there were no transfers between Level 1 and Level 2 fair value measurement and no transfers into or out of Level 3 fair value measurements.