	English [member]
Start Date	2019-01-01	2018-01-01
End Date	2019-12-31	2018-12-31
Filing information [line items]
Disclosure of entity information [abstract]
Name of reporting entity	The Company for Cooperative Insurance
Company symbol code\| ISIN code	8010 \| SA000A0DPSH3
Sector\| Industry group	Financials \| Insurance
Disclosure of document information [abstract]
Whether entity wants to report opening statement of financial position	No
Period covered by financial statements	Annual
Reporting period start date	2019-01-01	2018-01-01
Reporting period end date	2019-12-31	2018-12-31
Description of nature of financial statements	Consolidated
Status of financial statements	Audited
Description of presentation currency	Saudi Arabia, Riyals
Level of rounding used in financial statements	Thousands

	Primary auditor [member]	Second primary auditor [member]
	English [member]	English [member]
Start Date	2019-01-01	2019-01-01
End Date	2019-12-31	2019-12-31
Auditors information [line items]
Details of auditors signing report [abstract]
Name of auditor signing report	Omar M. Al Sagga	Gihad M. Al-Amri
Registration number of auditor	369	362
Details of audit firm [abstract]
Name of audit firm	PricewaterhouseCpppers	Dr. Mohamed Al-Amri & Co. Public Accountants & Cosultants
Registration number of audit firm	25	1010433982
Contact number of audit firm	+966 11 211400	+966 11 2782883
Address of audit firm	P.O. Box 8282, Riyadh 11482 Kingdom of Saudi Arabia	P. O. Box 8736, Riyadh 11491 Kingdom of Saudi Arabia

	English [member]
Start Date	2019-01-01
End Date	2019-12-31
Auditors report [line items]
Contents of auditors report [abstract]
Nature of auditors opinion	Unmodified opinion
Auditors opinion	We have audited the financial statements of The Company for Cooperative Insurance (the “Company”), which comprise the statement of financial position as at 31 December 2019, the statements of income, comprehensive income, changes inequity and cash flows for the year then ended, and notes, comprising of significant accounting policies and other explanatory information. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2019, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”) as endorsed in the Kingdom of Saudi Arabia and other standards and other pronouncements issued by Saudi Organization for Certified Public Accountants (“SOCPA”) (collectively referred to as “IFRS as endorsed in KSA”).
Basis of opinion	We conducted our audit in accordance with International Standards on Auditing (“ISAs”) that are endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the professional code of conduct and ethics, that are endorsed in the Kingdom of Saudi Arabia, that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters	Key audit matters are those matters that, in our professional judgement, were of the most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each key audit matter, a description of how our audit addressed the matter is set out below:Key audit matters How the matter was addressed in our audit Valuation of ultimate claim liabilities arising from insurance contracts As at 31 December 2019, gross outstanding claims and reserves including claims incurred but not reported (IBNR) amounted to Saudi Riyals 5.6 billion as reported in Note 10 to the financial statements.The estimation of insurance contract liabilities involves a significant degree of judgement. The liabilities are based on the best-estimate of the ultimate cost of all claims incurred but not settled at the reporting date, whether reported or not, together with the related claims handling costs. The Company principally uses an external actuary (“management’s expert”) to provide them with the estimate of such liabilities. A range of methods were used to determine these provisions which were based on a number of explicit or implicit assumptions relating to the expected settlement amount and settlement patterns of claims.We considered this as a key audit matter as the valuation of insurance contract liabilities require the use of significant judgement and estimates. Refer to notes 2 and 3 to the financial statements which explain the valuation methodology used by the Company and critical judgments and estimates. :We performed the following procedures Understood, evaluated and tested key controls around the claims handling and provision setting processes. Evaluated the competence, capabilities and objectivity of the management’s expert based on their professional qualifications and experience and assessed their independence. Performed substantive tests on the amounts recorded for a sample of claims notified and paid; including comparing the outstanding claims amount to appropriate source documentation to evaluate the valuation of outstanding claim reserves. Obtained sufficient audit evidence to assess the integrity of data used as inputs into the actuarial valuations, and tested on sample basis, the accuracy of underlying claims data utilised by the management’s expert in estimating the IBNR by comparing it to the accounting and other records. Challenged management’s methods and assumptions, through assistance of our internal actuarial expert to understand and evaluate the Company’s actuarial practices and provisions established and gained comfort over the actuarial report issued by management’s expert, by performing the following:(i) Evaluated whether the Company’s actuarial methodologies were consistent with generally accepted actuarial practices and with prior years. We sought sufficient justification for any significant differences;(ii) Assessed key actuarial assumptions including claims ratios and expected frequency and severity of claims. We challenged these assumptions by comparing them with our expectations based on the Company’s historical experience, current trends and our own industry knowledge; and (iii) Reviewed the appropriateness of the calculation methods and approach along with the assumptions used and sensitivity analysis performed. Assessed the adequacy and appropriateness of the related disclosures in the financial statements.
Other matters	The Board of Directors of the Company (the Directors) are responsible for the other information. The other information consists of the information included in the Company’s 2019 annual report, other than the financial statements and our auditors’ report thereon. The annual report is expected to be made available to us after the date of this auditors’ report. Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.
Responsibilities of management and those charged with governance for financial statements	The Directors are responsible for the preparation and fair presentation of the financial statements in accordance with the IFRS as endorsed in the Kingdom of Saudi Arabia, the applicable requirements of the Regulations for Companies and the Company’s By-laws, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditors responsibilities for audit of financial statements	Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs as endorsed in the Kingdom of Saudi Arabia will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with ISAs as endorsed in the Kingdom of Saudi Arabia, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control; Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors; Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern; and Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements	Based on the information that has been made available to us, nothing has come to our attention that causes us to believe that the Company is not in Compliance, in all material respects, with the applicable requirements of the Regulations for Companies and the Company’s By-laws in so far as they affect the preparation and presentation of the financial statements.
Date of signing audit report by auditor	2020-03-11

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-12-31	2018-12-31
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	260,119	266,233	4
Investment properties, insurance/ takaful operations assets	9,861	9,861
Investments in joint ventures and associates, insurance/ takaful operations assets	10,358	7,921	6
Deferred policy acquisition costs	120,845	130,651	10
Reinsurers/ retakaful share of unearned premiums/ contributions	715,959	544,839	10
Prepayments and other assets, insurance/ takaful operations assets	243,912	261,088	9
Due from shareholders operations	758,558	1,066,659	36
Premiums/ insurance receivables/takaful contributions receivable, net	1,495,894	1,517,987	12
Reinsurers/ retakaful share of outstanding claims/ benefits, net	3,428,170	2,917,646	10
Time (Murabaha) deposits, insurance/ takaful operations assets	1,577,912	1,387,500	8
Deferred excess of loss premiums	7,714	8,775
Available-for-sale investments, insurance/ takaful operations assets	1,511,524	1,234,907	7
Cash and cash equivalents, insurance/ takaful operations assets	1,297,401	1,117,258	14
Other assets, insurance/ takaful operations assets	8,162	3,633
Total insurance/ takaful operations assets	11,446,389	10,474,958
Shareholders assets [abstract]
Investments in joint ventures and associates, shareholders assets	91,162	87,195	6
Statutory deposit	125,000	125,000	13
Time (Murabaha) deposits, shareholders assets	1,961,464	851,625	8
Accrued investment income	2,142	0	26
Available-for-sale investments, shareholders assets	1,235,224	1,670,223	7
Due from insurance/ takaful operations assets	-758,558	-1,066,659	36
Cash and cash equivalents, shareholders assets	9,149	482,982	14
Other assets, shareholders assets	2,513	2,254
Total shareholders assets	2,668,096	2,152,620
Total assets	14,114,485	12,627,578
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	3,826,119	3,820,293	10
Unearned commission income	43,323	39,299	10
Employees end of service benefits, insurance/ takaful operations liabilities	129,480	133,276	17
Surplus distribution payable	34,283	0	15
Reserve for insurance/ takaful operations	5,006	8,690
Reinsurers/ retakaful balance payable	523,820	94,720
Gross outstanding claims/ benefits including IBNR payable	5,613,305	4,962,611
Accrued expenses payable, insurance/ takaful operations liabilities	1,170,822	1,506,901	16
Total insurance/ takaful operations liabilities	11,346,158	10,565,790
Insurance/ takaful operations surplus (deficit) [abstract]
Fair value reserves on investments	114,771	-78,606	6.7
Other insurance/ takaful operations surplus (deficit)	-14,540	-12,226	17
Total insurance/ takaful operations surplus (deficit)	100,231	-90,832
Total insurance/ takaful operations liabilities and surplus (deficit)	11,446,389	10,474,958
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	255,554	237,080	19
Dividend payable	6,411	6,411
Accrued expenses payable, shareholders liabilities	4,160	7,822	16
Other liabilities, shareholders liabilities	2,513	2,254
Total shareholders liabilities	268,638	253,567
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	1,250,000	1,250,000	20
Statutory reserve	1,065,517	1,000,000	21
Fair value reserve on investments, shareholders equity	52,701	-120,118	6.7
Retained earnings (accumulated losses)	31,240	-230,829
Total equity attributable to owners of parent	2,399,458	1,899,053
Total equity attributable to equity holders of company	2,399,458	1,899,053
Total shareholders liabilities and equity	2,668,096	2,152,620
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	14,114,485	12,627,578

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-12-31	2018-12-31
Statement of insurance/ takaful operations [abstract]
Statement of insurance/ takaful operations and accumulated surplus (deficit) [abstract]
Income from insurance/ takaful operations [abstract]
Net premiums/ contributions earned [abstract]
Net premiums/ contributions written [abstract]
Gross premiums/ contributions written	8,375,860	7,641,245	10
Excess of loss expense	20,314	24,587
Reinsurance/ retakaful premiums ceded	1,650,188	1,098,103	10
Net premiums/ contributions written	6,705,358	6,518,555
Changes in unearned premiums/ contributions	5,826	-584,951
Reinsurance/ retakaful share of unearned premiums/ contributions	-171,120	46,286
Net premiums/ contributions earned	6,870,652	7,057,220
Reinsurance/ retakaful commissions	122,438	111,663	10
Fees and other income from insurance/ takaful operations	6,666	8,534
Other non-operating income from insurance/ takaful operations	20,397	25,782
Total income from insurance/ takaful operations	7,020,153	7,203,199
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	6,975,158	7,819,527
Reinsurance/ retakaful share of gross claims/ benefits paid	1,302,342	847,028
Net claims/ benefits paid	5,672,816	6,972,499	10
Changes in outstanding claims/ benefits including IBNR	650,694	750,330
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	-510,524	-1,151,162
Changes in reserve for takaful activities	-3,684	-1,886
Net claims/ benefits incurred	5,809,302	6,569,781
Policy acquisition costs	359,973	390,541	10
General and administrative expenses, insurance/ takaful operations	597,947	513,718	24.12
Other underwriting income	10,530	10,435
Other underwriting expenses	13,678	137,864
Realised gain (loss) on available-for-sale investments	147,988	27,500	23
Share of profit (loss) of joint ventures and associates	2,437	900	6
Other cost and expenses	57,378	56,939	22
Total cost and expenses	6,677,323	7,630,008
Surplus (deficit) for period from insurance/ takaful operations	342,830	-426,809
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	308,547	-426,809
Net result for period from insurance/ takaful operations after shareholders appropriation	34,283	0
Policyholders share of accumulated surplus, at end of period	34,283	0

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-12-31	2018-12-31
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	308,547	-426,809
Revenue [abstract]
Investment income	101,768	218,099	23.6
Total revenue	101,768	218,099
Expenses [abstract]
General and administrative expenses, shareholders operations	8,150	4,629	24
Total expenses	8,150	4,629
Income (loss) from continuing operations before zakat and income tax	402,165	-213,339
Zakat expenses on continuing operations for period	74,579	65,994	19
Profit (loss) from continuing operations	327,586	-279,333
Profit (loss) for the period	327,586	-279,333
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	327,586	-279,333
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	2.6207	-2.2347
Total basic earnings (loss) per share	2.6207	-2.2347
Share closing price at the last trading day of financial year (in numbers)	125000000	125000000

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-12-31	2018-12-31
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	34,283	0
Other comprehensive income [abstract]
Components of other comprehensive income that will not be reclassified to profit or loss [abstract]
Remeasurement gains (losses) on defined benefit plans	-2,314	-6,347	17
Total other comprehensive income that will not be reclassified to profit or loss	-2,314	-6,347
Components of other comprehensive income that will be reclassified to profit or loss [abstract]
Available-for-sale financial assets [abstract]
Gains (losses) on remeasuring available-for-sale financial assets	193,377	-30,865	7
Reclassification adjustment on available-for-sale financial assets due to sale	0	-32,764	7
Total other comprehensive income (loss), available-for-sale financial assets	193,377	1,899
Total other comprehensive income (loss), that will be reclassified to profit or loss	193,377	1,899
Total other comprehensive income (loss)	191,063	-4,448
Total comprehensive income (loss) for period	225,346	-4,448

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-12-31	2018-12-31
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	327,586	-279,333
Other comprehensive income [abstract]
Components of other comprehensive income that will be reclassified to profit or loss [abstract]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss	1,453	391	6
Available-for-sale financial assets [abstract]
Gains (losses) on remeasuring available-for-sale financial assets	143,375	21,802	7
Reclassification adjustment on available-for-sale financial assets due to sale	-27,991	56,572	7
Total other comprehensive income (loss), available-for-sale financial assets	171,366	-34,770
Total other comprehensive income (loss), that will be reclassified to profit or loss	172,819	-34,379
Total other comprehensive income (loss)	172,819	-34,379
Total comprehensive income (loss) for period	500,405	-313,712
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	500,405	-313,712

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-12-31	2018-12-31
Statement of cash flows, indirect method [abstract]
Statement of cash flows, insurance/ takaful operations [abstract]
Cash flows from (used in) operating activities, insurance/ takaful operations [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	34,283	0
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	24,449	22,313	4
Adjustments for employees end of service benefits	12,832	16,466	17
Adjustments for allowance for doubtful receivables	-7,898	20,235	12
Adjustments for (gains) losses on disposal of property and equipment, net	36	0	4
Adjustments for (gains) losses on disposal of available-for-sale investments	0	32,764
Adjustment for (income) loss from joint ventures and associates, insurance/ takaful operations cash flow	-2,437	-900	6
Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities	6,128	7,488	5
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	33,110	98,366
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	29,991	719,456
Adjustments for decrease (increase) in prepayments and other assets	17,176	-71,469
Adjustments for increase (decrease) in outstanding claims including IBNR	650,694	750,330
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	429,100	-113,202
Adjustments for increase (decrease) in accrued expenses and other liabilities	-336,079	217,628
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	-510,524	-1,151,162
Adjustments for decrease (increase) in deferred policy acquisition costs	9,806	40,139
Adjustments for decrease (increase) in deferred excess of loss expense	1,061	2,518
Adjustments for decrease (increase) in unearned commission income	4,024	-14,362
Adjustments for movement in gross unearned premiums/ contributions	5,826	-584,951
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	-171,120	46,286
Adjustment for changes in other reserves	-3,684	-1,886
Total changes in operating assets and liabilities	126,271	-160,675
Net cash flows from (used in) insurance/ takaful operations	193,664	-62,309
Other inflows (outflows) of cash classified as operating activities, insurance/ takaful operations cash flow	-18,942	-8,779
Net cash flows from (used in) operating activities, insurance/ takaful operations	174,722	-71,088
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Time (Murabaha) deposits, insurance/ takaful operations cash flow	-190,412	-1,387,500	8.7
Proceeds from sales of available-for-sale investments, insurance/ takaful operations cash flow	430,787	3,479,443	8
Purchase of available-for-sale investments, insurance/ takaful operations cash flow	514,027	1,784,785	7
Purchase of property and equipment, insurance/ takaful operations cash flow	18,371	9,495	4
Other inflows (outflows) of cash classified as investing activities, insurance/ takaful operations cash flow	-10,657	68,271
Net cash flows from (used in) investing activities, insurance/ takaful operations	-302,680	365,934
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for increase (decrease) in due to shareholders operations	308,101	-292,732
Net cash flows from (used in) financing activities, insurance/ takaful operations	308,101	-292,732
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	180,143	2,114
Net increase (decrease) in cash and cash equivalents	180,143	2,114
Cash and cash equivalents at beginning of period	1,117,258	1,115,144	14
Cash and cash equivalents at end of period	1,297,401	1,117,258	14

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-12-31	2018-12-31
Statement of cash flows, indirect method [abstract]
Statement of cash flows [abstract]
Cash flows from (used in) operating activities [abstract]
Net profit (loss) for period [abstract]
Income (loss) from continuing operations before zakat and income tax	402,165	-213,339
Net profit (loss) for period (before zakat expenses and income tax)	402,165	-213,339
Adjustments to reconcile profit (loss) [abstract]
Adjustments for realised loss (gain) on available-for-sale investments, shareholders cash flow	27,991	-56,572
Adjustment for loss (income) from joint ventures and associates, shareholders cash flow	-28,723	-28,798	6
Total adjustments to reconcile profit (loss)	-732	-85,370
Changes in operating assets and liabilities [abstract]
Adjustments for increase (decrease) in accrued expenses and other liabilities, shareholders cash flow	-3,662	3,822
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	0	1,750
Total changes in operating assets and liabilities	-3,662	5,572
Net cash flows from (used in) operations	397,771	-293,137
Net cash flows from (used in) operating activities	397,771	-293,137
Cash flows from (used in) investing activities [abstract]
Purchase of available-for-sale investments	414,491	2,076,116	7
Proceeds from disposal of available-for-sale investments	992,865	2,992,474	8
Proceeds form Murabaha/ time deposits matured during the period	4,253,068	82,035	8
Purchase of term deposits investments	5,362,907	851,625	7
Dividends received	26,209	30,441	15
Other inflows (outflows) of cash	-2,142	86,354
Net cash flows from (used in) investing activities	-507,398	263,563
Cash flows from (used in) financing activities [abstract]
Due to reinsurance/ retakaful operations	308,101	-292,732
Dividends paid	0	3
Other inflows (outflows) of cash	-56,105	-62,232
Net cash flows from (used in) financing activities	-364,206	230,497
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-473,833	200,923
Net increase (decrease) in cash and cash equivalents	-473,833	200,923
Cash and cash equivalents at beginning of period	482,982	282,059	14
Cash and cash equivalents at end of period	9,149	482,982	14

[400100] Notes forming part of accounts

	English [member]	Note No.
Start Date	2019-01-01
End Date	2019-12-31
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. GENERALThe 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 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 statement of compliance [text block]	a) Statement of complianceThe financial statements of the Company have been prepared in accordance with ‘International Financial Reporting Standards (IFRS) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (SOCPA) and in compliance with Regulations for Companies in the Kingdom of Saudi Arabia and By-Laws of the Company.The financial statements of the Company as at and for the period and year ended 31 March 2019 and 31 December 2018, were prepared in compliance with the International Financial Reporting Standards (“IFRS”), as modified by SAMA for the accounting of zakat and income tax (relating to the application of IAS 12 – “Income Taxes” and IFRIC 21 – “Levies” so far as these relate to zakat and income tax) and the Regulations for Companies in the Kingdom of Saudi Arabia.On 17 July 2019, SAMA instructed the insurance companies in the Kingdom of Saudi Arabia to account for the zakat and income taxes in the statement of income. This aligns with the IFRS and its interpretations as issued by the International Accounting Standards Board (“IASB”) and as endorsed in the Kingdom of Saudi Arabia and with the other standards and pronouncements that are issued by the Saudi Organization for Certified Public Accountants (“SOCPA”) (collectively referred to as “IFRS as endorsed in KSA”).Accordingly the Company has changed its accounting treatment for zakat and income tax by retrospectively adjusting the impact in line with International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors (as disclosed in note 3(b)) and the effects of this change are disclosed in note 19(d) to the financial statements). The Company has adopted IFRS 16 Leases from 1 January 2019. The change in accounting policies due to this new standard and treatment of Zakat & Tax are disclosed in note 3(b).The Company’s 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.The Company presents its statement of financial position in order of liquidity. 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 statements accordingly (Note 30). 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 statement of financial position, statements of income, comprehensive income and cash flows of the insurance operations and shareholders operations which are presented in Note 30 of the financial statements have been provided as supplementary financial information to comply with the requirements of the guidelines issued by SAMA implementing regulations and is not required under IFRSs. SAMA implementing regulations requires the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders operations. Accordingly, the 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 income or losses of the respective operations.2. BASIS OF PREPARATION (Continued)In preparing the Company-level financial statements 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.	2
Disclosure of new standards and amendments in standards [text block]	a) Standards adopted during the yearEffective from 1 January 2019 the Company has adopted one new accounting standard and the impact of the adoption is explained below:IFRS 16 LeasesBefore January 01, 2019, the Company followed accounting for leases in accordance with IAS 17:Where Company is the lessee leases that do not transfer to the Company substantially all of the risk and benefits of ownership of the asset are classified as operating leases. Consequently, all of the leases entered into by the Company are all operating leases. Payments made under operating leases are charged to the statement of income on a straight-line basis over the period of the lease.The Company adopted IFRS 16 ‘Leases’, the standard replaces the existing guidance on leases, including IAS 17 ‘Leases”, IFRIC 4 ‘Determining whether an Arrangement contains a Lease”, SIC 15 “Operating Leases – Incentives” and SIC 27 “Evaluating the Substance of Transactions in the Legal Form of a Lease”. IFRS 16 was issued in January 2016 and is effective for annual periods commencing on or after 1 January 2019. IFRS 16 stipulates that all leases and the associated contractual rights and obligations should generally be recognize in the Company’s Financial Position, unless the term is 12 months or less or the lease for low value asset. Thus, the classification required under IAS 17 “Leases” into operating or finance leases is eliminated for Lessees. For each lease, the lessee recognizes a liability for the lease obligations incurred in the future. Correspondingly, a right to use the leased asset is capitalized, which is generally equivalent, at the commencement date, to the present value of the future lease payments plus directly attributable costs and which is amortized over the useful life. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)a) Standards adopted during the year (continued)The Company adopted IFRS 16 using the modified retrospective approach. The Company elected to apply the standard to contracts that were previously identified as lease applying IAS 17 and IFRIC 4. The Company therefore did not apply the standard to contracts that were not previously identified as containing a lease applying IAS 17 and IFRIC 4. The Company elected to use the exemptions proposed by the standard on lease contracts for which the lease terms ends within 12 months as of the date of initial application, and lease contracts for which the underlying asset is of low value. During the year the Company has performed an assessment of IFRS 16 and resolved that impact of difference as compared to leases accounted for applying IAS 17 & IFRIC 4 is not material to the Company’s financial statements as a whole and accordingly, no adjustment has been made in these financial statements.	3
Disclosure of issued IFRS not yet adopted [text block]	c) Standards issued but not yet effectiveThe Company has chosen not to early adopt the following new standards which have been issued but not yet effective for the Company's accounting year beginning on 1 January 2019 and is currently assessing their impact:IFRS 17 – Insurance ContractsOverviewThis standard has been published in May, 2017. It establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 – Insurance contracts.The new standard applies to insurance contracts issued, to all reinsurance contracts and to investment contracts with discretionary participating features provided the entity also issues insurance contracts. It requires to separate the following components from insurance contracts: i. embedded derivatives, if they meet certain specified criteria; ii. distinct investment components; and iii. any promise to transfer distinct goods or non-insurance services.These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15). MeasurementIn contrast to the requirements in IFRS 4, which permitted insurers to continue to use the accounting policies for measurement purposes that existed prior to January 2015, IFRS 17 provides the following different measurement models:The General Measurement Model (GMM) is based on the following “building blocks”:a) the fulfilment cash flows (FCF), which comprise: probability-weighted estimates of future cash flows, an adjustment to reflect the time value of money (i.e. discounting) and the financial risks associated with those future cash flows, and a risk adjustment for non-financial risk;b) the Contractual Service Margin (CSM). The CSM represents the unearned profit for a group of insurance contracts and will be recognized as the entity provides services in the future. The CSM cannot be negative at inception; any net negative amount of the fulfilment cash flows at inception will be recorded in profit or loss immediately. At the end of each subsequent reporting period the carrying amount of a group of insurance contracts is remeasured to be the sum of: the liability for remaining coverage, which comprises the FCF related to future services and the CSM of the group at that date; and the liability for incurred claims, which is measured as the FCF related to past services allocated to the group at that date.The CSM is adjusted subsequently for changes in cash flows related to future services. Since the CSM cannot be negative, changes in future cash flows that are greater than the remaining CSM are recognized in profit or loss. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)c) Standards issued not yet effective (Continued)The effect of changes in discount rates will be reported in either profit or loss or other comprehensive income, determined by an accounting policy choice.The Variable Fee Approach (VFA) is a mandatory model for measuring contracts with direct participation features (also referred to as ‘direct participating contracts’). This assessment of whether the contract meets these criteria is made at inception of the contract and not reassessed subsequently. For these contracts, in addition to the adjustment under GMM, the CSM is also adjusted for:i. the entity’s share of the changes in the fair value of underlying items, ii. the effect of changes in the time value of money and in financial risks not relating to the underlying items.In addition, a simplified Premium Allocation Approach (PAA) is permitted for the measurement of the liability for remaining coverage if it provides a measurement that is not materially different from the General Measurement Model or if the coverage period for each contract in the group is one year or less. With the PAA, the liability for remaining coverage corresponds to premiums received at initial recognition less insurance acquisition cash flows. The General Measurement Model remains applicable for the measurement of the liability for incurred claims. However, the entity is not required to adjust future cash flows for the time value of money and the effect of financial risk if those cash flows are expected to be paid/received in one year or less from the date the claims are incurred.Effective dateThe IASB issued an Exposure Draft Amendments to IFRS 17 during June 2019 and received comments from various stakeholders. The IASB is currently re-deliberating issues raised by stakeholders. For any proposed amendments to IFRS 17, the IASB will follow its normal due process for standard-setting. The effective date of IFRS 17 and the deferral of the IFRS 9 temporary exemption in IFRS 4, is currently January 1, 2021. Under the current exposure draft, it is proposed to amend the IFRS 17 effective date to reporting periods beginning on or after January 1, 2022. This is a deferral of 1 year compared to the previous date of January 1, 2021. Earlier application is permitted if both IFRS 15 – Revenue from Contracts with Customers and IFRS 9 – Financial Instruments have also been applied. The Company intends to apply the Standard on its effective date.TransitionRetrospective application is required. However, if full retrospective application for a group of insurance contracts is impracticable, then the entity is required to choose either a modified retrospective approach or a fair value approach.Presentation and DisclosuresThe Company expects that the new standard will result in a change to the accounting policies for insurance contracts together with amendments to presentation and disclosures. ImpactThe Company has performed an operational gap assessment which has focused on the impact of IFRS 17 across data, systems, processes and people. The Company is currently assessing the impact of the application and implementation of IFRS 17. As of the date of the publication of these financial statements, the financial impact of adopting the standard has yet to be fully assessed by the Company. The key areas identified to date are as follows: Impact Area Summary of ImpactFinancial Impact Based on the initial assessment, the majority of Company’s products (which provide cover for annual periods or less) are expected to be measured using the simplified approach (PAA) which requires less changes to the existing approach under IFRS4. As a result, the financial impact of measuring contracts under IFRS17 is not expected to be significant. Data Impact Where the GMM is applied to measure the Liability for Remaining Coverage, additional data to inform the assumptions made will be required to generate cash-flow models. Yield curves and other financial market information will also be required to determine suitable discount rates and the credit risk of reinsurers.IT Systems Cash-flow models will be required to cater for the calculation of the Liability for Remaining Coverage. In addition, model development will be required to allow for the calculation, updating and amortisation of the Contractual Service Margin.Amendments will also be required to the current chart of accounts and reporting disclosures. Process Impact A process will need to be established to assess the expected profitability of contracts issued, at the issuing date.Cost allocation processes will need refinement to ensure directly attributable costs are identified according to the requirements of IFRS17 and are then used as part of cash flow projections.The financial statement close process will also require changes to allow for more frequent interaction between the finance and actuarial teams. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)c) Standards issued not yet effective (Continued)Impact on RI Arrangements IFRS17 is not expected to significantly impact the structure of the reinsurance arrangements currently in place for Tawuniya. It is however expected that further insight into the expected (and subsequently actual) performance of reinsurance treaties will be derived under IFRS17. Impact on Policies & Control Frameworks Various decisions need to be made and policies drafted which cover the below (amongst other items): Allocating directly attributable expenses Onerous contract identification and measurement Risk adjustmentThe Company has started with a detailed data gap assessment as well as the development of an implementation plan which considers the key IFRS 17 design principles. In addition, the Company has set up an IFRS 17 Steering Committee.IFRS 9 - “Financial instruments”This standard was published on July 24, 2014 and has replaced IAS 39. The new standard addresses the following items related to financial instruments:i) Classification and measurement:IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. A financial asset is measured at amortized cost if both: the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (“SPPI”).The financial asset is measured at fair value through other comprehensive income and realized gains or losses are recycled through profit or loss upon sale, if both conditions are met: the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and for sale; and the contractual terms of cash flows are SPPI,Assets not meeting either of these categories are measured at fair value through profit or loss. Additionally, at initial recognition, an entity can use the option to designate a financial asset at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch.For equity instruments that are not held for trading, an entity can also make an irrevocable election to present in other comprehensive income subsequent changes in the fair value of the instruments (including realized gains and losses), dividends being recognized in profit or loss.Additionally, for financial liabilities that are designated as at fair value through profit or loss, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss.ii) Impairment:The impairment model under IFRS 9 reflects expected credit losses, as opposed to incurred credit losses under IAS 39. Under the IFRS 9 approach, it is no longer necessary for a credit event to have occurred before credit losses are recognized. Instead, an entity always accounts for expected credit losses and changes in those expected credit losses. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition.iii) Hedge accounting:IFRS 9 introduces new requirements for hedge accounting that align hedge accounting more closely with Risk Management. The requirements establish a more principles-based approach to the general hedge accounting model. The amendments apply to all hedge accounting with the exception of portfolio fair value hedges of interest rate risk (commonly referred to as “fair value macro hedges”). For these, an entity may continue to apply the hedge accounting requirements currently in IAS 39. This exception was granted largely because the IASB is addressing macro hedge accounting as a separate project. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)c) Standards issued not yet effective (Continued)iv) Effective dateThe published effective date of IFRS 9 was 1st January 2018. However, amendments to IFRS 4 – Insurance Contracts: Applying IFRS 9 – Financial Instruments with IFRS 4 – Insurance Contracts, published on 12th September 2016, changes the existing IFRS 4 to allow entities issuing insurance contracts within the scope of IFRS 4 to mitigate certain effects of applying IFRS 9 before the IASB’s new insurance contract standard (IFRS 17 – Insurance Contracts) becomes effective. The amendments introduce two alternative options:- Apply a temporary exemption from implementing IFRS 9 until the earlier of: the effective date of a new insurance contract standard; or annual reporting periods beginning on or after January 1, 2021. (The IASB is proposing to extend the effective date of IFRS 17 and the IFRS 9 temporary exemption in IFRS 4 to January 1, 2022). Additional disclosures related to financial assets are required during the deferral period. This option is only available to entities whose activities are predominately connected with insurance and have not applied IFRS 9 previously; or- Adopt IFRS 9 but, for designated financial assets, remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contract standard is implemented. During the interim period, additional disclosures are required.The Company has performed a detailed assessment beginning Jan 01, 2018: (1) The carrying amount of the Company’s liabilities arising from contracts within the scope of IFRS 4 (including deposit components or embedded derivatives unbundled from insurance contracts) were compared to the total carrying amount of all its liabilities; and (2) the total carrying amount of the company’s liabilities connected with insurance were compared to the total carrying amount of all its liabilities. Based on these assessments the Company determined that it is eligible for the temporary exemption. Consequently, the Company has decided to defer the implementation of IFRS 9 until the effective date of the new insurance contracts standard. Disclosures related to financial assets required during the deferral period are included in the Company’s financial statements.(v) Impact assessmentAs at December 31, 2019, the Company has total financial assets and insurance related assets amounting to SR 7,761 million (2018: SR 6,896 million) and SR 5,794 million (2018: SR 5,119 million), respectively. Currently, financial assets held at amortized cost consist of cash and cash equivalents and certain other receivables amounting to SR 4,979 million (2018: SR 3,966 million). Other financial assets consist of available for sale investments amounting to SR 2,746 million (2018: SR 2,905 million). The Company expect to use the FVOCI classification of financial assets based on the business model of the Company for debt securities and strategic nature of equity investments. However, the Company is yet to perform a detailed assessment to determine whether the debt securities meet the SPPI test as required by IFRS 9. Investment in funds and discretionary portfolio management – equity shares classified under available for sale investments amounting to SR 985 million (2018: SR 1,402) will be at FVSI under IFRS 9. As at December 31, 2019, debt securities are measured at fair value of SR 1,601 million (2018: 1,464 million) with changes in fair value during the year of SR 245 million (2018: SR (0.03) million). Credit risk exposure, concentration of credit risk and credit quality of these financial assets are mentioned in note 31(d). The Company financial assets have low credit risk as at December 31, 2019 and 2018. The above is based on high-level impact assessment of IFRS 9. This preliminary assessment is based on currently available information and may be subject to changes arising from further detailed analyses or additional reasonable and supportable information being made available to the Company in the future. Overall, the Company expects some effect of applying the impairment requirements of IFRS 9: However, the impact of the same is not expected to be significant. At present it is not possible to provide reasonable estimate of the effects of application of this new standard as the Company is yet to perform a detailed review.	3
Disclosure of critical accounting judgements, estimates and assumptions, general [text block]	e) Critical accounting judgments, estimates and assumptionsThe preparation of the 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 financial statements and the reported amounts of revenues and expenses during the reporting year. 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 financial statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended December 31, 2018.Following are the accounting judgments and estimates that are critical in preparation of these 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. Estimates are made at the end of the reporting period both for the expected ultimate cost of claim reported and for the expected ultimate costs of claims incurred but not reported (“IBNR”). Liabilities for unpaid reported claims are estimated using the input of assessments for individual cases reported to the Company. At the end of each reporting period, prior year claims estimates are reassessed for adequacy and changes are made to the provision.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.2. BASIS OF PREPARATION (Continued)e) Critical accounting judgments, estimates and assumptions (continued)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. For equity and mutual funds, 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 also 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. 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 based on the latest available net assets value of the mutual fund. 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.Please refer fair value of financial instruments disclosure in note 28.	2
Disclosure of basis of measurement [text block]	b) Basis of measurement These financial statements are prepared under the historical cost basis except for the measurement at fair value of available-for-sale investments, investment in associates which is accounted for under the equity method and end of service benefits based on actuarial valuation techniques.	2
Disclosure of functional and presentation currency [text block]	c) Functional and presentation currencyThese financial statements have been presented in Saudi Arabian Riyals (SAR), which is also the functional currency of the Company. All financial information presented in Saudi Arabian Riyal has been rounded to the nearest thousand, except where otherwise indicated.	2
Disclosure of other general disclosures about reporting entity [text block]	d) Fiscal yearThe Company follows a fiscal year ending December 31.	2
Disclosure of summary of significant accounting policies [abstract]
Disclosure of summary of significant accounting policies, general comment [text block]	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe significant accounting policies used in the preparation of these financial statements are consistent with those used in the preparation of the previous financial year, except for change in accounting policies as mentioned in 3(b) and the adoption of the new standards and other amendments to existing standards mentioned in 3(a) which have had no significant financial impact on the financial statements of the Company on the current year or prior year and is expected to have no significant effect in future years.	3
Description of changes in accounting policy [text block]	b) Change in accounting policyAs mentioned in note 2(a) above, the basis of preparation has been changed from the period ended 30 June 2019 as a result of the issuance of instructions from SAMA dated 17 July 2019. Previously, zakat and income tax were recognized in the statement of changes in equity as per the SAMA circular no 381000074519 dated 11 April 2017. With the latest instructions issued by SAMA dated 17 July 2019, the zakat and income tax shall be recognized in the statement of income. The Company has accounted for this change in the accounting for zakat and income tax retrospectively (see note 19(d)) and the effects of the above change are disclosed in note 19(d) to the financial statements.	3
Description of accounting policy for cash and cash equivalents [text block]	bb) Cash and cash equivalentsCash and cash equivalents comprise cash in hand and balances with banks including murabaha deposits with less than three months maturity from the date of acquisition.	3
Description of accounting policy for investment properties [text block]	t) Investment propertyInvestment property represents land that is held for capital appreciation purposes. Land is stated at cost less recognized impairment loss, if any.	3
Description of accounting policy for investment in associates and joint ventures [text block]	m) Investments in associatesAn associate is an entity in which the Company has significant influence (but not control), over financial and operating policies and which is neither a subsidiary nor a joint venture. Investments in associates are carried in the statement of financial position at cost, plus post acquisition changes in the Company’s share of net assets of the associate, less any impairment in the value of individual investments.When the company’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Company does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.At each reporting date, the Company determines whether there is objective evidence that the investment in associate is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value, and then recognizes the loss in the statement of income, as the case may be.	3
Description of accounting policy for receivables [text block]	k) ReceivablesPremiums and reinsurance balances receivable are recognised when due and measured on initial recognition at the fair value of the consideration received or receivable. Premiums receivable are stated at gross written premiums receivable from insurance contracts, less an allowance for any uncollectible amounts. The carrying value of receivable is reviewed for impairment and whenever events or circumstances indicate that the carrying amount may not be recoverable, the impairment loss is recorded in “Other general and administrative expenses” in the statement of income. Receivable balances are derecognised when the Company no longer controls the contractual rights that comprise the receivable balance, which is normally the case when the receivable balance is sold, or all the cash flows attributable to the balance are passed through to an independent third party. Receivables disclosed in note 12 fall under the scope of IFRS 4 “Insurance contracts”.	3
Description of accounting policy for deferred policy acquisition costs [text block]	i) Deferred policy acquisition costsCommissions and other costs directly related to the acquisition and renewal of insurance contracts are deferred and amortized over the terms of the insurance contracts to which they relate, similar to premiums earned. All other acquisition costs are recognized as an expense when incurred. Amortization is recorded in the “Policy acquisition costs” in the statement of income.Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period and are treated as a change in accounting estimate.An impairment review is performed at each reporting date or more frequently when an indication of impairment arises. If the assumptions relating to future profitability of these policies are not realized, the amortization of these costs could be accelerated and this may also require additional impairment write-offs in the statement of income. Deferred policy acquisition costs are also considered in the liability adequacy test at each reporting date.	3
Description of accounting policy for intangible assets and goodwill [text block]	s) Intangible assets Separately acquired intangible assets are shown at historical cost. They have a finite useful life and are subsequent carried at cost less accumulated amortization and impairment losses. The Company amortises intangible assets with a limited useful life using straight-line method over the following period: YearsSoftware licenses 4	3
Description of accounting policy for property and equipment [text block]	r) Property and equipmentProperty and equipment are stated at cost less accumulated depreciation and any impairment losses. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of income during the financial period in which they are incurred. Land is not depreciated. The cost of other items of property and equipment is depreciated on the straight line method to allocate the cost over estimated useful lives, as follows: YearsBuildings 40-48Furniture and fixtures 10Computer equipment 4Vehicles 4The assets’ residual values and useful lives are reviewed at each reporting date and adjusted if appropriate. The carrying values of these assets are reviewed for impairment when event or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in “Other income, net” in the statement of income.	3
Description of accounting policy for liability adequacy test [text block]	j) Liability adequacy testAt each statement of financial position date, liability adequacy tests are performed to ensure the adequacy of the insurance contracts liabilities net of related deferred policy acquisition costs. In performing these tests management uses current best estimates of future contractual cash flows and claims handling and administration expenses. Any deficiency in the carrying amounts is immediately charged to the statement of income by establishing a provision for losses arising from liability adequacy tests accordingly.	3
Description of accounting policy for provisions [text block]	y) Provisions, accrued expenses and other liabilitiesProvisions are recognised when the Company has an obligation (legal or constructive) arising from past events, and the costs to settle the obligation are both probable and may be measured reliably. Liabilities are recognised for amounts to be paid in the future for goods or services received, whether billed by the supplier or not.	3
Description of accounting policy for statutory reserve [text block]	gg) Legal reserveIn accordance with the Company’s Articles of Association, the Company shall allocate 20% of its net income from shareholders operations each year to the legal reserve until it has built up a reserve equal to the share capital. The reserve is not available for distribution.	3
Description of accounting policy for employees end of service benefits [text block]	x) Employees’ end-of-service benefitsThe Company operates an end of service benefit plan for its employees based on the prevailing Saudi Labor Laws. Accruals are made at the present value of expected future payments in respect of services provided by the employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. The benefit payments obligation is discharged as and when it falls due. Remeasurements (actuarial gains/ losses) as a result of experience adjustments and changes in actuarial assumptions are recognised in statement of comprehensive income.	3
Description of accounting policy for zakat [text block]	z) ZakatThe Company is subject to zakat in accordance with the regulations of the General Authority of Zakat and Tax (“GAZT”). Zakat is computed on the Saudi shareholders’ share of equity or net income using the basis defined under the Zakat regulations. Zakat is accrued on a quarterly basis and charge to the statement of income.	3
Description of accounting policy for impairment and uncollectibiity of financial assets [text block]	q) Impairment of financial assetsThe Company assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that has occurred since the initial recognition of the asset (an incurred ‘loss event’), has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include:- Significant financial difficulty of the issuer or debtor;- A breach of contract, such as a default or delinquency in payments;- It becoming probable that the issuer or debtor will enter bankruptcy or other financial reorganization;- The disappearance of an active market for that financial asset because of financial difficulties; or- Observable data indicating that there is a measurable decrease in the estimated future cash flow from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the Company, including: adverse changes in the payment status of issuers or debtors in the Company; or national or local economic conditions at the country of the issuers that correlate with defaults on the assets.If there is objective evidence that an impairment loss on a financial asset exists, the impairment is determined as follows:- For equities and fund carried at fair value, impairment is the significant or prolong decline in the fair value of the financial asset.- For debt securities and sukuks carried at amortized cost, impairment is based on estimated future cash flows that are discounted at the original effective commission rate.For available-for-sale financial assets, the Company assesses at each reporting date whether there is objective evidence that an investment or a group of investments is impaired.3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)q) Impairment of financials assets (Continued)In the case of debt instruments classified as available for sale, the Company assesses individually whether there is an objective evidence of impairment. Objective evidence may include indications that the borrower is experiencing significant financial difficulty, default or delinquency in special commission income or principal payments, the probability that it will enter bankruptcy or other financial reorganization and where observable data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in economic conditions that correlate with defaults. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortized cost and the current fair value, less any impairment loss on that investment previously recognized in the statement of income. If, in a subsequent period, the fair value of a debt instrument increases and the increase can be objectively related to credit event occurring after the impairment loss was recognized in the statement of income, the impairment loss is reversed through the statement of income.In making an assessment of whether an investment in debt instrument is impaired, the Company considers the factors such as market’s assessment of creditworthiness as reflected in the bond yields, rating agencies’ assessment of creditworthiness, country’s ability to access the capital markets for new debt issuance and probability of debt being restructured, resulting in holders suffering losses through voluntary or mandatory debt forgiveness. The amount recorded for impairment is the cumulative loss measured as the difference between the amortised cost and the current fair value, less any impairment loss on that investment previously recognised in the statement of income.For equity investments held as available-for-sale, a significant or prolonged decline in fair value below its cost represents objective evidence of impairment. The impairment loss cannot be reversed through statement of income as long as the asset continues to be recognised i.e. any increase in fair value after impairment has been recorded can only be recognised in other comprehensive income. On derecognition, any cumulative gain or loss previously recognised in other comprehensive income is included in the statement of income for the year. The determination of what is ‘significant’ or ‘prolonged’ requires judgement. 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 judgement, the Company evaluates, among other factors, the duration or extent to which the fair value of an investment is less than its cost.	3
Description of accounting policy for fair value measurement [text block]	hh) Fair valuesFair values of available-for-sale investments are based on quoted prices for marketable securities or estimated fair values based on the latest available net assets value of the mutual fund. The fair value of commission-bearing items is estimated based on discounted cash flows using commission for items with similar terms and risk characteristics. The Company also considers appropriate assumptions for credit spread.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.	3
Description of accounting policy for cash dividend and non-cash distribution to equity holders [text block]	aa) Dividend distributionDividend distribution to the Company’s shareholders is recognised as a liability in the Company’s financial statements in the period in which the dividends are approved by the Company’s shareholders.	3
Description of accounting policy for claims/ benefits [text block]	f) ClaimsClaims consist of amounts payable to policyholders and third parties and related loss adjustment expenses, net of salvage and other recoveries, and is charged to “Changes in outstanding claims and reserves” in the statement of income as incurred.Gross outstanding claims comprise the gross estimated cost of claims incurred but not settled at the statement of financial position date together with related claims handling costs, whether reported by the insured or not. Provisions for reported claims not paid as of the statement of financial position date are made on the basis of individual case estimates. In addition, a provision based on management’s judgment and the Company’s prior experience is maintained for the cost of settling claims incurred but not reported including related claims handling costs at the statement of financial position date. The outstanding claims are shown on a gross basis and the related share of the reinsurers is shown separately. Further, the Company does not discount its liability for unpaid claims as substantially all claims are expected to be paid within one year of the statement of financial position date.	3
Description of accounting policy for general insurance/ takaful contracts [text block]	e) Insurance contractsThe Company issues insurance contracts that transfer insurance risk. Insurance contracts are those contracts where the insurer accepts significant insurance risk from the policyholder by agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policyholder. As a general guideline, the Company defines significant insurance risk as the possibility of having to pay benefits on the occurrence of an insured event that are at least 10% more than the benefits payable if the insured event did not occur.	3
Description of accounting policy for impairment of non-financial assets [text block]	w) Impairment of non-financial assetsAssets that have an indefinite useful life – for example, land – are not subject to depreciation and are tested annually for impairment. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units).	3
Description of accounting policy for other revenue recognition [text block]	d) Revenue RecognitionRecognition of premium and commission revenuePremiums and commission are recorded in the statement of income based on straight line method over the insurance policy coverage period except for long term polices (construction and engineering) and marine cargo. Unearned premiums are calculated on a straight line method over the insurance policy coverage except for: Last three months premium at a reporting date is considered as unearned in respect of marine cargo; Pre-defined calculation for Engineering class of business for risks undertaken that extend beyond a single year. In accordance with this calculation, lower premiums are earned in the first year which gradually increases towards the end of the tenure of the policy; andUnearned premiums represent the portion of premiums written relating to the unexpired period of coverage. The change in the provision for unearned premium is taken to the statement of income in the same order that revenue is recognised over the period of risk.Reinsurance commissions directly relates to the reinsurance contracts are deferred and earned to the statement of income in the same order that commission revenue is recognized over the period of risk.3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)d) Revenue recognition (Continued)Investment incomeInvestment income on debt instruments are accounted for on an effective interest basis. Dividend incomeDividend income on equity instruments classified under available-for-sale investments is recognized when the right to receive payment is established.	3
Description of accounting policy for segment reporting [text block]	ee) Operating segmentsA 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. Protection and saving 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 year.	3
Description of accounting policy for accounting of leases [text block]	v) LeasesPolicy before 1 January 2019Leases that do not transfer to the Company substantially all of the risk and benefits of ownership of the asset are classified as operating leases. Consequently, all of the leases entered into by the Company are all operating leases. Payments made under operating leases are charged to the (consolidated) statement of income on a straight-line basis over the period of the lease.Policy after 1 January 2019Right of Use Asset / Lease LiabilitiesOn initial recognition, at inception of the contract, the Company shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is identified if most of the benefits are flowing to the Company and the Company can direct the usage of such assets.At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of land and buildings in which it is a lessee, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.Right of Use AssetsCompany applies cost model, and measure right of use (RoU) asset at cost; less any accumulated depreciation and any accumulated impairment losses; and adjusted for any re-measurement of the lease liability for lease modificationsGenerally, RoU asset would be equal to the lease liability. However, if there are additional costs such as Site preparation, non-refundable deposits, application money, other expenses related to transaction etc. need to be added to the RoU asset value.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipmentLease Liability On initial recognition, the lease liability is the present value of all remaining payments to the lessor, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. After the commencement date, Company measures the lease liability by: Increasing the carrying amount to reflect interest on the lease liability. Reducing the carrying amount to reflect the lease payments made and;Re-measuring the carrying amount to reflect any re-assessment or lease modification. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option.When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in statement of income if the carrying amount of the right-of-use asset has been reduced to zero.3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)v) Leases (Continued)Short-term leases and leases of low-value assetsThe Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets, including IT equipment. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.	3
Description of accounting policy for foreign currencies [text block]	dd) Foreign currenciesTransactions in foreign currencies are recorded in Saudi Riyals at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated to Saudi Riyals at the rate of exchange prevailing at the statement of financial position date. All differences are taken to the statements of income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction and are not subsequently restated. Foreign exchange gains or losses on available-for-sale investments are recognized in “Other income, net” in the statement of income. As the Company’s foreign currency transactions are primarily in US dollars, foreign exchange gains and losses are not significant.	3
Description of accounting policy for derivative financial instruments and hedges [text block]	iii) Hedge accounting:IFRS 9 introduces new requirements for hedge accounting that align hedge accounting more closely with Risk Management. The requirements establish a more principles-based approach to the general hedge accounting model. The amendments apply to all hedge accounting with the exception of portfolio fair value hedges of interest rate risk (commonly referred to as “fair value macro hedges”). For these, an entity may continue to apply the hedge accounting requirements currently in IAS 39. This exception was granted largely because the IASB is addressing macro hedge accounting as a separate project.	3
Description of accounting policy for off setting financial assets and liabilities [text block]	o) OffsettingFinancial assets and financial liabilities are offset and the net amount reported in the statement of financial position only when there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liability simultaneously. Income and expense is not offset unless required or permitted by any accounting standard or interpretation.	3
Description of other accounting policies relevant to understanding of financial statements [text block]	ff) Manafeth shared agreementAs described in note 22, the Manafeth shared agreement is an insurance pooling arrangement related to motor insurers in KSA. This is an arrangement between 26 insurance companies of KSA where the entity is the leader in providing Manafeth (Insurance coverage for motor vehicles entering in KSA). The entity does not act as an agent on behalf of the other insurers in agreement. Therefore the Company accounts for manafeth shared agreement by recording the premiums under the gross written premium and claims under gross claims paid. The relevant assets and liabilities are also recorded as a separate operating segment along with the assets and liabilities of other operating segments. The distribution of share of income to other participating insurance companies is recorded as an expense in “Manafeth insurance share distribution” in the statement of income.	3
Disclosure of notes forming part of accounts [abstract]
Disclosure of property and equipment [text block]	4. PROPERTY AND EQUIPMENT, NET Land Buildings Furniture and fixtures Computerequipment Vehicles Total2019 Total2018 SAR'000Cost: January 1 53,036 199,926 65,924 139,824 456 459,166 449,671 Additions - - 7,422 10,949 - 18,371 9,495Disposals - - (498) (3,139) - (3,637) - December 31 53,036 199,926 72,848 147,634 456 473,900 459,166Accumulated Depreciation: January 1 - 24,827 57,247 110,538 321 192,933 170,620 Charge for the year - 4,851 3,712 15,809 77 24,449 22,313Disposals - - (464) (3,137) - (3,601) -December 31 - 29,678 60,495 123,210 398 213,781 192,933Net book value December 31, 2019 53,036 170,248 12,353 24,424 58 260,119 -December 31, 2018 53,036 175,099 8,677 29,286 135 - 266,233	4
Disclosure of reinsurers/ retakaful share of outstanding claims, net [text block]	11. REINSURERS’ SHARE OF OUTSTANDING CLAIMS, NETReinsurers’ share of outstanding claims comprise net amounts due from the following: 2019 2018 SAR’000Reinsurers’ share of insurance liabilities 3,434,638 2,923,716Impairment provision (6,468) (6,070) 3,428,170 2,917,646Substantially all of the amounts due from reinsurers are expected to be received within twelve months of the date of the statement of financial position. Reinsurers share of outstanding claims are calculated in proportion to the related risk distribution pattern. Reinsurance arrangements are made with counterparties with sound credit ratings under Standard and Poor's ratings methodology and ratings as per other reputable agencies.Amounts due from reinsurers relating to claims already paid by the Company are included in receivables, net (Note 12).	11
Disclosure of reinsurers/ retakaful share of unearned premium/ contributions, net [text block]	10. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS a) Deferred policy acquisition costs 2019 2018 SAR’000Balance, January 1 130,651 170,790Incurred during the year 350,167 350,402Amortized during the year (359,973) (390,541)Balance, December 31 120,845 130,651b) Unearned commission income 2019 2018 SAR’000Balance, January 1 39,299 53,661Commission received during the year 126,462 97,301Commission earned during the year (122,438) (111,663)Balance, December 31 43,323 39,299c) Unearned premiums 2019 2018 Gross Reinsurers’ share Net Gross Reinsurers’ share Net SAR'000Balance, January 1 3,820,293 (544,839) 3,275,454 4,405,244 (591,125) 3,814,119 Premiums written during the year 8,375,860 (1,650,188) 6,725,672 7,641,245 (1,098,103) 6,543,142Premiums earned during the year (8,370,034) 1,479,068 (6,890,966) (8,226,196) 1,144,389 (7,081,807)Balance, December 31 3,826,119 (715,959) 3,110,160 3,820,293 (544,839) 3,275,45410. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS (Continued)d) Outstanding claims and reserves 2019 2018 Gross Reinsurers share Net Gross Reinsurers share Net SAR'000Balance, January 1 4,962,611 (2,917,646) 2,044,965 4,212,281 (1,766,484) 2,445,797 Claims paid (6,975,158) 1,302,342 (5,672,816) (7,819,527) 847,028 (6,972,499)Claims incurred 7,625,852 (1,812,866) 5,812,986 8,569,857 (1,998,190) 6,571,667Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965 Outstanding claims 3,717,931 (3,100,446) 617,485 3,330,828 (2,725,809) 605,019Salvage and subrogation (33,040) - (33,040) (59,672) - (59,672)Gross outstanding claims 3,684,891 (3,100,446) 584,445 3,271,156 (2,725,809) 545,347Incurred but not reported claims and other reserves 1,925,584 (327,724) 1,597,860 1,684,183 (191,837) 1,492,346Premium deficiency reserve 2,830 - 2,830 7,272 - 7,272Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965There 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 December 31, 2019, based on the recommendations of external actuary, management had recorded technical reserves (Gross outstanding claims and reserves) which amounted to SAR 5.6 billion (2018: SAR 4.9 billion). Significant portion of reserves relates to medical line of business. As at December 31, 2019 the Company booked four significant outstanding claims amounting to SAR 1.5 billion (2018: one claim of SAR 1.4 billion) with a reinsurance share of outstanding claim at 99% relating to property and casualty line of business.	10
Disclosure of investments in associates and joint ventures [text block]	6. INVESTMENTS IN ASSOCIATES 2019 2018 SAR’000Insurance Operations Balance, January 1 7,921 7,021Share of profit2,437 900Balance, December 31 10,358 7,921 Shareholders Operations Balance, January 1 87,195 88,447Share of profit 28,723 28,798Dividends received (26,209) (30,441)Unrealized gain on investments 1,453 391Balance, December 31 91,162 87,195 Total Investments in associates 101,520 95,116The Company’s interest in associate, which is unquoted, is as follows along with summarized financial information:i) Insurance Operations:Najm Insurance ServicesAs of Country of Incorporation Assets Liabilities Revenue Profit % Interest Held SAR’000December 31, 2019 * Saudi Arabia 444,697 163,724 451,999 62,779 3.45%September 30, 2018 * Saudi Arabia 357,979 128,411 389,615 15,989 3.45%* Based on latest available management accounts.The Company has significant influence over the financial and operating policy decision of the associate by way of representation on its board of directors. 6. INVESTMENTS IN ASSOCIATES (Continued)ii) Shareholders Operations:a) United Insurance CompanyAs of Country of Incorporation Assets Liabilities Revenue Profit % Interest Held SAR’000December 31, 2019 * Bahrain 281,411 132,896 95,092 46,509 50%November 30, 2018 * Bahrain 265,546 132,783 90,455 33,701 50%* Based on latest available management accounts.b) Waseel Application Services ProviderAs of Country of Incorporation Assets Liabilities Revenue Profit % Interest Held SAR’000December 31, 2019 * Saudi Arabia 64,000 40,000 39,500 15,000 45%November 30, 2018 * Saudi Arabia 57,000 10,590 38,500 19,000 45%* Based on latest available management accounts.	6
Disclosure of investments in available-for-sale investments [text block]	7. AVAILABLE-FOR-SALE INVESTMENTSi) Insurance operations:Available-for-sale investments of the insurance operations comprise the following: 2019 2018 SAR’000Insurance Operations Local funds 53,165 94,549 Local fixed income investments 354,556 330,726 Regional/ foreign funds - 96,855 Regional/ foreign fixed income investments 865,095 684,718 Local discretionary portfolio management – equity shares 91,269 - Foreign discretionary portfolio management – equity shares 65,815 - Funds with portfolio manager 81,624 28,059 Total 1,511,524 1,234,907 Shareholders Operations Local funds 587,726 305,026 Local fixed income investments 164,315 146,913 Regional/ foreign funds 64,191 905,872 Regional/ foreign fixed income investments 224,029 301,644 Local discretionary portfolio management – equity shares 48,189 - Foreign discretionary portfolio management – equity shares 74,534 - Funds with portfolio manager 72,240 10,768 Total 1,235,224 1,670,223 Total available-for-sale investments 2,746,748 2,905,130As at December 31, 2019 the Company invested in Shraiah Notes amounting to SAR 2.5 billion (2018: SAR 2.3 billion). The Shraiah Notes are issued by a special purpose vehicle “SPV” established in Cayman Islands. The administrator of these Shariah Notes is a Company registered in Dubai International Financial Center in Dubai. The underlying investments of Shariah Notes include mutual funds, private equity funds, discretionary portfolio management – equity shares and fixed income portfolios. The legal ownership of these underlying investments is not with the Company, however, the Company is the ultimate beneficial owner of the underlying investments while having control over the Shariah Notes and underlying investments. The custody of the underlying investments is in the custody account of the SPV or its nominee entity opened with fund and portfolio managers. 7. AVAILABLE-FOR-SALE INVESTMENTS (Continued)Movements in available-for-sale investments are as follows: 2019 2018 Quoted securities Unquoted securities Total Quoted securities Unquoted securities Total SAR’000Insurance operations Balance, January 1 - 1,234,907 1,234,907 41,245 2,919,185 2,960,430 Purchases 153,750 360,277 514,027 - 1,784,785 1,784,785 Disposals - (430,787) (430,787) (42,932) (3,436,511) (3,479,443)Changes in fair value of investments 9,087 184,290 193,377 1,687 (32,552) (30,865)Balance, December 31 162,837 1,348,687 1,511,524 - 1,234,907 1,234,907 Shareholders’ operations Balance, January 1 - 1,670,223 1,670,223 39,340 2,525,439 2,564,779 Purchases 179,939 234,552 414,491 - 2,076,116 2,076,116 Disposals - (992,865) (992,865) (40,007) (2,952,467) (2,992,474)Changes in fair value of investments 15,041 128,334 143,375 667 21,135 21,802Balance, December 31 194,980 1,040,244 1,235,224 - 1,670,223 1,670,223 Total 357,817 2,388,931 2,746,748 - 2,905,130 2,905,130The movement of changes in fair value of investments is as follows: 2019 2018 SAR’000Insurance operations Change in fair value 193,377 (30,865)Net gain transferred to statement of income - 32,764 193,377 1,899 Shareholders’ operations Change in fair value 143,375 21,802Net loss / (gain) transferred to statement of income 27,991 (56,572) 171,366 (34,770) Total 364,743 (32,871)The cumulative unrealised gain for available for sale investments and investment in associate share of other comprehensive income amounts to SR 167.4 million (31 December 2018: cumulative unrealized loss SR 198.7 thousand).	7
Disclosure of deferred policy acquisition costs [text block]	10. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS a) Deferred policy acquisition costs 2019 2018 SAR’000Balance, January 1 130,651 170,790Incurred during the year 350,167 350,402Amortized during the year (359,973) (390,541)Balance, December 31 120,845 130,651b) Unearned commission income 2019 2018 SAR’000Balance, January 1 39,299 53,661Commission received during the year 126,462 97,301Commission earned during the year (122,438) (111,663)Balance, December 31 43,323 39,299c) Unearned premiums 2019 2018 Gross Reinsurers’ share Net Gross Reinsurers’ share Net SAR'000Balance, January 1 3,820,293 (544,839) 3,275,454 4,405,244 (591,125) 3,814,119 Premiums written during the year 8,375,860 (1,650,188) 6,725,672 7,641,245 (1,098,103) 6,543,142Premiums earned during the year (8,370,034) 1,479,068 (6,890,966) (8,226,196) 1,144,389 (7,081,807)Balance, December 31 3,826,119 (715,959) 3,110,160 3,820,293 (544,839) 3,275,45410. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS (Continued)d) Outstanding claims and reserves 2019 2018 Gross Reinsurers share Net Gross Reinsurers share Net SAR'000Balance, January 1 4,962,611 (2,917,646) 2,044,965 4,212,281 (1,766,484) 2,445,797 Claims paid (6,975,158) 1,302,342 (5,672,816) (7,819,527) 847,028 (6,972,499)Claims incurred 7,625,852 (1,812,866) 5,812,986 8,569,857 (1,998,190) 6,571,667Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965 Outstanding claims 3,717,931 (3,100,446) 617,485 3,330,828 (2,725,809) 605,019Salvage and subrogation (33,040) - (33,040) (59,672) - (59,672)Gross outstanding claims 3,684,891 (3,100,446) 584,445 3,271,156 (2,725,809) 545,347Incurred but not reported claims and other reserves 1,925,584 (327,724) 1,597,860 1,684,183 (191,837) 1,492,346Premium deficiency reserve 2,830 - 2,830 7,272 - 7,272Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965There 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 December 31, 2019, based on the recommendations of external actuary, management had recorded technical reserves (Gross outstanding claims and reserves) which amounted to SAR 5.6 billion (2018: SAR 4.9 billion). Significant portion of reserves relates to medical line of business. As at December 31, 2019 the Company booked four significant outstanding claims amounting to SAR 1.5 billion (2018: one claim of SAR 1.4 billion) with a reinsurance share of outstanding claim at 99% relating to property and casualty line of business.	10
Disclosure of prepayments and other assets [text block]	9. PREPAID EXPENSES AND OTHER ASSETS 2019 2018 SAR’000Advances to medical service providers and others 169,132 196,909Prepaid expenses 40,159 39,559Other assets 34,621 24,620 243,912 261,088	9
Disclosure of cash and cash equivalents [text block]	14. CASH AND CASH EQUIVALENTS 2019 2018 SAR’000Insurance operations Mudaraba deposits - 210,000Banks balances and cash 1,297,401 907,258Total 1,297,401 1,117,258 Shareholders Operations Mudaraba deposits - 400,000Banks balances and cash 9,149 82,982Total 9,149 482,982 Total cash and cash equivalents 1,306,550 1,600,240Mudaraba deposits are maintained with banks and financial institutions and have a maturity of three months or less from the date of acquisition. These earn commission at an average rate of nil per annum as at December 31, 2019 (2018: 3.99% per annum).Bank balances and cash includes call account balance of SAR 1.2 million (December 31, 2018: SAR 65 million). Both bank balances and mudaraba deposits (including off-balance sheet exposures) are placed with counterparties with sound credit ratings under Standard and Poor's and Moody’s ratings methodology.	14
Disclosure of statutory deposit [text block]	13. 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, 2018: 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.	13
Disclosure of employees' end of service benefits [text block]	17. EMPLOYEE END OF SERVICE BENEFITSThe Company operates an end of service benefit plan for its employees based on the prevailing Saudi Labor Laws. Accruals are made in accordance with the actuarial valuation under projected unit credit method while the benefit payments obligation is discharged as and when it falls due. The amounts recognized in the statement of financial position and movement in the obligation during the year based on its present value are as follows:17.1 The amounts recognized in the statement of financial position and movement in the obligation during the year based on its present value are as follows: 2019 2018 SAR’000Present value of defined benefit obligation 129,480 133,276Fair value of plan assets - - 129,480 133,27617.2 Movement of defined benefit obligation 2019 2018 SAR’000Opening balance 133,276 119,242 Charge to statement of income 12,832 16,466 Charge to statement of comprehensive income 2,314 6,347 Payment of benefits during the year (18,942) (8,779)Closing balance 129,480 133,276 17.3 Reconciliation of present value of defined benefit obligation 2019 2018 SAR’000Present value of defined benefit obligation as at January 1 133,276 119,242 Current service costs 9,885 12,690 Financial costs 2,947 3,776 Actuarial loss from experience adjustments 2,314 6,347 Benefits paid during the year (18,942) (8,779)Present value of defined benefit obligation as at December 31 129,480 133,276 17.4 Principal actuarial assumptionsThe following range of significant actuarial assumptions was used by the Company for the valuation of post-employment benefit liability: 2019 2018Valuation discount rate 3% 3%Expected rate of increase in salary level across different age bands 0.5% - 6% 0.5% - 6% 17.5 Sensitivity analysis of actuarial assumptionsThe impact of changes in sensitivities on present value of defined benefit obligation is as follows: 2019 2018 SAR '000 Impact on defined benefit obligationValuation discount rate - Increase by 0.5% (4,679) (4,599)- Decrease by 0.5% 5,000 4,911Expected rate of increase in salary level across different age bands - Increase by 0.5% 4,825 4,707- Decrease by 0.5% (4,337) (4,458)	17
Disclosure of gross unearned premiums/ contributions [text block]	10. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS a) Deferred policy acquisition costs 2019 2018 SAR’000Balance, January 1 130,651 170,790Incurred during the year 350,167 350,402Amortized during the year (359,973) (390,541)Balance, December 31 120,845 130,651b) Unearned commission income 2019 2018 SAR’000Balance, January 1 39,299 53,661Commission received during the year 126,462 97,301Commission earned during the year (122,438) (111,663)Balance, December 31 43,323 39,299c) Unearned premiums 2019 2018 Gross Reinsurers’ share Net Gross Reinsurers’ share Net SAR'000Balance, January 1 3,820,293 (544,839) 3,275,454 4,405,244 (591,125) 3,814,119 Premiums written during the year 8,375,860 (1,650,188) 6,725,672 7,641,245 (1,098,103) 6,543,142Premiums earned during the year (8,370,034) 1,479,068 (6,890,966) (8,226,196) 1,144,389 (7,081,807)Balance, December 31 3,826,119 (715,959) 3,110,160 3,820,293 (544,839) 3,275,45410. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS (Continued)d) Outstanding claims and reserves 2019 2018 Gross Reinsurers share Net Gross Reinsurers share Net SAR'000Balance, January 1 4,962,611 (2,917,646) 2,044,965 4,212,281 (1,766,484) 2,445,797 Claims paid (6,975,158) 1,302,342 (5,672,816) (7,819,527) 847,028 (6,972,499)Claims incurred 7,625,852 (1,812,866) 5,812,986 8,569,857 (1,998,190) 6,571,667Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965 Outstanding claims 3,717,931 (3,100,446) 617,485 3,330,828 (2,725,809) 605,019Salvage and subrogation (33,040) - (33,040) (59,672) - (59,672)Gross outstanding claims 3,684,891 (3,100,446) 584,445 3,271,156 (2,725,809) 545,347Incurred but not reported claims and other reserves 1,925,584 (327,724) 1,597,860 1,684,183 (191,837) 1,492,346Premium deficiency reserve 2,830 - 2,830 7,272 - 7,272Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965There 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 December 31, 2019, based on the recommendations of external actuary, management had recorded technical reserves (Gross outstanding claims and reserves) which amounted to SAR 5.6 billion (2018: SAR 4.9 billion). Significant portion of reserves relates to medical line of business. As at December 31, 2019 the Company booked four significant outstanding claims amounting to SAR 1.5 billion (2018: one claim of SAR 1.4 billion) with a reinsurance share of outstanding claim at 99% relating to property and casualty line of business.	10
Disclosure of gross outstanding claims/ benefits [text block]	10. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS a) Deferred policy acquisition costs 2019 2018 SAR’000Balance, January 1 130,651 170,790Incurred during the year 350,167 350,402Amortized during the year (359,973) (390,541)Balance, December 31 120,845 130,651b) Unearned commission income 2019 2018 SAR’000Balance, January 1 39,299 53,661Commission received during the year 126,462 97,301Commission earned during the year (122,438) (111,663)Balance, December 31 43,323 39,299c) Unearned premiums 2019 2018 Gross Reinsurers’ share Net Gross Reinsurers’ share Net SAR'000Balance, January 1 3,820,293 (544,839) 3,275,454 4,405,244 (591,125) 3,814,119 Premiums written during the year 8,375,860 (1,650,188) 6,725,672 7,641,245 (1,098,103) 6,543,142Premiums earned during the year (8,370,034) 1,479,068 (6,890,966) (8,226,196) 1,144,389 (7,081,807)Balance, December 31 3,826,119 (715,959) 3,110,160 3,820,293 (544,839) 3,275,45410. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS (Continued)d) Outstanding claims and reserves 2019 2018 Gross Reinsurers share Net Gross Reinsurers share Net SAR'000Balance, January 1 4,962,611 (2,917,646) 2,044,965 4,212,281 (1,766,484) 2,445,797 Claims paid (6,975,158) 1,302,342 (5,672,816) (7,819,527) 847,028 (6,972,499)Claims incurred 7,625,852 (1,812,866) 5,812,986 8,569,857 (1,998,190) 6,571,667Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965 Outstanding claims 3,717,931 (3,100,446) 617,485 3,330,828 (2,725,809) 605,019Salvage and subrogation (33,040) - (33,040) (59,672) - (59,672)Gross outstanding claims 3,684,891 (3,100,446) 584,445 3,271,156 (2,725,809) 545,347Incurred but not reported claims and other reserves 1,925,584 (327,724) 1,597,860 1,684,183 (191,837) 1,492,346Premium deficiency reserve 2,830 - 2,830 7,272 - 7,272Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965There 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 December 31, 2019, based on the recommendations of external actuary, management had recorded technical reserves (Gross outstanding claims and reserves) which amounted to SAR 5.6 billion (2018: SAR 4.9 billion). Significant portion of reserves relates to medical line of business. As at December 31, 2019 the Company booked four significant outstanding claims amounting to SAR 1.5 billion (2018: one claim of SAR 1.4 billion) with a reinsurance share of outstanding claim at 99% relating to property and casualty line of business.	10
Disclosure of unearned commission income [text block]	10. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS a) Deferred policy acquisition costs 2019 2018 SAR’000Balance, January 1 130,651 170,790Incurred during the year 350,167 350,402Amortized during the year (359,973) (390,541)Balance, December 31 120,845 130,651b) Unearned commission income 2019 2018 SAR’000Balance, January 1 39,299 53,661Commission received during the year 126,462 97,301Commission earned during the year (122,438) (111,663)Balance, December 31 43,323 39,299c) Unearned premiums 2019 2018 Gross Reinsurers’ share Net Gross Reinsurers’ share Net SAR'000Balance, January 1 3,820,293 (544,839) 3,275,454 4,405,244 (591,125) 3,814,119 Premiums written during the year 8,375,860 (1,650,188) 6,725,672 7,641,245 (1,098,103) 6,543,142Premiums earned during the year (8,370,034) 1,479,068 (6,890,966) (8,226,196) 1,144,389 (7,081,807)Balance, December 31 3,826,119 (715,959) 3,110,160 3,820,293 (544,839) 3,275,45410. MOVEMENTS IN DEFERRED POLICY ACQUISITION COSTS, UNEARNED COMMISSION INCOME, UNEARNED PREMIUMS AND OUTSTANDING CLAIMS (Continued)d) Outstanding claims and reserves 2019 2018 Gross Reinsurers share Net Gross Reinsurers share Net SAR'000Balance, January 1 4,962,611 (2,917,646) 2,044,965 4,212,281 (1,766,484) 2,445,797 Claims paid (6,975,158) 1,302,342 (5,672,816) (7,819,527) 847,028 (6,972,499)Claims incurred 7,625,852 (1,812,866) 5,812,986 8,569,857 (1,998,190) 6,571,667Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965 Outstanding claims 3,717,931 (3,100,446) 617,485 3,330,828 (2,725,809) 605,019Salvage and subrogation (33,040) - (33,040) (59,672) - (59,672)Gross outstanding claims 3,684,891 (3,100,446) 584,445 3,271,156 (2,725,809) 545,347Incurred but not reported claims and other reserves 1,925,584 (327,724) 1,597,860 1,684,183 (191,837) 1,492,346Premium deficiency reserve 2,830 - 2,830 7,272 - 7,272Balance, December 31 5,613,305 (3,428,170) 2,185,135 4,962,611 (2,917,646) 2,044,965There 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 December 31, 2019, based on the recommendations of external actuary, management had recorded technical reserves (Gross outstanding claims and reserves) which amounted to SAR 5.6 billion (2018: SAR 4.9 billion). Significant portion of reserves relates to medical line of business. As at December 31, 2019 the Company booked four significant outstanding claims amounting to SAR 1.5 billion (2018: one claim of SAR 1.4 billion) with a reinsurance share of outstanding claim at 99% relating to property and casualty line of business.	10
Disclosure of accrued expenses and other liabilities [text block]	16. CLAIMS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES 2019 2018 SAR’000Payables to policyholders 822,200 833,110 Payable - General Authority of Zakat and Tax 77,527 365,462Accrued expenses 148,839 167,568Marketing representative commissions 29,287 42,682 Manafeth share of profit distribution payable 57,378 56,939 Provision for leave encashment 13,486 13,341 Employees’ savings plan 17,577 26,551 Other liabilities 8,688 9,070 1,174,982 1,514,723	16
Disclosure of zakat [text block]	19. ZAKATa) The current year’s provision is based on the following: 2019 2018 SAR’000Share capital 1,250,000 1,250,000Reserves, opening provisions and other adjustments 1,494,664 1,979,831Book value of long term assets (438,440) (403,407) 2,306,224 2,826,424Adjusted net income 376,042 (186,682)Zakat @ 2.578% on Zakat base for the year ended 2019 59,454 -Zakat @ 2.5% on Zakat base for the year ended 2018 - 70,661Zakat @ 2.5% on adjusted net income 9,401 (4,667) 68,855 65,994As the zakat base for the year is higher than the zakatable income, the zakat for the year is calculated at 2.578% on the zakat base and 2.5% on adjusted net income for the year.b) The movement in the zakat provision for the year was as follows: 2019 2018 SAR’000Balance, January 1 237,080 233,318Provided during the year 68,855 65,994Charge for the prior years 5,724 -Payments during the year (56,105) (62,232)Balance, December 31 255,554 237,080c) Status of Assessments:The Company had filed Zakat returns with the General Authority of Zakat and Tax (“GAZT”) for the years from 2005 to 2018. In relation to 2005 and 2006, the Company has settled the amount of SR 53 million in relation to the assessment raised by GAZT that was paid by the provision created against the assessment of those years. For the assessment of the years 2007 to 2013, GAZT issued a final demand order amounting to SR 235 million for zakat and withholding tax. The Company settled the agreed amount from the zakat and withholding tax provisions during July 2019. Furthermore, GAZT has yet to commence its review and assessments for the years 2014 and 2018. Management believes that, appropriate provisions have been created that finalization of the above mentioned assessments is not expected to have a material impact on the financial statements for the year ended 2019.d) Change in accounting treatment in relation to zakat and income taxThe change in the accounting treatment for zakat and income tax (as explained in note 2 and 3(b)) has the following impact on the line items of the statements of income, comprehensive income and changes in shareholders’ equity. There is no impact on the statement of financial position as at 31 December 2018 and statement of cash flows for the year then ended.As at and for the year ended 31 December 2018 – SAR in ‘000Financial statement impacted Account As previously stated for year ended 31 December 2018 Effect of restatement relating to zakat As restated for year ended 31 December 2018Statement of income Zakat charge for the year - (65,994) (65,994)Statement of income Basic and diluted loss per share (1.71) (0.52) (2.23)Statement of income and comprehensive income Net loss attributable to the shareholders after zakat (213,339) (65,994) (279,333)Statement of change in shareholders’ equity Total comprehensive loss after zakat (252,166) (65,994) (318,160)Statement of change in shareholders’ equity Zakat charge for the year (65,994) 65,994 -	19
Disclosure of statutory reserve [text block]	21. 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.	21
Disclosure of fair value reserve on investments [text block]	28. 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. 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 following table shows the carrying amount and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial instruments measured at fair value. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation to fair value. 28. FAIR VALUES OF FINANCIAL INSTRUMENTS (Continued) SAR’000 2019 Level 1 Level 2 Level 3 TotalAvailable-for- sale investments Insurance operations Mutual funds - 53,165 - 53,165Fixed income portfolio (Governments and corporations securities) - 1,213,310 - 1,213,310Discretionary Portfolio Management – Equity shares 157,084 - - 157,084Sukuks - - 6,341 6,341Funds placed with portfolio manager 81,624 - - 81,624 238,708 1,266,475 6,341 1,511,524 Shareholders operations Mutual funds - - 651,917 651,917 Fixed income portfolio (Governments and corporations securities) - 388,344 - 388,344 Discretionary Portfolio Management – Equity shares 122,723 - - 122,723Funds placed with portfolio manager 72,240 - - 72,240 194,963 388,344 651,917 1,235,224 Total 433,671 1,654,819 658,258 2,746,748 SAR’000 2018 Level 1 Level 2 Level 3 TotalAvailable-for- sale investments Insurance operations Mutual funds - 191,404 - 191,404Fixed income portfolio (Governments and corporations securities ) - 790,304 - 790,304 Sukuks - - 225,140 225,140Funds placed with portfolio manager 28,059 - - 28,059 28,059 981,708 225,140 1,234,907 Shareholders operations Mutual funds - 609,270 601,628 1,210,898Fixed income portfolio (Governments and corporations securities ) - 358,557 - 358,557 Sukuks - - 90,000 90,000Funds placed with portfolio manager 10,768 - - 10,768 10,768 967,827691,6281,670,223 Total 38,827 1,949,535916,7682,905,130The valuation of each publicly traded investment classified under level 1 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 funds 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. As at December 31, 2019 the Company has invested an amount of SAR 2.5 billion (2018: SAR 2.3 billion) classified under available for sale investments in Shariah Notes issued by Cayman Sharia Vehicle. The underlying investments such as private equity funds are classified under Level 3, valued based on latest reported net assets values and fund administrator reports whereas, the fair value of Level 2 fixed income investments and funds are taken from reliable and third party sources including Reuters, Bloomberg, etc. 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 year ended December 31, 2019 and 2018.The fair values of statutory deposits, accrued investment income on statutory deposit, mudaraba/ murabaha deposits, bank balances 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.28. 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 December 31, 2019 Balance January 1 Purchases Sales Statement of income Other comprehensive income Balance December 31Insurance operations Sukuks 225,140 - (218,799) - - 6,341 225,140 - (218,799) - - 6,341 Shareholders operations Mutual funds 601,629 37,500 (55,154) (26,846) 94,788651,917Sukuks 90,000 - (90,000) - - - 691,629 37,500 (145,154) (26,846) 94,788651,917 Total 916,769 37,500 (363,953) (26,846) 94,788658,258 SAR’000 Total gain or loss recognized in December 31, 2018 Balance January 1 Purchases Sales Statement of income Other comprehensive income Balance December 31Insurance operations Mutual fund 2,637,325 928,066 (3,667,918) 16,318 86,209 -Sukuks 281,860 - (56,720) - - 225,140 2,919,185 928,066 (3,724,638) 16,318 86,209 225,140 Shareholders operations Mutual funds 2,425,439 937,028 (3,005,602) 185,388 59,376 601,629Sukuks 100,000 - (10,000) - - 90,000 2,525,439 937,028 (3,015,602) 185,388 59,376 691,629 Total 5,444,624 1,865,094 (6,740,240) 201,706 145,585 916,769The below table shows significant unobservable inputs used in the valuation of level 3 investments.Description Fair value as at Fair value as at UnobservableInputs Range of inputs Relationships of unobservable inputs to fair value Dec 31, 2019 (SR) Dec 31, 2018 (SR) 2019 & 2018 Unquoted Bonds and Sukuks 6,341 315,140 Assumption of credit spreads, rates, etc. +/- 0.1% Increased risk premium of 10 bps will have a change in fair value of these debt securities of SR 0.06 million (2018: SR 1.2 million.)Mutual funds 651,917 601,629 Fund administrator report based on NAV N/A N/A28. FAIR VALUES OF FINANCIAL INSTRUMENTS (Continued)Sensitivity analysis of Level 3 investmentsDecember 31, 2019 Sensitivity factor Impact on fair value due to increase in sensitivity factor Impact on fair value due to decrease in sensitivity factor SAR’000Insurance Operations Sukuks +/- 10% change in credit spread 634 (634) Shareholders operations Mutual funds +/- 2% change in NAV per unit 13,038 (13,038)December 31, 2018 Sensitivity factor Impact on fair value due to increase in sensitivity factor Impact on fair value due to decrease in sensitivity factor SAR’000Insurance Operations Sukuks +/- 10% change in credit spread 22,514 (22,514) Shareholders operations Mutual funds +/- 2% change in NAV per unit 12,033 (12,033)Sukuks +/- 10% change in credit spread 9,000 (9,000)	28
Disclosure of general and administrative expense [text block]	24. GENERAL AND ADMINISTRATIVE EXPENSES 2019 2018 SAR’000Salaries and benefits 385,486 333,708Advertising 24,769 9,704 Insurance, utilities and maintenance 16,591 10,976 Rent 6,662 5,217 Depreciation (Note 4) 24,449 22,313 Communications 9,398 9,415 Office supplies and printing 3,308 1,131 Training and education 4,210 2,857 Professional fees 30,137 11,159 Indirect cost charge of Manafeth 6,499 6,119 License and other charges 22,887 20,077 Others 42,857 65,436 577,253 498,112	24
Disclosure of investments income [text block]	23. INVESTMENT INCOME, NET 2019 2018 SAR'000Insurance Operations Available-for-sale: - Dividend income - 48,761- Commission income 147,988 11,503- Realized (loss)/ gain on sale (Note 7) - (32,764)Investment income, net 147,988 27,500 Shareholders Operations Available-for-sale: - Dividend income - 129,800- Commission income 104,864 2,929- Realized gain/ (loss) on sale (Note 7) (27,991) 56,572- Investment fees (3,828) - Investment income, net 73,045 189,301 Total investment income, net 221,033 216,801	23
Disclosure of compensation to key management personnel [text block]	27. 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 year and the related balances at December 31: Amount of transactions for the year endedSAR’000 Balance receivable / (payable) as atSAR’000 2019 2018 2019 2018Major shareholders Insurance premiums written 54,295 45,016 3,862 4,091General Organization for Social Insurance - Other services 127 140 - - Rent Expenses Paid 131 - - - Associates Insurance premium written 15,283 33,874 674 210 Najm fees paid 21,575 38,012 - - Waseel fees paid 17,433 17,289 - - United Insurance Co. fees and claims, net 11,887 11,814 2,663 3,712 Entities controlled, jointly controlled or significantly influenced by related parties Insurance premiums written 288,730 168,110 117,747 51,205Rent expenses paid 740 620 561 - Amount of claims paid to hospitals 52,937 63,341 (4,197) (12,088)In accordance with the Company’s Articles of Association, the Board of Directors is entitled each year to remuneration up to 10% of the remaining profit from Shareholders’ operations, as defined, based on a decision by the General Assembly.27. RELATED PARTY TRANSACTIONS AND BALANCES (Continued)Remuneration and compensation of BOD Members and Top ExecutivesThe following table shows the annual salaries, remuneration and allowances obtained by the Board members and five top executives for the year ended December 31, 2019 and 2018:2019 BOD members (Executives) BOD members (Non-Executive) Top Executives including the CEO and CFO SAR’000Salaries and compensation - - 7,245Allowances - 822 2,992Motivational plans - - 2,093Annual remuneration - 3,335 2,443End of service indemnities - - 776Total - 4,157 15,5492018 BOD members (Executives) BOD members (Non-Executive) Top Executives including the CEO and CFO SAR’000Salaries and compensation - - 6,513 Allowances - 750 2,989 Motivational plans - - 2,506 Annual remuneration - 1,300 903 End of service indemnities - - 1,681 Total - 2,050 14,592	27
Disclosure of earnings per share [text block]	25. BASIC AND DILUTED EARNINGS / (LOSS) PER SHAREBasic and diluted earnings / (loss) per share have been calculated by dividing the income / (loss) for the year by 125 million shares.	25
Disclosure of related party transactions [text block]	27. 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 year and the related balances at December 31: Amount of transactions for the year endedSAR’000 Balance receivable / (payable) as atSAR’000 2019 2018 2019 2018Major shareholders Insurance premiums written 54,295 45,016 3,862 4,091General Organization for Social Insurance - Other services 127 140 - - Rent Expenses Paid 131 - - - Associates Insurance premium written 15,283 33,874 674 210 Najm fees paid 21,575 38,012 - - Waseel fees paid 17,433 17,289 - - United Insurance Co. fees and claims, net 11,887 11,814 2,663 3,712 Entities controlled, jointly controlled or significantly influenced by related parties Insurance premiums written 288,730 168,110 117,747 51,205Rent expenses paid 740 620 561 - Amount of claims paid to hospitals 52,937 63,341 (4,197) (12,088)In accordance with the Company’s Articles of Association, the Board of Directors is entitled each year to remuneration up to 10% of the remaining profit from Shareholders’ operations, as defined, based on a decision by the General Assembly.27. RELATED PARTY TRANSACTIONS AND BALANCES (Continued)Remuneration and compensation of BOD Members and Top ExecutivesThe following table shows the annual salaries, remuneration and allowances obtained by the Board members and five top executives for the year ended December 31, 2019 and 2018:2019 BOD members (Executives) BOD members (Non-Executive) Top Executives including the CEO and CFO SAR’000Salaries and compensation - - 7,245Allowances - 822 2,992Motivational plans - - 2,093Annual remuneration - 3,335 2,443End of service indemnities - - 776Total - 4,157 15,5492018 BOD members (Executives) BOD members (Non-Executive) Top Executives including the CEO and CFO SAR’000Salaries and compensation - - 6,513 Allowances - 750 2,989 Motivational plans - - 2,506 Annual remuneration - 1,300 903 End of service indemnities - - 1,681 Total - 2,050 14,592	27
Disclosure of entity's operating segments [text block]	29. OPERATING SEGMENTS Consistent 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 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 equipment) are not reported to chief operating decision maker under related segments and are monitored on a centralized basis.29. OPERATING SEGMENTS (Continued) 2019Operating Segments Medical Motor Manafeth Property & casualty Protection & Savings Total - Insurance operations Total Shareholders’ operations Total SAR’000REVENUES Gross premiums written - Retail 31,612 550,946 152,927 25,472 419 761,376 761,376 - Micro Enterprises 232,100 16,600 - 47,696 - 296,396 296,396 - Small Enterprises 303,452 14,951 - 22,748 195 341,346 341,346 - Medium Enterprises 401,940 19,882 - 17,744 1,073 440,639 440,639 - Corporates 4,967,790 36,268 - 1,507,435 24,610 6,536,103 6,536,103 5,936,894 638,647 152,927 1,621,095 26,297 8,375,860 8,375,860 Reinsurance ceded - local - - - (72,861) (16,887) (89,748) (89,748)Reinsurance ceded - international (97,870) - - (1,455,877) (6,693) (1,560,440) (1,560,440)Fees income from takaful - - - - 6,666 6,666 6,666 Excess of loss premiums - (12,895) (1,958) (5,461) - (20,314) (20,314)Net premiums written 5,839,024 625,752 150,969 86,896 9,383 6,712,024 6,712,024 Changes in unearned premiums, net 155,397 1,532 (2,583) 10,636 312 165,294 165,294 Net premiums earned 5,994,421 627,284 148,386 97,532 9,695 6,877,318 6,877,318 Reinsurance commissions 2,777 148 - 119,513 - 122,438 122,438 Other underwriting income - 10,530 - - - 10,530 10,530 TOTAL REVENUES 5,997,198 637,962 148,386 217,045 9,695 7,010,286 7,010,286 UNDERWRITING COSTS AND EXPENSES Gross claims paid and related expenses 5,370,659 336,889 26,685 1,227,345 13,580 6,975,158 6,975,158 Reinsurers’ share of claims paid (80,163) (8,131) - (1,201,662) (12,386) (1,302,342) (1,302,342)Net claims paid 5,290,496 328,758 26,685 25,683 1,194 5,672,816 5,672,816 Changes in outstanding claims, net 639 41,801 3,551 (5,776) (1,117) 39,098 39,098 Changes in incurred but not reported claims reserve, net 153,124 (46,280) (325) (1,128) 123 105,514 105,514 Changes in premium deficiency reserves (4,510) - - 34 34 (4,442) (4,442)Net claims and other benefits incurred 5,439,749 324,279 29,911 18,813 234 5,812,986 5,812,986 Changes in reserve for takaful activities - - - - (3,684) (3,684) (3,684)Policy acquisition costs 200,652 86,264 32,413 39,719 925 359,973 359,973 Other underwriting expenses 54,880 (28,060) 11,295 (26,349) 1,912 13,678 13,678 Manafeth insurance share distribution - - 57,378 - - 57,378 57,378 TOTAL UNDERWRITING COSTS AND EXPENSES 5,695,281 382,483 130,997 32,183 (613) 6,240,331 6,240,331 NET UNDERWRITING INCOME 301,917 255,479 17,389 184,862 10,308 769,955 769,955General and administrative expenses (569,103) (8,150) (577,253)Allowance for doubtful debts (28,844) - (28,844)Dividend and realized gain on investments, net 147,988 73,045 221,033Share of profit from investments in associates, net 2,437 28,723 31,160Other income 20,397 - 20,397NET INCOME FOR THE YEAR BEFORE ZAKAT 342,830 93,618 436,44829. OPERATING SEGMENTS (Continued) 2018Operating Segments Medical Motor Manafeth Property & casualty Protection & Savings Total - Insurance operations Total Shareholders’ operations Total SAR’000REVENUES Gross premiums written - Retail 47,620 570,741 143,985 22,361 - 784,707 784,707 - Micro Enterprises 193,629 21,095 - 18,250 - 232,974 232,974 - Small Enterprises 193,327 16,193 - 14,097 211 223,828 223,828 - Medium Enterprises 294,646 23,316 - 18,019 1,476 337,457 337,457 - Corporates 5,000,883 40,765 - 995,541 25,090 6,062,279 6,062,279 5,730,105 672,110 143,985 1,068,268 26,777 7,641,245 7,641,245 Reinsurance ceded - local - - - (45,160) - (45,160) (45,160)Reinsurance ceded - international (94,689) - - (934,496) (23,758) (1,052,943) (1,052,943)Fees income from takaful - - - - 8,534 8,534 8,534 Excess of loss premiums - (18,054) (2,935) (3,598) - (24,587) (24,587)Net premiums written 5,635,416 654,056 141,050 85,014 11,553 6,527,089 6,527,089 Changes in unearned premiums, net 163,832 346,495 2,919 25,722 (303) 538,665 538,665 Net premiums earned 5,799,248 1,000,551 143,969 110,736 11,250 7,065,754 7,065,754 Reinsurance commissions 2,545 135 - 108,983 - 111,663 111,663 Other underwriting income - 10,435 - - - 10,435 10,435 TOTAL REVENUES 5,801,793 1,011,121 143,969 219,719 11,250 7,187,852 7,187,852 UNDERWRITING COSTS AND EXPENSES Gross claims paid and related expenses 6,361,675 647,299 29,035 762,174 19,344 7,819,527 7,819,527 Reinsurers’ share of claims paid (94,015) (10,297) - (725,236) (17,480) (847,028) (847,028)Net claims paid 6,267,660 637,002 29,035 36,938 1,864 6,972,499 6,972,499 Changes in outstanding claims, net (474,503) 11,845 6,284 1,956 278 (454,140) (454,140)Changes in incurred but not reported claims reserve, net 227,175 (24,255) (9,546) (10,355) 265 183,284 183,284 Changes in premium deficiency reserves (132,738) - - 2,762 - (129,976) (129,976)Net claims and other benefits incurred 5,887,594 624,592 25,773 31,301 2,407 6,571,667 6,571,667 Changes in reserve for takaful activities - - - - (1,886) (1,886) (1,886)Policy acquisition costs 208,383 102,865 31,892 45,986 1,415 390,541 390,541 Other underwriting expenses 92,173 3,788 11,155 28,890 1,858 137,864 137,864 Manafeth insurance share distribution - - 56,939 - - 56,939 56,939 TOTAL UNDERWRITING COSTS AND EXPENSES 6,188,150 731,245 125,759 106,177 3,794 7,155,125 7,155,125 NET UNDERWRITING (LOSS) / INCOME (386,357) 279,876 18,210 113,542 7,456 32,727 32,727General and administrative expenses (493,483) (4,629) (498,112)Allowance for doubtful debts (20,235) - (20,235)Dividend and realized gain on investments, net 27,500 189,301 216,801 Share of profit from investments in associates, net 900 28,798 29,698 Other income 25,782 - 25,782NET LOSS FOR THE YEAR BEFORE ZAKAT (426,809) 213,470 (213,339)29. OPERATING SEGMENTS (Continued) As at December 31, 2019Operating Segments Medical Motor Manafeth Property & casualty Protection & Savings Total - Insurance operations Total - Shareholders’ operations Total SAR’000Assets Reinsurer’s share of unearned premiums 51,951 - - 659,903 4,105 715,959 715,959 Reinsurer’s share of incurred but not reported claims 24,365 13,017 - 285,815 4,527 327,724 327,724 Reinsurer’s share of outstanding claims 22 20,581 5,241 3,057,935 16,667 3,100,446 3,100,446 Deferred excess of loss premiums - 2,650 - 5,064 - 7,714 7,714 Deferred policy acquisition costs 84,932 21,645 1,431 12,447 390 120,845 120,845 Investments (including investment property, mudaraba deposit, investments in associates and accrued investment income ) 3,113,846 3,289,992 6,403,838 Receivables, net 1,495,894 1,495,894Cash and cash equivalents 1,297,401 9,149 1,306,550 Unallocated assets 508,002 127,513 635,515Total assets 161,270 57,893 6,672 4,021,164 25,689 10,687,831 3,426,654 14,114,485 Liabilities Gross unearned premiums 2,753,711 325,978 26,646 714,976 4,808 3,826,119 3,826,119 Gross outstanding claims 256,389 196,625 20,884 3,193,319 17,674 3,684,891 3,684,891 Incurred but not reported claims reserve 1,435,946 161,438 13,597 309,688 4,915 1,925,584 1,925,584 Premium deficiency reserve - - - 2,796 34 2,830 2,830 Unearned commission income 1,271 - - 41,170 882 43,323 43,323 Reserve for takaful activities - - - - 5,006 5,006 5,006 Reinsurers’ balances payable 523,820 523,820 Unallocated liabilities 1,334,585 268,638 1,603,223Total liabilities 4,447,317 684,041 61,127 4,261,949 33,319 11,346,158 268,638 11,614,796 29. OPERATING SEGMENTS (continued) As at December 31, 2018Operating Segments Medical Motor Manafeth Property & casualty Protection & Savings Total - Insurance operations Total - Shareholders’ operations Total SAR’000Assets Reinsurer’s share of unearned premiums 52,826 - - 485,213 6,800 544,839 544,839Reinsurer’s share of incurred but not reported claims 23,327 - - 166,213 2,297 191,837 191,837Reinsurer’s share of outstanding claims 667 18,382 2,000 2,680,763 23,997 2,725,809 2,725,809Deferred excess of loss premiums - 6,123 - 2,652 - 8,775 8,775Deferred policy acquisition costs 93,533 22,520 1,312 12,793 493 130,651 130,651Investments (including investment property, mudaraba deposit, investments in associates and accrued investment income ) 2,640,189 2,609,043 5,249,232Receivables, net 1,517,987 - 1,517,987Cash and cash equivalents 1,117,258 482,982 1,600,240Unallocated assets 530,954 127,254 658,208Total assets 170,353 47,025 3,312 3,347,634 33,587 9,408,299 3,219,279 12,627,578 Liabilities Gross unearned premiums 2,909,983 327,510 24,063 550,922 7,815 3,820,293 3,820,293Gross outstanding claims 256,395 152,625 14,092 2,821,923 26,121 3,271,156 3,271,156Incurred but not reported claims reserve 1,281,784 194,701 13,922 191,214 2,562 1,684,183 1,684,183Premium deficiency reserve 4,510 - - 2,762 - 7,272 7,272Unearned commission income 1,291 - - 36,265 1,743 39,299 39,299Reserve for takaful activities - - - - 8,690 8,690 8,690Reinsurers’ balances payable 94,720 94,720Unallocated liabilities 1,640,177 253,567 1,893,744Total liabilities 4,453,963 674,836 52,077 3,603,086 46,931 10,565,790 253,567 10,819,357	29
Disclosure of capital management [text block]	32. CAPITAL MANAGEMENTThe Company manages its capital to ensure that it is able to continue as going concern and comply with the regulators’ capital requirements of the markets in which the Company operates while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Company consists of equity attributable to equity holders comprising paid share capital, reserves and retained earnings. As per guidelines laid out by SAMA in Article 66 of the Implementing Regulations of the Cooperative Insurance Companies Control Law detailing the solvency margin required to be maintained, the Company shall maintain solvency margin equivalent to the highest of the following three methods as per SAMA Implementing Regulations: Minimum Capital Requirement of SAR 200 million Premium Solvency Margin Claims Solvency MarginAs at December 31, 2019 the Company’s solvency level is higher than the minimum solvency margin required by the Implementing Regulations of the Cooperative Insurance Companies Control Law. The capital structure of the Company as at December 31, 2019 consists of paid-up share capital of SAR 1,250 million, legal reserves of SAR 1,066 million and retained earnings of SAR 31.2 million (December 31, 2018: paid-up share capital of SAR 1,250 million, legal reserves of SAR 1,000 million and accumulated losses of SAR 230.8 million.) in the statement of financial position.	32
Disclosure of claims/ benefits development table [text block]	18. CLAIMS DEVELOPMENT TABLEThe following reflects the cumulative incurred claims, including both claims notified and incurred but not reported for each successive accident year at each statement of financial position date, together with the cumulative payments to date. The development of insurance liabilities provides a measure of the Company's ability to estimate the ultimate value of the claims.The Company aims to maintain adequate reserves in respect of its insurance business in order to protect against adverse future claims experience and developments. The IBNR estimate pertains to claims liability for the periods beginning from 2015 onwards whose claim experience has not been fully developed.Claims triangulation analysis is by accident years spanning a number of financial years.Claims development table gross of reinsurance:2019 2014 & Earlier 2015 2016 2017 2018 2019 TotalAccident year SAR '000Estimate of ultimate claims cost: At the end of accident year 22,065,276 4,862,126 5,004,460 5,842,642 7,423,498 5,946,045 One year later 22,479,032 5,580,651 6,045,645 7,065,784 8,583,529 Two years later 22,488,728 5,615,040 6,161,715 7,263,141 Three years later 22,308,754 5,792,120 6,251,565 Four years later 22,035,884 5,782,349 Five years later 22,014,633 Current estimate of cumulative claims 22,014,633 5,782,349 6,251,565 7,263,141 8,583,529 5,946,045 55,841,262 Cumulative payments to date (21,850,162) (5,630,004) (6,029,679) (6,927,581) (7,152,701) (4,533,204) (52,123,331)Liability recognized in statement of financial position 164,471 152,345 221,886 335,560 1,430,828 1,412,841 3,717,931 Salvage and subrogation (33,040)Incurred but not reported claims 24,295 6,187 8,452 38,529 408,229 1,439,892 1,925,584Premium deficiency reserve 2,830Outstanding claims and reserves 5,613,305Claims development table gross of reinsurance:2018 2013 & Earlier 2014 2015 2016 2017 2018 TotalAccident year SAR '000Estimate of ultimate claims cost: At the end of accident year 17,754,607 3,669,909 4,862,126 5,004,460 5,842,642 7,423,498 One year later 18,395,367 4,120,395 5,580,651 6,045,645 7,065,784 Two years later 18,358,637 4,153,516 5,615,040 6,161,715 Three years later 18,335,212 4,129,605 5,792,120 Four years later 18,179,149 4,046,050 Five years later 17,989,834 Current estimate of cumulative claims 17,989,834 4,046,050 5,792,120 6,161,715 7,065,784 7,423,498 48,479,001Cumulative payments to date (17,898,396) (3,949,883) (5,604,378) (5,998,251) (6,715,694) (4,981,571) (45,148,173)Liability recognized in statement of financial position 91,438 96,167 187,742 163,464 350,090 2,441,927 3,330,828Salvage and subrogation (59,672)Incurred but not reported claims 12,676 3,098 6,648 38,305 212,175 1,411,281 1,684,183Premium deficiency reserve 7,272Outstanding claims and reserves 4,962,61118. CLAIMS DEVELOPMENT TABLE (Continued)Claims development table net of reinsurance: 2019 2014 & Earlier 2015 2016 2017 2018 2019 TotalAccident year SAR '000Estimate of ultimate claims cost: At the end of accident year 16,719,437 3,662,092 4,468,422 5,444,158 5,219,686 4,773,695 One year later 17,243,737 4,288,552 5,423,773 6,521,216 5,952,086 Two years later 17,286,926 4,341,976 5,618,128 6,693,505 Three years later 17,275,386 4,342,816 5,631,093 Four years later 17,252,807 4,341,711 Five years later 17,247,845 Current estimate of cumulative claims 17,247,845 4,341,711 5,631,093 6,693,505 5,952,086 4,773,695 44,639,935 Cumulative payments to date (17,172,549) (4,298,743) (5,578,696) (6,632,709) (5,884,552) (4,455,201) (44,022,450)Liability recognized in statement of financial position 75,296 42,968 52,397 60,796 67,534 318,494 617,485 Salvage and subrogation (33,040)Incurred but not reported claims 24,400 6,186 8,449 37,654 398,424 1,122,747 1,597,860Premium deficiency reserve 2,830Outstanding claims and reserves 2,185,135Claims development table net of reinsurance: 2018 2013 & Earlier 2014 2015 2016 2017 2018 TotalAccident year SAR '000Estimate of ultimate claims cost: At the end of accident year 12,866,989 3,206,828 3,662,092 4,468,422 5,444,158 5,219,686 One year later 13,512,609 3,713,334 4,288,552 5,423,773 6,521,216 Two years later 13,530,403 3,736,380 4,341,976 5,618,128 Three years later 13,550,546 3,738,266 4,342,816 Four years later 13,537,120 3,735,447 Five years later 13,517,360 Current estimate of cumulative claims 13,517,360 3,735,447 4,342,816 5,618,128 6,521,216 5,219,686 38,954,653 Cumulative payments to date (13,467,091) (3,705,316) (4,295,489) (5,557,860) (6,449,683) (4,874,195) (38,349,634)Liability recognized in statement of financial position 50,269 30,131 47,327 60,268 71,533 345,491 605,019 Salvage and subrogation (59,672)Incurred but not reported claims 12,312 3,481 6,655 38,233 204,275 1,227,390 1,492,346Premium deficiency reserve 7,272Outstanding claims and reserves 2,044,965	18
Disclosure of commitments and contingencies, general [text block]	34. CONTINGENT LIABILITIESa) As of December 31, 2019, outstanding letters of credit amounted to SAR 200 million (2018: SAR 143 million) in relation to performance bond obligation.b) The Company, in common with significant majority of insurers, is subject to litigation in the normal course of its business. The Company based on independent legal advice, does not believe that the outcome of these court cases will have a material impact on the Company's income or financial condition and has booked an appropriate provision.	34
Disclosure of risk management [abstract]
Disclosure of insurance/ takaful risk [text block]	(a) Insurance riskThe risk under an insurance contract is the risk that an insured event will occur including the uncertainty of the amount and timing of any resulting claim. The principal risk the Company faces under such contracts is that the actual claims and benefit payments exceed the carrying amount of insurance liabilities. This is influenced by the frequency of claims, severity of claims, actual benefits paid being greater than originally estimated and subsequent development of long-term claims.The variability of risks is improved by diversification of risk of loss to a large portfolio of insurance contracts as a more diversified portfolio is less likely to be affected across the board by change in any subset of the portfolio, as well as unexpected outcomes. The variability of risks is also improved by careful selection and implementation of underwriting strategy and guidelines as well as the use of reinsurance arrangements.Significant portion of reinsurance business ceded is placed on treaty and facultative basis with retention limits varying by product lines. Amounts recoverable from reinsurers are estimated in a manner consistent with the assumptions used for ascertaining the underlying policy benefits and are presented in the statement of financial position as reinsurance assets.Although the Company has reinsurance arrangements, it is not relieved of its direct obligations to its policyholders and thus a credit exposure exists with respect to reinsurance ceded, to the extent that any reinsurer is unable to meet its obligations assumed under such reinsurance arrangements.	31
Disclosure of reinsurance/ retakaful risk [text block]	(b) Reinsurance riskIn order to minimize financial exposure arising from large claims, the Company, in the normal course of business, enters into agreements with other parties for reinsurance purposes.To minimize its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar geographic regions, activities or economic characteristics of the reinsurers.Reinsurers are selected using the following parameters and guidelines set by the Company’s Board of Directors and Reinsurance Committee. The criteria may be summarized as follows:- Minimum acceptable credit rating by recognized rating agencies (e.g. S&P) that is not lower than BBB or equivalent- Reputation of particular reinsurance companies- Existing or past business relationship with the reinsurer.Furthermore, the financial strength and managerial and technical expertise as well as historical performance of the reinsurers, wherever applicable, are thoroughly reviewed by the Company and agreed to pre-set requirements of the Company’s Board of Directors and Reinsurance Committee before approving them for exchange of reinsurance business. As at December 31, 2019 and 2018, there is no significant concentration of reinsurance balances.Reinsurance ceded contracts do not relieve the Company from its obligations to policyholders and as a result the Company remains liable for the portion of outstanding claims reinsured to the extent that the reinsurer fails to meet the obligations under the reinsurance agreements.	31
Disclosure of currency risk [text block]	Currency RiskCurrency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates.The currency exposures of available-for-sale investments are set out below:Insurance Operations 2019 2018 SAR’000Saudi Arabian Riyals and GCC currencies 1,747,078 226,013 US Dollars 1,342,358 2,396,394 3,089,436 2,622,407 Shareholders Operations 2019 2018 SAR’000Saudi Arabian Riyals and GCC currencies 2,289,492 305,652 US Dollars 907,196 2,216,196 3,196,688 2,521,848 The Company’s transactions are principally in Saudi Arabian Riyals and US Dollar. Majority of the reinsurance payables are in US Dollars. Management monitors the fluctuations in currency exchange rates and acts accordingly and believes that the foreign currency risk is not significant.	31
Disclosure of commission/ special commission rate risk [text block]	Commission Rate RiskThe Company invests in securities and has deposits that are subject to commission rate risk. Commission rate risk to the Company is the risk of changes in commission rates reducing the overall return on its fixed commission rate bearing securities. The Commission rate risk is limited by monitoring changes in commission rates and by investing in floating rate instruments.	31
Disclosure of market risk [text block]	(c) Market risk (continued)An increase or decrease of 100 basis points in interest yields would result in a change in the loss for the year of SAR 3.6 million (2018: SAR 3.8 million).The commission and non-commission bearing investments of the Company and their maturities as at December 31, 2019 and 2018 are as follows: Less than 1 year More than 1 year Non-commission bearing TotalInsurance Operations SAR’0002019 Mudaraba/ Murabaha deposits 1,577,912 - - 1,577,912Available for sale investments - 1,219,651 291,873 1,511,524Cash and cash equivalent - - 1,297,401 1,297,401Total 1,577,912 1,219,6511,589,2744,386,837 2018 Mudaraba/ Murabaha deposits 1,387,500 - - 1,387,500Available for sale investments - 1,015,444 219,463 1,234,907Cash and cash equivalent 210,000 - 907,258 1,117,258Total 1,597,500 1,015,444 1,126,721 3,739,665 Shareholders Operations 2019 Mudaraba/ Murabaha deposits 1,961,464 - - 1,961,464Available for sale investments - 388,344 846,880 1,235,224Cash and cash equivalent - - 9,149 9,149Total 1,961,464 388,344856,0293,205,837 2018 Mudaraba/ Murabaha deposits 851,625 - - 851,625Available for sale investments - 448,557 1,221,666 1,670,223Cash and cash equivalent 400,000 - 82,982 482,982Total 1,251,625448,5571,304,6483,004,830 Other Price RiskOther price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices (other than those arising from commission rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The Company's investments amounting SAR 332.9 million (2018: SAR nil) are susceptible to market price risk arising from uncertainty about the future value of invested securities. The Company limits this nature of market risk by diversifying its invested portfolio and by actively monitoring the developments in markets.The impact of hypothetical change of a 10% increase and 10% decrease in the market prices of investments on Company's profit would be as follows: Fair value change Effect on Company’s income SAR’000December 31, 2019 + / - 10% 33,297December 31, 2018 + / - 10% -The sensitivity analysis presented is based upon the portfolio position as at December 31, 2019 and 2018. Accordingly, the sensitivity analysis prepared is not necessarily indicative of the effect on the Company's assets of future movements in the value of investments held by the Company. The sensitivity of level 3 investments is disclosed in note 28.	31
Disclosure of credit risk [text block]	(d) Credit RiskCredit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. For all classes of financial instruments held by the Company, the maximum credit risk exposure to the Company is the carrying value as disclosed in the statement of financial position. The table below shows the maximum exposure to credit risk for the relevant components of the statement of financial position: 2019 2018 SAR’000ASSETS - INSURANCE OPERATIONS Cash and cash equivalents 1,297,401 1,117,258 Receivables, net 1,495,894 1,517,987 Available-for-sale investments 1,511,524 1,234,907 Mudaraba/ Murabaha deposits 1,577,912 1,387,500 Accrued investment income 4,191 - Investment in associates 10,358 7,921Other assets 243,912 261,088Reinsurers’ share of outstanding claims, net (including IBNR) 3,428,170 2,917,646 Total 9,569,362 8,444,307 2019 2018 SAR’000ASSETS - SHAREHOLDERS OPERATIONS Cash and cash equivalents (Note 13) 9,149 482,982 Available-for-sale investments 1,235,224 1,670,223 Investment in associates 91,162 87,195Murabaha deposits 1,961,464 851,625 Accrued investment income 2,142 - Statutory deposit (including accrued income) 127,513 127,254 Total 3,426,654 3,219,279 Concentration of credit riskConcentration of credit risk exists when changes in economic or industry factors similarly affect groups of counterparties whose aggregate credit exposure is significant in relation to the Company’s total credit exposure. Approximately 99% (2018: approximately 99%) of the Company’s underwriting activities are carried out in Saudi Arabia. The Company’s portfolio of financial instruments is broadly diversified and transactions are entered into with diverse credit-worthy counterparties thereby mitigating any significant concentrations of credit risk. Also refer Note 12 for details. The Company has significant exposure amounting to SAR 2.5 billion (2018: SAR 2.3 billion) classified as available for sale investments in Shariah Notes issued by Castle Investments Limited (Refer Note 7).31. RISK MANAGEMENT (Continued)(d) Credit risk (Continued)Credit risk exposure investments 2019 2018 SAR '000 SAR '000ASSETS INSURANCE OPERATIONS Investment Grade Non-investment Grade Unrated Investment Grade Non-investment Grade UnratedAvailable-for-sale investments 1,511,524 - - 1,234,907 - -Mudaraba/ Murabaha deposits 1,577,912 - - 1,387,500 - -Receivables, net - - 1,495,894 - 1,517,987Cash and cash equivalents 1,297,401 - - 1,117,258 - -Total 4,386,837 - 1,495,894 3,739,665 - 1,517,987 2019 2018 SAR '000 SAR '000ASSETSSHAREHOLDERS OPERATIONS Investment Grade Non-investment Grade Unrated Investment Grade Non-investment Grade UnratedAvailable-for-sale investments 1,235,224 - - 1,670,223 - - Mudaraba/ Murabaha deposits 1,961,464 - - 851,625 - - Accrued investment income 2,142 - - - - - Cash and cash equivalents 9,149 - - 482,982 - - Total 3,207,979 - - 3,004,830 - -	31
Disclosure of liquidity risk [text block]	(e) Liquidity riskLiquidity risk is the risk that the Company will encounter difficulty in raising funds to meet obligations and commitments associated with financial liabilities. The Company has a proper cash management system, where daily cash collections and payments are strictly monitored and reconciled on regular basis. The Company manages liquidity risk by maintaining maturities of financial assets and financial liabilities and investing in liquid financial assets.The table below summarizes the maturities of the Company's discounted contractual obligations relating to financial assets and liabilities: Maturity Profile 2019 2018 SAR '000 SAR '000ASSETS INSURANCE OPERATIONS Less than one year More than one year Total Less than one year More than one year TotalAvailable-for-sale investments 1,511,524 - 1,511,524 1,234,907 - 1,234,907 Investments in associates 10,358 - 10,358 7,921 - 7,921Mudaraba/ Murabaha deposits 1,577,912 - 1,577,912 1,387,500 - 1,387,500Receivables, net 1,495,894 - 1,495,894 1,517,987 - 1,517,987 Prepaid expenses and other assets 243,912 - 243,912 261,088 - 261,088Accrued investment income 4,191 - 4,191 - - - Cash and cash equivalents 1,297,401 - 1,297,401 1,117,258 - 1,117,258 Reinsurers’ share of outstanding claims 3,100,446 - 3,100,446 2,725,809 - 2,725,809 Reinsurers’ share of Incurred but not reported claims 327,724 - 327,724 191,837 - 191,837 Total 9,569,362 - 9,569,362 8,444,307 - 8,444,307 LIABILITIES INSURANCE OPERATIONS Reinsurers’ balances payable 523,820 - 523,820 94,720 - 94,720 Gross outstanding claims 3,684,891 - 3,684,891 3,271,156 - 3,271,156 Incurred but not reported claims reserve 1,925,584 - 1,925,584 1,684,183 - 1,684,183 Premium deficiency reserve 2,830 - 2,830 7,272 - 7,272 Reserve for takaful activities 5,006 - 5,006 8,690 - 8,690 Claims payable, accrued expenses and other liabilities 1,170,822 - 1,170,822 1,506,901 - 1,506,901End-of-service indemnities - 129,480 129,480 - 133,276 133,276 Surplus distribution payable 34,283 - 34,283 7,347,236 129,480 7,476,716 6,572,922 133,276 6,706,198 Total liquidity gap 2,222,126 (129,480) 2,092,646 1,871,385 (133,276) 1,738,10931. RISK MANAGEMENT (Continued)(e) Liquidity risk (Continued) 2019 2018 SAR '000 SAR '000ASSETSSHAREHOLDERS OPERATIONS Less than one year More than one year Total Less than one year More than one year TotalAvailable-for-sale investments 1,235,224 - 1,235,224 1,670,223 - 1,670,223Investments in associates 91,162 - 91,162 87,195 - 87,195Accrued investment income 2,142 - 2,142 - - - Murabaha/ Murabaha deposits 1,961,464 - 1,961,464 851,625 - 851,625 Cash and cash equivalents 9,149 - 9,149 482,982 - 482,982 Total 3,299,141 - 3,299,141 3,092,025 - 3,092,025 LIABILITIES SHAREHOLDERS OPERATIONS Dividends payable 6,411 - 6,411 6,411 - 6,411 Accrued expenses and other liabilities 4,160 - 4,160 7,822 - 7,822 10,571 - 10,571 14,233 - 14,233 Total liquidity gap 3,288,570 - 3,288,570 3,077,792 - 3,077,792To manage the liquidity risk arising from financial liabilities mentioned above, the Company holds liquid assets comprising cash and cash equivalents and investment securities. These assets can be readily sold to meet liquidity requirements.The assets with maturity less than one year are expected to realize as follows: Available for sale investments include investments in mutual funds and sukuks and are held for cash management purposes and expected to be matured/ settled within 12 months from the balance sheet date. Accrued investment income is expected to be realized within 1 to 3 months from statement of financial position’s date. Mudaraba/ Murabaha deposits classified as ‘cash and cash equivalents’ are deposits placed with high credit rating financial institutions with maturity of less than three months from the date of placement. Other mudaraba/ murabaha deposits are expected to be matured within six months from the date of placement. Cash and bank balances are available on demand. Reinsurers share of outstanding claims majorly pertain to property and casualty segment and are generally realized within three to six months based on settlement of balances with reinsurers.The liabilities with maturity less than one year are expected to settle as follows: Reinsurers’ balances payable are settled on a quarterly basis as per terms of reinsurance agreements. Majority of gross outstanding claims are expected to settled within two months in accordance with statutory timelines for payment. Property and casualty policies due to the inherent nature are generally settled within one month from the date of receipt of loss adjustor report. The claims payable, accrued expenses and other liabilities are expected to settle within a period of three months from the period end date. Surplus distribution payable is to be settled within six months of annual general meeting in which financial statements are approved.	31
Disclosure of comparative figures [text block]	35. RECLASSIFICATION OF COMPARATIVE FIGURESCertain of the prior year amounts have been reclassified to conform with the presentation in the current year. These changes were made for better presentation of balances and transactions in the statement of financial information of the Company and does not have a material impact on the financial statements.	35
Disclosure of board of director's approval of the financial statements [text block]	37. APPROVAL OF THE FINANCIAL STATEMENTSThe financial information have been approved by the Audit Committee on behalf of the Board of Directors, on Rajab 8, 1441H, corresponding to March 3, 2020.	37

[100010] Filing information	[200100] Independent auditors report	[300100] Statement of financial position, order of liquidity
[300200] Statement of insurance/ takaful operations, nature of expense	[300300] Statement of shareholders operations, nature of expense	[300400] Statement of other comprehensive income, before tax, insurance operations
[300500] Statement of other comprehensive income, before tax, shareholders operations	[300600] Statement of cash flows, indirect method, insurance operations	[300700] Statement of cash flows, indirect method, shareholders operations
[300800] Statement of changes in equity	[400100] Notes forming part of accounts