American Home Assurance Company Financial Statement

American Home

The recent publication of the independent auditor's report on the summary financial information of American Home Assurance Company's Dubai Branch provides valuable insights into the company's financial standing. This report, dated April 5, 2024, sheds light on the Branch's financial performance for the year ended December 31, 2023.

According to the report, the summary financial information derived from the audited financial statements of the Dubai Branch is consistent, in all material respects, with those audited financial statements. This affirmation provides assurance to stakeholders regarding the accuracy and reliability of the financial data presented.

The summary financial information includes the statement of financial position as of December 31, 2023, and the statement of profit and loss and other comprehensive income for the year then ended. While these summaries offer a condensed view of the company's financial health, it's important to note that they may not include all the disclosures required by International Financial Reporting Standards (IFRS). Therefore, stakeholders are encouraged to refer to the audited financial statements and the auditor's report for a comprehensive understanding.

It's highlighted that the audited financial statements and the summary financial information do not reflect the effects of events that occurred subsequent to the date of the auditor's report on the audited financial statements. This caveat underscores the dynamic nature of financial reporting and the need for stakeholders to stay updated on developments that may impact the company's financial position.

The auditor's responsibility, as outlined in the report, is to express an opinion on whether the summary financial information is consistent, in all material respects, with the audited financial statements. This opinion is based on procedures conducted in accordance with International Standard on Auditing 810 (Revised), ensuring adherence to rigorous auditing standards.

Additionally, the report emphasizes management's responsibility for the preparation of the summary financial information in accordance with the requirements of the Central Bank of the United Arab Emirates (CBUAE). This underscores the importance of transparent and accurate financial reporting practices in compliance with regulatory standards.

Finally, it's noted that the summary financial information is intended solely for the use of the management of the Branch to assist them in fulfilling their reporting obligations as per CBUAE requirements. Distribution to other parties is restricted, as the information may not be suitable for purposes other than those intended.

In conclusion, the independent auditor's report on the summary financial information of American Home Assurance Company's Dubai Branch provides stakeholders with confidence in the reliability and accuracy of the company's financial reporting. It underscores the importance of transparent financial disclosure and adherence to regulatory standards in maintaining trust and accountability within the business community.