| Notes forming part of accounts [line items] | | |
| Disclosure of notes and other explanatory information [text block] | | |
| Disclosure of general information about reporting entity [abstract] | | |
| Disclosure of general information about reporting entity [text block] | 1. GENERAL The Company for Cooperative Insurance (the “Company”) is a Saudi joint stock Company established in Riyadh, Kingdom of Saudi Arabia by Royal Decree Number M/5 and incorporated on January 18, 1986, corresponding to Jumada Al-Awal 8, 1406H, under Commercial Registration No. 1010061695. The Company’s head office is located on Thumamah Road (At Takhassusi) ArRabi District, P.O. Box 86959, Riyadh 11632, Kingdom of Saudi Arabia.The purpose of the Company is to transact cooperative insurance operations and all related activities including reinsurance and agency activities. Its principal lines of business include medical, motor, marine, fire, engineering, energy, aviation, takaful and casualty insurance.On July 31, 2003, corresponding to Jumada al-Thani 2, 1424H, the Law on the Supervision of Cooperative Insurance Companies (“Insurance Law”) was promulgated by Royal Decree Number (M/32). On December 1, 2004, corresponding to Shawwal 18, 1425H, the Saudi Arabian Monetary Authority (“SAMA”), as the principal authority responsible for the application and administration of the Insurance Law and its implementing regulations, granted the Company a license to transact insurance activities in Saudi Arabia.The Company conducts the business and advances funds to the insurance operations as required. On January 20, 2004, the Company amended its Articles of Association, giving authority to the Board of Directors to determine the disposition of the surplus from insurance operations.On March 20, 2004, the Board of Directors approved the distribution of the surplus from insurance operations in accordance with the Implementing Regulations issued by SAMA, whereby the shareholders of the Company are to receive 90% of the annual surplus from insurance operations and the policyholders are to receive the remaining 10%. Any deficit arising on insurance operations is transferred to the shareholders’ operations in full. | 1 |
| Disclosure of basis of preparation of financial statements [text block] | 2. BASIS OF PREPARATION(a) Basis of presentationThe accompanying interim condensed financial statements (interim condensed financial information) of the Company for the three-month period ended March 31, 2018 has been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting (“IAS 34”) as modified by Saudi Arabian Monetary Authority (SAMA) for the accounting of zakat and income tax, which requires, adoption of all IFRSs as issued by the International Accounting standard Board (“IASB”) except for the application of International Accounting Standard (IAS) 12 – “Income Taxes” and IFRIC 21 – “Levies” so far as these related to zakat and income tax. As per the SAMA Circular no. 381000074519 dated 14 Rajab 1438H (corresponding to April 11, 2017) and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), the zakat and income tax are to be accrued on a quarterly basis through shareholders equity under retained earnings.The interim condensed financial information is prepared under the going concern basis and the historical cost convention, except for the measurement at fair value of available-for-sale investments and investment in associates which is accounted for under the equity method. The Company’s interim condensed statement of financial position is not presented using a current/non-current classification. However, the following balances would generally be classified as non-current: statutory deposit, accrued income on statutory deposit, property and equipment, intangible assets, investment property, investments in associates, available for sale investments, reserve for discontinued operations, end-of-service indemnities and return payable on statutory deposit. All other financial statement line items would generally be classified as current.As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the financial information accordingly (Note 18). Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors.The interim condensed statement of financial position, statements of income, comprehensive income and cash flows of the insurance operations and shareholders operations which are presented in Note 18 of the financial information have been provided as supplementary financial information to comply with the requirements of the guidelines issued by SAMA implementing regulations. SAMA implementing regulations requires the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders operations. Accordingly, the interim condensed statements of financial position, statements of income, comprehensive income and cash flows prepared for the insurance operations and shareholders operations as referred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of the respective operations. 2. BASIS OF PREPARATION (continued)(a) Basis of presentation (continued)In preparing the Company-level financial information in compliance with IFRS, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Inter-operation balances, transactions and unrealised gains or losses, if any, are eliminated in full during amalgamation. The accounting policies adopted for the insurance operations and shareholders operations are uniform for like transactions and events in similar circumstances.The interim condensed financial information do not include all of the information required for full annual financial information and should be read in conjunction with the annual financial information as of and for the year ended December 31, 2017. These interim condensed financial information are expressed in Saudi Arabian Riyals (SAR) and are rounded off to the nearest thousands.(b) Critical accounting judgments, estimates and assumptionsThe preparation of the interim condensed financial statements requires the use of estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and judgments are based on management’s best knowledge of current events and actions, actual results ultimately may differ from those estimates. Estimates and judgments are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The estimate and judgments used by management in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended December 31, 2017. Following are the accounting judgments and estimates that are critical in preparation of these interim condensed financial statements:i) The ultimate liability arising from claims made under insurance contractsThe estimation of the ultimate liability arising from claims made under insurance contracts is the Company’s most critical accounting estimate. There are several sources of uncertainty that need to be considered in the estimate of the liability that the Company will ultimately pay for such claims.The provision for claims incurred but not reported (IBNR) is an estimation of claims which are expected to be reported subsequent to the date of statement of financial position, for which the insured event has occurred prior to the date of statement of financial position. The primary technique adopted by management in estimating the cost of notified and IBNR claims, is that of using the past claims settlement trends to predict future claims settlement trends. A range of methods such as Chain Ladder Method, Bornhuetter-Ferguson Method and Expected Loss Ratio Method are used by the actuaries to determine these provisions. Actuary had also used a segmentation approach including analyzing cost per member per year for medical line of business. Underlying these methods are a number of explicit or implicit assumptions relating to the expected settlement amount and settlement patterns of claims.ii) Impairment of available-for-sale financial assetsThe Company determines that available-for-sale financial assets are impaired when there has been a significant or prolonged decline in the fair value of the available-for-sale financial assets below its cost. The determination of what is significant or prolonged requires judgment. A period of 12 months or longer is considered to be prolonged and a decline of 30% from original cost is considered significant as per Company policy. In making this judgment, the Company evaluates among other factors, the normal volatility in share price, the financial health of the investee, industry and sector performance, changes in technology, and operational and financing cash flows. 2. BASIS OF PREPARATION (continued)(b) Critical accounting judgments, estimates and assumptions (continued)iii) Impairment of receivablesA provision for impairment of receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, and default or delinquency in payments are considered indicators that the receivable is impaired.iv) Fair value of financial instrumentsFair values of available-for-sale investments are based on quoted prices for marketable securities or estimated fair values. The fair value of commission-bearing items is estimated based on discounted cash flows using commission for items with similar terms and risk characteristics.For unquoted investments, fair value is determined by reference to the market value of a similar investment or where the fair values cannot be derived from active markets, they are determined using a variety of valuation techniques. The input to these models is taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values.The accounting and risk management policies adopted in the preparation of these condensed interim financial information are consistent with the Company’s audited financial statements for the year ended December 31, 2017, except for adoption of the amendments to existing standards which has had no material impact on the financial information of the Company.(c) Significant accounting policiesThe accounting policies, estimates and assumptions used in the preparation of these interim condensed financial information are consistent with those used in the preparation of the annual financial information for the year ended December 31, 2017 except as explained below:- IFRS 9, Financial Instruments (including amendments to IFRS 4, Insurance Contracts) In July 2014, the IASB published IFRS 9 Financial Instruments which will replace IAS 39 Financial Instruments: Recognition and Measurement. The standard incorporates new classification and measurements requirements for financial assets, the introduction of an expected credit loss impairment model which will replace the incurred loss model of IAS 39, and new hedge accounting requirements. Under IFRS 9, all financial assets will be measured at either amortised cost or fair value. The basis of classification will depend on the business model and the contractual cash flow characteristics of the financial assets. The standard retains most of IAS 39’s requirements for financial liabilities except for those designated at fair value through profit or loss whereby that part of the fair value changes attributable to own credit is to be recognised in other comprehensive income instead of the income statement. The hedge accounting requirements are more closely aligned with risk management practices and follow a more principle based approach.In September 2016, the IASB published amendments to IFRS 4 Insurance Contracts that address the accounting consequences of the application of IFRS 9 to insurers prior to the publication of the forthcoming accounting standard for insurance contracts. The amendments introduce two options for insurers: the deferral approach and the overlay approach. The deferral approach provides an entity, if eligible, with a temporary exemption from applying IFRS 9 until the earlier of the effective date of a new insurance contract standard or 2021.The overlay approach allows an entity to remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contracts standard is applied.The Company is eligible and have chosen to apply the deferral approach under the amendments to IFRS 4. The impact of the adoption of IFRS 9 on the Company’s financial information will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. As such, it is not possible to fully assess the effect of the adoption of IFRS 9.- IFRS 17 - “Insurance Contracts”, applicable for the period beginning on or after 1 January 2021, and will supersede IFRS 4 “Insurance Contracts”. Earlier adoption permitted if both IFRS 15 'Revenue from Contracts with Customers' and IFRS 9 'Financial Instruments' have also been applied. The Company expects a material impact on measurement and disclosure of insurance and reinsurance that will affect both the income statement and the balance sheet. The Company has decided not to early adopt this new standard. 2. BASIS OF PREPARATION (continued) (d) Segmental reportingA segment is a distinguishable component of the Company that is engaged in providing products or services (a business segment), which is subject to risk and rewards that are different from those of other segments. For management purposes, the Company is organized into business units based on their products and services and has four reportable segments as follows: Medical - coverage for health insurance. Motor insurance. Property and Casualty - coverage for property, engineering, marine, aviation, energy and general accidents insurance. Manafeth - third party liability insurance for foreign vehicles and the profit of this segment is shared with other insurance companies. Shareholders’ segment - reporting shareholder operations of the Company. Income earned from investments is the only revenue generating activity. Certain direct operating expenses and other overhead expenses are allocated to this segment on an appropriate basis. The surplus or loss from the insurance operations is allocated to this segment on an appropriate basis.Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the chief executive officer that makes strategic decisions. No inter-segment transactions occurred during the period. (e) Seasonality of operations There are no seasonal changes that may affect insurance operations of the Company. | 2 |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of investments [text block] | 5. MURABAHA DEPOSITSThe murabaha deposits are held with commercial banks in the Kingdom of Saudi Arabia. These murabaha deposits are denominated in Saudi Arabian Riyals and have an original maturity of more than three months to one year and yield financial incomes at rates 2.25% (2017: 2.25%).The movements in murabaha deposits during the period is as follows: March 31, 2018(Unaudited) December 31,2017(Audited) SAR’000Shareholders’ operations Balance at the beginning of the period/ year 82,035 -Placed during the period/ year - 82,035Matured during the period/ year (82,035) - Balance at the end of the period/ year - 82,035 | 5 |
| Disclosure of investments in available-for-sale investments [text block] | 4. AVAILABLE-FOR-SALE INVESTMENTSAvailable-for-sale investments comprise the following: March 31, 2018(Unaudited) December 31,2017(Audited) SAR’000Insurance operations Local / regional funds and fixed income investments 363,562 653,225Foreign funds and fixed income investments 2,765,591 2,291,921 Foreign equity - 15,284Total 3,129,153 2,960,430 Shareholders’ operations Local / regional funds and fixed income investments 291,286 408,645Foreign funds and fixed income investments 2,388,479 2,156,134 Total 2,679,765 2,564,779 Total available-for-sale investments 5,808,918 5,525,209Movements in available-for-sale investments are as follows: March 31, 2018(Unaudited) December 31, 2017(Audited) Quoted securities Unquoted securities Total Quoted securities Unquoted securities Total SAR’000Insurance operations Balance at the beginning of the period / year 41,245 2,919,185 2,960,430 402,628 2,752,958 3,155,586 Purchases - 253,698 253,698 43,806 1,453,478 1,497,284 Disposals (18,805) (49,914) (68,719) (402,628) (1,213,533) (1,616,161)Changes in fair value of investments 5,651 (21,907) (16,256) (2,561) (73,718) (76,279)Balance as at the end of the period/ year 28,091 3,101,062 3,129,153 41,245 2,919,185 2,960,430 Shareholders’ operations Balance at the beginning of the period/ year 39,340 2,525,439 2,564,779 58,065 1,319,926 1,377,991 Purchases - 257,099 257,099 40,007 4,179,252 4,219,259 Disposals (15,007) (174,282) (189,289) (66,480) (2,950,426) (3,016,906)Changes in fair value of investments 2,345 44,831 47,176 7,748 (23,313) (15,565)Balance as at the end of the period/ year 26,678 2,653,087 2,679,765 39,340 2,525,439 2,564,779 Total 54,769 5,754,149 5,808,918 80,585 5,444,624 5,525,2094. AVAILABLE-FOR-SALE INVESTMENTS (continued)The movement of changes in fair value of investments is as follows: Three months ended March 31, 2018(Unaudited) Three months ended March 31, 2017(Unaudited) SAR’000Insurance operations Change in fair value (16,256) (7,055)Net amount recycled to interim statement of income - insurance operations 2,873 (41,501) (13,383) (48,556) Shareholders’ operations Change in fair value 47,176 103,232Net amount recycled to interim statement of income - shareholders’ operations (3,516) (29,585) 43,660 73,647 | 4 |
| Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] | 3. RECEIVABLES, NETReceivables comprise net amounts due from the following: March 31, 2018(Unaudited) December 31,2017(Audited) SAR’000Policyholders 2,052,723 1,742,599 Brokers and agents 534,127 365,938 Related parties (note 13) 69,726 155,600 2,656,576 2,264,137 Receivables from reinsurers 88,660 110,677 Administrative service plan 22,169 22,169 2,767,405 2,396,983 Provision for doubtful receivables (146,805) (139,305)Receivables, net 2,620,600 2,257,678 | 3 |
| Disclosure of cash and cash equivalents [text block] | 6. CASH AND CASH EQUIVALENTS March 31, 2018(Unaudited) December 31,2017(Audited) SAR’000Insurance operations Murabaha deposits - 200,133 Bank balances and cash 598,308 915,011 598,308 1,115,144 Shareholders’ operations Murabaha deposits - 100,000 Bank balances and cash 299,839 182,059 299,839 282,059 Total cash and cash equivalents 898,147 1,397,203Bank balances and cash includes call account balance of Nil (December 31, 2017: SAR 188 million). Both bank balances and murabaha deposits (including off-balance sheet exposures) are placed with counterparties with sound credit ratings under Standard and Poor's and Moody’s ratings methodology. | 6 |
| Disclosure of statutory deposit [text block] | 10. STATUTORY DEPOSITIn compliance with Article 58 of the Insurance Implementing Regulations of SAMA, the Company has deposited 10 percent of its share capital, amounting to SAR 125 million (December 31, 2017: SAR 125 million), in a bank designated by SAMA. The statutory deposit is maintained with the National Commercial Bank and can be withdrawn only with the consent of SAMA. | 10 |
| Disclosure of due to related parties [text block] | 13. RELATED PARTY TRANSACTIONS AND BALANCESRelated parties represent major shareholders, directors and key management personnel of the Company, and companies of which they are principal owners and any other entities controlled, jointly controlled or significantly influenced by them. Pricing policies and terms of these transactions are approved by the Company’s management and Board of Directors. The following are the details of the major related party transactions during the period and the related balances: Transactions for the period ended Balance receivable / (payable) as at March March March December 31, 2018 31, 2017 31, 2018 31, 2017 (Unaudited) (Unaudited) (Unaudited) (Audited) SAR’000Major shareholders Insurance premium written/ (reversed) 16,010 (101) 20,604 3,631 Associates Insurance premium written/ (reversed) 76 96 282 (40)Najm fees paid 7,278 5,376 3,334 (7,883)Waseel fees paid 1,896 2,508 - - United Insurance Co. fees and claims, net 2,741 4,281 283 3,393 Entities controlled, jointly controlled or significantly influenced by related parties Insurance premium written 41,692 68,760 48,840 152,009Rent expenses paid 30 - 569 (56)Amount of claims paid to hospitals 8,418 18,146 (2,149) 10,216 In accordance with the Company’s Articles of Association, the Board of Directors is entitled each year to remuneration of up to 10% of the remaining profit from Shareholders’ operations, as defined, based on a decision by the General Assembly.The compensation of key management personnel during the period is as follows: March 31, 2018 (Unaudited) March 31, 2017 (Unaudited) SAR’000Salaries and other allowances 2,270 2,671End of service indemnities 159 1,330 | 13 |
| Disclosure of zakat [text block] | 17. ZAKATStatus of assessmentsThe Company had filed Zakat returns with the General Authority of Zakat and Tax (“GAZT”) for the years from 2005 to 2016. In relation to 2005 and 2006, the final assessments had been finalized and the Company had filed an appeal against the assessments of GAZT which is raised to Board of Grievances. In relation to 2007 to 2013, GAZT had raised assessments and management had subsequently filed their response. Further, GAZT has yet to commence its review for the years 2014 to 2016. Based on advice from zakat consultant, appropriate provisions have been made and management believes that finalization of the abovementioned assessments is not expected to have a material impact on the financial information. | 17 |
| Disclosure of statutory reserve [text block] | 11. LEGAL RESERVEIn accordance with the Articles of Association of the Company and in compliance with Article 70(2)(g) of the Insurance Implementing Regulations issued by SAMA, the Company is required to allocate 20% of its net income for the year to the legal reserve until it equals the value of share capital. This transfer is only made at the year end. The legal reserve is not available for distribution to the shareholders until the liquidation of the Company. | 11 |
| Disclosure of technical reserve for insurance/takaful/reinsurance/retakaful operations [text block] | 7. UNEARNED PREMIUM AND GROSS OUTSTANDING CLAIMS AND RESERVES, NET(i) The movement in unearned premiums is as follows: March 31, 2018 December 31, 2017 (Unaudited) (Audited) Gross Due from reinsurers Net Gross Due from reinsurers Net SAR’000Balance as at the beginning of the period / year 4,405,244 (591,125) 3,814,119 4,390,229 (553,813) 3,836,416Premiums written during the period / year 2,095,712 (186,007) 1,909,705 8,406,669 (1,091,407) 7,315,262Premiums earned during the period / year (2,076,732) 276,002 (1,800,730) (8,391,654) 1,054,095 (7,337,559)Balance as at the end of the period / year 4,424,224 (501,130) 3,923,094 4,405,244 (591,125) 3,814,119(ii) Gross outstanding claims and reserves, net comprise of the following: March 31, December 31, 2018 2017 (Unaudited) (Audited) SAR’000Gross outstanding claims 2,204,930 2,483,435 Less: Realizable value of salvage and subrogation (103,768) (108,671) 2,101,162 2,374,764 Add: Incurred but not reported claims reserve 1,625,723 1,700,269 Add: Premium deficiency reserve 105,501 137,248 Gross outstanding claims and reserves 3,832,386 4,212,281 Less: Reinsurers’ share of gross outstanding claims (1,557,017) (1,375,277)Less: Reinsurers’ share of incurred but not reported claims (200,147) (391,207)Reinsurers’ share of outstanding claims and reserves (1,757,164) (1,766,484) Net outstanding claims and reserves 2,075,222 2,445,797There are several sources of uncertainty that need to be considered in the estimate of the liability that the Company will ultimately pay for such claims. The management and external actuary had made a detailed assessment of technical reserves and the various parameters in the valuation of technical liabilities. As at March 31, 2018, based on the recommendations of external actuary, management had recorded technical reserves (Gross outstanding claims and reserves) which amounted to SAR 3.83 billion (2017: SAR 4.2 billion). Significant portion of reserves relates to medical line of business on account of changes in the valuation assumptions considered by the external actuary which are a best-estimate of the expected ultimate claim trends as at March 31, 2018. | 7 |
| Disclosure of other income [text block] | 12. MANAFETH SHARED AGREEMENTOn January 13, 2015 together with 25 related insurance companies, the Company signed the Manafeth shared agreement relating to third party liability motor insurance which is effective from 1 January 2015. The agreement relates to motor insurance for vehicles entering the Kingdom of Saudi Arabia. The agreement has subsequently been renewed for a year from January 1, 2018 to December 31, 2018 with 26 related insurance companies.The main terms of the above mentioned agreement are as follows:- The Company obtains 15% management fee of the net result of the Manafeth portfolio;- The Company obtains 4.25% of Manafeth’s gross premiums written to cover the related indirect expenses; and- The net result of the Manafeth portfolio after deducting the two above mentioned items is due to be shared equally by the Company and its related insurers. | 12 |
| Disclosure of earnings per share [text block] | 16. EARNINGS PER SHAREBasic and diluted earnings per share have been calculated by dividing the income attributed to shareholders’ by 125 million shares. | 16 |
| Disclosure of entity's operating segments [text block] | 15. OPERATING SEGMENTSConsistent with the Company’s internal reporting process; operating segments have been approved by management in respect of the Company’s activities, assets and liabilities. Information disclosed in the note is based on current reporting to the chief operating decision maker. Segment assets do not include insurance operations’ property and equipment, prepayments and other assets, receivables, net and cash and cash equivalents. Accordingly, they are included in unallocated assets. Segment liabilities do not include reserve for discontinued operations, surplus distribution payable, due to shareholders operations, reinsurance balances payable, claims payable, accrued expenses and other liabilities and fair value reserve for available-for-sale investments. Accordingly, they are included in unallocated liabilities.These unallocated assets and liabilities (including the related charges for provision for doubtful debts on premiums receivable and depreciation on the property and equipments) are not reported to chief operating decision maker under related segments and are monitored on a centralized basis. 15. OPERATING SEGMENTS (continued) For the three months period ended March 31, 2018 (Unaudited)Operating Segments Medical Motor Manafeth Property & casualty Total - Insurance operations Total Shareholders’ operations Total SAR’000REVENUES Gross premiums written 1,665,535 198,889 37,810 193,478 2,095,712 2,095,712 Reinsurance ceded (8,103) - - (177,904) (186,007) (186,007)Fees income from takaful 1,233 - - - 1,233 1,233 Excess of loss premiums - (4,772) (579) (2,347) (7,698) (7,698)Net premiums written 1,658,665 194,117 37,231 13,227 1,903,240 1,903,240 Changes in unearned premiums (233,144) 116,181 2,289 5,699 (108,975) (108,975)Net premiums earned 1,425,521 310,298 39,520 18,926 1,794,265 1,794,265 Reinsurance commissions 668 - - 24,775 25,443 25,443 Other underwriting income - 3,901 - - 3,901 3,901 TOTAL REVENUES 1,426,189 314,199 39,520 43,701 1,823,609 1,823,609 UNDERWRITING COSTS AND EXPENSES Gross claims paid and related expenses 1,748,510 219,742 8,569 234,658 2,211,479 2,211,479 Reinsurers’ share of claims paid (30,879) (3,873) - (225,481) (260,233) (260,233)Net claims paid 1,717,631 215,869 8,569 9,177 1,951,246 1,951,246 Changes in outstanding claims, net (461,269) 1,368 1,991 2,568 (455,342) (455,342)Changes in incurred but not reported claims reserve, net 133,102 73 (9,364) (7,297) 116,514 116,514 Changes in premium deficiency reserves (36,594) - - 4,847 (31,747) (31,747)Net claims and other benefits incurred 1,352,870 217,310 1,196 9,295 1,580,671 1,580,671 Changes in reserve for takaful activities (748) - - - (748) (748)Policy acquisition costs 46,978 31,974 8,516 12,861 100,329 100,329 Other underwriting expenses 29,138 2,795 4,090 6,389 42,412 42,412 Manafeth Insurance share - - 21,288 - 21,288 21,288 TOTAL UNDERWRITING COSTS AND EXPENSES 1,428,238 252,079 35,090 28,545 1,743,952 1,743,952 NET UNDERWRITING (LOSS)/ INCOME (2,049) 62,120 4,430 15,156 79,657 79,657 General and administrative expenses (91,888) (1,381) (93,269)Allowance for/ (Reversal of) doubtful debts (7,500) - (7,500)Dividend and realized gain on investments, net 39,636 15,591 55,227 Share of profit from investments in associates, net - 5,897 5,897 Other income 4,341 - 4,341 NET INCOME FOR THE PERIOD 24,246 20,107 44,353 15. OPERATING SEGMENTS (continued) For the three months period ended March 31, 2017 (Unaudited)Operating Segments Medical Motor Manafeth Property & casualty Total - Insurance operations Total - Shareholders’ operations Total SAR’000REVENUES Gross premiums written 1,448,760 354,854 59,559 165,207 2,028,380 2,028,380Reinsurance ceded (7,443) - - (135,913) (143,356) (143,356)Fees income from takaful 1,827 - - - 1,827 1,827Excess of loss premiums - (7,151) (669) (4,640) (12,460) (12,460)Net premiums written 1,443,144 347,703 58,890 24,654 1,874,391 1,874,391Changes in unearned premiums (135,337) 8,216 332 1,921 (124,868) (124,868)Net premiums earned 1,307,807 355,919 59,222 26,575 1,749,523 1,749,523Reinsurance commissions 381 2 - 24,861 25,244 25,244Other underwriting income 7 5,365 - - 5,372 5,372TOTAL REVENUES 1,308,195 361,286 59,222 51,436 1,780,139 1,780,139 UNDERWRITING COSTS AND EXPENSES Gross claims paid and related expenses 1,114,059 289,438 10,324 22,547 1,436,368 1,436,368Reinsurers’ share of claims paid (14,976) (3,870) (608) (13,555) (33,009) (33,009)Net claims paid 1,099,083 285,568 9,716 8,992 1,403,359 1,403,359Changes in outstanding claims, net 3,048 (28,099) 258 4,178 (20,615) (20,615)Changes in incurred but not reported claims reserve, net 18,400 8,601 - 3,011 30,012 30,012Net claims and other benefits incurred 1,120,531 266,070 9,974 16,181 1,412,756 1,412,756Changes in reserve for takaful activities 69 - - - 69 69Policy acquisition costs 54,375 31,393 8,702 10,590 105,060 105,060 Other underwriting expenses 25,246 3,600 5,663 4,199 38,708 38,708 Manafeth Insurance share - - 29,234 - 29,234 29,234 TOTAL UNDERWRITING COSTS AND EXPENSES 1,200,221 301,063 53,573 30,970 1,585,827 1,585,827 NET UNDERWRITING INCOME 107,974 60,223 5,649 20,466 194,312 194,312General and administrative expenses (102,182) (1,483) (103,665)Reversal of doubtful debts 6,020 - 6,020Dividend and realized gain on investments, net 35,366 34,035 69,401Share of profit from investments in associates, net - 2,050 2,050Other income 6,143 - 6,143NET INCOME FOR THE PERIOD 139,659 34,602 174,26115. OPERATING SEGMENTS (continued) As at March 31, 2018 (Unaudited)Operating Segments Medical Motor Manafeth Property & casualty Total - Insurance operations Total - Shareholders’ operations Total SAR’000Assets Reinsurer’s share of unearned premiums 41,145 6 - 459,979 501,130 501,130 Reinsurer’s share of incurred but not reported claims 34,707 - - 165,440 200,147 200,147 Reinsurer’s share of outstanding claims 23,990 16,472 - 1,516,555 1,557,017 1,557,017 Deferred excess of loss premiums 1,180 1,758 - 2,349 5,287 5,287 Deferred policy acquisition costs 95,262 34,807 1,339 20,031 151,439 151,439 Investments (including investment property) 3,146,561 2,760,100 5,906,661 Receivables, net 2,620,600 - 2,620,600 Cash and cash equivalents 598,308 299,839 898,147 Unallocated assets 533,980 136,929 670,909 Total assets 196,284 53,043 1,339 2,164,354 9,314,469 3,196,868 12,511,337 Liabilities Gross unearned premiums 3,295,990 557,830 24,693 545,711 4,424,224 4,424,224 Gross outstanding claims 294,798 140,238 7,799 1,658,327 2,101,162 2,101,162 Incurred but not reported claims reserve 1,199,091 219,029 14,104 193,499 1,625,723 1,625,723 Premium deficiency reserve 100,654 - - 4,847 105,501 105,501 Unearned commission income 4,848 1 - 37,171 42,020 42,020 Reserve for takaful activities 9,828 - - - 9,828 9,828 Reinsurers’ balances payable 176,226 176,226 Unallocated liabilities and accumulated surplus 1,480,961 261,288 1,742,249 Total liabilities and surplus 4,905,209 917,098 46,596 2,439,555 9,965,645 261,288 10,226,933 15. OPERATING SEGMENTS (continued) As at December 31, 2017 (Audited)Operating Segments Medical Motor Manafeth Property & casualty Total - Insurance operations Total - Shareholders’ operations Total SAR’000Assets Reinsurer’s share of unearned premiums 62,909 6 - 528,210 591,125 591,125 Reinsurer’s share of incurred but not reported claims 28,142 14,987 1,141 346,937 391,207 391,207 Reinsurer’s share of outstanding claims 25,547 19,753 - 1,329,977 1,375,277 1,375,277 Deferred excess of loss premiums 2,360 6,595 - 4,698 13,653 13,653 Deferred policy acquisition costs 99,636 47,306 1,822 22,026 170,790 170,790 Investments (including investment property) 2,977,312 2,653,226 5,630,538 Receivables, net 2,257,678 2,257,678 Cash and cash equivalents 1,115,144 282,059 1,397,203 Unallocated assets 545,702 297,136 842,838 Total assets 218,594 88,647 2,963 2,231,848 9,437,888 3,232,421 12,670,309 Liabilities Gross unearned premiums 3,084,610 674,011 26,982 619,641 4,405,244 4,405,244 Gross outstanding claims 757,624 142,151 5,808 1,469,181 2,374,764 2,374,764 Incurred but not reported claims reserve 1,059,424 233,943 24,609 382,293 1,700,269 1,700,269 Premium deficiency reserve 137,248 - - - 137,248 137,248 Unearned commission income 5,346 1 - 48,314 53,661 53,661 Reserve for takaful activities 10,576 - - - 10,576 10,576 Reinsurers’ balances payable 207,922 207,922 Unallocated liabilities and surplus 1,322,131 245,729 1,567,860 Total liabilities and surplus 5,054,828 1,050,106 57,399 2,519,429 10,211,815 245,729 10,457,544 | 15 |
| Disclosure of capital management [text block] | 8. SHARE CAPITALThe authorized, issued and paid up capital of the Company was SAR 1.25 billion at March 31, 2018 (December 31, 2017: SAR 1.25 billion) consisting of 125 million shares (December 31, 2017: 125 million shares) of SAR 10 each. Shareholding structure of the Company is as below. The shareholders of the Company are subject to zakat. March 31, 2018 Authorized and issued Paid up No. of Shares SAR’000Held by the public 66,713,009 667,130 667,130Public Pension Agency 29,737,685 297,377 297,377General Organization for Social Insurance 28,549,306 285,493 285,493 125,000,000 1,250,000 1,250,000 December 31, 2017 Authorized and issued Paid up No. of Shares SAR’000Held by the public 66,713,009 667,130 667,130Public Pension Agency 29,737,685 297,377 297,377General Organization for Social Insurance 28,549,306 285,493 285,493 125,000,000 1,250,000 1,250,000 | 8 |
| Disclosure of commitments and contingencies, general [text block] | 9. CONTINGENT LIABILITIESAs at March 31, 2018, the Company was contingently liable for letters of credit and guarantees, issued on its behalf by the banks, amounting to SAR 199 million (December 31, 2017: SAR 189 million) occurring in the normal course of business.The Company, in common with significant majority of insurers, is subject to litigation in the normal course of its business. Appropriate provisions have been made in relation to pending cases and management believes that finalization of these court cases is not expected to have a material impact on the financial information. | 9 |
| Disclosure of fair value of financial assets and liabilities [text block] | 14. FAIR VALUES OF FINANCIAL INSTRUMENTSFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or the most advantageous) market between market participants at the measurement date under current market conditions regardless of whether that price is directly observable or estimated using another valuation technique. The fair values of recognised financial instruments are not significantly different from the carrying values included in the financial information. The estimated fair values of financial instruments are based on quoted market prices, when available. Determination of fair value and fair value hierarchyThe Company uses the following hierarchy for determining and disclosing the fair value of financial instruments: - Level 1: quoted market price: financial instruments with quoted unadjusted prices for identical instruments in active markets. - Level 2: quoted prices in active markets for similar assets and liabilities or other valuation techniques for which all significant inputs are based on observable market data.- Level 3: valuation techniques for which any significant input is not based on observable market data. The valuation of each publicly traded investment is based upon the closing market price of that stock as of the valuation date, less a discount if the security is restricted. Fair values of private equity investments and mutual funds classified in Level 3 are determined based on the investees’ latest reported net assets values as at the date of statement of financial position taking into account the fair value of underlying investments by the fund. The fair value of underlying investments are taken by the fund manager from reliable and third party sources including Reuters, Bloomberg. As at March 31, 2018 the Company has invested an amount of SAR 5.1 billion (classified as available for sale investments) in MENA Islamic Fund SPC registered in the Cayman Islands (refer Note 4). These investments are classified under level 3, valued based on latest reported net assets values. Fair values of other investments (including sukuks) classified in Level 3 are determined based on discounted cash flows, which incorporate assumptions regarding an appropriate credit spread. There were no transfers in between levels during the period ended March 31, 2018.The fair values of bank balances, cash and other financial assets in statement of financial position which are carried at amortized cost, are not significantly different from the carrying values included in the financial statements due to the short term nature of balances. The table below presents the available-for-sale investments based on the fair value hierarchy: SAR’000March 31, 2018 (Unaudited) Level 1 Level 2 Level 3 TotalAvailable-for- sale investments Insurance operations Mutual funds 28,091 - 2,819,202 2,847,293Sukuks - - 281,860 281,860 28,091 - 3,101,062 3,129,153 Shareholders’ operations Mutual funds 26,678 - 2,553,087 2,579,765Sukuks - - 100,000 100,000 26,678 2,653,087 2,679,765 Total 54,769 - 5,754,149 5,808,918December 31, 2017 (Audited) Available-for-sale investments Insurance operations Mutual funds 25,961 - 2,637,325 2,663,286Equity shares 15,284 - - 15,284Sukuks - - 281,860 281,860 41,245 - 2,919,185 2,960,430 Shareholders’ operations Mutual funds 39,340 - 2,425,439 2,464,779Sukuks - - 100,000 100,000 39,340 - 2,525,439 2,564,779 Total 80,585 - 5,444,624 5,525,20914. FAIR VALUES OF FINANCIAL INSTRUMENTS (continued)Reconciliation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy: SAR’000 Total gain or loss recognized in March 31, 2018 (Unaudited) Balance January 1 Purchases Sales Statement of income Other comprehensive income Balance March 31Insurance operations Mutual funds 2,637,325 250,442 (49,914) 113 (18,764) 2,819,202 Sukuks 281,860 - - - - 281,860 2,919,185 250,442 (49,914) 113 (18,764) 3,101,062 Shareholders’ operations Mutual funds 2,425,439 271,256 (189,289) 3,516 42,165 2,553,087 Sukuks 100,000 - - - - 100,000 2,525,439 271,256 (189,289) 3,516 42,165 2,653,087 Total 5,444,624 521,698 (239,203) 3,629 23,401 5,754,149 SAR’000 Total gain or loss recognized in December 31, 2017 (Audited) Balance January 1 Purchases Sales Statement of income Other comprehensive income Balance December 31Insurance operations Mutual funds 2,448,388 1,546,680 (1,433,630) 162,860 (86,973) 2,637,325 Sukuks 304,570 - (22,710) - - 281,860 2,752,958 1,546,680 (1,456,340) 162,860 (86,973) 2,919,185Shareholders’ operations Mutual funds 890,076 3,823,681 (2,347,066) 81,053 (22,305) 2,425,898Sukuks 100,000 - - - - 100,000 990,076 3,823,681 (2,347,066) 81,053 (22,305) 2,525,439 Total 3,743,034 5,370,361 (3,803,406) 243,913 (109,226) 5,444,624 | 14 |
| Disclosure of comparative figures [text block] | 19. RECLASSIFICATION OF COMPARATIVE FIGURES Certain of the prior period amounts have been reclassified to conform with the presentation in the current period. These changes were made for better presentation of balances and transactions in the interim condensed financial information of the Company. | 19 |
| Disclosure of board of director's approval of the financial statements [text block] | 20. APPROVAL OF THE INTERIM CONDENSED FINANCIAL INFORMATIONThe interim condensed financial information have been approved by the Audit Committee on behalf of the Board of Directors, on Sha’ban 08, 1439H, corresponding to April 24, 2018. | 20 |
| Disclosure of other notes relevant to understanding of financial statements [text block] | 18. SUPPLEMENTARY INFORMATIONi) Interim condensed statement of financial position As at March 31, 2018 As at December 31, 2017 (Unaudited) (Audited) Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total SAR’000ASSETS Statutory deposit - 125,000 125,000 - 125,000 125,000Accrued income on statutory deposit - 2,062 2,062 - 1,997 1,997Property and equipment, net 273,470 - 273,470 279,051 - 279,051Intangible assets 5,496 - 5,496 7,653 - 7,653Investment property 9,861 - 9,861 9,861 - 9,861Investments in associates 7,547 80,335 87,882 7,021 88,447 95,468Available for sale investments 3,129,153 2,679,765 5,808,918 2,960,430 2,564,779 5,525,209Murabaha deposits - - - - 82,035 82,035Due from/ to Shareholder’s operations 651,176 (651,176) - 773,927 (773,927) -Prepaid expenses and other assets 215,639 492 216,131 187,259 1,750 189,009Deferred excess of loss premiums 5,287 - 5,287 13,653 - 13,653Deferred policy acquisition costs 151,439 - 151,439 170,790 - 170,790Reinsurers’ share of gross outstanding claims 1,557,017 - 1,557,017 1,375,277 - 1,375,277Reinsurers’ share of incurred but not reported claims 200,147 - 200,147 391,207 - 391,207Reinsurers’ share of unearned premiums 501,130 - 501,130 591,125 - 591,125Receivables, net 2,620,600 - 2,620,600 2,257,678 - 2,257,678Accrued investment income 39,375 9,375 48,750 71,739 86,354 158,093Cash and cash equivalents 598,308 299,839 898,147 1,115,144 282,059 1,397,203TOTAL ASSETS 9,965,645 2,545,692 12,511,337 10,211,815 2,458,494 12,670,309 18. SUPPLEMENTARY INFORMATION (continued)i) Interim condensed statement of financial position (continued) As at March 31, 2018 As at December 31, 2017 (Unaudited) (Audited) Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total SAR’000LIABILITIES Reserve for discontinued operations 1,621 - 1,621 1,621 - 1,621End-of-service indemnities 119,849 - 119,849 119,242 - 119,242Return payable on statutory deposit - 2,062 2,062 - 1,997 1,997Claims payable, accrued expenses and other liabilities 1,456,833 5,067 1,461,900 1,287,652 4,000 1,291,652Reserve for takaful activities 9,828 - 9,828 10,576 - 10,576Gross outstanding claims 2,101,162 - 2,101,162 2,374,764 - 2,374,764Incurred but not reported claims reserve 1,625,723 - 1,625,723 1,700,269 - 1,700,269Premium deficiency reserve 105,501 - 105,501 137,248 - 137,248Unearned commission income 42,020 - 42,020 53,661 - 53,661Gross unearned premiums 4,424,224 - 4,424,224 4,405,244 - 4,405,244Reinsurers’ balances payable 176,226 - 176,226 207,922 - 207,922Dividends payable - 6,414 6,414 - 6,414 6,414Zakat - 247,745 247,745 - 233,318 233,318TOTAL LIABILITIES 10,062,987 261,288 10,324,275 10,298,199 245,729 10,543,928 ACCUMLATED SURPLUS – INSURANCE OPERATIONS Accumulated surplus 2,425 - 2,425 - - -Fair value reserve for available for sale investments (93,888) - (93,888) (80,505) - (80,505)Remeasurements of defined benefit obligation (5,879) - (5,879) (5,879) - (5,879)TOTAL ACCUMLATED SURPLUS (97,342) - (97,342) (86,384) - (86,384)TOTAL LIABILITIES AND ACCUMLATED SURPLUS 9,965,645 261,288 10,226,933 10,211,815 245,729 10,457,544 SHAREHOLDERS’ EQUITY Share capital - 1,250,000 1,250,000 - 1,250,000 1,250,000Legal reserve - 1,000,000 1,000,000 - 1,000,000 1,000,000Fair value reserve for investments - (41,177) (41,177) - (85,739) (85,739)Retained earnings - 75,581 75,581 - 48,504 48,504TOTAL SHAREHOLDERS’ EQUITY - 2,284,404 2,284,404 - 2,212,765 2,212,765 TOTAL LIABILITIES, INSURANCE OPERATIONS' SURPLUS AND SHAREHOLDERS’ EQUITY 9,965,645 2,545,692 12,511,337 10,211,815 2,458,494 12,670,30918. SUPPLEMENTARY INFORMATION (continued)ii) Interim condensed statement of income For the three months period ended March 31, 2018 For the three months period ended March 31, 2017 (Unaudited) (Unaudited) Insurance operations Share-holders’ operations Total Insurance operations Share-holders’ operations Total SAR’000REVENUES Gross premiums written 2,095,712 2,095,712 2,028,380 2,028,380Reinsurance premium ceded (186,007) (186,007) (143,356) (143,356)Fees income from takaful 1,233 1,233 1,827 1,827Excess of loss premiums (7,698) (7,698) (12,460) (12,460) Net premiums written 1,903,240 1,903,240 1,874,391 1,874,391Changes in unearned premiums, net (108,975) (108,975) (124,868) (124,868) Net premiums earned 1,794,265 1,794,265 1,749,523 1,749,523Reinsurance commissions 25,443 25,443 25,244 25,244Other underwriting income 3,901 3,901 5,372 5,372 Total revenues 1,823,609 1,823,609 1,780,139 1,780,139 COST AND EXPENSES Gross claims paid 2,205,721 2,205,721 1,431,954 1,431,954Expenses incurred related to claims 5,758 5,758 4,414 4,414Reinsurance share of claims paid (260,233) (260,233) (33,009) (33,009) Net claims and other benefits paid 1,951,246 1,951,246 1,403,359 1,403,359Changes in outstanding claims, net (455,342) (455,342) (20,615) (20,615)Changes in incurred but not reported claims, net 116,514 116,514 30,012 30,012Changes in premium deficiency reserves (31,747) (31,747) - - Net claims and other benefits incurred 1,580,671 1,580,671 1,412,756 1,412,756Changes in reserves for takaful activities (748) (748) 69 69Policy acquisition costs 100,329 100,329 105,060 105,060Other underwriting expenses 42,412 42,412 38,708 38,708Manafeth Insurers share 21,288 21,288 29,234 29,234Total underwriting costs and expenses 1,743,952 1,743,952 1,585,827 1,585,827 Net underwriting income 79,657 79,657 194,312 194,312 General and administrative expenses (91,888) (1,381) (93,269) (102,182) (1,483) (103,665)(Allowance for)/ reversal of doubtful debts (7,500) - (7,500) 6,020 - 6,020Dividend and realized gain on investments, net 39,636 15,591 55,227 35,366 34,035 69,401 Share of profit from investments in associates, net - 5,897 5,897 - 2,050 2,050 Other income, net 4,341 - 4,341 6,143 - 6,143Net income for the period before appropriation 24,246 20,107 44,353 139,659 34,602 174,261 (Shareholders’ appropriation of surplus) / Surplus transferred to Shareholders’ (21,821) 21,821 - (125,693) 125,693 - Net income for the period after Shareholders’ appropriations 2,425 41,928 44,353 13,966 160,295 174,261 18. SUPPLEMENTARY INFORMATION (continued)iii) Interim condensed statement of comprehensive income For the three months period ended March 31, 2018 For the three months period ended March 31, 2017 (Unaudited) (Unaudited) Insurance operations Share-holders’ operations Total Insurance operations Share-holders’ operations Total SAR’000Net income for the period 2,425 41,928 44,353 13,966 160,295 174,261 Other comprehensive income: To be recycled back to interim statement of income in subsequent periods: Available for sale investments - Net change in fair value (16,256) 47,176 30,920 (7,055) 103,232 96,177- Net amounts recycled to interim statement of income 2,873 (3,516) (643) (41,501) (29,585) (71,086)Share of other comprehensive income of investments in associates - 902 902 - - -Total comprehensive (loss ) / income for the period (10,958) 86,490 75,532 (34,590) 233,942 199,352 18. SUPPLEMENTARY INFORMATION (continued)iv) Interim condensed statement of cash flows For the three months period ended March 31, 2018 For the three months period ended March 31, 2017 (Unaudited) (Unaudited) Insurance operations Share-holders’ operations Total Insurance operations Share-holders’ operations Total SAR’000Operating activities: Net income for the period 2,425 41,928 44,353 13,966 160,295 174,261Adjustments for non-cash items: - Depreciation 5,581 - 5,581 5,795 - 5,795Amortization of intangible assets 2,157 - 2,157 - - -Allowance for/(Reversal of) doubtful debts 7,500 - 7,500 (6,020) - (6,020)Gain/ (loss) on sale of available-for-sale investments 2,873 (3,516) (643) (41,501) (29,585) (71,086)Share of profit from investments in associates, net (526) (5,897) (6,423) 6,638 (2,050) 4,588Provision for end-of-service indemnities 2,223 - 2,223 4,762 - 4,762 22,233 32,515 54,748 (16,360) 128,660 112,300 Changes in operating assets and liabilities: Prepaid expenses and others assets (28,380) 1,258 (27,122) 156,066 - 156,066Deferred excess of loss premiums 8,366 - 8,366 8,944 - 8,944Deferred policy acquisition costs 19,351 - 19,351 (5,339) - (5,339)Reinsurers’ share of outstanding claims (181,740) - (181,740) (197,877) - (197,877)Reinsurers’ share of claims incurred but not reported 191,060 - 191,060 40,485 - 40,485Reinsurers’ share of unearned premiums 89,995 - 89,995 88,400 - 88,400Receivables, net (370,422) - (370,422) 199,457 - 199,457Reinsurers’ balances payable (31,696) - (31,696) 4,001 - 4,001Gross unearned premiums 18,980 - 18,980 36,468 - 36,468Unearned commission income (11,641) - (11,641) (2,509) - (2,509)Gross outstanding claims and reserves (273,602) - (273,602) 96,292 - 96,292Claims incurred but not reported reserves (74,546) - (74,546) 70,497 - 70,497Premium deficiency reserve (31,747) - (31,747) - - -Reserve for takaful activities (748) - (748) 69 - 69Accrued expenses and other liabilities 169,181 1,067 170,248 (371,829) 1,484 (370,345) (485,356) 34,840 (450,516) 106,765 130,144 236,909End-of-service indemnities paid (1,616) - (1,616) (1,410) - (1,410)Net cash (used in)/ from operating activities (486,972) 34,840 (452,132) 105,355 130,144 235,499 Investing activities: Statutory deposit - - - - (25,000) (25,000)Proceeds from sale of available-for-sale investments 68,719 189,289 258,008 134,942 1,003,765 1,138,707Proceeds from Murabaha deposits - 82,035 82,035 - - -Purchase of available-for-sale investments (253,698) (257,099) (510,797) (741,826) (1,241,468) (1,983,294)Accrued investment income 32,364 76,979 109,343 - - -Dividends received from investments in associates - 14,911 14,911 - 11,285 11,285Purchase of property and equipment - - - (913) - (913)Net cash (used in) / from investing activities (152,615) 106,115 (46,500) (607,797) (251,418) (859,215) 18. SUPPLEMENTARY INFORMATION (continued)iv) Interim condensed statement of cash flows (continued) For the three months period ended March 31, 2018 For the three months period ended March 31, 2017 (Unaudited) (Unaudited) Insurance operations Share-holders’ operations Total Insurance operations Share-holders’ operations Total SAR’000Financing activities: Dividends paid - - - - (498,275) (498,275)Zakat paid during the period - (424) (424) - (728) (728)Due to shareholders 122,751 (122,751) - 181,652 (181,652) -Net cash from/ (used in) financing activities 122,751 (123,175) (424) 181,652 (680,655) (499,003) Net change in cash and cash equivalents (516,836) 17,780 (499,056) (320,790) (801,929) (1,122,719)Cash and cash equivalents, beginning of the period 1,115,144 282,059 1,397,203 1,379,402 1,021,747 2,401,149Cash and cash equivalents, end of the period 598,308 299,839 898,147 1,058,612 219,818 1,278,430Non-cash supplemental information: Changes in fair value for investments (13,383) 44,562 31,179 (48,556) 73,647 25,091 | 18 |
