	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	Malath Cooperative Insurance Co.
Company symbol code\| ISIN code	8020 \| SA000A0MJ2J4
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

[200100] Independent auditors report

	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	Ibrahim Ahmad Albassam	Gihad M. Al-Amri
Registration number of auditor	337	362
Details of audit firm [abstract]
Name of audit firm	Al-Bassam & Co. Allied Accountants.	Dr. Mohamed Al Amri & Co
Registration number of audit firm	337	323
Contact number of audit firm	011 206 5333	112780608
Address of audit firm	P. O. Box 69658Riyadh 11557	P. O. Box 8736Riyadh 11492

English [member]

Start Date

2019-01-01

End Date

2019-12-31

Auditors report [line items]

Disclosures of auditors report [text block]

INDEPENDENT AUDITORS’ REPORT

To the Shareholders of

MALATH COOPERATIVE INSURANCE COMPANY

(A Saudi Joint Stock Company)

Riyadh, Kingdom of Saudi Arabia

Opinion

We have audited the financial statements of Malath Cooperative Insurance Company (the “Company”), which comprise the statement of financial position as at 31 December 2019, and the statement of income, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and notes to the financial statements from 1 to 28, including a summary of significant accounting policies.

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 its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”) that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements endorsed by the Saudi Organization for Certified Public Accountants (“SOCPA”).

Basis for 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 Auditor’s 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 Company’s financial statements, and we have fulfilled our 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 judgment, were of most significance in our audit of the financial statements for the year ended 31 December 2019. 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. The key audit matters include:

Independent auditors’ report (continued)

Key Audit Matters (continued)

Valuation of insurance contract liabilities

Key audit matter

How the matter was addressed in our audit

As at 31 December 2019, outstanding claims including claims incurred but not reported (IBNR) and other technical reserves amounted to Saudi Riyals 339 million as reported in Note 7 to the financial statements.

The estimation of insurance contract liabilities involves a significant degree of judgment. The liabilities are based on the best-estimate of 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 actuary”) to provide them with the estimate of such liabilities. A range of methods are used by the actuary 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 judgment and estimates.

Refer to notes 2 and 3 to the financial statements which explain significant accounting policies, the valuation methodology used by the Company and critical judgements 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, we tested on sample basis, the completeness and accuracy of underlying claims data utilized by the management’s expert in estimating the IBNR by comparing it to the accounting and other records.

- Challenged management’s methodologies and assumptions, through assistance by an actuary engaged by us as auditor’s expert to understand and evaluate the Company’s actuarial practices and the provisions established. In order to gain comfort over the actuarial report issued by management’s expert, our actuary performed the following:

i. Evaluated whether the Company’s actuarial methodologies were consistent with those used in the industry and with prior periods, seeking sufficient justification for 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 sensitivities to the key assumptions.

- Assessed the adequacy and appropriateness of the related disclosure in the financial statements.

Independent auditors’ report (continued)

Other information

Management is responsible for the other information. Other information comprises the information included in the Company’s annual report, but does not include 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 do not and 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 annual report, 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 the financial statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements endorsed by SOCPA and Regulations for Companies and the Company’s By-laws and for such internal control as management determines 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, management is 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance, in particular the Audit Committee, are responsible for overseeing the Company’s financial reporting process.

Auditor’s responsibilities for the audit of the 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 that are 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 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 the 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 internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

Independent auditor’s report (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

Conclude on the appropriateness of the managements’ 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 the management and 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 year 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.

Contents of auditors report [abstract]

Nature of auditors opinion

Unmodified opinion

Auditors opinion

OpinionWe have audited the financial statements of Malath Cooperative Insurance Company (the “Company”), which comprise the statement of financial position as at 31 December 2019, and the statement of income, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended and notes to the financial statements from 1 to 28, including a summary of significant accounting policies.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 its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”) that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements endorsed by the Saudi Organization for Certified Public Accountants (“SOCPA”).

Basis of opinion

Basis for opinionWe 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 Auditor’s 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 Company’s financial statements, and we have fulfilled our 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 Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the year ended 31 December 2019. 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. The key audit matters include: Independent auditors’ report (continued)Key Audit Matters (continued)Valuation of insurance contract liabilities Key audit matter How the matter was addressed in our auditAs at 31 December 2019, outstanding claims including claims incurred but not reported (IBNR) and other technical reserves amounted to Saudi Riyals 339 million as reported in Note 7 to the financial statements. The estimation of insurance contract liabilities involves a significant degree of judgment. The liabilities are based on the best-estimate of 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 actuary”) to provide them with the estimate of such liabilities. A range of methods are used by the actuary 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 judgment and estimates.Refer to notes 2 and 3 to the financial statements which explain significant accounting policies, the valuation methodology used by the Company and critical judgements 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, we tested on sample basis, the completeness and accuracy of underlying claims data utilized by the management’s expert in estimating the IBNR by comparing it to the accounting and other records.- Challenged management’s methodologies and assumptions, through assistance by an actuary engaged by us as auditor’s expert to understand and evaluate the Company’s actuarial practices and the provisions established. In order to gain comfort over the actuarial report issued by management’s expert, our actuary performed the following:i. Evaluated whether the Company’s actuarial methodologies were consistent with those used in the industry and with prior periods, seeking sufficient justification for 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; andiii. Reviewed the appropriateness of the calculation methods and approach along with the assumptions used and sensitivities to the key assumptions.- Assessed the adequacy and appropriateness of the related disclosure in the financial statements.

Responsibilities of management and those charged with governance for financial statements

Responsibilities of Management and Those Charged with Governance for the financial statementsManagement is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements endorsed by SOCPA and Regulations for Companies and the Company’s By-laws and for such internal control as management determines 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, management is 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Those charged with governance, in particular the Audit Committee, are responsible for overseeing the Company’s financial reporting process.

Auditors responsibilities for audit of financial statements

Auditor’s responsibilities for the audit of the financial statementsOur 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 that are 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 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 the 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 internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.Independent auditor’s report (continued)Auditor’s responsibilities for the audit of the financial statements (continued) Conclude on the appropriateness of the managements’ 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.

Date of signing audit report by auditor

2020-03-16

Start Date	2019-01-01	2018-01-01
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	3,338	3,834
Deferred policy acquisition costs	27,331	21,058
Reinsurers/ retakaful share of unearned premiums/ contributions	17,538	19,190
Prepayments and other assets, insurance/ takaful operations assets	36,771	18,196
Due from shareholders operations		0
Premiums/ insurance receivables/takaful contributions receivable, net	183,834	172,366
Reinsurers/ retakaful share of outstanding claims/ benefits, net	147,703	85,733
Time (Murabaha) deposits, insurance/ takaful operations assets	360,000	365,349
Available-for-sale investments, insurance/ takaful operations assets	3,372	3,322
Cash and cash equivalents, insurance/ takaful operations assets	98,970	66,352
Total insurance/ takaful operations assets	878,857	755,400
Shareholders assets [abstract]
Statutory deposit	75,000	75,000
Prepayments and other assets, shareholders assets	13,597	10,037
Time (Murabaha) deposits, shareholders assets	280,000	313,000
Available-for-sale investments, shareholders assets	32,815	32,299
Due from insurance/ takaful operations assets	28,637	12,202
Cash and cash equivalents, shareholders assets	71,300	47,791
Total shareholders assets	501,349	490,329
Total assets	1,380,206	1,245,729
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	348,546	267,020
Unearned commission income	4,801	4,469
Surplus distribution payable	8,821	9,657
Due to shareholders operations	28,637	12,202
Due to related parties, insurance/ takaful operations liabilities	2	165
Reinsurers/ retakaful balance payable	11,248	5,266
Gross outstanding claims/ benefits including IBNR payable	318,463	271,545
Other technical reserves	20,919	28,309
Accrued expenses payable, insurance/ takaful operations liabilities	142,460	161,098
Total insurance/ takaful operations liabilities	883,897	759,731
Total insurance/ takaful operations liabilities and surplus (deficit)	883,897	759,731
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	32,220	29,866
Accrued expenses payable, shareholders liabilities	536	536
Other liabilities, shareholders liabilities	8,124	5,505
Total shareholders liabilities	40,880	35,907
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	500,000	500,000
Statutory reserve	2,131	2,131
Fair value reserve on investments, shareholders equity	634	-231
Retained earnings (accumulated losses)	-42,296	-47,478
Other reserves	-5,040	-4,331
Total equity attributable to owners of parent	455,429	450,091
Total equity attributable to equity holders of company	455,429	450,091
Total shareholders liabilities and equity	496,309	485,998
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	1,380,206	1,245,729

Start Date	2019-01-01	2018-01-01
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	835,236	729,076
Excess of loss expense	17,278	20,508
Reinsurance/ retakaful premiums ceded	70,420	69,718
Net premiums/ contributions written	747,538	638,850
Changes in unearned premiums/ contributions	83,178	47,500
Net premiums/ contributions earned	664,360	591,350
Reinsurance/ retakaful commissions	17,786	15,736
Investment income from insurance/ takaful operations, net	14,616	10,642
Fees and other income from insurance/ takaful operations	2,694	5,835
Total income from insurance/ takaful operations	699,456	623,563
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	558,429	606,774
Reinsurance/ retakaful share of gross claims/ benefits paid	29,217	82,624
Net claims/ benefits paid	529,212	524,150
Changes in outstanding claims/ benefits including IBNR	51,158	-31,062
Changes in other technical reserves	-73,600	-88,103
Net claims/ benefits incurred	506,770	404,985
Policy acquisition costs	71,602	77,336
Impairment charges for available-for-sale investments, insurance/ takaful operations	-49	1,278
General and administrative expenses, insurance/ takaful operations	114,394	114,874
Other underwriting income	2,185	0
Other cost and expenses	-1,075	11,532
Total cost and expenses	689,457	610,005
Surplus (deficit) for period from insurance/ takaful operations	9,999	13,558
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	8,999	12,202
Net result for period from insurance/ takaful operations after shareholders appropriation	1,000	1,356
Policyholders share of accumulated surplus, at end of period	1,000	1,356

Start Date	2019-01-01	2018-01-01
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	8,999	12,202
Revenue [abstract]
Investment income	12,005	6,463
Total revenue	12,005	6,463
Expenses [abstract]
General and administrative expenses, shareholders operations	2,639	3,035
Total expenses	2,639	3,035
Income (loss) from continuing operations before zakat and income tax	18,365	15,630
Zakat expenses on continuing operations for period	13,183	13,000
Profit (loss) from continuing operations	5,182	2,630
Profit (loss) for the period	5,182	2,630
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	5,182	2,630
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	0.1036	0.0526
Total basic earnings (loss) per share	0.1036	0.0526
Diluted earnings (loss) per share [abstract]
Diluted earnings (loss) per share from continuing operations	0.1036	0.0526
Total diluted earnings (loss) per share	0.1036	0.0526
Weighted average number of equity shares outstanding	50000	50000
Share closing price at the last trading day of financial year (in numbers)	10.06	12.22

Start Date	2019-01-01	2018-01-01
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	1,000	1,356
Total comprehensive income (loss) for period	1,000	1,356

Start Date	2019-01-01	2018-01-01
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	5,182	2,630
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	-709	-2,774
Total other comprehensive income that will not be reclassified to profit or loss	-709	-2,774
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	865	-231
Total other comprehensive income (loss), available-for-sale financial assets	865	-231
Total other comprehensive income (loss), that will be reclassified to profit or loss	865	-231
Total other comprehensive income (loss)	156	-3,005
Total comprehensive income (loss) for period	5,338	-375
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	5,338	-375

Start Date	2019-01-01	2018-01-01
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	1,000	1,356
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	1,881	2,134
Adjustments for employees end of service benefits	2,472	2,207
Adjustments for allowance for doubtful receivables	-1,075	11,532
Adjustments for impairment (reversal of impairment) charges for available-for-sale investments	-50	1,278
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	3,228	17,151
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-19,793	-69,045
Adjustments for decrease (increase) in prepayments and other assets	-9,767	-5,176
Adjustments for increase (decrease) in outstanding claims including IBNR	46,918	-151,720
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	5,982	-5,021
Adjustments for increase (decrease) in accrued expenses and other liabilities	-19,919	6,972
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	-61,970	29,987
Adjustments for decrease (increase) in deferred policy acquisition costs	-6,273	-3,550
Adjustments for decrease (increase) in deferred excess of loss expense	592	117
Adjustments for decrease (increase) in unearned commission income	332	476
Adjustments for movement in gross unearned premiums/ contributions	81,526	50,619
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	1,652	-3,119
Adjustment for changes in other technical reserves	-7,390	2,568
Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow	-1,900	-4,128
Total changes in operating assets and liabilities	9,990	-151,020
Net cash flows from (used in) insurance/ takaful operations	14,218	-132,513
Other inflows (outflows) of cash classified as operating activities, insurance/ takaful operations cash flow	-1,836
Net cash flows from (used in) operating activities, insurance/ takaful operations	12,382	-132,513
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Time (Murabaha) deposits, insurance/ takaful operations cash flow	5,349	-310,349
Purchase of property and equipment, insurance/ takaful operations cash flow	1,385	796
Net cash flows from (used in) investing activities, insurance/ takaful operations	3,964	-311,145
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for decrease (increase) in due from shareholders operations	16,435	32,024
Due to related party, insurance/ takaful operations cash flow	163	-88
Net cash flows from (used in) financing activities, insurance/ takaful operations	16,272	32,112
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	32,618	-411,546
Net increase (decrease) in cash and cash equivalents	32,618	-411,546
Cash and cash equivalents at beginning of period	66,352	477,898
Cash and cash equivalents at end of period	98,970	66,352

Start Date	2019-01-01	2018-01-01
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	18,365	15,630
Net profit (loss) for period (before zakat expenses and income tax)	18,365	15,630
Adjustments to reconcile profit (loss) [abstract]
Adjustments for realised loss (gain) on available-for-sale investments, shareholders cash flow		102
Adjustments for impairment (reversal of impairment) charges for investments, shareholders cash flow	-1,135	2,555
Total adjustments to reconcile profit (loss)	-1,135	2,657
Changes in operating assets and liabilities [abstract]
Adjustments for increase (decrease) in due to insurance/ takaful operations	-16,435	-32,024
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-941	-3,983
Total changes in operating assets and liabilities	-17,376	-36,007
Net cash flows from (used in) operations	-146	-17,720
Zakat expenses	10,829	6,005
Net cash flows from (used in) operating activities	-10,975	-23,725
Cash flows from (used in) investing activities [abstract]
Purchase of available-for-sale investments	8,516
Proceeds from disposal of available-for-sale investments	10,000	664
Proceeds form Murabaha/ time deposits matured during the period	33,000
Purchase of term deposits investments		150,000
Net cash flows from (used in) investing activities	34,484	-149,336
Cash flows from (used in) financing activities [abstract]
Due to reinsurance/ retakaful operations	0	0
Net cash flows from (used in) financing activities	0	0
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	23,509	-173,061
Net increase (decrease) in cash and cash equivalents	23,509	-173,061
Cash and cash equivalents at beginning of period	47,791	220,852
Cash and cash equivalents at end of period	71,300	47,791

[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	ORGANIZATION AND PRINCIPAL ACTIVITIES

Malath Cooperative Insurance Company (the “Company”) is a Saudi Joint Stock Company established in Riyadh, Kingdom of Saudi Arabia by Royal Decree Number M/60 and incorporated on 21 Rabi Al-Awal 1428H corresponding to 9 April 2007 under Commercial Registration No. 1010231787. The Company’s head office is situated at Mohammad Bin Abdelaziz Street, P.O. Box 99763, Riyadh 11625, and Kingdom of Saudi Arabia.




The objectives of the Company are to engage in providing insurance and related services in accordance with its by-laws and the applicable regulations in the Kingdom of Saudi Arabia.

Disclosure of basis of preparation of financial statements [text block]

2	BASIS OF PREPARATION

(a)	Basis of presentation and measurement

Statement of compliance

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed in Kingdom of Saudi Arabia by Saudi Organization for Certified Public Accountants (SOCPA), other standards and pronouncements issued by SOCPA, Law of Companies and the Company's by-laws.




The financial statements of the Company as at 31 December 2018, were prepared in compliance with 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).



On 23 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 Organisation for Certified Public Accountants (“SOCPA”) (collectively referred to as “IFRS as endorsed in KSA”).





Accordingly, the Company changed its accounting treatment for zakat retrospectively by adjusting the impact in line with International Accounting Standard 8 'Accounting Policies, Changes in Accounting Estimates and Errors' and the effects of this change are disclosed in note 26 to the financial statements.



The financial statements are prepared under the going concern basis and the historical cost convention, except for the measurement at fair value of available-for-sale investments and measurement at present value of employees' end-of-service benefit obligations. 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: Available-for-sale investment, Property and equipment, Statutory deposit, Accrued income on statutory deposit, Employees' end-of-service benefits and Accrued commission income payable to SAMA. 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 25). 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.

Disclosure of accounting framework used in preparation of financial statements [text block]

Statement of compliance

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed in Kingdom of Saudi Arabia by Saudi Organization for Certified Public Accountants (SOCPA), other standards and pronouncements issued by SOCPA, Law of Companies and the Company's by-laws.




The financial statements of the Company as at 31 December 2018, were prepared in compliance with 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).



On 23 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 Organisation for Certified Public Accountants (“SOCPA”) (collectively referred to as “IFRS as endorsed in KSA”).





Accordingly, the Company changed its accounting treatment for zakat retrospectively by adjusting the impact in line with International Accounting Standard 8 'Accounting Policies, Changes in Accounting Estimates and Errors' and the effects of this change are disclosed in note 26 to the financial statements.

Disclosure of other general disclosures about reporting entity [text block]

Disclosure of summary of significant accounting policies [abstract]

Disclosure of summary of significant accounting policies, general comment [text block]

Description of accounting policy for premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block]

Description of accounting policy for general insurance/ takaful contracts [text block]

Description of accounting policy for time (murabaha) deposit [text block]

Disclosure of notes forming part of accounts [abstract]

Disclosure of investments [text block]

Disclosure of prepayments and other assets [text block]

Disclosure of cash and cash equivalents [text block]

Disclosure of statutory deposit [text block]

Disclosure of employees' end of service benefits [text block]

Disclosure of accrued expenses and other liabilities [text block]

Disclosure of general and administrative expense [text block]

[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