| 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. GeneralAllianz Saudi Fransi Cooperative Insurance Company (a Joint Stock Company incorporated in the Kingdom of Saudi Arabia), the “Company”, was formed pursuant to Royal Decree No. 60/M dated 18 Ramadan 1427H (corresponding to 11 October 2006). The Company operates under Commercial Registration no. 1010235601 dated 26 Jumada Thani 1428H corresponding to 12 July 2007. The Company operates through its eight branches in the Kingdom of Saudi Arabia. The registered address of the Company's head office is as follows:Allianz Saudi Fransi Cooperative Insurance CompanyAl Safwa Commercial Building, Khurais Road.P.O. Box 3540Riyadh 11481, Saudi Arabia.The Company’s ultimate parent is Allianz SE, a European financial services company headquartered in Munich, Germany.The purpose of the Company is to transact cooperative insurance operations and all related activities. Its principal lines of business include Medical, Protection and saving, Motor, Engineering, Property and Other general insurance.On 31 July 2003, corresponding to 2 Jumada II 1424H, the Law on the Supervision of Cooperative Insurance Companies (“Insurance Law”) was promulgated by Royal Decree Number (M/32). During March 2008, 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 the Kingdom of Saudi Arabia.On 1 January 2016, the Company’s management 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.Seasonality of operationsThe Company operates in an industry where significant seasonal or cyclical variations in operating income are experienced during the financial year. | 1 |
| Disclosure of basis of preparation of financial statements [text block] | . Basis of preparation(a) Basis of presentationThe interim condensed financial statements of the Company has been prepared in accordance with ‘International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as modified by SAMA for the accounting of zakat and income tax’, which requires, adoption of all IFRSs as issued by the International Accounting Standards Board (“IASB”) except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax. As per the SAMA Circular no. 381000074519 dated April 11, 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), the zakat and income tax are to be accrued on a quarterly basis through shareholders equity under retained earnings.The interim condensed financial statements is prepared under the going concern basis and the historical cost convention, except for the measurement at fair value of available-for-sale investments and recording of end of service benefits at present value. The Company’s interim 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 and end-of-service indemnities. All other financial statement line items would generally be classified as current. The Company’s management has made an assessment of its ability to continue as a going concern and is satisfied that it will be able to continue as a going concern in the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern. As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and prepares the financial information accordingly. 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 statement of financial position, statements of income, comprehensive income and cash flows of the insurance operations and shareholders operations which are presented in Note 17 of the financial information have been provided as supplementary financial information and to comply with the requirements of the guidelines issued by SAMA implementing regulations. Until 31 December 2017, this information was shown in the main statements. 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 statements of financial position, statements of income, comprehensive income and cash flows prepared for the insurance operations and shareholders operations as referred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of the respective operations. In preparing the Company’s financial statements in compliance with IFRS, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperation balances, transactions and unrealized 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 similar transactions and events in similar circumstances.The inclusion of separate information of the insurance operations with the financial information of the Company in the interim statement of financial position, the statements of income, comprehensive income and cash flows as well as certain relevant notes to the financial statements represents additional supplementary information as required by the implementing regulations (Note 17).The interim condensed financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the annual financial statements as at and for the year ended December 31, 2018. These interim condensed financial statements are expressed in Saudi Arabian Riyals (SR).) Critical accounting judgments, estimates and assumptionsThe preparation of interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.In preparing these interim condensed financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that were applied to the annual financial statements as at and for the year ended December 31, 2018. | 2 |
| Disclosure of summary of significant accounting policies [abstract] | | |
| Disclosure of summary of significant accounting policies, general comment [text block] | The accounting policies, estimates and assumptions used in the preparation of these interim condensed financial statements are consistent with those used in the preparation of the annual financial statements for the year ended December 31, 2018 except for the adoption of the following new standard and other amendment to existing standards mentioned below which have had no significant financial impact on the interim condensed financial statements of the Company on the current period or prior period and is expected to have no significant effect in future periods.Amendments to IASs’-“Disclosure Initiative” applicable from 1 January 2019.IFRS 16 LeasesIFRS 16 specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all major leases. Effective January 1, 2019, the Company adopted IFRS 16 using the modified retrospective approach and accordingly the information presented for 2018 has not been restated. It remains as previously reported under IAS 17 and related interpretations.On initial application, the Company has elected to record right-of-use assets based on the corresponding lease liability. Right-of-use assets and lease obligations of SR 10 million as of January 1, 2019, with no material impact on retained earnings. When measuring lease liabilities, the Company discounted lease payments using incremental borrowing rate.The Company has elected to use assumptions proposed by the standard on lease contracts for which the lease term ends within 12 months as of the date of initial application and lease contracts for which the underlying assets are of low value.The Company has elected to apply the practical expedient to grandfather the assessment of which transactions are leases on the date of initial application, as previously assessed under IAS 17 and IFRIC 4. The Company applied the definition of a lease under IFRS 16 to contracts entered into or changed on or after January 1, 2019.Reconciliation of lease liabilities SROff-balance sheet lease obligations as of December 31, 2018 8,784,057 Current leases with a lease term of 12 months or less & low-value leases -Discounting to present value (608,081)Operating lease obligations as of January 1, 2019 (net, discounted) 8,175,976 Standards issued but not yet effectiveIn addition to the above-mentioned standards, the following standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s interim condensed financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. Further, the Company has chosen not to early adopt the amendments and revisions to the International Financial Reporting Standards, which have been published and are mandatory for compliance for the Company with effect from future dates. IFRS 9, Financial Instruments (including amendments to IFRS 4, Insurance Contracts) In July 2014, the IASB published IFRS 9 Financial Instruments which will replace IAS 39 Financial Instruments: Recognition and Measurement. The standard incorporates new classification and measurements requirements for financial assets, the introduction of an expected credit loss impairment model which will replace the incurred loss model of IAS 39, and new hedge accounting requirements. Under IFRS 9, all financial assets will be measured at either amortised cost or fair value. The basis of classification will depend on the business model and the contractual cash flow characteristics of the financial assets. The standard retains most of IAS 39’s requirements for financial liabilities except for those designated at fair value through profit or loss whereby that part of the fair value changes attributable to own credit is to be recognised in other comprehensive income instead of the income statement. The hedge accounting requirements are more closely aligned with risk management practices and follow a more principle based approach.In September 2016, the IASB published amendments to IFRS 4 Insurance Contracts that address the accounting consequences of the application of IFRS 9 to insurers prior to the publication of the forthcoming accounting standard for insurance contracts. The amendments introduce two options for insurers: the deferral approach and the overlay approach. The deferral approach provides an entity, if eligible, with a temporary exemption from applying IFRS 9 until the earlier of the effective date of a new insurance contract standard or 2021.The overlay approach allows an entity to remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contracts standard is applied.The Company is eligible and have chosen to apply the deferral approach under the amendments to IFRS 4. The impact of the adoption of IFRS 9 on the Company’s financial information will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. As such, it is not possible to fully assess the effect of the adoption of IFRS 9. IFRS 17 - Insurance ContractsIFRS 17 - “Insurance Contracts”, applicable for the period beginning on or after 1 January 2021, and will supersede IFRS 4 “Insurance Contracts”. Earlier adoption permitted if both IFRS 15 'Revenue from Contracts with Customers' and IFRS 9 'Financial Instruments' have also been applied. The Company expects a material impact on measurement and disclosure of insurance and reinsurance that will affect both the statement of income and the statement of financial position. The Company has decided not to early adopt this new standard. | 3 |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of investments in available-for-sale investments [text block] | . Available for sale investments8.1. Investments are classified as followsInsurance operations: Domestic International Total March 31, 2019(Unaudited)SR December 31, 2018(Audited)SR March 31, 2019(Unaudited)SR December 31, 2018(Audited)SR March 31, 2019(Unaudited)SR December 31, 2018(Audited)SRDebt instruments 103,636,592 105,737,381 4,916,145 4,804,898 108,552,737 110,542,279Equities and mutual funds 4,742,132 4,664,240 - - 4,742,132 4,664,240 108,378,724 110,401,621 4,916,145 4,804,898 113,294,869 115,206,519Shareholders’ operations: Domestic International Total March 31, 2019(Unaudited)SR December 31, 2018(Audited)SR March 31, 2019(Unaudited)SR December 31, 2018(Audited)SR March 31, 2019(Unaudited)SR December 31, 2018(Audited)SRDebt instruments 176,861,705 183,561,970 25,075,517 24,628,886 201,937,222 208,190,856Equities and mutual funds 3,223,078 3,223,078 5,033,678 4,758,571 8,256,756 7,981,649 180,084,783 186,785,048 30,109,195 29,387,457 210,193,978 216,172,505Total Domestic International Total March 31, 2019(Unaudited)SR December 31, 2018(Audited)SR March 31, 2019(Unaudited)SR December 31, 2018(Audited)SR March 31, 2019(Unaudited)SR December 31, 2018(Audited)SRDebt instrument 280,498,297 289,299,351 29,991,662 29,433,784 310,489,959 318,733,135Equities and mutual funds 7,965,210 7,887,318 5,033,678 4,758,571 12,998,888 12,645,889 288,463,507 297,186,669 35,025,340 34,192,355 323,488,847 331,379,024Movement in available for sale investment balance is as followsInsurance operations: Quoted securities Unquoted securities Total SRAs at 1 January 2018 104,424,116 5,000,000 109,424,116 Purchases - 10,061,207 10,061,207Amortization (255,144) (9,882) (265,026)Unrealized loss on fair value (3,544,986) (468,792) (4,013,778)As at 31 December 2018 100,623,986 14,582,533 115,206,519 As of 1 January 2019 100,623,986 14,582,533 115,206,519Disposals/maturity - (5,000,000) (5,000,000)Amortization (63,498) (3,163) (66,661)Unrealized gain on fair value 3,152,213 2,798 3,155,011As at 31 March 2019 103,712,701 9,582,168 113,294,869The cumulative unrealized loss in fair value of available for sale investments as at 31 March 2019 amounts to SR 1,784,950 (31 December 2018: loss of SR 4,939,958).Shareholders’ operations: Quoted securities Unquoted securities Total SRAs at 1 January 2018 119,402,226 80,223,078 199,625,304Purchases 45,922,254 10,098,000 56,020,254Disposals/maturity (30,592,500) - (30,592,500)Amortization (628,121) (11,220) (639,341)Unrealized gain on fair value (3,464,099) (4,777,113) (8,241,212)As at 31 December 2018 130,639,760 85,532,745 216,172,505 As of 1 January 2019 130,639,760 85,532,745 216,172,505Disposals/maturity - (12,000,000) (12,000,000)Amortization (78,627) (3,592) (82,219)Unrealized gain on fair value 4,026,802 2,076,890 6,103,692As at 31 March 2019 134,587,935 75,606,043 210,193,978The cumulative unrealized loss in fair value of available for sale investments as at 31 March 2019 amounts to SR 630,327 (31 December 2018: loss of SR 6,734,022). | 8 |
| Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] | . Reinsurers balance receivable, netSR March 31, 2019(Unaudited) December 31, 2018(Audited) Receivables from reinsurers 73,363,223 76,074,402Provision for doubtful reinsurers receivables (4,038,481) (4,420,962)Reinsurers receivable, net 69,324,742 71,653,440 | |
| Disclosure of prepayments and other assets [text block] | Right of use assetsThe following table presents the right-of-use assets for the Company:SR March 31, 2019(Unaudited) Balance at the beginning of the period 9,849,530Amortization (766,012)Balance at the end of the period 9,083,518 | 7 |
| Disclosure of other receivables, net [text block] | Premiums receivable, netPremiums receivable comprise amounts due from the following:SR March 31, 2019(Unaudited) December 31, 2018(Audited) Policyholders 363,905,064 325,252,773Related parties (Note 13) 128,422,620 24,739,135Brokers and agents 90,099,965 111,678,279 582,427,649 461,670,187Provision for doubtful receivable (52,499,862) (52,766,429)Premiums receivable, net 529,927,787 408,903,758 | 5 |
| Disclosure of cash and cash equivalents [text block] | Cash and cash equivalentsCash and cash equivalents included in the statement of cash flows comprise the following: Insurance operationsSR March 31, 2019(Unaudited) December 31, 2018(Audited)Bank balances and cash 57,268,504 39,902,503Deposits maturing within 3 months from the acquisition date 38,660,000 7,820,000 95,928,504 47,722,503 Shareholders’ operationsSR March 31, 2019(Unaudited) December 31, 2018(Audited)Bank balances and cash 21,106,399 45,412,035Total cash and cash equivalents 117,034,903 93,134,538 | 4 |
| Disclosure of zakat [text block] | Zakat and income taxA summary of the Company’s share capital and percentages of ownership are as follows: March 31, 2019 December 31, 2018 SR % SR %Saudi and GCC Shareholders 93,820,000 46.91% 93,820,000 46.91%Non-Saudi Shareholders 106,180,000 53.09% 106,180,000 53.09% 200,000,000 100% 200,000,000 100%As at 31 March 2019 and 31 December 2018, the authorized, issued and fully paid-in share capital of the Company consists of 20 million shares of SR 10 each. The Company’s zakat and income tax calculations and corresponding accruals and payments of zakat and income tax are based on the above ownership percentages in accordance with the relevant provisions of the Saudi Arabian zakat and income tax regulations.The zakat and income tax provision as at the period / year end is as follows:SR March 31, 2019(Unaudited) December 31, 2018(Audited) Provision for zakat 22,387,299 21,297,046Provision for income tax 3,066,814 2,549,628 25,454,113 23,846,674 The zakat and income tax charge for the three month period is as follows:SR March 31, 2019(Unaudited) March 31, 2018(Unaudited) Zakat for the three months period 1,090,253 963,141Income tax for the three months period 1,310,023 630,607 2,400,276 1,593,748 Status of assessmentsThe Company has filed tax and zakat declarations for the years ended 31 December 2014 to 31 December 2018 and the assessments for these years are still outstanding. The Company has filed appeals against the General Authority for Zakat and Tax (GAZT) assessments of additional zakat arising from disallowance of long term investments and the statutory deposits from zakat base for the years 2010 to 2013. The Company has accounted for the additional zakat provision in the financial statements, however has not paid the same. The finalisation of the assessment is not expected to have material impact on the financial statements | 14 |
| Disclosure of classes of share capital [text block] | . Share capitalThe authorised and issued share capital of the Company is SR 200 million divided into 20 million shares of SR 10 each (31 December 2018: SR 200 million divided into 20 million shares of SR 10 each). The founding shareholders of the Company have subscribed and paid for 13 million shares with a nominal value of SR 10 each, which represents 65% of the shares of the Company's capital and the remaining 7 million shares with a nominal value of SR 10 each have been subscribed by general public.On 25th October 2017, Allianz Europe BV (a 100% subsidiary of Allianz SE) entered in a legally binding agreement with Banque Saudi Fransi (BSF) to purchase from BSF 57% of its shareholding in the Company, representing 18.5% of the share capital of the Company. This agreement received SAMA’s no-objection and was completed by Allianz Europe BV on 29 March 2018. Accordingly, Group holds 51.0% of the share capital of Allianz Saudi Fransi Cooperative Insurance Company (Allianz Europe BV holds 18.5%, Allianz France International holds 16.25% and Allianz Mena Holding Bermuda holds 16.25%) and BSF holds 14.0% of the share capital.Shareholding structure of the Company is as below. The shareholders of the Company are subject to zakat and income tax. March 31, 2019 No. of Shares Authorized, issued and paid up capital SRAllianz Europe BV 3.70 Million 37 MillionAllianz France International 3.25 Million 32.5 MillionAllianz Mena Holding Bermuda 3.25 Million 32.5 MillionBanque Saudi Fransi 2.80 Million 28 MillionPublic 7.00 Million 70 Million 20 Million 200 Million December 31, 2018 No. of Shares Authorized, issued and paid up capital SRAllianz Europe BV 3.70 Million 37 MillionAllianz France International 3.25 Million 32.5 MillionAllianz Mena Holding Bermuda 3.25 Million 32.5 MillionBanque Saudi Fransi 2.80 Million 28 MillionPublic 7.00 Million 70 Million 20 Million 200 MillionThe Board of Directors in its meeting on 4 June 2018 recommended to increase the Company’s share capital through rights issue with a total value of SR 400,000,000, subject to the approval of the regulatory authorities and the Extraordinary General Assembly. The Company has received SAMA non-objection through letter no. 89/18551 dated 22/03/1440H corresponding to 30 November 2018 on the Company's proposed capital increase from SR 200,000,000 to SR 600,000,000 through rights issue. The Company is in the process of submitting application to Capital Management Authority (CMA). | 15 |
| Disclosure of technical reserve for insurance/takaful/reinsurance/retakaful operations [text block] | Technical reserves9.1 Net outstanding claims and reservesNet outstanding claims and reserves comprise of the following:SR March 31, 2019(Unaudited) December 31, 2018(Audited)Gross outstanding claims 482,523,421 374,034,564 Less: Realizable value of salvage and subrogation (46,763,664) (39,662,082) 435,759,757 334,372,482Claims incurred but not reported 196,887,925 200,132,876Premium deficiency reserves 5,597,094 4,852,555Additional premium reserves 1,145,130 1,006,819Unit linked liabilities 550,032,923 557,723,772 1,189,422,829 1,098,088,504Less: - Reinsurers’ share of outstanding claims (369,562,139) (269,420,744)- Reinsurers’ share of claims Incurred but not reported (109,208,131) (99,412,249) (478,770,270) (368,832,993)Net outstanding claims and reserves 710,652,559 729,255,5119.2 Movement in unearned premiumsMovement in unearned premiums comprise of the following: Three months ended March 31, 2019(Unaudited)SR Gross Reinsurance Net Balance as at the beginning of the period 390,422,335 (148,911,143) 241,511,192Premium written during the period 358,921,969 *(70,202,078) 288,719,891 Premium earned during the period (227,040,177) 72,509,231 (154,530,946)Balance as at the end of the period 522,304,127 (146,603,990) 375,700,137*This amount includes SR 67,171,659 for reinsurance premium ceded abroad, SR 1,683,396 for reinsurance premium ceded locally and SR 1,347,023 for excess of loss expenses. Three months ended March 31, 2018(Unaudited)SR Gross Reinsurance Net Balance as at the beginning of the period 415,612,645 (180,184,370) 235,428,275Premium written during the period 298,480,938 *(64,557,438) 233,923,500Premium earned during the period (217,121,737) 64,202,273 (152,919,464)Balance as at the end of the period 496,971,846 (180,539,535) 316,432,311*This amount includes SR 58,472,204 for reinsurance premium ceded abroad, SR 3,944,254 for reinsurance premium ceded locally and SR 2,140,980 for excess of loss expenses. Year ended December 31, 2018(Audited)SR Gross Reinsurance Net Balance as at the beginning of the year 415,612,645 (180,184,370) 235,428,275Premium written during the year 870,716,183 *(264,590,355) 606,125,828Premium earned during the year (895,906,493) 295,863,582 (600,042,911)Balance as at the end of the year 390,422,335 (148,911,143) 241,511,192* This amount includes SR 243,423,381 for reinsurance premium ceded abroad, SR 16,561,189 for reinsurance premium ceded locally and SR 4,605,785 for excess of loss expenses.10. Commitments and contingenciesa) The Company’s commitments and contingencies are as follows:SR March 31, 2019(Unaudited) December 31, 2018(Audited)Letters of guarantee 12,175,000 11,760,000b) The Company operates in the insurance industry and is subject to legal proceedings in the normal course of business. While it is not practicable to forecast or determine the final results of all pending or threatened legal proceedings, management does not believe that such proceedings (including litigations) will have a material effect on its financial position and results as at and for the period ended 31 March 2019. There was no change in the status of legal proceedings as disclosed at 31 December 2018. | 9 |
| Disclosure of related party transactions [text block] | Related party transactions and balancesRelated parties represent major shareholders, directors and key management personnel of the Company, and companies of which they are principal owners and any other entities controlled, jointly controlled or significantly influenced by them. Pricing policies and terms of these transactions are approved by the Company’s management and Board of Directors. The following are the details of the major related party transactions during the period and the related balances: Transactions for the three months period ended Balance as at 2019 2018 March 31, 2019 December 31, 2018 SR SR SR SR Major shareholders - Insurance premium written 107,312,883 58,655,203 - Claims paid 10,823,923 17,135,296 - Commission expense 593,425 979,834 - Premium receivable, net 128,422,620 24,739,135- Outstanding claims 32,399,216 29,355,121- Cash and cash equivalents 98,460,572 70,449,496- Unit linked investments managed byrelated party (including receivable for unit linked investments) 563,731,370 568,707,440 Entities controlled, jointly controlled or significantly influenced by related parties - Insurance premium ceded 43,677,260 17,606,695 - Reinsurers’ share of claims paid 16,547,795 6,386,970 - Commission income 2,591,693 1,884,214 - Third party administrator expenses 2,778,311 1,434,648 - Accrued third party administrator 5,816,404 8,457,690- Reinsurance balance payable, net 61,505,461 13,907,150- Investments in equity of Saudi NextCare 800,000 800,000Related parties include Allianz SNA, Allianz Mena Holding Bermuda, Allianz Risk Transfer A.G. Dubai, Allianz France, Allianz Global Corporate and Specialty AG, Allianz World Wide Care, Allianz Global risks U.S Insurance, Allianz Belgium, Euler Hermes, Allianz SE Zurich, Allianz Insurance Hong Kong, Allianz Global Risks Netherland, Allianz Insurance Singapore, Allianz Insurance New Zealand, Saudi Fransi Insurance Agency, Banque Saudi Fransi, Saudi Fransi Leasing Company, Saudi NextCare, Saudi Fransi Capital.Key management personnel are persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly and comprise top management executives including the Chief Executive Officer, and the Chief Financial Officer of the Company. The compensation of key management personnel during the period is as follows:March 31, 2019 BOD members Top executives including the CEO and CFO SR SRSalaries and compensation - 2,233,245Allowances 43,500 -Annual remuneration 225,000 -End of service indemnities - 157,996 268,500 2,391,241party transactions and balances (continued)December 31, 2018 BOD members Top executives including the CEO and CFO SR SRSalaries and compensation - 5,945,484Allowances 279,000 -Annual remuneration 764,219 -End of service indemnities - 456,532 1,043,219 6,402,016 | 13 |
| Disclosure of entity's operating segments [text block] | Operating Segments Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the Company’s Board of Directors in their function as chief operating decision maker in order to allocate resources to the segments and to assess its performance. Transactions between the operating segments are on normal commercial terms and conditions. The revenue from external parties reported to the Board is measured in a manner consistent with that in the interim statement of income. Segment assets and liabilities comprise operating assets and liabilities.There have been no changes to the basis of segmentation or the measurement basis for the segment profit or loss since December 31, 2018.Segment assets do not include cash and cash equivalents, prepaid expenses and other assets, available for sale investments, reinsurance balances, property and equipment, statutory deposit and accrued income on statutory deposit. Accordingly, they are included in unallocated assets. Segment liabilities do not include accrued and other liabilities, surplus distribution payable, reinsurers’ balances payable, premium deficiency reserve, additional premium reserve, endof-service indemnities, zakat and income tax and accrued income payable to SAMA. Accordingly, they are included in unallocated liabilities.The unallocated assets and unallocated liabilities are reported to chief operating decision maker on the cumulative basis and not reported under the related segments.The segment information provided to the Company’s Board of Directors for the reportable segments for the Company’s total assets and liabilities as at March 31, 2019 and December 31, 2018, its total revenues, expenses, and net income for the three months periods then ended, are as follows:Motor : Motor Medical : MedicalProperty and casualty : Fire, burglary, money, construction, liability and marineProtection and saving : Group retirement and individual protection and saving Motor Medical Property and Casualty Protection and Saving Insurance Operations Shareholders’ Operations Total SR SR SR SR SR SR SRAs at 31 March 2019 (Unaudited) Assets Premiums receivable, gross 370,679,631 93,889,780 115,992,358 1,865,880 582,427,649 - 582,427,649Provision for doubtful debts - - - - (52,499,862) - (52,499,862)Reinsurers’ share of outstanding claims 6,104,925 - 360,519,712 2,937,502 369,562,139 - 369,562,139 Reinsurers’ share of claims incurred but not reported 6,895 25,799,959 78,298,144 5,103,133 109,208,131 - 109,208,131 Reinsurers’ share of unearned premiums 193,370 34,518,390 107,269,684 4,622,546 146,603,990 - 146,603,990 Deferred policy acquisition costs 24,655,492 2,584,305 8,025,496 (135,360) 35,129,933 - 35,129,933 Financial assets at fair value through statement of income (unit linked investments) - - - 555,483,517 555,483,517 - 555,483,517 Unallocated assets 306,920,970 313,752,293 620,673,263Total assets 2,366,588,760 Liabilities Outstanding claims 51,365,522 307,550 378,784,327 5,302,358 435,759,757 - 435,759,757 Claims incurred but not reported 59,922,027 46,303,318 82,783,009 7,879,571 196,887,925 - 196,887,925 Unearned premium 316,001,098 66,258,604 132,558,423 7,486,002 522,304,127 - 522,304,127 Unearned reinsurance commission 12,569 - 6,836,469 181,450 7,030,488 - 7,030,488 Unit linked liabilities - - - 550,032,923 550,032,923 - 550,032,923 Unallocated liabilities 342,065,360 26,881,630 368,946,990Equity (1,244,113) 286,870,663 285,626,550Total liabilities and equity 2,366,588,760 Motor Medical Property and Casualty Protection and Saving Insurance Operations Shareholders’ Operations Total SR SR SR SR SR SR SRFor the three months period ended 31 March 2019 (Unaudited) Gross written premiums – retail 10,719,642 - 440,372 23,704,426 34,864,440 - 34,864,440 Gross written premiums – corporate 221,360,222 44,503,797 55,168,245 2,618,130 323,650,394 - 323,650,394 Gross written premiums – very small entities - 12,589 - - 12,589 - 12,589Gross written premiums – small entities - 325,110 - - 325,110 - 325,110Gross written premiums – medium entities - 69,436 - - 69,436 - 69,436Reinsurance premiums ceded - (26,174,924) (40,641,607) (2,038,524) (68,855,055) - (68,855,055)Excess of loss expenses (1,133,686) - (213,337) - (1,347,023) - (1,347,023)Fee income from unit linked investments - - - 289,730 289,730 - 289,730 Net written premiums 230,946,178 18,736,008 14,753,673 24,573,762 289,009,621 - 289,009,621Changes in unearned premiums, net (128,904,187) (5,024,463) (1,143,650) 883,355 (134,188,945) - (134,188,945)Net premiums earned 102,041,991 13,711,545 13,610,023 25,457,117 154,820,676 - 154,820,676Reinsurance commissions 5,261 - 3,333,658 129,885 3,468,804 - 3,468,804Net claims and other benefits paid (80,143,092) (11,768,356) (2,264,802) (34,586,346) (128,762,596) - (128,762,596)Changes in outstanding claims, net (2,648,198) 7,833 1,213,481 181,004 (1,245,880) - (1,245,880)Changes in premium deficiency reserve - (400,422) - (344,117) (744,539) - (744,539)Changes in additional premium reserve - - (138,311) - (138,311) - (138,311)Changes in claims incurred but not reported, net 11,626,564 522,213 619,959 272,097 13,040,833 - 13,040,833Unrealized gain on unit linked investments - - - 7,134,819 7,134,819 - 7,134,819 Change in unit linked liabilities - - - 7,690,849 7,690,849 - 7,690,849Policy acquisition costs (9,169,503) (2,473,753) (3,970,259) (581,385) (16,194,900) - (16,194,900)Inspection and supervision fees - - - - (2,317,185) - (2,317,185)Net underwriting income 36,752,570 - 36,752,570Provision of doubtful debts 642,106 - 642,106General and administrative expenses (28,168,664) (212,620) (28,381,284)Investment income 937,228 1,747,240 2,684,468 Other income 599,126 - 599,126 Net income for the period 12,296,986 Motor Medical Property and Casualty Protection and Saving Insurance Operations Shareholders’ Operations Total SR SR SR SR SR SR SRAs at 31 December 2018 (Audited) Assets Premiums receivable, gross 278,281,828 67,812,105 112,854,907 2,721,347 461,670,187 - 461,670,187 Provision for doubtful debts - - - - (52,766,429) - (52,766,429)Reinsurers’ share of outstanding claims 5,266,013 - 260,994,395 3,160,336 269,420,744 - 269,420,744 Reinsurers’ share of claims incurred but not reported 13,659 28,575,680 64,450,475 6,372,435 99,412,249 - 99,412,249 Reinsurers’ share of unearned premiums 274,316 24,855,760 117,417,670 6,363,397 148,911,143 - 148,911,143 Deferred policy acquisition costs 17,058,008 2,387,484 7,987,867 (431,066) 27,002,293 - 27,002,293 Financial assets at fair value through statement of income (unit linked investments) - - - 559,766,029 559,766,029 - 559,766,029 Unallocated assets 277,148,585 297,220,615 574,369,200 Total assets 2,087,785,416 Liabilities Outstanding claims 47,878,413 315,383 280,472,490 5,706,196 334,372,482 - 334,372,482 Claims incurred but not reported 71,555,354 49,601,253 69,555,300 9,420,969 200,132,876 - 200,132,876 Unearned premium 187,177,858 51,571,511 141,562,759 10,110,207 390,422,335 - 390,422,335 Unearned reinsurance commission 17,831 - 7,300,421 291,028 7,609,280 - 7,609,280 Unit linked liabilities - - - 557,723,772 557,723,772 - 557,723,772 Unallocated liabilities 304,703,177 25,274,120 329,977,297Equity (4,399,121) 271,946,495 267,547,374Total liabilities and equity 2,087,785,416 Motor Medical Property and Casualty Protection and Saving Insurance Operations Shareholders’ Operations Total SR SR SR SR SR SR SRFor the three months period ended 31 March 2018 (Unaudited) Gross written premiums – retail 2,179,087 - 310,766 25,685,194 28,175,047 - 28,175,047Gross written premiums – corporate 177,842,703 28,510,104 62,711,649 1,023,215 270,087,671 - 270,087,671Gross written premiums – very small entities - 8,602 - - 8,602 - 8,602Gross written premiums – small entities - 104,295 - - 104,295 - 104,295Gross written premiums – medium entities - 105,323 - - 105,323 - 105,323Reinsurance premiums ceded - (16,985,880) (44,438,420) (992,158) (62,416,458) - (62,416,458)Excess of loss expenses (1,708,032) - (432,948) - (2,140,980) - (2,140,980)Fee income from unit linked investments - - - 266,628 266,628 - 266,628Net written premiums 178,313,758 11,742,444 18,151,047 25,982,879 234,190,128 - 234,190,128Changes in unearned premiums, net (79,636,127) 2,330,654 (5,612,881) 1,914,318 (81,004,036) - (81,004,036)Net premiums earned 98,677,631 14,073,098 12,538,166 27,897,197 153,186,092 - 153,186,092Reinsurance commissions 5,262 - 7,354,653 147,501 7,507,416 - 7,507,416Net claims and other benefits paid (88,122,321) (7,525,895) (1,590,545) (32,962,730) (130,201,491) - (130,201,491)Changes in outstanding claims, net 2,934,377 - (1,754,563) (342,268) 837,546 - 837,546 Changes in premium deficiency reserve - 2,173,283 - - 2,173,283 - 2,173,283 Changes in additional premium reserve - - 86,230 - 86,230 - 86,230Changes in claims incurred but not reported, net 9,003,214 (1,499,553) (197,404) (813,172) 6,493,085 - 6,493,085Unrealized gain on unit linked investments - - - 7,092,225 7,092,225 - 7,092,225 Change in unit linked liabilities - - - 3,497,178 3,497,178 - 3,497,178Policy acquisition costs (7,105,597) (1,178,851) (4,494,850) (875,228) (13,654,526) - (13,654,526)Inspection and supervision fees - - - - (1,782,901) - (1,782,901)Net underwriting income 35,234,137 - 35,234,137Provision of doubtful debts 24,377 - 24,377General and administrative expenses (28,099,789) (269,986) (28,369,775)Investment income 960,327 1,387,028 2,347,355Other income 1,388,817 - 1,388,817Net income for the period 10,624,911 | 12 |
| Disclosure of capital management [text block] | Capital managementObjectives are set by the Company to maintain stable capital ratios in order to support its business objectives and maximise shareholders’ value.The Company manages its capital requirements by assessing shortfalls between reported and required capital levels on a regular basis. Adjustments to current capital levels are made in light of changes in market conditions and risk characteristics of the Company’s activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders or issue shares. \The operations of the Company are subject to local regulatory requirements within the jurisdiction where it is incorporated. Such regulations not only prescribe approval and monitoring of activities but also impose certain restrictive provisions e.g. capital adequacy to minimize the risk of default and insolvency on the part of the insurance companies and to enable them to meet unforeseen liabilities as these arise. The Company maintains its capital as per guidelines laid out by SAMA in Article 66 table 3 and 4 of the Implementing Insurance Regulations detailing the solvency margin required to be maintained. According to the said Article, the Company shall maintain solvency margin equivalent to the highest of the following three methods as per SAMA Implementing Regulations: - Minimum Capital Requirement of SR 200 million - Premium Solvency Margin - Claims Solvency Margin The Company has fully complied with the externally imposed capital requirements during the reported financial year. | 16 |
| Disclosure of commitments and contingencies, general [text block] | . Commitments and contingenciesa) The Company’s commitments and contingencies are as follows:SR March 31, 2019(Unaudited) December 31, 2018(Audited)Letters of guarantee 12,175,000 11,760,000b) The Company operates in the insurance industry and is subject to legal proceedings in the normal course of business. While it is not practicable to forecast or determine the final results of all pending or threatened legal proceedings, management does not believe that such proceedings (including litigations) will have a material effect on its financial position and results as at and for the period ended 31 March 2019. There was no change in the status of legal proceedings as disclosed at 31 December 2018. | 10 |
| Disclosure of fair value of financial assets and liabilities [text block] | . 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 between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction takes place either:- in the accessible principal market for the asset or liability, or- in the absence of a principal market, in the most advantages accessible market for the asset or liabilityThe fair values of on-balance sheet financial instruments are not significantly different from their carrying amounts included in the interim condensed financial statements.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 prices in active markets for the same or identical instrument that an entity can access at the measurement date;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; andLevel 3: valuation techniques for which any significant input is not based on observable market data.a. Carrying amounts and fair valueThe 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.11.1 Insurance operations: Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 31 March 2019 Unit linked investments 555,483,517 555,483,517 - - 555,483,517 Available for sale investments measured at fair value Bonds and sukuks 108,552,737 98,970,569 - 9,582,168 108,552,737Mutual funds 4,742,132 4,742,132 - - 4,742,132Unit linked liabilities (550,032,923) (550,032,923) - - (550,032,923) 118,745,463 109,163,295 - 9,582,168 118,745,463 Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 31 December 2018 Unit linked investments 559,766,029 559,766,029 - - 559,766,029Available for sale investments measured at fair value Bonds and sukuks 110,542,279 95,959,746 - 14,582,533 110,542,279Mutual funds 4,664,240 4,664,240 - - 4,664,240Unit linked liabilities (557,723,772) (557,723,772) - - (557,723,772) 117,248,776 102,666,243 - 14,582,533 117,248,77611.2 Shareholders’ operations: Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 31 March 2019 Available for sale investments measured at fair value Bonds and sukuks 201,937,222 129,554,257 - 72,382,965 201,937,222Mutual funds 5,033,678 5,033,678 - - 5,033,678 Equities 3,223,078 - - 3,223,078 3,223,078 210,193,978 134,587,935 - 75,606,043 210,193,978 Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 31 December 2018 Available for sale investments measured at fair value Bonds and sukuks 208,190,856 125,881,189 - 82,309,667 208,190,856Mutual funds 4,758,571 4,758,571 - - 4,758,571Equities 3,223,078 - - 3,223,078 3,223,078 216,172,505 130,639,760 - 85,532,745 216,172,505The unlisted available for sale investments not measured at fair value are not evidenced by a quoted price in an active market for an identical asset or based on a valuation technique that uses only data from observable markets. The management believes that the carrying amounts of these securities are not materially different from their carrying values.There were no transfers between Level 1 and Level 3 fair value measurements during the period ended 31 March 2019 and year ended 31 December 2018.b. Measurement of fair values i. Valuation technique and significant unobservable inputsThe Discounted Cash Flow Model (DCF) has been used to determine the fair value of debt securities and sukuks of both insurance operations and shareholders’ operations under level 3. This model considers the present value of net cash flows to be generated from the debt securities and sukuks discounted at the market yield of treasury bills having similar terms and adjusted for the effect of non-marketability of the debt securities and sukuks which includes Saudi sovereign curve yield and risk premium prevailing in the Saudi market.The following table shows a reconciliation from the beginning balances to the ending balances for the fair value measurement in level 3 of the fair value hierarchy: Insurance operationsSR March 31, 2019(Unaudited) December 31, 2018(Audited) Balance at the beginning of the period/year 14,582,533 5,000,000Purchases - 10,061,207Disposals (5,000,000) -Amortization (3,163) (9,882)Unrealized gain/(loss) on fair value of available for sale investments 2,798 (468,792)Balance at the end of the period/year 9,582,168 14,582,533 Shareholder operationsSR March 31, 2019(Unaudited) December 31, 2018(Audited) Balance at the beginning of the period/year 85,532,745 80,223,078Purchases - 10,098,000Disposals (12,000,000) -Amortization (3,592) (11,220)Unrealized gain/(loss) on fair value of available for sale investments 2,076,890 (4,777,113)Balance at the end of the period/year 75,606,043 85,532,745Sensitivity AnalysisThe sensitivity to a 1% increase in the risk adjusted discount rate with all other variables constant on the fair value of the level 3 available for sale investments of both insurance and shareholders’ operation is SR 368,483 and sensitivity to 1% decrease in the risk adjusted discount rate with all other variables constant on the fair value of the level 3 available for sale investments of both insurance and shareholders’ operation is SR 368,483. | 11 |
| Disclosure of comparative figures [text block] | Comparative figuresCertain prior period figures have been reclassified to conform to current period presentation. | 18 |
| Disclosure of board of director's approval of the financial statements [text block] | Approval of the interim condensed financial statementsThe interim condensed financial statements have been approved by the Company’s Board of Directors on 7 Ramadan 1440H, corresponding to 12 May 2019. | 19 |
| Disclosure of other notes relevant to understanding of financial statements [text block] | a) Interim statements of financial position SR March 31, 2019 December 31, 2018 Insurance operations Share-holders’ operations Total Insurance operations Share-holders’ operations TotalASSETS Cash and cash equivalents 95,928,504 21,106,399 117,034,903 47,722,503 45,412,035 93,134,538Prepaid expenses and other assets 68,164,287 7,213,037 75,377,324 47,297,623 5,243,586 52,541,209Premiums receivable, net 529,927,787 - 529,927,787 408,903,758 - 408,903,758Reinsurers’ balance receivable, net 69,324,742 - 69,324,742 71,653,440 - 71,653,440Reinsurers’ share of outstanding claims 369,562,139 - 369,562,139 269,420,744 - 269,420,744Reinsurers’ share of claims incurred but not reported 109,208,131 - 109,208,131 99,412,249 - 99,412,249Reinsurers’ share of unearned premiums 146,603,990 - 146,603,990 148,911,143 - 148,911,143Deferred policy acquisition costs 35,129,933 - 35,129,933 27,002,293 - 27,002,293Right-of-use assets 9,083,518 - 9,083,518 - - -Financial assets at fair value through statement of income (unit linked investments) 555,483,517 - 555,483,517 559,766,029 - 559,766,029Available for sale investments 113,294,869 210,193,978 323,488,847 115,206,519 216,172,505 331,379,024Property and equipment, net 5,167,678 - 5,167,678 4,570,353 - 4,570,353Statutory deposit - 20,000,000 20,000,000 20,000,000 20,000,000Accrued income on statutory deposit - 1,196,251 1,196,251 - 1,090,636 1,090,636Due to/from insurance operation/shareholders operation* (54,042,628) 54,042,628 - (9,301,853) 9,301,853 -TOTAL ASSETS 2,052,836,467 313,752,293 2,366,588,760 1,790,564,801 297,220,615 2,087,785,416 LIABILITIES Accrued and other liabilities 135,997,972 231,266 136,229,238 125,022,838 336,810 125,359,648Surplus distribution payable 13,060,031 - 13,060,031 12,344,873 - 12,344,873Reinsurers' balances payable 163,416,050 - 163,416,050 144,725,743 - 144,725,743Unearned premiums 522,304,127 - 522,304,127 390,422,335 - 390,422,335Unearned reinsurance commission 7,030,488 - 7,030,488 7,609,280 - 7,609,280Outstanding claims 435,759,757 - 435,759,757 334,372,482 - 334,372,482Claims incurred but not reported 196,887,925 - 196,887,925 200,132,876 - 200,132,876Lease liability 5,829,713 - 5,829,713 - - -Premium deficiency reserve 5,597,094 - 5,597,094 4,852,555 - 4,852,555Additional premium reserves 1,145,130 - 1,145,130 1,006,819 - 1,006,819Unit linked liabilities 550,032,923 - 550,032,923 557,723,772 - 557,723,772End-of-service indemnities 17,019,370 - 17,019,370 16,750,349 - 16,750,349Zakat and income tax - 25,454,113 25,454,113 - 23,846,674 23,846,674Accrued income payable to SAMA - 1,196,251 1,196,251 - 1,090,636 1,090,636TOTAL LIABILITIES 2,054,080,580 26,881,630 2,080,962,210 1,794,963,922 25,274,120 1,820,238,042 EQUITY Share capital - 200,000,000 200,000,000 - 200,000,000 200,000,000Share premium - 22,711,315 22,711,315 - 22,711,315 22,711,315Statutory reserve - 14,393,656 14,393,656 - 14,393,656 14,393,656Retained earnings - 50,396,019 50,396,019 - 41,575,546 41,575,546Actuarial reserve for end-of-service indemnities 540,837 - 540,837 540,837 - 540,837Fair value reserve on investments (1,784,950) (630,327) (2,415,277) (4,939,958) (6,734,022) (11,673,980)TOTAL EQUITY (1,244,113) 286,870,663 285,626,550 (4,399,121) 271,946,495 267,547,374 TOTAL LIABILITIES AND EQUITY 2,052,836,467 313,752,293 2,366,588,760 1,790,564,801 297,220,615 2,087,785,416 * These items are not included in the interim statement of financial position.b) Interim statement of income SR For the three month period ended March 31, 2019 March 31, 2018 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total REVENUES Gross premiums written 358,921,969 - 358,921,969 298,480,938 - 298,480,938Reinsurance premiums ceded abroad (67,171,659) - (67,171,659) (58,472,204) - (58,472,204)Reinsurance premiums ceded locally (1,683,396) - (1,683,396) (3,944,254) - (3,944,254)Excess of loss expenses (1,347,023) - (1,347,023) (2,140,980) - (2,140,980)Fee income from unit linked investments 289,730 - 289,730 266,628 - 266,628Net premiums written 289,009,621 - 289,009,621 234,190,128 - 234,190,128Changes in unearned premiums (131,881,792) - (131,881,792) (81,359,201) - (81,359,201)Changes in reinsurers’ share of unearned premiums (2,307,153) - (2,307,153) 355,165 - 355,165 Net premiums earned 154,820,676 - 154,820,676 153,186,092 - 153,186,092 Reinsurance commissions 3,468,804 - 3,468,804 7,507,416 - 7,507,416NET REVENUES 158,289,480 - 158,289,480 160,693,508 - 160,693,508 UNDERWRITING COSTS AND EXPENSES Gross claims paid (130,569,499) - (130,569,499) (120,989,271) - (120,989,271)Surrenders and maturities (29,225,404) - (29,225,404) (31,793,553) - (31,793,553)Expenses incurred related to claims (7,489,410) - (7,489,410) (5,291,729) - (5,291,729) Reinsurers’ share of claims paid 38,521,717 - 38,521,717 27,873,062 - 27,873,062Net claims and other benefits paid (128,762,596) - (128,762,596) (130,201,491) - (130,201,491) Changes in outstanding claims (101,387,275) - (101,387,275) 4,541,259 - 4,541,259Changes in reinsurers’ share of outstanding claims 100,141,395 - 100,141,395 (3,703,713) - (3,703,713)Change in premium deficiency reserve (744,539) - (744,539) 2,173,283 - 2,173,283 Changes in additional premium reserve (138,311) - (138,311) 86,230 - 86,230 Changes in claims incurred but not reported 3,244,951 - 3,244,951 13,420,220 - 13,420,220 Changes in reinsurers’ share of claim incurred but not reported 9,795,882 - 9,795,882 (6,927,135) - (6,927,135) Net claims and other benefits incurred (117,850,493) - (117,850,493) (120,611,347) - (120,611,347) Unrealized gain on unit linked investments 7,134,819 - 7,134,819 7,092,225 - 7,092,225Changes in unit linked liabilities 7,690,849 - 7,690,849 3,497,178 - 3,497,178Policy acquisition costs (16,194,900) - (16,194,900) (13,654,526) - (13,654,526) Inspection and supervision fees (2,317,185) - (2,317,185) (1,782,901) - (1,782,901) TOTAL UNDERWRITING COSTSAND EXPENSES (121,536,910) - (121,536,910) (125,459,371) - (125,459,371) NET UNDERWRITING INCOME 36,752,570 - 36,752,570 35,234,137 - 35,234,137OTHER (EXPENSES) / INCOME Reversal of doubtful debts 642,106 - 642,106 24,377 - 24,377 General and administrative expenses (28,168,664) (212,620) (28,381,284) (28,099,789) (269,986) (28,369,775) Investment income 937,228 1,747,240 2,684,468 960,327 1,387,028 2,347,355Other income 599,126 - 599,126 1,388,817 - 1,388,817TOTAL OTHER EXPENSES (25,990,204) 1,534,620 (24,455,584) (25,726,268) 1,117,042 (24,609,226) NET INCOME FOR THE PERIOD 10,762,366 1,534,620 12,296,986 9,507,869 1,117,042 10,624,911Net surplus transferred to shareholders’ operation (9,686,129) 9,686,129 - (8,557,071) 8,557,071 -Net income for the period after shareholders’ appropriations 1,076,237 11,220,749 12,296,986 950,798 9,674,113 10,624,911 ) Interim statement of comprehensive income SR For the three month period ended March 31, 2019 March 31, 2018 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total Net income for the period 1,076,237 11,220,749 12,296,986 950,798 9,674,113 10,624,911Other comprehensive income / (loss) Items that are or may be reclassified to statements of income in subsequent periods Available for sale investments: Net change in fair value 3,155,011 6,103,692 9,258,703 (3,227,776) (2,910,308) (6,138,084)Total comprehensive income for the period 4,231,248 17,324,441 21,555,689 (2,276,978) 6,763,805 4,486,827d) Interim statement of cash flows SR For the three month period ended March 31, 2019 March 31, 2018 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations TotalCASH FLOWS FROM OPERATING ACTIVITIES Net income for the period 1,076,237 11,220,749 12,296,986 950,798 9,674,113 10,624,911Adjustments for non-cash items and other items: Depreciation of property and equipment 413,240 - 413,240 569,210 - 569,210Amortization of investments premium 66,661 82,219 148,880 64,350 197,977 262,327Reversal of doubtful reinsurance receivables (382,481) - (382,481) - - -Gain on sale of property and equipment (33,075) - (33,075) - - -Reversal for doubtful receivables/write-offs (266,567) - (266,567) (24,377) - (24,377) Provision for end-of-service indemnities 1,083,757 - 1,083,757 1,141,873 - 1,141,873Unrealized gain on unit linked investments (7,134,819) - (7,134,819) (7,092,225) - (7,092,225) Shareholders’ appropriation from insurance operations’ surplus* 9,686,129 (9,686,129) - 8,557,071 (8,557,071) - 4,509,082 1,616,839 6,125,921 4,166,700 1,315,019 5,481,719Changes in operating assets and liabilities: Reinsurers’ balance receivable 2,711,179 - 2,711,179 5,677,544 - 5,677,544Premium receivable (120,757,462) - (120,757,462) (149,953,550) - (149,953,550)Reinsurers’ share of unearned premiums 2,307,153 - 2,307,153 (355,165) - (355,165) Reinsurers’ share of outstanding claims (100,141,395) - (100,141,395) 3,703,713 - 3,703,713Reinsurers’ share of claims incurred but not reported (9,795,882) - (9,795,882) 6,927,135 - 6,927,135 Deferred policy acquisition costs (8,127,640) - (8,127,640) (6,139,540) - (6,139,540) Right-of-use assets (9,083,518) - (9,083,518) - - -Unit linked investments 11,417,331 - 11,417,331 11,295,515 - 11,295,515Prepaid expenses and other assets (20,866,664) (1,969,451) (22,836,115) (3,421,008) (2,049,247) (5,470,255) Accrued and other liabilities 10,975,134 (105,544) 10,869,590 13,559,998 12,500 13,572,498Reinsurers' balances payable 18,690,307 - 18,690,307 5,367,157 - 5,367,157 Unearned premiums 131,881,792 - 131,881,792 81,359,201 - 81,359,201 Unearned reinsurance commission (578,792) - (578,792) (3,998,997) - (3,998,997) Lease liability 5,829,713 - 5,829,713 - - -Unit linked liabilities (7,690,849) - (7,690,849) (3,497,179) - (3,497,179)Outstanding claims 101,387,275 - 101,387,275 (4,541,259) - (4,541,259)Claims incurred but not reported (3,244,951) - (3,244,951) (13,420,220) - (13,420,220)Premium deficiency reserve 744,539 - 744,539 (2,173,283) - (2,173,283)Additional premium reserves 138,311 - 138,311 (86,230) - (86,230) 10,304,663 (458,156) 9,846,507 (55,529,468) (721,728) (56,251,196)End-of-service indemnities paid (814,736) - (814,736) (917,483) - (917,483)Surplus paid to policyholders (361,079) - (361,079) (214,772) - (214,772)Zakat and income tax paid - (792,837) (792,837) - - -Net cash generated from (used in) operating activities 9,128,848 (1,250,993) 7,877,855 (56,661,723) (721,728) (57,383,451)CASH FLOWS FROM INVESTING ACTIVITIES Additions in available for sale investments - - - (10,061,207) (26,186,562) (36,247,769) Proceed from sale of available for sale investments 5,000,000 12,000,000 17,000,000 - - -Proceeds from sale of property and equipment 33,075 - 33,075 - - -Additions in property and equipment (1,010,565) - (1,010,565) (308,908) - (308,908) Net cash from (used in)investing activities 4,022,510 12,000,000 16,022,510 (10,370,115) (26,186,562) (36,556,677) CASH FLOWS FROM FINANCING ACTIVITY Due from / to (insurance operations / shareholder operations)* 35,054,643 (35,054,643) - (2,608,037) 2,608,037 -Net cash used in financing activity 35,054,643 (35,054,643) - (2,608,037) 2,608,037 -Net change in cash and cash equivalents 48,206,001 (24,305,636) 23,900,365 (69,639,875) (24,300,253) (93,940,128)Cash and cash equivalents, beginning of the period 47,722,503 45,412,035 93,134,538 107,246,209 26,084,656 133,330,865Cash and cash equivalents, end of the period 95,928,504 21,106,399 117,034,903 37,606,334 1,784,403 39,390,737NON-CASH INFORMATION: Change in fair value of available for sale investments 3,155,011 6,103,692 9,258,703 (3,227,776) (2,910,308) (6,138,084)* These items are not included in the interim statement of cash flows | 17 |
