| 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 RoadP.O. Box 3540Riyadh 11481, Kingdom of 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] | 2. Basis of preparation(a) Basis of presentationThe interim condensed financial statements of the Company as at and for the period ended 30 September 2019 has been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (“SOCPA”).The financial statements of the Company as at and for the period and year ended 31 March 2019 and 31 December 2018, respectively, were prepared in compliance with the IAS 34 and the International Financial Reporting Standards (“IFRS”) respectively, as modified by SAMA for the accounting of zakat and income tax (relating to the application of IAS 12 – “Income Taxes” and IFRIC 21 – “Levies” so far as these relate to zakat and income tax).On 17 July 2019, SAMA issued the instruction to account for the zakat and income taxes in the statement of income. This aligns with the IFRS and its interpretations as issued by the International Accounting Standards Board (“IASB”) and as endorsed in the Kingdom of Saudi Arabia and with the other standards and pronouncements that are issued by the Saudi Organization for Certified Public Accountants (“SOCPA”) (collectively referred to as “IFRS as endorsed in KSA”).Accordingly, as of 30 June 2019 and 30 September 2019, the Company changed its accounting treatment for zakat and income tax by retrospectively adjusting the impact in line with International Accounting Standard 8, Accounting Policies, Changes in Accounting Estimates and Errors (as disclosed in note 3 and the effects of this change are disclosed in note 15 to the interim condensed financial statements).The interim condensed financial statements are prepared under the going concern basis and the historical cost convention, except for the measurement at fair value of available-for-sale investments and recording of end of service benefits at present value under actuarial method. 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 obligations. 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 18 of the financial information have been provided as supplementary financial information to comply with the requirements of the guidelines issued by SAMA implementing regulations. 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 18).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). | 2 |
| Disclosure of new standards and amendments in standards [text block] | 3. Significant accounting policiesThe 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 new standard IFRS 16 and change in the accounting for zakat and income tax as explained below.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 9.8 million and SR 8.1 million respectively 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 8,784,057Current 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. 3. Significant accounting policies (continued)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. Change in accounting policy in relation to accounting for zakat and income taxAs mentioned in note 2(a), the basis of preparation has been changed for the period ended 30 September 2019 as a result of the issuance of latest instructions from SAMA dated 17 July 2019. Previously, zakat and income tax were recognized in the statement of changes in equity as per the SAMA circular no 381000074519 dated 11 April 2017. With the latest instructions issued by SAMA dated 17 July 2019, the zakat and income tax shall be recognized in the statement of income. The Company has accounted for this change in the accounting for zakat and income tax retrospectively and the effects of the above changes are disclosed in note 15 to the interim condensed financial statements. The change has resulted in reduction of reported income of the Company for the three month and nine month periods ended 30 September 2018 by SR 1.4 million and SR 2.6 million, respectively. The change has had no impact on the interim statement of cash flows for the period ended 30 September 2018.Income Tax:The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the country where the company operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.3. Significant accounting policies (continued)Adjustments arising from the final income tax assessments are recorded in the period in which such assessments are made. The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable tax rate adjusted for the changes in deferred tax assets and liabilities attributable to the temporary differences and to the unused tax losses. IFRIC Interpretation 23 Uncertainty over Income Tax Treatment The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 Income Taxes. It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following: Whether an entity considers uncertain tax treatments separately The assumptions an entity makes about the examination of tax treatments by taxation authorities How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates How an entity considers changes in facts and circumstances An entity has to determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty needs to be followed. Deferred income tax:Deferred income tax is recognised using the liability method on temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for the taxation purposes. The amount of deferred tax recognised is based on the expected manner of realization or settlement of the carrying amounts of assets and liabilities using the tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences and the tax credits can be utilized. Deferred tax asset is reduced to the extent that it is no longer probable that the related tax benefits will be realized. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.Current and deferred tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity.Zakat:The Company is subject to Zakat in accordance with the regulations of the General Authority of Zakat and Tax (“GAZT”). Zakat expense is charged to the statement of income. Zakat is not accounted for as income tax and as such no deferred tax is calculated relating to zakat. | 3 |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of reinsurers/ retakaful share of unearned premium/ contributions, net [text block] | 10.2 Movement in unearned premiumsMovement in unearned premiums comprise of the following: Three month period ended September 30, 2019(Unaudited)SR Gross Reinsurance Net Balance as at the beginning of the period – July 1, 2019 568,058,243 (207,013,536) 361,044,707Premium written during the period 166,405,145 *(60,505,316) 105,899,829Premium earned during the period (257,869,345) 81,827,693 (176,041,652)Balance as at the end of the period 476,594,043 (185,691,159) 290,902,884*This amount includes SR 58,487,111 for reinsurance premium ceded abroad, SR 1,007,937 for reinsurance premium ceded locally and SR 1,010,268 for excess of loss expenses. Nine month period ended September 30, 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 813,717,206 *(264,174,106) 549,543,100 Premium earned during the period (727,545,498) 227,394,090 (500,151,408)Balance as at the end of the period 476,594,043 (185,691,159) 290,902,884*This amount includes SR 255,763,020 for reinsurance premium ceded abroad, SR 4,370,017 for reinsurance premium ceded locally and SR 4,041,069 for excess of loss expenses.10. Technical reserves (continued)10.2 Movement in unearned premiums (continued) Three month period ended September 30, 2018(Unaudited)SR Gross Reinsurance Net Balance as at the beginning of the period – July 1, 2018 497,042,496 (221,113,679) 275,928,817Premium written during the period 140,581,926 *(38,025,661) 102,556,265 Premium earned during the period (233,621,906) 83,763,389 (149,858,517)Balance as at the end of the period 404,002,516 (175,375,951) 228,626,565*This amount includes SR 32,474,455 for reinsurance premium ceded abroad, SR 4,123,886 for reinsurance premium ceded locally and SR 1,427,320 for excess of loss expenses. Nine month period ended September 30, 2018 (Unaudited)SR Gross Reinsurance Net Balance as at the beginning of the period 415,612,645 (180,184,370) 235,428,275 Premium written during the period 663,891,629 *(219,752,827) 444,138,802 Premium earned during the period (675,501,758) 224,561,246 (450,940,512)Balance as at the end of the period 404,002,516 (175,375,951) 228,626,565*This amount includes SR 202,108,044 for reinsurance premium ceded abroad, SR 13,362,823 for reinsurance premium ceded locally and SR 4,281,960 for excess of loss expenses. Twelve month period 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. | 10.2 |
| Disclosure of investments in available-for-sale investments [text block] | 8. Available for sale investments8.1. Investments are classified as followsInsurance operations: Domestic International Total September 30, 2019(Unaudited)SR December 31, 2018(Audited)SR September 30, 2019(Unaudited)SR December 31, 2018(Audited)SR September 30, 2019(Unaudited)SR December 31, 2018(Audited)SRDebt instruments 108,211,684 105,737,381 5,133,960 4,804,898 113,345,644 110,542,279Mutual funds 4,891,151 4,664,240 - - 4,891,151 4,664,240 113,102,835 110,401,621 5,133,960 4,804,898 118,236,795 115,206,519Shareholders’ operations: Domestic International Total September 30, 2019(Unaudited)SR December 31, 2018(Audited)SR September 30, 2019(Unaudited)SR December 31, 2018(Audited)SR September 30, 2019(Unaudited)SR December 31, 2018(Audited)SRDebt instruments 210,659,921 183,561,970 24,082,981 24,628,886 234,742,902 208,190,856Equities and mutual funds 3,223,078 3,223,078 5,319,815 4,758,571 8,542,893 7,981,649 213,882,999 186,785,048 29,402,796 29,387,457 243,285,795 216,172,505Total Domestic International Total September 30, 2019(Unaudited)SR December 31, 2018(Audited)SR September 30, 2019(Unaudited)SR December 31, 2018(Audited)SR September 30, 2019(Unaudited)SR December 31, 2018(Audited)SRDebt instrument 318,871,605 289,299,351 29,216,941 29,433,784 348,088,546 318,733,135Equities and mutual funds 8,114,229 7,887,318 5,319,815 4,758,571 13,434,044 12,645,889 326,985,834 297,186,669 34,536,756 34,192,355 361,522,590 331,379,024 | 8.1 |
| Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] | 6. Reinsurers’ balance receivable, netSR September 30, 2019(Unaudited) December 31, 2018(Audited) Receivables from reinsurers 80,664,652 76,074,402Provision for doubtful reinsurers receivables (3,763,823) (4,420,962)Reinsurers receivable, net 76,900,829 71,653,440 | 6 |
| Disclosure of prepayments and other assets [text block] | 7. Right-of-use assetsThe following table presents the right-of-use assets for the Company:SR September 30, 2019(Unaudited) Balance at the beginning of the period 9,849,530Amortization (2,298,032)Balance at the end of the period 7,551,498 | 7 |
| Disclosure of other receivables, net [text block] | 5. Premiums receivable, netPremiums receivable comprise amounts due from the following:SR September 30, 2019(Unaudited) December 31, 2018(Audited) Policyholders 325,632,351 325,252,773Brokers and agents 147,431,926 111,678,279Related parties (Note 14) 35,466,029 24,739,135 508,530,306 461,670,187Provision for doubtful receivable (55,400,539) (52,766,429)Premiums receivable, net 453,129,767 408,903,758 | 5 |
| Disclosure of cash and cash equivalents [text block] | 4. Cash and cash equivalentsCash and cash equivalents included in the statement of cash flows comprise the following: Insurance operationsSR September 30, 2019(Unaudited) December 31, 2018(Audited)Bank balances and cash 98,802,693 39,902,503Deposits maturing within 3 months from the acquisition date - 7,820,000 98,802,693 47,722,503 Shareholders’ operations September 30, 2019(Unaudited) December 31, 2018(Audited)Bank balances and cash 119,699,132 45,412,035Total cash and cash equivalents 218,501,825 93,134,538 | 4 |
| Disclosure of gross outstanding claims/ benefits [text block] | 10. Technical reserves10.1 Net outstanding claims and reservesNet outstanding claims and reserves comprise of the following:SR September 30, 2019(Unaudited) December 31, 2018(Audited)Gross outstanding claims 521,221,851 374,034,564 Less: Realizable value of salvage and subrogation (55,190,427) (39,662,082) 466,031,424 334,372,482Claims incurred but not reported 178,905,006 200,132,876Premium deficiency reserves 7,422,662 4,852,555Additional premium reserves 1,402,685 1,006,819Unit linked liabilities 533,249,931 557,723,772 1,187,011,708 1,098,088,504Less: - Reinsurers’ share of outstanding claims (380,948,627) (269,420,744)- Reinsurers’ share of claims incurred but not reported (103,043,607) (99,412,249) (483,992,234) (368,832,993)Net outstanding claims and reserves 703,019,474 729,255,511 | 10.1 |
| Disclosure of zakat [text block] | 15. Zakat and income taxA summary of the Company’s share capital and percentages of ownership are as follows: September 30, 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 30 September 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.Change in accounting treatment in relation to zakat and income taxThe change in the accounting treatment for zakat and income tax (as explained in note 3) has the following impact on the line items of the interim statements of income, statement of financial position and changes in equity. As at and for the three month period ended September 30, 2018: SRFinancial statement impacted Account As previously stated for three months ended September 30, 2018 Effect of restatement As restated for three months ended September 30, 2018Interim statement of income Zakat charge for the period - (670,055) (670,055)Interim statement of income Income tax charge for the period, net - (708,807) (708,807)Interim statement of income Basic and diluted earning per share 0.46 (0.07) 0.39Interim statement of comprehensive income Deferred tax relating to change in fair value - 348,331 348,331As at and for the nine month period ended September 30, 2018: SRFinancial statement impacted Account As previously stated for nine months ended September 30, 2018 Effect of restatement As restated as at and for nine months ended September 30, 2018Interim statement of income Zakat charge for the period - (2,446,258) (2,446,258)Interim statement of income Income tax charge for the period, net - (183,835) (183,835)Interim statement of income Basic and diluted earning per share 1.42 (0.13) 1.29Interim statement of changes in equity Net income for the period attributable to the shareholders 28,452,286 (2,630,093) 25,822,193Interim statement of changes in equity Zakat charge for the period (2,446,258) 2,446,258 -Interim statement of changes in equity Income tax charge for the period (2,617,790) 2,617,790 -Interim statement of changes in equity Deferred tax relating to change in fair value - 1,097,165 1,097,165Interim statement of comprehensive income Deferred tax relating to change in fair value - 1,097,165 1,097,16515. Zakat and income tax (continued)The recognition of deferred tax as result in change in accounting treatment for zakat and income tax (as explained in note 3) has the following impact:As at 31 December 2018: SRFinancial statement impacted Account As previously stated as at 31 December 2018: Effect ofrestatement As restated as at 31 December 2018:Statement of financial position Deferred tax asset, net - 9,350,189 9,350,189Statement of financial position Fair value reserve on investments (11,673,980) 1,301,161 (10,372,819)Statement of financial position Retained earnings 41,575,546 8,049,028 49,624,574Statement of changes in equity Impact of adopting IAS 12 - 9,350,189 9,350,189As at 1 January 2018: SRFinancial statement impacted Account Before the restatement as at 1 January 2018: Effect ofrestatement As restated as at 1 January 2018:Statement of financial position Deferred tax asset, net - 5,587,701 5,587,701Statement of financial position Retained earnings 19,902,207 5,587,701 25,489,908Statement of changes in equity Impact of adopting IAS 12 - 5,587,701 5,587,701The zakat and income tax provision as at the period / year end is as follows:SR September 30, 2019(Unaudited) December 31, 2018(Audited) Provision for zakat 24,116,247 21,297,046Provision for income tax 1,848,012 2,549,628 25,964,259 23,846,674 The zakat and income tax charge for the nine months period is as follows:SR September 30, 2019(Unaudited) September 30, 2018(Unaudited) Zakat for the nine months period 3,261,030 2,446,258Income tax for the nine months period - Current tax 3,492,377 2,617,790- Deferred tax (342,732) (2,433,955) 6,410,675 2,630,093 15. Zakat and income tax (continued)The zakat and income tax charge for the three months period is as follows:SR September 30, 2019(Unaudited) September 30, 2018(Unaudited) Zakat for the three months period 1,161,512 670,055Income tax for the three months period - Current tax 1,180,248 616,128- Deferred tax (157,240) 92,679 2,184,520 1,378,862Status 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. | 15 |
| Disclosure of deferred tax [text block] | 9. Deferred tax assets, netSR September 30, 2019(Unaudited) December 31, 2018(Audited) (Restated) Deferred tax assets, net 7,185,259 9,350,189 Deferred tax movement 30 September 2019 31 December 2018 1 January2018At the beginning of the period (note 15) 9,350,189 5,587,701 -Recognition of previously unrecognized tax losses - - 413,776Deferred tax income - statement of income 342,732 2,461,327 5,173,925Deferred tax (expense) / income - statement of comprehensive income (2,507,662) 1,301,161 -At the end of the period 7,185,259 9,350,189 5,587,701 This deferred tax arises on end of service obligations, provision against premium receivable, provision against reinsurance receivable, unabsorbed tax losses, fair value reserve on investments and property and equipment. | 9 |
| Disclosure of classes of share capital [text block] | 16. 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. September 30, 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 Million16. Share capital (continued)The 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 has submitted an application along with the prospectus to the Capital Market Authority (CMA) on which the approval has not yet received. | 16 |
| Disclosure of related party transactions [text block] | 14. 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 nine months period ended Balance as at September 30,2019 September 30,2018 September 30, 2019 December 31, 2018 SR SR SR SR Major shareholders - Insurance premium written 135,791,272 120,823,892 - Claims paid 26,675,346 36,644,745 - Commission expense 1,474,055 2,549,566 - Premium receivable, net 35,466,029 24,739,135- Outstanding claims 46,491,438 29,355,121- Cash and cash equivalents 214,841,013 70,449,496- Unit linked investments managed byrelated party 538,520,121 559,766,029- Receivable for unit linked investments 7,291,780 8,941,411 Entities controlled, jointly controlled or significantly influenced by related parties - Insurance premium ceded 132,400,211 32,171,111 - Reinsurers’ share of claims paid 40,105,447 28,674,347 - Commission income 5,743,315 3,069,890 - Third party administrator expenses 7,412,374 7,959,488 - Accrued third party administrator 4,302,359 8,457,690- Reinsurance balance payable, net 102,252,561 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:September 30, 2019 BOD members Top executives including the CEO and CFO SR SRSalaries and compensation - 5,857,903Allowances 130,500 -Annual remuneration 675,000 -End of service obligations - 322,848 805,500 6,180,75114. Related party 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 obligations - 456,532 1,043,219 6,402,016 | 14 |
| Disclosure of entity's operating segments [text block] | 13. 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 their 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, end-of-service obligations, 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 September 30, 2019 and December 31, 2018, its total revenues, expenses, and net income for the three months and six 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 13. Operating Segments (continued) Motor Medical Property and Casualty Protection and Saving Insurance Operations Shareholders’ Operations Total SR SR SR SR SR SR SRAs at 30 September 2019 (Unaudited) Assets Premiums receivable, gross 262,436,426 109,440,097 114,056,399 22,597,384 508,530,306 - 508,530,306 Provision for doubtful debts (55,400,539) - (55,400,539)Reinsurers’ share of outstanding claims 5,727,779 - 370,173,005 5,047,843 380,948,627 - 380,948,627 Reinsurers’ share of claims incurred but not reported (62,826) 31,889,920 67,703,991 3,512,522 103,043,607 - 103,043,607 Reinsurers’ share of unearned premiums 28,781 55,518,016 116,272,475 13,871,887 185,691,159 - 185,691,159 Deferred policy acquisition costs 16,906,590 5,836,542 11,360,963 (252,495) 33,851,600 - 33,851,600 Financial assets at fair value through statement of income (unit linked investments) - - - 538,520,121 538,520,121 - 538,520,121 Unallocated assets 431,878,259 341,812,334 773,690,593Total assets 2,468,875,474 Liabilities and Equity Outstanding claims 69,229,935 390,362 387,076,467 9,334,660 466,031,424 - 466,031,424 Claims incurred but not reported 42,440,980 57,914,063 72,681,293 5,868,670 178,905,006 - 178,905,006 Unearned premium 213,762,584 105,242,912 137,305,670 20,282,877 476,594,043 - 476,594,043 Unearned reinsurance commission 1,871 - 4,714,050 777,871 5,493,792 - 5,493,792 Unit linked liabilities - - - 533,249,931 533,249,931 - 533,249,931 Unallocated liabilities 462,958,328 27,728,043 490,686,371Equity 3,830,616 314,084,291 317,914,907Total liabilities and equity 2,468,875,474 13. Operating Segments (continued) 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 30 September 2019 (Unaudited) Gross written premiums – retail 17,686,647 - 615,260 21,852,068 40,153,975 - 40,153,975 Gross written premiums – corporate 33,835,807 54,269,018 37,187,154 347,011 125,638,990 - 125,638,990 Gross written premiums – very small entities - 12,266 - - 12,266 - 12,266Gross written premiums – small entities - 74,922 - - 74,922 - 74,922Gross written premiums – medium entities - 524,992 - - 524,992 - 524,992Reinsurance premiums ceded - (27,925,096) (31,088,193) (481,759) (59,495,048) - (59,495,048)Excess of loss expenses (828,994) - (181,274) - (1,010,268) - (1,010,268)Fee income from unit linked investments - - - 295,835 295,835 - 295,835 Net written premiums 50,693,460 26,956,102 6,532,947 22,013,155 106,195,664 - 106,195,664 Changes in unearned premiums, net 67,244,756 (5,518,144) 6,255,430 2,159,781 70,141,823 - 70,141,823 Net premiums earned 117,938,216 21,437,958 12,788,377 24,172,936 176,337,487 - 176,337,487 Reinsurance commissions 5,379 - 4,008,712 274,728 4,288,819 - 4,288,819 Net claims and other benefits paid (90,623,516) (18,352,166) (2,098,248) (29,247,700) (140,321,630) - (140,321,630)Changes in outstanding claims, net (5,968,524) 30,860 1,350,065 (816,409) (5,404,008) - (5,404,008)Changes in premium deficiency reserve - 439,765 - 591,718 1,031,483 - 1,031,483Changes in additional premium reserve - - (191,600) - (191,600) - (191,600)Changes in claims incurred but not reported, net 5,171,650 2,057,366 12,592 257,292 7,498,900 - 7,498,900 Change in unit linked liabilities - - - 9,368,672 9,368,672 - 9,368,672 Unrealized loss on unit linked investments - - - (1,210,233) (1,210,233) - (1,210,233)Policy acquisition costs (8,731,951) (963,758) (1,075,806) (272,003) (11,043,518) - (11,043,518)Inspection and supervision fees (1,381,191) - (1,381,191)Net underwriting income 38,973,181 - 38,973,181 Provision for doubtful debts (2,190,228) - (2,190,228)General and administrative expenses (30,108,529) (272,479) (30,381,008)Investment income 888,759 1,584,876 2,473,635 Other income 218,688 - 218,688 Net income for the period before attribution and zakat and income tax 9,094,268 13. Operating Segments (continued) Motor Medical Property and Casualty Protection and Saving Insurance Operations Shareholders’ Operations Total SR SR SR SR SR SR SRFor the nine months period ended 30 September 2019 (Unaudited) Gross written premiums – retail 50,360,260 - 1,871,747 91,937,005 144,169,012 - 144,169,012Gross written premiums – corporate 312,606,029 162,439,911 188,683,074 4,273,562 668,002,576 - 668,002,576Gross written premiums – very small entities - 15,919 - - 15,919 - 15,919 Gross written premiums – small entities - 768,776 - - 768,776 - 768,776 Gross written premiums – medium entities - 760,923 - - 760,923 - 760,923 Reinsurance premiums ceded - (87,832,330) (152,217,393) (20,083,314) (260,133,037) - (260,133,037)Excess of loss expenses (3,322,562) - (718,507) - (4,041,069) - (4,041,069)Fee income from unit linked investments - - - 872,180 872,180 - 872,180 Net written premiums 359,643,727 76,153,199 37,618,921 76,999,433 550,415,280 - 550,415,280 Changes in unearned premiums, net (26,830,261) (22,868,734) 2,971,484 (2,664,181) (49,391,692) - (49,391,692)Net premiums earned 332,813,466 53,284,465 40,590,405 74,335,252 501,023,588 - 501,023,588 Reinsurance commissions 15,960 - 11,863,003 39,411 11,918,374 - 11,918,374 Net claims and other benefits paid (248,001,058) (37,797,867) (6,587,133) (99,749,794) (392,135,852) - (392,135,852)Changes in outstanding claims, net (20,889,757) (74,979) 2,574,634 (1,740,957) (20,131,059) - (20,131,059)Changes in premium deficiency reserve - (2,570,107) - - (2,570,107) - (2,570,107)Changes in additional premium reserve - - (395,866) - (395,866) - (395,866)Changes in claims incurred but not reported, net 29,037,889 (4,998,570) 127,524 692,385 24,859,228 - 24,859,228 Change in unit linked liabilities - - - 24,473,841 24,473,841 - 24,473,841 Unrealized gain on unit linked investments - - - 12,876,524 12,876,524 - 12,876,524 Policy acquisition costs (27,046,832) (5,102,714) (8,932,398) (2,121,918) (43,203,862) - (43,203,862)Inspection and supervision fees - - - - (5,781,907) - (5,781,907)Net underwriting income 110,932,902 - 110,932,902 Provision for doubtful debts (2,009,580) - (2,009,580)General and administrative expenses (89,344,242) (667,319) (90,011,561)Investment income 2,655,025 4,803,997 7,459,022 Other income 2,410,991 - 2,410,991 Net income for the period before attribution and zakat and income tax 28,781,774 13. Operating Segments (continued) 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 277,148,585 306,570,804 583,719,389Total assets 2,097,135,605 Liabilities and Equity 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) 281,296,684 276,897,563Total liabilities and equity 2,097,135,60513. Operating Segments (continued) 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 30 September 2018 (Unaudited) Gross written premiums – retail 2,588,849 - 425,081 18,234,307 21,248,237 - 21,248,237Gross written premiums – corporate 49,222,298 27,357,041 35,815,416 6,437,428 118,832,183 - 118,832,183Gross written premiums – very small entities - 15,128 - - 15,128 - 15,128Gross written premiums – small entities - 13,518 - - 13,518 - 13,518Gross written premiums – medium entities - 472,860 - - 472,860 - 472,860 Reinsurance premiums ceded - (13,070,957) (22,922,445) (604,939) (36,598,341) - (36,598,341)Excess of loss expenses (1,193,710) - (233,610) - (1,427,320) - (1,427,320)Fee income from unit linked investments - - - 282,715 282,715 - 282,715 Net written premiums 50,617,437 14,787,590 13,084,442 24,349,511 102,838,980 - 102,838,980 Changes in unearned premiums, net 43,273,351 1,069,924 1,250,130 1,708,847 47,302,252 - 47,302,252 Net premiums earned 93,890,788 15,857,514 14,334,572 26,058,358 150,141,232 - 150,141,232 Reinsurance commissions 5,378 702,214 5,206,253 145,102 6,058,947 - 6,058,947 Net claims and other benefits paid (64,025,234) (13,080,516) (1,732,821) (28,453,283) (107,291,854) - (107,291,854)Changes in outstanding claims, net (3,622,642) (122,309) 833,377 (163,045) (3,074,619) - (3,074,619)Changes in premium deficiency reserve 1,695,069 (2,921,947) (344,960) - (1,571,838) - (1,571,838)Changes in additional premium reserve - - 200,762 - 200,762 - 200,762 Changes in claims incurred but not reported, net 4,368,813 (4,892,324) 628,742 (871,156) (765,925) - (765,925)Unrealized loss on unit linked investments - - - (2,359,385) (2,359,385) - (2,359,385)Change in unit linked liabilities - - - 2,663,528 2,663,528 - 2,663,528 Policy acquisition costs (6,792,055) (1,167,663) (5,167,017) (838,706) (13,965,441) - (13,965,441)Inspection and supervision fees (1,459,351) - (1,459,351)Net underwriting income 28,576,056 - 28,576,056Provision for doubtful debts (559,482) - (559,482)General and administrative expenses (22,684,064) (203,455) (22,887,519)Investment income 969,729 1,990,660 2,960,389 Other income 1,964,105 - 1,964,105 Net income for the period before attribution and zakat and income tax 10,053,549 13. Operating Segments (continued) Motor Medical Property and Casualty Protection and Saving Insurance Operations Shareholders’ Operations Total SR SR SR SR SR SR SRFor the nine months period ended 30 September 2018 (Unaudited) Gross written premiums – retail 5,903,152 - 1,170,286 57,165,714 64,239,152 - 64,239,152Gross written premiums – corporate 274,688,135 85,125,708 201,355,560 36,907,396 598,076,799 - 598,076,799 Gross written premiums – very small entities - 38,798 - - 38,798 - 38,798 Gross written premiums – small entities - 426,291 - - 426,291 - 426,291 Gross written premiums – medium entities - 1,110,589 - - 1,110,589 - 1,110,589 Reinsurance premiums ceded - (44,208,713) (157,913,909) (13,348,245) (215,470,867) - (215,470,867)Excess of loss expenses (3,499,386) - (782,574) - (4,281,960) - (4,281,960)Fee income from unit linked investments - - - 822,672 822,672 - 822,672 Net written premiums 277,091,901 42,492,673 43,829,363 81,547,537 444,961,474 - 444,961,474Changes in unearned premiums, net 8,307,790 2,310,812 (3,008,105) (808,787) 6,801,710 - 6,801,710 Net premiums earned 285,399,691 44,803,485 40,821,258 80,738,750 451,763,184 - 451,763,184Reinsurance commissions 15,960 702,214 14,899,744 (126,849) 15,491,069 - 15,491,069 Net claims and other benefits paid (208,645,457) (28,734,875) (5,728,637) (95,552,865) (338,661,834) - (338,661,834)Changes in outstanding claims, net (6,463,791) (563,031) (1,909,763) (331,147) (9,267,732) - (9,267,732)Changes in premium deficiency reserve 5,315,543 (640,812) (558,838) - 4,115,893 - 4,115,893 Changes in additional premium reserve - - 232,998 - 232,998 - 232,998 Changes in claims incurred but not reported, net 8,279,772 (5,482,415) 519,383 (574,915) 2,741,825 - 2,741,825 Unrealized gain on unit linked investments - - - 11,716,422 11,716,422 - 11,716,422 Change in unit linked liabilities - - - 11,187,832 11,187,832 - 11,187,832 Policy acquisition costs (20,806,967) (3,588,126) (14,182,002) (2,577,565) (41,154,660) - (41,154,660)Inspection and supervision fees (4,664,328) - (4,664,328)Net underwriting income 103,500,669 - 103,500,669Provision for doubtful debts (4,190,655) - (4,190,655)General and administrative expenses (79,083,186) (706,569) (79,789,755)Investment income 2,921,231 5,080,258 8,001,489 Other income 3,605,937 - 3,605,937 Net income for the period before attribution and zakat and income tax 31,127,685 | 13 |
| Disclosure of capital management [text block] | 17. Capital management\Objectives 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. | 17 |
| Disclosure of commitments and contingencies, general [text block] | 11. Contingencies and commitments a) The Company’s commitments and contingencies are as follows:SR September 30, 2019(Unaudited) December 31, 2018(Audited)Letters of guarantee 14,050,000 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 30 September 2019. There was no change in the status of legal proceedings as disclosed at 31 December 2018. | 11 |
| Disclosure of fair value of financial assets and liabilities [text block] | 12. 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 value12.1 Insurance operations: Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 30 September 2019 Unit linked investments 538,520,121 538,520,121 - - 538,520,121Available for sale investments measured at fair value Bonds and sukuks 113,345,644 103,101,796 - 10,243,848 113,345,644 Mutual funds 4,891,151 4,891,151 - - 4,891,151 Unit linked liabilities (533,249,931) (533,249,931) - - (533,249,931) 123,506,985 113,263,137 - 10,243,848 123,506,985 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 - 14,582,533 117,248,77612. Fair values of financial instruments (continued) 12.2 Shareholders’ operations: Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 30 September 2019 Available for sale investments measured at fair value Bonds and sukuks 234,743,576 164,272,648 - 70,470,254 234,742,902 Mutual funds 8,542,893 5,319,815 - - 5,319,815 Equities 3,223,078 - - 3,223,078 3,223,078 246,509,547 169,592,463 - 73,693,332 243,285,795 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 - 85,532,745 216,172,505There were no transfers between Level 1 and Level 3 fair value measurements during the period ended 30 September 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. Equities amount to SR 3,223,078 represent investment in unquoted securities which are carried at cost. The 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 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 September 30, 2019(Unaudited) December 31, 2018(Audited) Balance at the beginning of the period/year 14,582,533 5,000,000Purchases - 10,061,207Disposals/maturity (5,000,000) -Amortization (9,462) (9,882)Unrealized gain/(loss) on fair value of available for sale investments 670,777 (468,792)Balance at the end of the period/year 10,243,848 14,582,53312. Fair values of financial instruments (continued)b. Measurement of fair values (continued) Shareholder operationsSR September 30, 2019(Unaudited) December 31, 2018(Audited) Balance at the beginning of the period/year 85,532,745 80,223,078Purchases - 10,098,000Disposals/maturity (17,000,000) -Amortization (10,738) (11,220)Unrealized gain/(loss) on fair value of available for sale investments 5,171,325 (4,777,113)Balance at the end of the period/year 73,693,332 85,532,745 Sensitivity 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’ operations is SR 302,170 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’ operations is SR 302,170. | 12 |
| Disclosure of comparative figures [text block] | 19. Comparative figuresCertain prior period figures have been reclassified to conform to current period presentation. | 19 |
| Disclosure of board of director's approval of the financial statements [text block] | 20. Approval of the interim condensed financial statementsThe interim condensed financial statements have been approved by the Company’s Board of Directors on 10 Rabi’ Al Awwal 1441H, corresponding to 7 November 2019. | 20 |
| Disclosure of other notes relevant to understanding of financial statements [text block] | 18. Supplementary informationa) Interim statements of financial position SR September 30, 2019 December 31, 2018 Insurance operations Share-holders’ operations Total Insurance operations Share-holders’ operations TotalASSETS Cash and cash equivalents 98,802,693 119,699,132 218,501,825 47,722,503 45,412,035 93,134,538Prepaid expenses and other assets 62,486,433 10,891,368 73,377,801 47,297,623 5,243,586 52,541,209Premiums receivable, net 453,129,767 - 453,129,767 408,903,758 - 408,903,758Reinsurers’ balance receivable, net 76,900,829 - 76,900,829 71,653,440 - 71,653,440Reinsurers’ share of outstanding claims 380,948,627 - 380,948,627 269,420,744 - 269,420,744Reinsurers’ share of claims incurred but not reported 103,043,607 - 103,043,607 99,412,249 - 99,412,249Reinsurers’ share of unearned premiums 185,691,159 - 185,691,159 148,911,143 - 148,911,143Deferred policy acquisition costs 33,851,600 - 33,851,600 27,002,293 - 27,002,293Right-of-use assets 7,551,498 - 7,551,498 - - -Financial assets at fair value through statement of income (unit linked investments) 538,520,121 - 538,520,121 559,766,029 - 559,766,029Available for sale investments 118,236,795 243,285,795 361,522,590 115,206,519 216,172,505 331,379,024Deferred tax assets, net - 7,185,259 7,185,259 - 9,350,189 9,350,189Property and equipment, net 7,247,516 - 7,247,516 4,570,353 - 4,570,353Statutory deposit - 20,000,000 20,000,000 - 20,000,000 20,000,000Accrued income on statutory deposit - 1,403,275 1,403,275 - 1,090,636 1,090,636Due to/from insurance operation/shareholders operation* 60,652,495 (60,652,495) - (9,301,853) 9,301,853 -TOTAL ASSETS 2,127,063,140 341,812,334 2,468,875,474 1,790,564,801 306,570,804 2,097,135,605 LIABILITIES Accrued and other liabilities 147,955,573 360,509 148,316,082 125,022,838 336,810 125,359,648Surplus distribution payable 14,214,434 - 14,214,434 12,344,873 - 12,344,873Reinsurers' balances payable 267,529,566 - 267,529,566 144,725,743 - 144,725,743Unearned premiums 476,594,043 - 476,594,043 390,422,335 - 390,422,335Unearned reinsurance commission 5,493,792 - 5,493,792 7,609,280 - 7,609,280Outstanding claims 466,031,424 - 466,031,424 334,372,482 - 334,372,482Claims incurred but not reported 178,905,006 - 178,905,006 200,132,876 - 200,132,876Lease liabilities 5,774,832 - 5,774,832 - - -Premium deficiency reserves 7,422,662 - 7,422,662 4,852,555 - 4,852,555Additional premium reserves 1,402,685 - 1,402,685 1,006,819 - 1,006,819Unit linked liabilities 533,249,931 - 533,249,931 557,723,772 - 557,723,772End-of-service obligations 18,658,576 - 18,658,576 16,750,349 - 16,750,349Zakat and income tax - 25,964,259 25,964,259 - 23,846,674 23,846,674Accrued income payable to SAMA - 1,403,275 1,403,275 - 1,090,636 1,090,636TOTAL LIABILITIES 2,123,232,524 27,728,043 2,150,960,567 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 - 69,531,163 69,531,163 - 49,624,574 49,624,574Actuarial reserve for end-of-service obligations 540,837 - 540,837 540,837 - 540,837Fair value reserve on investments 3,289,779 7,448,157 10,737,936 (4,939,958) (5,432,861) (10,372,819)TOTAL EQUITY 3,830,616 314,084,291 317,914,907 (4,399,121) 281,296,684 276,897,563 TOTAL LIABILITIES AND EQUITY 2,127,063,140 341,812,334 2,468,875,474 1,790,564,801 306,570,804 2,097,135,605 * These items are not included in the interim statement of financial position.18. Supplementary information (continued)b) Interim statement of income SR For the nine month period ended September 30, 2019 September 30, 2018 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total REVENUES Gross premiums written 813,717,206 - 813,717,206 663,891,629 - 663,891,629 Reinsurance premiums ceded abroad (255,763,020) - (255,763,020) (202,108,044) - (202,108,044)Reinsurance premiums ceded locally (4,370,017) - (4,370,017) (13,362,823) - (13,362,823)Excess of loss expenses (4,041,069) - (4,041,069) (4,281,960) - (4,281,960)Fee income from unit linked investments 872,180 - 872,180 822,672 - 822,672 Net premiums written 550,415,280 - 550,415,280 444,961,474 - 444,961,474 Changes in unearned premiums (86,171,708) - (86,171,708) 11,610,129 - 11,610,129 Changes in reinsurers’ share of unearned premiums 36,780,016 - 36,780,016 (4,808,419) - (4,808,419)Net premiums earned 501,023,588 - 501,023,588 451,763,184 - 451,763,184 Reinsurance commissions 11,918,374 - 11,918,374 15,491,069 - 15,491,069 NET REVENUES 512,941,962 - 512,941,962 467,254,253 - 467,254,253 UNDERWRITING COSTS AND EXPENSES Gross claims paid (369,690,544) - (369,690,544) (311,929,138) - (311,929,138)Surrenders and maturities (109,562,404) - (109,562,404) (104,362,260) - (104,362,260)Expenses incurred related to claims (22,176,013) - (22,176,013) (22,321,907) - (22,321,907)Reinsurers’ share of claims paid 109,293,109 - 109,293,109 99,951,471 - 99,951,471 Net claims and other benefits paid (392,135,852) - (392,135,852) (338,661,834) - (338,661,834)Changes in outstanding claims (131,658,942) - (131,658,942) (29,814,565) - (29,814,565)Changes in reinsurers’ share of outstanding claims 111,527,883 - 111,527,883 20,546,833 - 20,546,833 Change in premium deficiency reserves (2,570,107) - (2,570,107) 4,115,893 - 4,115,893 Changes in additional premium reserves (395,866) - (395,866) 232,998 - 232,998 Changes in claims incurred but not reported 21,227,870 - 21,227,870 7,910,708 - 7,910,708 Changes in reinsurers’ share of claim incurred but not reported 3,631,358 - 3,631,358 (5,168,883) - (5,168,883)Net claims and other benefits incurred (390,373,656) - (390,373,656) (340,838,850) - (340,838,850)Changes in unit linked liabilities 24,473,841 - 24,473,841 11,187,832 - 11,187,832 Unrealized gain on unit linked investments 12,876,524 - 12,876,524 11,716,422 - 11,716,422 Policy acquisition costs (43,203,862) - (43,203,862) (41,154,660) - (41,154,660)Inspection and supervision fees (5,781,907) - (5,781,907) (4,664,328) - (4,664,328)TOTAL UNDERWRITING COSTS AND EXPENSES (402,009,060) - (402,009,060) (363,753,584) - (363,753,584)NET UNDERWRITING INCOME 110,932,902 - 110,932,902 103,500,669 - 103,500,669 OTHER (EXPENSES) / INCOME Provision for doubtful debts (2,009,580) - (2,009,580) (4,190,655) - (4,190,655)General and administrative expenses (89,344,242) (667,319) (90,011,561) (79,083,186) (706,569) (79,789,755)Investment income 2,655,025 4,803,997 7,459,022 2,921,231 5,080,258 8,001,489 Other income 2,410,991 - 2,410,991 3,605,937 - 3,605,937 TOTAL OTHER EXPENSES (86,287,806) 4,136,678 (82,151,128) (76,746,673) 4,373,689 (72,372,984)Net income for the period before attribution and zakat and income tax 24,645,096 4,136,678 28,781,774 26,753,996 4,373,689 31,127,685 Net surplus transferred to shareholders’ operation (22,180,586) 22,180,586 - (24,078,597) 24,078,597 - Net income for the period after shareholders’ appropriations 2,464,510 26,317,264 28,781,774 2,675,399 28,452,286 31,127,685 Zakat charge for the period - (3,261,030) - (2,446,258) Income tax charge for the period, net - (3,149,645) - (183,835) Net income attributable to the shareholders after zakat and income tax - 19,906,589 - 25,822,193 18. Supplementary information (continued)b) Interim statement of income (continued) SR For the three month period ended September 30, 2019 September 30, 2018 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total REVENUES Gross premiums written 166,405,145 - 166,405,145 140,581,926 - 140,581,926 Reinsurance premiums ceded abroad (58,487,111) - (58,487,111) (32,474,455) - (32,474,455)Reinsurance premiums ceded locally (1,007,937) - (1,007,937) (4,123,886) - (4,123,886)Excess of loss expenses (1,010,268) - (1,010,268) (1,427,320) - (1,427,320)Fee income from unit linked investments 295,835 - 295,835 282,715 - 282,715 Net premiums written 106,195,664 - 106,195,664 102,838,980 - 102,838,980 Changes in unearned premiums 91,464,200 - 91,464,200 93,039,980 - 93,039,980 Changes in reinsurers’ share of unearned premiums (21,322,377) - (21,322,377) (45,737,728) - (45,737,728)Net premiums earned 176,337,487 - 176,337,487 150,141,232 - 150,141,232 Reinsurance commissions 4,288,819 - 4,288,819 6,058,947 - 6,058,947 NET REVENUES 180,626,306 - 180,626,306 156,200,179 - 156,200,179 UNDERWRITING COSTS AND EXPENSES Gross claims paid (139,615,903) - (139,615,903) (106,405,955) - (106,405,955)Surrenders and maturities (30,764,566) - (30,764,566) (34,639,354) - (34,639,354)Expenses incurred related to claims (7,442,907) - (7,442,907) (9,037,421) - (9,037,421)Reinsurers’ share of claims paid 37,501,746 - 37,501,746 42,790,876 - 42,790,876 Net claims and other benefits paid (140,321,630) - (140,321,630) (107,291,854) - (107,291,854)Changes in outstanding claims (30,562,405) - (30,562,405) (15,934,609) - (15,934,609)Changes in reinsurers’ share of outstanding claims 25,158,397 - 25,158,397 12,859,990 - 12,859,990 Change in premium deficiency reserves 1,031,483 - 1,031,483 (1,571,838) - (1,571,838)Changes in additional premium reserves (191,600) - (191,600) 200,762 - 200,762 Changes in claims incurred but not reported 5,098,899 - 5,098,899 (11,998,017) - (11,998,017)Changes in reinsurers’ share of claim incurred but not reported 2,400,001 - 2,400,001 11,232,092 - 11,232,092 Net claims and other benefits incurred (137,386,855) - (137,386,855) (112,503,474) - (112,503,474)Changes in unit linked liabilities 9,368,672 - 9,368,672 2,663,528 - 2,663,528 Unrealized loss on unit linked investments (1,210,233) - (1,210,233) (2,359,385) - (2,359,385)Policy acquisition costs (11,043,518) - (11,043,518) (13,965,441) - (13,965,441)Inspection and supervision fees (1,381,191) - (1,381,191) (1,459,351) - (1,459,351)TOTAL UNDERWRITING COSTS AND EXPENSES (141,653,125) - (141,653,125) (127,624,123) - (127,624,123)NET UNDERWRITING INCOME 38,973,181 - 38,973,181 28,576,056 - 28,576,056 OTHER (EXPENSES) / INCOME Provision for doubtful debts (2,190,228) - (2,190,228) (559,482) - (559,482)General and administrative expenses (30,108,529) (272,479) (30,381,008) (22,684,064) (203,455) (22,887,519)Investment income 888,759 1,584,876 2,473,635 969,729 1,990,660 2,960,389 Other income 218,688 - 218,688 1,964,105 - 1,964,105 TOTAL OTHER EXPENSES (31,191,310) 1,312,397 (29,878,913) (20,309,712) 1,787,205 (18,522,507)Net income for the period before attribution and zakat and income tax 7,781,871 1,312,397 9,094,268 8,266,344 1,787,205 10,053,549 Net surplus transferred to shareholders’ operation (7,003,684) 7,003,684 - (7,439,710) 7,439,710 - Net income for the period after shareholders’ appropriations 778,187 8,316,081 9,094,268 826,634 9,226,915 10,053,549 Zakat charge for the period - (1,161,512) - (670,055) Income tax charge for the period, net - (1,023,008) - (708,807) Net income attributable to the shareholders after zakat and income tax - 6,131,561 - 7,848,053 18. Supplementary information (continued) c) Interim statement of comprehensive income SR For the nine month period ended September 30, 2019 September 30, 2018 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’operations Total Net income for the period after zakat and income tax 2,464,510 19,906,589 22,371,099 2,675,399 25,822,193 28,497,592Other 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 8,229,737 15,388,680 23,618,417 (3,498,387) (6,835,260) (10,333,647)- Deferred tax relating to change in fair value (873,784) (1,633,878) (2,507,662) 371,438 725,727 1,097,165Total comprehensive income / (loss) for the period 9,820,463 33,661,391 43,481,854 (451,550) 19,712,660 19,261,110Reconciliation: Less: Net income attributable to insurance operations transferred to accumulated surplus (2,464,510) (2,675,399)Total comprehensive income for the period 41,017,344 16,585,711 SR For the three month period ended September 30, 2019 September 30, 2018 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total Net income for the period after zakat and income tax 778,187 6,131,561 6,909,748 826,634 7,848,053 8,674,687Other 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 1,496,014 2,633,968 4,129,982 6,722 (3,287,470) (3,280,748)- Deferred tax relating to change in fair value (158,838) (279,659) (438,497) (713) 349,044 348,331Total comprehensive income for the period 2,115,363 8,485,870 10,601,233 832,643 4,909,627 5,742,270Reconciliation: Less: Net income attributable to insurance operations transferred to accumulated surplus (778,187) (826,634)Total comprehensive income for the period 9,823,046 4,915,63618. Supplementary information (continued)d) Interim statement of cash flows SR For the nine month period ended September 30, 2019 September 30, 2018 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations TotalCASH FLOWS FROM OPERATING ACTIVITIES Net income for the period before attribution and zakat and income tax 2,464,510 26,317,264 28,781,774 2,675,399 28,452,286 31,127,685 Adjustments for non-cash items and other items: Depreciation of property and equipment 417,577 - 417,577 1,272,767 - 1,272,767 Amortization of investments premium 199,461 240,504 439,965 198,002 553,984 751,986 (Reversal) / provision of doubtful reinsurance receivables (657,139) - (657,139) 559,482 559,482 Gain on sale of property and equipment (33,075) - (33,075) - - - Provision for doubtful receivables and write-offs 2,634,110 - 2,634,110 3,631,173 - 3,631,173 Provision for end-of-service obligations 3,107,505 - 3,107,505 3,809,524 - 3,809,524 Unrealized gain on unit linked investments (12,876,524) - (12,876,524) (11,716,422) - (11,716,422) Shareholders’ appropriation from insurance operations’ surplus* 22,180,586 (22,180,586) - 24,078,596 (24,078,596) - 17,437,011 4,377,182 21,814,193 24,508,521 4,927,674 29,436,195Changes in operating assets and liabilities: Reinsurers’ balance receivable (4,590,250) - (4,590,250) 30,932,156 - 30,932,156Premium receivable (46,860,119) - (46,860,119) (8,497,627) - (8,497,627)Reinsurers’ share of unearned premiums (36,780,016) - (36,780,016) 4,808,419 - 4,808,419Reinsurers’ share of outstanding claims (111,527,883) - (111,527,883) (20,546,833) - (20,546,833)Reinsurers’ share of claims incurred but not reported (3,631,358) - (3,631,358) 5,168,883 - 5,168,883Deferred policy acquisition costs (6,849,307) - (6,849,307) 3,399,723 - 3,399,723 Right-of-use assets (7,551,498) - (7,551,498) - - - Unit linked investments 34,122,432 - 34,122,432 18,346,586 - 18,346,586Prepaid expenses and other assets (15,188,810) (5,647,782) (20,836,592) (51,994,693) 4,970,175 (47,024,518)Accrued and other liabilities 22,932,735 23,699 22,956,434 58,443,626 121,501 58,565,127 Reinsurers' balances payable 122,803,823 - 122,803,823 (47,156,391) - (47,156,391)Unearned premiums 86,171,708 - 86,171,708 (11,610,129) - (11,610,129)Unearned reinsurance commission (2,115,488) - (2,115,488) (3,653,611) - (3,653,611)Lease liabilities 5,774,832 - 5,774,832 - - - Unit linked liabilities (24,473,841) - (24,473,841) (11,187,832) - (11,187,832)Outstanding claims 131,658,942 - 131,658,942 29,814,565 - 29,814,565Claims incurred but not reported (21,227,870) - (21,227,870) (7,910,708) - (7,910,708)Premium deficiency reserves 2,570,107 - 2,570,107 (4,115,893) - (4,115,893)Additional premium reserves 395,866 - 395,866 (232,998) - (232,998) 143,071,016 (1,246,901) 141,824,115 8,515,764 10,019,350 18,535,114 End-of-service obligations paid (1,199,278) - (1,199,278) (2,752,542) - (2,752,542)Surplus paid to policyholders (594,949) - (594,949) (515,254) - (515,254)Zakat and income tax paid - (4,635,822) (4,635,822) - (5,536,979) (5,536,979)Net cash generated from / (used in) operating activities 141,276,789 (5,882,723) 135,394,066 5,247,968 4,482,371 9,730,339CASH FLOWS FROM INVESTING ACTIVITIES Additions in available for sale investments - (30,652,614) (30,652,614) (10,061,207) (56,020,254) (66,081,461)Proceed from sale of available for sale investments 5,000,000 18,687,500 23,687,500 - - -Proceeds from sale of property and equipment 33,075 - 33,075 - - -Additions in property and equipment (3,094,740) - (3,094,740) (2,132,848) - (2,132,848)Net cash generated from / (used in) investing activities 1,938,335 (11,965,114) (10,026,779) (12,194,055) (56,020,254) (68,214,309) CASH FLOWS FROM FINANCING ACTIVITY Due from / to (insurance operations / shareholder operations)* (92,134,934) 92,134,934 - (42,583,708) 42,583,708 -Net cash used in financing activity (92,134,934) 92,134,934 - (42,583,708) 42,583,708 -Net change in cash and cash equivalents 51,080,190 74,287,097 125,367,287 (49,529,795) (8,954,175) (58,483,970)Cash and cash equivalents at the beginning of the period 47,722,503 45,412,035 93,134,538 107,246,209 26,084,656 133,330,865 Cash and cash equivalents at the end of the period 98,802,693 119,699,132 218,501,825 57,716,414 17,130,481 74,846,895 NON-CASH INFORMATION: Change in fair value of available for sale investments (8,229,737) (15,388,680) (23,618,417) 3,498,387 6,835,260 10,333,647 * These items are not included in the interim statement of cash flows | 18 |
