RYAZ Raya Reinsurance

Greetings. This is to inform you that during the past year, RYAZ Reinsurance Company changed its reinsurance treaty from a quota-share (participation) treaty to an excess-of-loss treaty, which has resulted in the release of technical reserves and, consequently, an acceptable increase in revenue for the year 1405. The company, having calculated the unearned premium technical reserves, has recorded them in the relevant accounts and financial statements. Since the 1404 reserve calculations were confirmed by the supervisory body (Central Insurance of Iran) as well as by the company's auditor and legal inspector, and the matter was also approved by the respected shareholders at the annual general meeting dated 30 Khordad 1405, it is therefore anticipated that, as a result of the release of unearned premium technical reserves attributable to the reinsurers' share (subject of Note 5 of the 1404 financial statements), the company's revenue will increase correspondingly in 1405. It should also be noted that, due to the non-timely completion of the confirmations requested by Iran Fara Bourse, and in order to prevent suspension of the ticker, the disclosure was corrected from Group A to Group B.

Date of changes

1405/05/12

Date of previous disclosure

1405/04/20

Tracking code of previous disclosure

1564436

Description of changes

Greetings. This is to inform you that during the past year, RYAZ Reinsurance Company changed its reinsurance treaty from a quota-share (participation) treaty to an excess-of-loss treaty, which has resulted in the release of technical reserves and, consequently, an acceptable increase in revenue for the year 1405. The company, having calculated the unearned premium technical reserves, has recorded them in the relevant accounts and financial statements. Since the 1404 reserve calculations were confirmed by the supervisory body (Central Insurance of Iran) as well as by the company's auditor and legal inspector, and the matter was also approved by the respected shareholders at the annual general meeting dated 30 Khordad 1405, it is therefore anticipated that, as a result of the release of unearned premium technical reserves attributable to the reinsurers' share (subject of Note 5 of the 1404 financial statements), the company's revenue will increase correspondingly in 1405. It should also be noted that, due to the non-timely completion of the confirmations requested by Iran Fara Bourse, and in order to prevent suspension of the ticker, the disclosure was corrected from Group A to Group B.