| 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 MalathCooperative 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. | |
| Disclosure of basis of preparation of financial statements [text block] | 2 BASIS OF PREPARATION (a) Basis of presentation and measurement These interim condensed financial information (interim condensed financial statements) of the Company as at and for the period ended 31 March 2022 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”), as endorsed in the Kingdom of Saudi Arabia by Saudi Organization for Certified Public Accountants (SOCPA). These interim condensed financial statements are prepared under the going concern concept and the historical cost convention, except for the measurement at fair value of available-for-sale investments and employees' end of service benefits measured at present value of future obligations using projected unit credit method. The Company’s interim condensed statement of financial position is not presented using a current/non-current classification. However, the following balances would generally be classified as non-current: Available-for-sale investments, Property and equipment, Statutory deposit, Accrued income on statutory deposit, Employees' end-of-service benefits and Accrued commission income payable to Saudi Central Bank ("SAMA"). All other financial statement line items balances would generally be classified as current. The Company presents its interim condensed statement of financial position in order of liquidity. As required by the law on Supervision of Co-operative Insurance Companies, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the interim condensed financial statements accordingly (Note 19). Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors. The interim condensed statement of financial position, interim condensed statements of income, comprehensive income and cash flows of the insurance operations and shareholders operations which are presented in Note 19 of the interim condensed 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 as endorsed in KSA. SAMA implementing regulations requires the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders operations. Accordingly, the interim condensed statements of financial position, interim condensed statements of income, interim condensed statement of comprehensive income and interim condensed statement of cash flows prepared for the insurance operations and shareholders operations as referred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of the respective operations. 'In preparing the Company-level interim condensed financial statements in compliance with IFRSs as endorsed in KSA, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Inter-operation balances and transactions 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. These interim condensed financial statements have been presented in Saudi Riyals (SR), which is also the functional currency of the Company. All financial information has been rounded off to the nearest thousand, unless otherwise stated. (b) Functional and presentation currency These interim condensed financial statements have been presented in Saudi Riyals (SR), which is also the functional currency of the Company. All financial information has been rounded off to the nearest thousand, unless otherwise stated. (c) Critical accounting judgments, estimates and assumptions The preparation of the interim condensed financial statements requires the use of estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and judgments are based on management’s best knowledge of current events and actions, actual results ultimately may differ from those estimates. Estimates and judgments are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Following are the accounting judgments and estimates that are critical in preparation of these interim condensed financial statements: i) The ultimate liability arising from claims made under insurance contracts 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 claim estimates are reassessed for adequacy and changes are made to the provision. The provision for IBNR is an estimation of claims which are expected to be reported subsequent to the date of interim condensed statement of financial position, for which the insured event has occurred prior to the date of interim condensed 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. The actuary has also used a segmentation approach including analyzing cost per member per year for medical line of business. Underlying these methods are a number of explicit or implicit assumptions relating to the expected settlement amount and settlement patterns of claims. ii) Impairment of available-for-sale investments The Company determines that investments are impaired when there has been a significant or prolonged decline in the fair values of the financial assets below its cost. 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. iii) Impairment of receivables A 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 instruments Fair values of available-for-sale investments are based on quoted prices for marketable securities or estimated fair values. The fair value of commission-bearing items is estimated based on discounted cash flows using commission for items with similar terms and risk characteristics. v)Deferred policy acquisition costs Certain acquisition costs related to sale of policies are recorded as deferred acquisition costs and are amortized over the related period of policy coverage. 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. vi) Premium deficiency reserve Estimation of the premium deficiency reserve is highly sensitive to a number of assumptions as to the future events and conditions. It is based on an expected loss ratio for the unexpired portion of the risks for written policies. To arrive at the estimate of the expected loss ratio, the actuary looks at the claims and premiums relationship which is expected to be realized in the future. Estimation of the premium deficiency reserve is highly sensitive to a number of assumptions as to the future events and conditions. It is based on an expected loss ratio for the unexpired portion of the risks for written policies. To arrive at the estimate of the expected loss ratio, the actuary looks at the claims and premiums relationship which is expected to be realized in the future. vii) Investments in associates An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Judgment is required, particularly where the Company owns shareholding and voting rights and existence of significant indulgence by evidence in one or more of the following ways : (a) representation on the board of directors or equivalent governing body of the investee;(b) participation in policy-making processes.(c) material transactions between the entity and its investee;(d) interchange of managerial personnel; or(e) provision of essential technical information | |
| Disclosure of new standards and amendments in standards [text block] | 3 SIGNIFICANT ACCOUNTING POLICIES The accounting policies adopted in the preparation of these interim condensed financial statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended 31 December 2021, except for the adoption of new standards effective as of 1 January 2022. The Company has not early adopted any standard (interpretation) or amendments that has been issued but which are not yet effective. 'a) Amendment to standards and interpretations There are no new standards issued, however, certain amendments to standards and interpretations which are effective from 1 January 2022 and were listed in the Company's annual financial statements of 31 December 2021, but they do not have any impact on the interim condensed financial statements of the Company. b) Standards issued but not yet effective The Company has chosen not to early adopt the amendments and revisions to the IFRSs, which have been published and are mandatory for compliance for the Company with effect from future dates. STANDARD/INTERPRETATION/AMENDMENTS IFRS 16 (amendment) IFRS 9 IFRS 17 DESCRIPTION Amendments to IFRS 16 Financial Instruments (refer below) Insurance Contracts (refer below) EFFECTIVE FROM PERIODS BEGINNING ON OR AFTER THE FOLLOWING DATE 6/1/2021 1/1/2020 1/1/2023 a. Amendments to IFRS 16 - COVID-19 Related Rent Concessions The amendment permits lessees, as a practical expedient, not to assess whether particular rent concessions occurring as a direct consequences of the COVID-19 pandemic are lease modifications and instead to account for those rent concessions as if they are not lease modifications. b. IFRS 9 - Financial Instruments The implementation of IFRS 9 is expected to result in a significant portion of financial assets currently classified as available-for-sale being re-classified as at fair value through profit or loss or fair value through other comprehensive income (OCI). Credit allowances for financial assets carried at amortized cost and debt securities measured at fair value, with changes in fair value recognized in OCI, are expected to increase due to the introduction of the expected credit loss methodology. The Company is using the exemptions available to insurers to defer the implementation of IFRS 9 until implementation of IFRS 17. The impact of the adoption of IFRS 9 on the Company’s interim condensed financial statements will, to a large extent, have to take into account the interaction with the IFRS 17 "Insurance contracts". At present the Company has not fully assessed the effects of adoption of IFRS 9. c. IFRS 17 - Insurance Contracts Overview This 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.Effective date The effective date of IFRS 17 and the deferral of the IFRS 9 temporary exemption in IFRS 4 is currently for reporting periods beginning on or after January 1, 2023. This is a deferral of 2 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. Transition Retrospective 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. Impact The Company carried out assessment for ascertaining the impact of the application and implementation of IFRS 17 on results of the financial year 2018. The Company has also undertaken an initial operational impact gap analysis and currently undergoing through detailed operational and financial impact assessment along with working on planning and design phase to enable the Company to establish required system and processes under IFRS 17. Key gaps and their impact noted so far are as follows: Major areas of design phase Summary of progress Governance and control framework The Company has put in place a comprehensive IFRS 17 governance program which includes establishing oversight steering committee for monitoring the progress of implementation and assigning roles and responsibilities to various stakeholders. Operational area The Company has finalzied of designing operational aspects of the design phase which includes establishing comprehensive data policy and data dictionary and architectural designs for various sub-systems. Technical and financial area The Company has completed various policy papers encompassing various technical and financial matters after concluding on policy decisions required under the IFRS 17 standard. The policy decisions are taken after due deliberations among various stakeholders. Assurance plan The Company is working along with its other stakeholders to finalize the assurance plan for transitional and post-implementation periods. Investments in associates An 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 recognize 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 t 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 recognises the loss in the consolidated statement of income, as the case may be. On derecognition the difference between the carrying amount of investment in the associate and the fair value of the consideration received is recognized in the statement of income. | |
| Disclosure of summary of significant accounting policies [abstract] | | |
| Description of accounting policy for premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] | 6 PREMIUMS AND REINSURERS' RECEIVABLE - NET Receivables comprise amounts due from the following: 31 March 31 December 2022 2021 (Unaudited) (Audited) SR (000) Policyholders 265,630 233,414Reinsurers 4,287 1,396Insurance companies 21,789 11,581Agents and brokers 16,809 16,067 308,515 262,458Less: Provision for doubtful receivables - insurance (45,857) (43,287)Provision for doubtful receivables - reinsurers (314) (287) (46,171) (43,574) 262,344 218,884 The movement in the provision for doubtful receivables is as follows: 31 March 31 December 2022 2021 (Unaudited) (Audited) SR (000) Balance at the beginning of the period/year 43,574 36,528 Provision made during the period/year 2,597 7,046 Balance at the end of the period/year 46,171 43,574 | |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of investments [text block] | 5 MURABAHA DEPOSITS 31 March 31 December 2022 2021 (Unaudited) (Audited) SR (000)Insurance operations Murabaha deposits 139,483 129,113 Shareholders' operations Murabaha deposits 80,000 - Total Murabaha deposits 219,483 129,113 Murabaha deposits have an original maturity of more than three months from the date of acquisition and are subject to an average commission rate of 2.79% per annum as at 31 March 2022 (31 December 2021: 1.57% per annum).The carrying amounts disclosed above are not materially different from their fair values at the date of the interim condensed statement of financial position.8 AVAILABLE-FOR-SALE INVESTMENTS (continued) Movement in the investments balance is as follows: 31 March 31 December 2022 2021 (Unaudited) (Audited) SR (000)Insurance operations Balance at beginning of the year 61,498 53,976 Addition during the year - 12,669 Transfer to shareholder investment during the year - (1,219)Disposals during the year (3,603) (5,316)Unrealized gain on available-for-sale investments 227 1,388 Balance at end of the period/year 58,122 61,498 Shareholders' operations Balance at beginning of the year 100,128 62,582 Addition during the year 9,050 57,963 Transfer from policyholder investment during the year - 1,219 Value of investment reclassified to investment in associate (Note 9) (1,923) - Disposals during the year (3,365) (20,104)Unrealized gain / (loss) on available-for-sale investments 6,079 (1,532)Balance at end of the year 109,969 100,128 9 INVESTMENT IN ASSOCIATES 31 March 31 December 2022 2021 (Unaudited) (Audited) SR (000) Balance at beginning of the period / year - - Value of investment reclassified from available for sale 1,923 - Share of investee's net assets 10,212 - Share of profit for the period / year 977 - Balance at end of the period / year 13,112 - The investment in associate is solely for shareholders' operation (2021:Nil). The Company obtained significant influence on 27 January 2022 on the basis of representation on Board of Directors of the investee and as required by standard, an investor will generally begin to use the equity method when it first acquires or it increases its interest in the associate or joint venture such that significant influence or joint. The company holds 3.45% ownership interest. The investee summarized financial information as follow: Najm Insurance services (incorporated in Saudi Arabia) Total assets Total liabilities Net assets Total comprehensive income As of 957,431 577,358 380,072 28,318 March 31, 2022901,696 549,942 351,754 57,562 Dec 31, 2021 The financial information of December 31, 2021 is based on latest available financial statements, and the management accounts for the period ending at March 31, 2022. | |
| Disclosure of cash and cash equivalents [text block] | 4 CASH AND CASH EQUIVALENTS 31 March 31 December 2022 2021 (Unaudited) (Audited) SR (000)Insurance operations Cash in banks 13,035 37,074 Cash on hand 19 19 Short term Murabaha deposits 217,475 170,726 230,529 207,819 Shareholders' operations Cash in banks 12,533 141,930 Short term Murabaha deposits 132,262 129,632 144,795 271,562 Total cash and cash equivalents 375,324 479,381 Short term Murabaha deposits have original maturity of less than three months from the date of acquisition and are subject to an average commission rate of 3.94% per annum as at 31 March 2022 per annum (31 December 2021: 1.73%). The carrying amounts disclosed above are not materially different from their fair values at the date of the interim condensed statement of financial position. Cash at bank includes an amount of SR 3.3 million (Note 20) (2021: SR 732 thousand) that pertains to the company's share of Inherent Defect Insurance (IDI) portfolio. | |
| Disclosure of zakat [text block] | 10 PROVISION FOR ZAKAT a) Zakat payable The movement in zakat payable during the period/year was as follows: 31 March 31 December 2022 2021 (Unaudited) (Audited) SR (000) Balance at beginning of the period/year 17,252 20,374 Charge for the period/year 3,250 12,810 Reversal of zakat provision during the period/year - (5,855)Payments during the period/year - (10,077)Balance at end of the period/year 20,502 17,252 b) Status of assessments The Company had filed the Zakat return for the years 2016 to 2018 and received a temporary Zakat certificate. No assessments have been received from GAZT to date in respect of these years. For the year 2020, the Company has filed the Zakat return before extended deadline of July 31, 2021 and received temporary Zakat certificate. c) Status of appeals Zakat years 2007 to 2010: The Zakat, Tax & Customs Authority (“ZATCA”) raised its assessments for those years claiming additional zakat liability of Saudi Riyals 8.7 million and withholding tax liability of Saudi Riyals 12.2 million in addition to the related delay penalties of 1% for each 30 delay days calculated from the due date till settling such due amounts. The Company has filed an appeal against such additional liabilities to ZATCA then the case has been transferred to the Preliminary Appeal Committee ("PAC") which has rejected the major items therefore the Company has submitted a letter of guarantee to ZATCA for zakat, withholding tax and related delay penalties amounting to Saudi Riyals 31.81 million and appealed the PAC ruling to the Higher Appeal Committee ("HAC") which has been replaced by the new tax committees under General Secretary of Tax Committees ("GSTC"). Then the company has submitted a request to the settlement committee at ZATCA and reached to a settlement agreement for those years to settle an amount of Saudi Riyals 3.3 million for zakat and Saudi Riyals 12.2 million for withholding tax. The company has settled such agreed amounts. Zakat years 2011 to 2015: The ZATCA raised its assessments for those years claiming additional zakat liability of Saudi Riyals 8 million and withholding tax liability of Saudi Riyals 10.2 million in addition to the related delay penalties of 1% for each 30 delay days calculated from the due date till settling such due amounts. The Company has filed an appeal against such additional liabilities to ZATCA then the case has been transferred to the Preliminary Appeal Committee ("PAC") which has been replaced by the new tax committees under General Secretary of Tax Committees ("GSTC"). Then the company has submitted a request to the settlement committee at ZATCA and reached to a settlement agreement for those years to settle an amount of Saudi Riyals 4.1 million for zakat and Saudi Riyals 10.2 million for withholding tax. The company has settled such agreed amounts. The years from 2016 to 2018: On December 27, 2020, the ZATCA raised its assessments for those years claiming additional zakat liability of Saudi Riyals 3.3 million, then the company has appealed against such assessment within the legally prescribed period. As result, ZATCA has partially accepted the company’s appeal and issued a revised assessment for the company’s favor which resulted an overpaid amount of Saudi Riyals 1.5 million for the company. However, the company has decided to escalate the case to the GSTC and the case still under the GSTC committees’ study. 19 10 PROVISION FOR ZAKAT (continued) c) Status of appeals (continued) The years 2019 & 2020: On September 30, 2021, the Zakat, Tax and Customs Authority ("ZATCA") raised its assessments for those years claiming additional zakat liability of Saudi Riyals 5.2 million, then the company has appealed against such assessment within the legally prescribed period. As result, ZATCA has partially accepted the company’s appeal and issued a revised assessment through which the additional zakat liability has reduced to Saudi Riyals 4.9 million knowing that the company has already settled along with the appeal an amount of Saudi Riyals 1.3 million which represents 25% of the disputed additional zakat liability as per the original assessment to fulfil the formality conditions of appeal submission stated in the zakat regulations, and the company has escalated its appeal case to the GSTC and the case still under the GSTC committees’ study. | |
| Disclosure of classes of share capital [text block] | 11 SHARE CAPITAL As at 31 March 2022 and 31 December 2021, the issued and paid up share capital of the Company amounts to SR 500 million, divided into 50 million ordinary shares of SR 10 each. | |
| Disclosure of statutory reserve [text block] | 13 STATUTORY RESERVE In accordance with the Company’s By-Laws 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 statutory reserve until it equals the value of share capital and such transfer is only made at year end. The statutory reserve is not available for distribution to shareholders until liquidation of the Company. | |
| Disclosure of technical reserve for insurance/takaful/reinsurance/retakaful operations [text block] | 7 TECHNICAL RESERVES a) Outstanding claims and reserves 31 March 31 December 2022 2021 (Unaudited) (Audited) SR (000) Outstanding claims 72,170 59,549 Claims incurred but not reported (IBNR) 225,045 209,110 Additional premium reserves 24,175 28,412 Other technical reserves 4,819 4,432 326,209 301,503 Reinsurers' share of outstanding claims (90,891) (90,130)Reinsurers' share of claims incurred but not reported (25,956) (20,802) (116,847) (110,932)Net outstanding claims and reserves 209,362 190,571 b) Unearned premiums 31 March 2022 (Unaudited) Gross Reinsurers' share Net SR (000) Unearned premiums at beginning of the period 427,085 (14,487) 412,598 Premiums written during the period 286,394 (35,136) 251,258 Premiums earned during the period (239,195) 16,278 (222,917)Unearned premiums at end of the period 474,284 (33,345) 440,939 31 December 2021 (Audited) Gross Reinsurers' share Net SR (000) Unearned premiums at beginning of the year 330,974 (17,051) 313,923 Premiums written during the year 942,107 (64,720) 877,387 Premiums earned during the year (845,996) 67,284 (778,712)Unearned premiums at end of the year 427,085 (14,487) 412,598 c) Unearned reinsurance commission 31 March 31 December 2022 2021 (Unaudited) (Audited) SR (000)Balance at beginning of the period/year 3,488 4,001 Commission received during the period/year 7,224 7,810 Commission earned during the period/year (3,338) (8,323)Balance at end of the period/year 7,374 3,488 | |
| Disclosure of entity's operating segments [text block] | 18 SEGMENT INFORMATION 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 as stated below. Segment results do not include income from investments, income from Murabaha deposits, other income, general and administrative expenses, and provision for doubtful debts. Segment results do not include commission on short-term Murabaha deposits. Segment assets do not include insurance operations’ cash and cash equivalents, Murabaha deposits, available for sale investments, premium and reinsurers' receivable net, prepayments and other assets and property and equipment. Accordingly, they are included in unallocated assets. Segment liabilities do not include reinsurance balances payable, policyholders claims payable, accrued and other liabilities, accumulated surplus and due to related parties. Accordingly, they are included in unallocated liabilities. These unallocated assets and liabilities (including the related charges for provision for doubtful debts on premiums and reinsurers’ receivable and depreciation on the property and equipment) are not reported to Chief Executive Officer under related segments and are monitored on a centralized basis.18 SEGMENT INFORMATION (continued) Three-months period ended 31 March 2022 (Unaudited) Property & Protection & Operating segment Medical Motor casualty savings Total SR (000)Revenues Gross premiums written 168,544 79,746 38,104 286,394 -Individuals 85 47,853 7 - 47,945 -Very small enterprises 1,468 660 - - 2,128 -Small enterprises 20,136 10,180 262 - 30,578 -Medium enterprises 32,679 6,115 1,417 - 40,211 -Corporates 114,176 14,938 36,418 - 165,532 168,544 79,746 38,104 - 286,394 Reinsurance premiums ceded - Local - - (2,469) - (2,469) - International (3) - (30,653) - (30,656) (3) - (33,122) - (33,125)Excess of loss expenses - Local (133) (98) (38) - (270) - International (133) (1,242) (366) - (1,742) (266) (1,340) (405) - (2,011)Net premiums written 168,275 78,406 4,577 - 251,258 Movement in unearned premiums, net (70,305) 44,172 (2,208) - (28,341)Net premiums earned 97,970 122,578 2,369 - 222,917 Reinsurance commissions - - 3,363 - 3,363 Other underwriting income 230 33 201 - 464 Net revenues 98,200 122,611 5,933 - 226,744 Underwriting costs and expenses Gross claims paid (64,056) (132,437) (1,254) - (197,747)Reinsurers' share of claims paid 2,273 800 963 - 4,036 Net claims paid (61,783) (131,637) (291) - (193,711)Movement in outstanding claims, net (15,883) 3,607 415 - (11,861)Movement in claims incurred but not reported, net (4,228) (6,701) 148 - (10,781)Movement in additional premium reserve (4,816) 9,122 (69) - 4,237 Movement in other technical reserves (90) (108) (189) - (387)Net claims incurred (86,800) (125,717) 14 - (212,503)Policy acquisition costs (6,447) (8,095) (2,196) - (16,738)Other underwriting expense - (8,149) (2) - (8,151)Total underwriting costs and expenses (93,247) (141,961) (2,184) - (237,392)Net underwriting income 4,953 (19,350) 3,749 - (10,648)Unallocated revenue 24,833 Unallocated expenses (35,186)Total income for the period (21,001) 24 18 SEGMENT INFORMATION (Continued) Three-months period ended 31 March 2021 (Unaudited) Property & Protection & Operating segment Medical Motor casualty savings Total SR (000) Revenues Gross premiums written -Individuals 185 53,860 76 - 54,121 -Very small enterprises 766 674 33 - 1,473 -Small enterprises 11,789 4,110 155 - 16,054 -Medium enterprises 21,289 5,700 1,479 - 28,468 -Corporates 107,134 55,373 27,707 - 190,214 141,163 119,717 29,450 - 290,330 Reinsurance premiums ceded - Local - - (1,992) - (1,992) - International (56) - (24,188) - (24,244) (56) - (26,180) - (26,236)Excess of loss expenses - Local (90) (400) (48) - (538) - International (160) (3,802) (727) - (4,689) (250) (4,202) (775) - (5,227) Net premiums written 140,857 115,515 2,495 - 258,867 Movement in unearned premiums, net (62,513) (24,523) (1,140) - (88,176)Net premiums earned 78,344 90,992 1,355 - 170,691 Reinsurance commissions - - 2,597 - 2,597 Other underwriting income 130 78 224 - 432 Net revenues 78,474 91,070 4,176 - 173,720 Underwriting costs and expenses Gross claims paid (98,157) (93,866) (7,198) - (199,221)Reinsurers' share of claims paid 1,018 - 4,339 - 5,357 Net claims paid (97,139) (93,866) (2,859) - (193,864)Movement in outstanding claims, net 23,187 10,193 1,761 - 35,141 Movement in IBNR, net 16,573 (3,539) 576 - 13,610 Movement in additional premium reserve 7,183 6,317 (1,217) - 12,283 Movement in other technical reserve 321 (74) 42 - 289 Net claims incurred (49,875) (80,969) (1,697) - (132,541)Policy acquisition costs (5,685) (6,014) (1,823) - (13,522)Other underwriting expense - (9,877) - (9,877)Total underwriting costs and expenses (55,560) (96,860) (3,520) - (155,940) Net underwriting income 22,914 (5,790) 656 - 17,780 Unallocated revenue 8,731 Unallocated expenses (25,807)Total income for the period 704 25 18 SEGMENT INFORMATION (continued) As at 31 March 2022 (Unaudited) Property & Protection & Operating segment Medical Motor casualty savings Total SR (000) Assets Reinsurer's share of unearned premiums 6 - 33,339 - 33,345 Reinsurers' share of outstanding claims 2,690 18,374 69,828 - 90,891 Reinsurers' share of claims incurred but not reported 12 - 25,944 - 25,956 Deferred policy acquisition costs 15,275 11,555 4,659 - 31,489 Segment assets 17,983 29,929 133,769 - 181,681 Unallocated assets 1,181,811 Total assets 1,363,492 Liabilities Unearned premiums 225,043 210,328 38,913 - 474,284 Unearned reinsurance commission - - 7,374 - 7,374 Outstanding claims 47,823 (50,803) 75,150 - 72,170 Claims incurred but not reported (IBNR) 38,617 159,185 27,243 - 225,045 Additional premium reserves 5,046 17,886 1,243 - 24,175 Other technical reserves 460 2,558 1,801 - 4,819 Segment liabilities 316,989 339,154 151,724 - 807,867 Unallocated liabilities 202,565 Total equity 353,060 Total liabilities and equity 1,363,492 26 18 SEGMENT INFORMATION (continued) As at 31 December 2021 (Audited) Property & Protection & Operating segment Medical Motor casualty savings Total SR (000) Assets Reinsurers' share of outstanding claims 2,685 18,221 69,224 - 90,130 Reinsurers' share of IBNR - - 20,802 - 20,802 Reinsurers' share of unearned premiums 7 - 14,480 - 14,487 Deferred policy acquisition costs 10,000 13,417 2,201 - 25,618 Segment assets 12,692 31,638 106,707 - 151,037 Unallocated assets 1,155,303 Total assets 1,306,340 Liabilities Unearned premiums 154,739 254,500 17,846 - 427,085 Unearned reinsurance commission - - 3,488 - 3,488 Outstanding claims 31,935 (47,348) 74,962 - 59,549 Claims incurred but not reported 34,377 152,484 22,249 - 209,110 Additional premium reserves 230 27,008 1,174 - 28,412 Other technical reserves 370 2,450 1,612 - 4,432 Segment liabilities 221,651 389,094 121,331 - 732,076 Unallocated liabilities and surplus 202,688 Total equity 371,576 Total liabilities and equity 1,306,340 | |
| Disclosure of comparative figures [text block] | 21 COMPARATIVE FIGURES Certain comparative figures have been reclassified and regrouped to conform with the current year's presentation to these financial statements. | |
| Disclosure of board of director's approval of the financial statements [text block] | 22 APPROVAL OF INTERIM CONDENSED FINANCIAL STATEMENTS The interim condensed financial statements were approved by the Board of Directors on Shawwal 16, 1443 H corresponding to May 17, 2022. | |
