| 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 number 60/M dated 18 Ramadan 1427H (corresponding to 11 October 2006). The Company operates under Commercial Registration number 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 June 2020 has been prepared in accordance with International Accounting Standard 34 – “Interim Financial Reporting” (“IAS 34”), that is endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (“SOCPA”).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, financial assets at fair value through statement of income (unit linked 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, end-of-service obligations, deffered tax assets, right of use assets and long term portion of lease liabilities. All other financial statement line items would generally be classified as current. 2. Basis of preparation (continued)(a) Basis of presentation (continued)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 statements 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 interim condensed financial statements have been provided as supplementary financial information to comply with the requirements of the guidelines issued by SAMA implementing regulations. 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 statements 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, 2019. These interim condensed financial statements are expressed in Saudi Arabian Riyals (SR). 2. Basis of preparation (continued)(b) Critical accounting judgments, estimates and assumptionsThe preparation of interim condensed 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 this interim condensed financial information, the significant judgments made by the management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2019. However, the Company has reviewed the key sources of estimation uncertainties disclosed in the last annual financial statements against the backdrop of the COVID-19 pandemic. Management will continue to assess the situation, and reflect any required changes in future reporting periods.On 11 March 2020, the World Health Organisation (“WHO”) declared the Coronavirus (“Covid-19”) outbreak as a pandemic in recognition of its rapid spread across the globe. This outbreak has also affected the GCC region including the Kingdom of Saudi Arabia. Governments all over the world took steps to contain the spread of the virus. Saudi Arabia in particular has implemented closure of borders, released social distancing guidelines and enforced country wide lockdowns and curfews.In response to the spread of the Covid-19 virus in the Country where the Company operates and its consequential disruption to the social and economic activities in those markets, the Company’s management has proactively assessed its impacts on its operations and has taken a series of proactive and preventative measures and processes to ensure: the health and safety of its employees and the wider community where it is operating the continuity of its business throughout the Kingdom is protected and kept intact.The major impact of Covid-19 pandemic is seen in medical and motor line of business as explained below. As with any estimate, the projections and likelihoods of occurrence are underpinned by significant judgment and rapidly evolving situation and uncertainties surrounding the duration and severity of the pandemic, and therefore, the actual outcomes may be different to those projected. The impact of such uncertain economic environment is judgmental, and the Company will continue to reassess its position and the related impact on a regular basis.Medical technical reservesBased on the management’s assessment, the management believes that the Government’s decision to assume the medical treatment costs for both Saudi citizens and expatriates has helped in reducing any unfavourable impact. During the lockdown, the Company saw a decline in medical reported claims (majorly elective and non-chronic treatment claims) which resulted in a drop in claims experience. However, subsequent to the lifting of lockdown since June 21, 2020, the Company is experiencing a surge in claims which is in line with the expectations of the Company’s management. The Company’s management has duly considered the impact of surge in claims in the current estimate of future contractual cashflows of the insurance contracts in force as at June 30, 2020 for its liability adequacy test. Based on the results, the Company has booked an amount of SR 0.47 million for the six-month period ended June 30, 2020 (December 31, 2019: Nil ; March 31, 2020: Nil) as a premium deficiency reserve.Motor technical reservesIn response to the Covid-19 pandemic, SAMA issued a circular 189 (the “circular”) dated 08 May 2020 to all insurance companies in the Kingdom of Saudi Arabia. Amongst other things, the circular instructed insurance companies to extend the period of validity of all existing retail motor insurance policies by further two months as well as providing a two-month additional coverage for all new retail motor policies written within one month of this circular.2. Basis of preparation (continued)Motor technical reserves (continued)The Management, in conjunction with its appointed actuary, deliberated on a variety of internal factors and concluded, that the Company considers the extension of two months in exiting motor policies as new policy and record a premium deficiency reserve based on the expected claims for the extended 2 months period.For new policies written as per above circular, the premium is earned over the period of coverage i.e 14 month as per the Company accounting policy. There is no significant impact of two month extension in earned premium as of June 30, 2020 as no material amounts of premium have been written during the one month period. The Company has performed a liability adequacy test using current estimates of future cash flows under its insurance contracts at segmented level for motor line of business and recorded a Premium deficiency reserve amounting to SR 8.6 million as at 30 June, 2020.Financial assetsTo cater for any potential impacts, the Covid-19 pandemic may have had on the financial assets of the Company, the Company has performed an assessment in accordance with its accounting policy, to determine whether there is an objective evidence that a financial asset or a group of financial assets has been impaired. For debt financial assets, these include factors such as, significant financial difficulties of issuers or debtors, default or delinquency in payments, probability that the issuer or debtor will enter bankruptcy or other financial reorganization, etc. In case of equities classified under available-for-sale, the Company has performed an assessment to determine whether there is a significant or prolonged decline in the fair value of financial assets below their cost. Based on these assessments, the Company’s management believes that the Covid-19 pandemic has had no material effects on Company’s reported results for the three-month and six-month periods ended 30 June 2020. The Company’s management continues to monitor the situation closely. | 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, 2019.Standards issued but not yet effectiveThe 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 IFRS, 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.3. Significant accounting policies (continued)IFRS 9, Financial Instruments (including amendments to IFRS 4, Insurance Contracts) (continued)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 2023.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 2023, 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 reinsurers/ retakaful share of unearned premium/ contributions, net [text block] | 10.2 Movement in unearned premiumsMovement in unearned premiums comprise of the following: Three months period ended June 30, 2020(Unaudited)SR Gross Reinsurance Net Balance as at the beginning of the period 361,984,750 (138,763,380) 223,221,370 Premium written during the period 212,409,914 *(100,440,737) 111,969,177 Premium earned during the period (199,567,294) 77,632,016 (121,935,278)Balance as at the end of the period 374,827,370 (161,572,101) 213,255,269 *This amount includes SR 95,309,813 for reinsurance premium ceded abroad, SR 342,947 for reinsurance premium ceded locally and SR 4,787,977 for excess of loss expenses. Six months period ended June 30, 2020(Unaudited)SR Gross Reinsurance Net Balance as at the beginning of the year 408,698,330 (152,377,585) 256,320,745 Premium written during the period 418,035,044 *(176,948,807) 241,086,237 Premium earned during the period (451,906,004) 167,754,291 (284,151,713)Balance as at the end of the period 374,827,370 (161,572,101) 213,255,269*This amount includes SR 166,304,151 for reinsurance premium ceded abroad, SR 1,068,700 for reinsurance premium ceded locally and SR 9,575,956 for excess of loss expenses.10. Technical reserves (continued)10.2 Movement in unearned premiums (continued) Three months period ended June 30, 2019(Unaudited)SR Gross Reinsurance Net Balance as at the beginning of the period 522,304,127 (146,603,990) 375,700,137 Premium written during the period 288,390,092 *(133,466,712) 154,923,380 Premium earned during the period (242,635,976) 73,057,166 (169,578,810)Balance as at the end of the period 568,058,243 (207,013,536) 361,044,707 *This amount includes SR 130,104,250 for reinsurance premium ceded abroad, SR 1,678,684 for reinsurance premium ceded locally and SR 1,683,778 for excess of loss expenses. Six month period ended June 30, 2019(Unaudited)SR Gross Reinsurance Net Balance as at the beginning of the year 390,422,335 (148,911,143) 241,511,192 Premium written during the period 647,312,061 *(203,668,790) 443,643,271 Premium earned during the period (469,676,153) 145,566,397 (324,109,756)Balance as at the end of the period 568,058,243 (207,013,536) 361,044,707*This amount includes SR 197,275,909 for reinsurance premium ceded abroad, SR 3,362,080 for reinsurance premium ceded locally and SR 3,030,801 for excess of loss expenses. Year ended December 31, 2019(Audited) Gross Reinsurance NetBalance as at the beginning of the year 390,422,335 (148,911,143) 241,511,192 Premium written during the year 1,011,666,001 *(312,609,731) 699,056,270 Premium earned during the year (993,390,006) 309,143,289 (684,246,717)Balance as at the end of the year 408,698,330 (152,377,585) 256,320,745*This amount includes SR 302,757,400 for reinsurance premium ceded abroad, SR 5,811,262 for reinsurance premium ceded locally and SR 4,041,069 for excess of loss expenses. | 10.2 |
| Disclosure of investments in available-for-sale investments [text block] | . Available for sale investments8.1. Investments are classified as followsInsurance operations: Domestic International Total June 30, 2020(Unaudited)SR December 31, 2019(Audited)SR June 30, 2020(Unaudited)SR December 31, 2019(Audited)SR June 30, 2020(Unaudited)SR December 31, 2019(Audited)SRDebt instruments 131,736,376 128,180,982 5,151,461 5,143,123 136,887,837 133,324,105 Equities and mutual funds 7,510,896 7,991,984 - - 7,510,896 7,991,984 139,247,272 136,172,966 5,151,461 5,143,123 144,398,733 141,316,089 Shareholders’ operations: Domestic International Total June 30, 2020(Unaudited)SR December 31, 2019(Audited)SR June 30, 2020(Unaudited)SR December 31, 2019(Audited)SR June 30, 2020(Unaudited)SR December 31, 2019(Audited)SRDebt instruments 216,236,560 211,718,827 23,624,798 23,792,384 239,861,358 235,511,211 Equities and mutual funds 3,223,078 3,223,078 5,393,709 5,429,122 8,616,787 8,652,200 219,459,638 214,941,905 29,018,507 29,221,506 248,478,145 244,163,411 Total Domestic International Total June 30, 2020(Unaudited)SR December 31, 2019(Audited)SR June 30, 2020(Unaudited)SR December 31, 2019(Audited)SR June 30, 2020(Unaudited)SR December 31, 2019(Audited)SRDebt instrument 347,972,936 339,899,809 28,776,259 28,935,507 376,749,195 368,835,316 Equities and mutual funds 10,733,974 11,215,062 5,393,709 5,429,122 16,127,683 16,644,184 358,706,910 351,114,871 34,169,968 34,364,629 392,876,878 385,479,500 8. Available for sale investments (continued)8.2. Movement in available for sale investment balance is as followsInsurance operations: Quoted securities Unquoted securities Total SRAs at 1 January 2019 100,623,986 14,582,533 115,206,519Purchases 22,491,134 - 22,491,134Disposals/maturity - (5,000,000) (5,000,000)Amortisation (251,970) (12,645) (264,615)Unrealised gain on fair value 8,021,169 861,882 8,883,051 Transfer from unquoted to quoted 10,431,770 (10,431,770) -As at 31 December 2019 141,316,089 - 141,316,089 As of 1 January 2020 141,316,089 - 141,316,089 Amortisation (128,199) - (128,199)Unrealised gain on fair value 3,210,843 - 3,210,843As at 30 June 2020 144,398,733 - 144,398,733 The cumulative unrealised gain in fair value of available for sale investments including deferred tax impact as mentioned in Notes 9 and 15 as at 30 June 2020 amounts to SR 7,153,936 (31 December 2019: gain of SR 3,943,093).Shareholders’ operations: Quoted securities Unquoted securities Total SRAs at 1 January 2019 130,639,760 85,532,745 216,172,505Purchases 30,652,614 - 30,652,614Disposals/maturity (1,687,500) (17,000,000) (18,687,500)Amortisation (329,390) (14,356) (343,746)Unrealised gain on fair value 10,475,364 5,894,174 16,369,538 Transfer from unquoted to quoted 35,979,800 (35,979,800) -As at 31 December 2019 205,730,648 38,432,763 244,163,411 As of 1 January 2020 205,730,648 38,432,763 244,163,411 Amortisation (202,731) - (202,731)Unrealised gain on fair value 4,670,868 (153,403) 4,517,465 As at 30 June 2020 210,198,785 38,279,360 248,478,145 The cumulative unrealised gain in fair value of available for sale investments including deferred tax impact as mentioned in Notes 9 and 15 as at 30 June 2020 amounts to SR 16,003,998 (31 December 2019: gain of SR 8,255,508 ). | 8 |
| Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] | . Reinsurers’ balance receivable, netSR June 30, 2020(Unaudited) December 31, 2019(Audited) Receivables from reinsurers 81,585,795 75,563,011 Provision for doubtful reinsurers’ receivables (5,654,816) (5,027,110)Reinsurers’ balance receivable, net 75,930,979 70,535,901 | 6 |
| Disclosure of prepayments and other assets [text block] | Right-of-use assetsThe following table presents the right-of-use assets for the Company:SR June 30, 2020(Unaudited) December 31, 2019(Audited) Balance at the beginning of the period/year 6,776,228 9,849,530Amortization (1,562,688) (3,073,302)Balance at the end of the period/year 5,213,540 6,776,228 | 7 |
| Disclosure of other receivables, net [text block] | Premiums receivable, netPremiums receivable comprise amounts due from the following:SR June 30, 2020(Unaudited) December 31, 2019(Audited) Policyholders 165,149,535 169,764,645Brokers and agents 346,492,649 288,920,109 Related parties (Note 14) 54,047,316 16,988,438 565,689,500 475,673,192Provision for doubtful receivable (55,881,593) (55,086,915) Premiums receivable, net 509,807,907 420,586,277 | 5 |
| Disclosure of cash and cash equivalents [text block] | Cash and cash equivalentsCash and cash equivalents included in the interim statement of cash flows comprise the following: Insurance operationsSR June 30, 2020(Unaudited) December 31, 2019(Audited)Bank balances and cash 31,535,152 67,046,426Deposits maturing within 3 months from the acquisition date - 20,000,000 31,535,152 87,046,426 Shareholders’ operations June 30, 2020(Unaudited) December 31, 2019(Audited)Bank balances and cash 41,485,886 61,819,191Total cash and cash equivalents 73,021,038 148,865,617 | 4 |
| Disclosure of gross outstanding claims/ benefits [text block] | Technical reserves10.1 Net outstanding claims and reservesNet outstanding claims and reserves comprise of the following:SR June 30, 2020(Unaudited) December 31, 2019(Audited)Gross outstanding claims 553,307,779 569,506,181 Less: Realizable value of salvage and subrogation (37,855,091) (36,439,428) 515,452,688 533,066,753Claims incurred but not reported 117,249,474 87,780,442Premium deficiency reserves 17,255,707 11,731,333 Additional premium reserves 2,915,108 1,369,320 Unit linked liabilities 516,563,763 535,415,117 1,169,436,740 1,169,362,965Less: - Reinsurers’ share of outstanding claims (438,630,990) (432,328,207)- Reinsurers’ share of claims incurred but not reported (53,146,266) (43,298,714) (491,777,256) (475,626,921)Net outstanding claims and reserves 677,659,484 693,736,044 | 10.1 |
| Disclosure of zakat [text block] | Zakat and income taxA summary of the Company’s share capital and percentages of ownership are as follows: June 30, 2020 December 31, 2019 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 June 2020 and 31 December 2019, 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.Impact of adopting IAS - 12As at 1 January 2019: SRFinancial statement impacted Account As previously stated as at January 01, 2019 Effect of restatement As restated as at January 01, 2019 Statement of changes in equity Impact of adopting IAS 12 - 9,350,189 9,350,189The zakat and income tax provision as at the period / year end is as follows:SR June 30, 2020(Unaudited) December 31, 2019(Audited) Provision for zakat 27,532,256 24,451,612Provision for income tax 3,058,640 3,980,577 30,590,896 28,432,189The zakat and income tax charge for the six months period is as follows:SR June 30, 2020 (Unaudited) June 30, 2019 (Unaudited) Zakat for the six months period 2,158,707 2,099,518Income tax for the six months period - Current tax - 2,312,129 - Deferred tax (490,077) (185,492) 1,668,630 4,226,155 15. Zakat and income tax (continued)The zakat and income tax charge for the three months period is as follows:SR June 30, 2020 (Unaudited) June 30, 2019 (Unaudited) Zakat for the three months period 1,245,096 1,009,265 Income tax for the three months period - Current tax - 1,002,106 - Deferred tax (253,434) (134,931) 991,662 1,876,440 Status of assessmentsThe Company has filed zakat and income tax declarations for the years ended 31 December 2008 to 31 December 2019. For the years from 2008 to 2013, the company has settled the amount of SR 9.6 million in relation to the assessment raised by GAZT that was paid by the provision created against the assessment for those years. The final zakat and tax assessments for the year 2014 has been issued by GAZT and the assessments for the years 2015 to 2019 are still outstanding. The Company has filed appeals against the General Authority for Zakat and Tax (“GAZT”) assessments of additional zakat and income tax arising from disallowance of long-term investments from zakat base for the year 2014, disallowance of the carried forward losses, not deducting the amount of income tax paid from the assessment, and the calculation of delay fine. In result of the final assessments for the year 2014 GAZT has requested additional zakat and income tax amounting to SR 6.2 million. The Company has accounted for the additional zakat and income tax 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] | Deferred tax assets, netSR June 30, 2020(Unaudited) December 31, 2019(Audited) Deferred tax assets, net 10,682,609 6,961,507Movement in deferred tax asset balance is as follows: June 30, 2020(Unaudited) 31 December 2019(Audited)At the beginning of the period/year (note 15) 6,961,507 9,350,189Deferred tax income - statement of income 490,077 292,487Deferred tax (expense) / income - statement of comprehensive income 3,231,025 (2,681,169)At the end of the period/year 10,682,609 6,961,507This 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] | 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 2019: 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, the 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. June 30, 2020 Number 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) December 31, 2019 Number 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 number 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 received the approvals from the Capital Market Authority (“CMA”) on 9/7/1441H corresponding to 4 March 2020 and from shareholders of the Company in an Extraordinary General Assembly meeting dated 24/10/1441H corresponding to 16 June 2020 respectively, refer note 20. | 16 |
| Disclosure of related party transactions [text block] | Transactions and balances with related parties and other shareholdersRelated 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 six months period ended Balance as at June 30,2020 June 30,2019 June 30, 2020 December 31, 2019 SR SR SR SR Entities controlled, jointly controlled or significantly influenced by related parties Major shareholders - Insurance premium ceded 61,551,277 93,810,996 - Reinsurers’ share of claims paid 18,922,124 27,687,180 - Commission income 2,167,513 4,673,889 - Third party administrator expenses 3,119,879 3,879,209 - Accrued third party administrator 5,689,334 6,436,659- Reinsurance balance payable, net 151,633,898 84,824,961- Investments in equity of Saudi NextCare 800,000 800,000 - Other Shareholders (other than related party) - Insurance premium written 47,878,734 132,895,160 - Claims paid 2,174,250 21,379,923 - Commission expense 348,030 1,001,705 - Premium receivable, net 54,047,316 16,988,438- Outstanding claims 29,078,894 33,834,830- Cash and cash equivalents 67,768,325 104,403,157 Unit linked investments managed by shareholders (including receivable for unit linked investments) 530,223,682 545,163,723Related 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 and Saudi NextCare, Other shareholders include Banque Saudi Fransi and its Group Companies which are not the related parties.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:June 30, 2020 BOD members Top executives SR SRSalaries and compensation 4,757,375Allowances 174,000 9,000Annual remuneration 510,000 60,000End of service obligations 247,641 684,000 5,074,01614. Transactions and balances with related parties and other shareholders (continued)June 30, 2019 BOD members Top executives SR SRSalaries and compensation - 3,891,406Allowances 87,000 -Annual remuneration 450,000 -End of service obligations - 243,505 537,000 4,134,911 | 14 |
| 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 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, 2019.Segment assets do not include cash and cash equivalents, prepaid expenses , right of use assets 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 June 30, 2020 and December 31, 2019, 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 June 2020 (Unaudited) Assets Premiums receivable, gross 213,294,580 139,640,996 164,449,930 48,303,994 565,689,500 - 565,689,500 Provision for doubtful debts (55,881,593) - (55,881,593)Reinsurers’ share of outstanding claims 5,083,202 16,423,457 409,935,683 7,188,648 438,630,990 - 438,630,990 Reinsurers’ share of claims incurred but not reported (3,769) 16,105,885 29,057,393 7,986,757 53,146,266 - 53,146,266 Reinsurers’ share of unearned premiums 105,762 50,843,912 83,155,944 27,466,483 161,572,101 - 161,572,101 Deferred policy acquisition costs 10,579,579 4,648,657 7,428,888 (2,737,135) 19,919,989 - 19,919,989 Financial assets at fair value through statement of income (unit linked investments) - - - 530,223,682 530,223,682 - 530,223,682 Unallocated assets 302,580,624 360,993,487 663,574,111Total assets 2,376,875,046 Liabilities and Equity Outstanding claims 52,092,705 26,798,265 425,781,619 10,780,099 515,452,688 - 515,452,688 Claims incurred but not reported 46,148,762 26,273,158 33,595,344 11,232,210 117,249,474 - 117,249,474 Unearned premium 123,592,455 93,235,234 118,813,190 39,186,491 374,827,370 - 374,827,370 Unearned reinsurance commission 6,880 - 4,877,997 28,179 4,913,056 - 4,913,056 Unit linked liabilities - - - 516,563,763 516,563,763 - 516,563,763 Unallocated liabilities 475,892,784 32,757,036 508,649,820Equity 10,982,424 328,236,451 339,218,875Total liabilities and equity 2,376,875,046 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 six months period ended 30 June 2020 (Unaudited) Gross written premiums – retail 13,068,193 - 262,437 80,123,743 93,454,373 - 93,454,373 Gross written premiums – corporate 56,316,633 105,022,666 88,244,487 3,446,728 253,030,514 - 253,030,514 Gross written premiums – very small entities 1,777,807 191,228 482,455 97,463 2,548,953 - 2,548,953 Gross written premiums – small entities 11,682,616 942,134 14,358,245 267,563 27,250,558 - 27,250,558 Gross written premiums – medium entities 19,793,320 1,142,841 19,736,054 1,078,431 41,750,646 - 41,750,646 Reinsurance premiums ceded (30,720) (58,818,306) (78,498,479) (30,025,346) (167,372,851) - (167,372,851)Excess of loss expenses (2,128,353) - (7,447,603) - (9,575,956) - (9,575,956)Fee income from unit linked investments - - - 594,515 594,515 - 594,515 Net written premiums 100,479,496 48,480,563 37,137,596 55,583,097 241,680,752 - 241,680,752 Changes in unearned premiums, net 70,974,100 (3,549,803) (17,057,204) (7,301,617) 43,065,476 - 43,065,476 Net premiums earned 171,453,596 44,930,760 20,080,392 48,281,480 284,746,228 - 284,746,228 Reinsurance commissions 11,294 546,670 7,051,839 589,244 8,199,047 - 8,199,047 Net claims and other benefits paid (140,066,820) (23,725,460) (2,334,193) (50,149,291) (216,275,764) - (216,275,764)Changes in outstanding claims, net 28,738,011 174,910 (4,567,903) (428,170) 23,916,848 - 23,916,848 Changes in premium deficiency reserve (5,622,327) 477,573 (314,261) (65,359) (5,524,374) - (5,524,374)Changes in additional premium reserve - - (1,545,788) - (1,545,788) - (1,545,788)Changes in claims incurred but not reported, net (14,135,760) (2,249,491) (2,015,501) (1,220,728) (19,621,480) - (19,621,480)Change in unit linked liabilities - - - 18,851,354 18,851,354 - 18,851,354 Unrealised loss on unit linked investments - - - (2,172,520) (2,172,520) - (2,172,520)Policy acquisition costs (14,670,484) (5,622,245) (7,461,562) (3,662,953) (31,417,244) - (31,417,244)Inspection and supervision fees (3,163,164) - (3,163,164)Net underwriting income 55,993,143 - 55,993,143 Unallocated Provision for doubtful debts (1,422,384) - (1,422,384)General and administrative expenses (68,392,990) (538,058) (68,931,048)Investment income 2,042,056 3,688,593 5,730,649 Other income 4,051,424 - 4,051,424 Net loss for the period before attribution and zakat and income tax (4,578,216) 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 June 2020 (Unaudited) Gross written premiums – retail 5,745,242 - 5,584 55,887,855 61,638,681 - 61,638,681 Gross written premiums – corporate 28,753,146 49,252,331 37,866,087 856,590 116,728,154 - 116,728,154 Gross written premiums – very small entities 766,455 98,031 217,985 - 1,082,471 - 1,082,471 Gross written premiums – small entities 2,930,888 378,262 10,367,645 188,318 13,865,113 - 13,865,113 Gross written premiums – medium entities 6,529,071 617,145 11,459,063 490,216 19,095,495 - 19,095,495 Reinsurance premiums ceded - (28,655,327) (41,257,123) (25,740,310) (95,652,760) - (95,652,760)Excess of loss expenses (1,060,583) - (3,727,394) - (4,787,977) - (4,787,977)Fee income from unit linked investments - - - 296,175 296,175 - 296,175 Net written premiums 43,664,219 21,690,442 14,931,847 31,978,844 112,265,352 - 112,265,352 Changes in unearned premiums, net 22,134,726 180,332 (3,797,327) (8,551,630) 9,966,101 - 9,966,101 Net premiums earned 65,798,945 21,870,774 11,134,520 23,427,214 122,231,453 - 122,231,453 Reinsurance commissions 5,049 546,670 4,274,156 264,123 5,089,998 - 5,089,998 Net claims and other benefits paid (37,951,564) (10,711,927) (1,064,851) (23,429,000) (73,157,342) - (73,157,342)Changes in outstanding claims, net 15,788,337 31,045 (5,764,080) (454,254) 9,601,048 - 9,601,048 Changes in premium deficiency reserve (6,457,555) (311,041) (314,261) (616,283) (7,699,140) - (7,699,140)Changes in additional premium reserve - - (572,627) - (572,627) - (572,627)Changes in claims incurred but not reported, net (6,570,109) (1,098,170) (1,461,416) (1,775,287) (10,904,982) - (10,904,982)Change in unit linked liabilities - - - (2,060,654) (2,060,654) - (2,060,654)Unrealised gain on unit linked investments - - - 9,596,310 9,596,310 - 9,596,310 Policy acquisition costs (5,597,070) (2,811,858) (3,736,345) (1,357,315) (13,502,588) - (13,502,588)Inspection and supervision fees (1,565,507) - (1,565,507)Net underwriting income 37,055,969 - 37,055,969 Unallocated Provision for doubtful debts (1,422,384) - (1,422,384)General and administrative expenses (31,711,539) (284,893) (31,996,432)Investment income 1,021,133 1,831,354 2,852,487 Other income 3,902,407 - 3,902,407 Net income for the period before attribution and zakat and income tax 10,392,047 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 2019 (Audited) Assets Premiums receivable, gross 283,683,135 104,490,425 62,145,925 25,353,707 475,673,192 - 475,673,192 Provision for doubtful debts (55,086,915) - (55,086,915)Reinsurers’ share of outstanding claims 5,745,932 16,649,433 404,394,245 5,538,597 432,328,207 - 432,328,207 Reinsurers’ share of claims incurred but not reported (69,598) 7,921,410 31,056,299 4,390,603 43,298,714 - 43,298,714 Reinsurers’ share of unearned premiums 225,976 43,484,703 98,990,010 9,676,896 152,377,585 - 152,377,585 Deferred policy acquisition costs 16,732,264 4,574,957 6,167,728 (555,399) 26,919,550 - 26,919,550 Financial assets at fair value through statement of income (unit linked investments) - - - 538,113,858 538,113,858 - 538,113,858 Unallocated assets 363,516,850 357,096,182 720,613,032Total assets 2,334,237,223 Liabilities and Equity Outstanding claims 81,493,446 27,199,150 415,672,279 8,701,878 533,066,753 - 533,066,753 Claims incurred but not reported 31,947,173 15,839,192 33,578,749 6,415,328 87,780,442 - 87,780,442 Unearned premium 194,686,769 82,326,222 117,590,052 14,095,287 408,698,330 - 408,698,330 Unearned reinsurance commission 16,177 - 6,833,437 498,159 7,347,773 - 7,347,773 Unit linked liabilities - - - 535,415,117 535,415,117 - 535,415,117 Unallocated liabilities 397,061,045 30,361,375 427,422,420Equity 7,771,581 326,734,807 334,506,388Total liabilities and equity 2,334,237,22313. Operating Segments (continued) Motor Medical Property and Casualty Protection and Saving Insurance Operations Shareholders’ Operations Total SR SR SR SR SR SR SRFor the six months period ended 30 June 2019 (Unaudited) Gross written premiums – retail 32,673,613 - 1,256,487 70,084,937 104,015,037 - 104,015,037 Gross written premiums – corporate 278,770,222 108,170,893 151,495,920 3,926,551 542,363,586 - 542,363,586 Gross written premiums – very small entities - 23,653 - - 23,653 - 23,653 Gross written premiums – small entities - 673,854 - - 673,854 - 673,854 Gross written premiums – medium entities - 235,931 - - 235,931 - 235,931 Reinsurance premiums ceded - (59,907,234) (121,129,200) (19,601,555) (200,637,989) - (200,637,989)Excess of loss expenses (2,493,568) - (537,233) - (3,030,801) - (3,030,801)Fee income from unit linked investments - - - 576,345 576,345 - 576,345 Net written premiums 308,950,267 49,197,097 31,085,974 54,986,278 444,219,616 - 444,219,616 Changes in unearned premiums, net (94,075,017) (17,350,590) (3,283,946) (4,823,962) (119,533,515) - (119,533,515)Net premiums earned 214,875,250 31,846,507 27,802,028 50,162,316 324,686,101 - 324,686,101Reinsurance commissions 10,581 - 7,854,291 (235,317) 7,629,555 - 7,629,555 Net claims and other benefits paid (157,377,542) (19,445,701) (4,488,885) (70,502,094) (251,814,222) - (251,814,222)Changes in outstanding claims, net (14,921,233) (8,184,452) 1,224,569 (924,548) (22,805,664) - (22,805,664)Changes in premium deficiency reserve - (3,009,872) - (591,718) (3,601,590) - (3,601,590)Changes in additional premium reserve - - (204,266) - (204,266) - (204,266)Changes in claims incurred but not reported, net 23,866,239 1,022,677 114,932 435,093 25,438,941 - 25,438,941Change in unit linked liabilities - - - 15,105,169 15,105,169 - 15,105,169 Unrealised gain on unit linked investments - - - 14,086,757 14,086,757 - 14,086,757 Policy acquisition costs (18,314,881) (4,138,956) (7,856,592) (1,849,915) (32,160,344) - (32,160,344)Inspection and supervision fees - - - - (4,400,716) - (4,400,716)Net underwriting income 71,959,721 - 71,959,721 Unallocated Provision for doubtful debts 180,648 - 180,648 General and administrative expenses (59,235,713) (394,840) (59,630,553)Investment income 1,766,266 3,219,121 4,985,387 Other income 2,192,303 - 2,192,303 Net income for the period before attribution and zakat and income tax 19,687,506 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 June 2019 (Unaudited) Gross written premiums – retail 21,953,971 - 816,115 46,380,511 69,150,597 - 69,150,597Gross written premiums – corporate 57,410,000 63,667,096 96,327,675 1,308,421 218,713,192 - 218,713,192Gross written premiums – very small entities - 11,064 - - 11,064 - 11,064Gross written premiums – small entities - 348,744 - - 348,744 - 348,744Gross written premiums – medium entities - 166,495 - - 166,495 - 166,495Reinsurance premiums ceded - (33,732,310) (80,487,593) (17,563,031) (131,782,934) - (131,782,934)Excess of loss expenses (1,359,882) - (323,896) - (1,683,778) - (1,683,778)Fee income from unit linked investments - - - 286,615 286,615 - 286,615Net written premiums 78,004,089 30,461,089 16,332,301 30,412,516 155,209,995 - 155,209,995Changes in unearned premiums, net 34,829,170 (12,326,127) (2,140,296) (5,707,317) 14,655,430 - 14,655,430Net premiums earned 112,833,259 18,134,962 14,192,005 24,705,199 169,865,425 - 169,865,425Reinsurance commissions 5,320 - 4,520,633 (365,202) 4,160,751 - 4,160,751Net claims and other benefits paid (77,234,450) (7,677,345) (2,224,083) (35,915,748) (123,051,626) - (123,051,626)Changes in outstanding claims, net (12,273,035) (8,795,869) 11,088 (1,105,552) (22,163,368) - (22,163,368)Changes in premium deficiency reserve - (2,609,450) - (247,601) (2,857,051) - (2,857,051)Changes in additional premium reserve - - (65,955) - (65,955) - (65,955)Changes in claims incurred but not reported, net 12,239,674 1,104,048 (505,026) 162,996 13,001,692 - 13,001,692Change in unit linked liabilities - - - 7,414,320 7,414,320 - 7,414,320Unrealised gain on unit linked investments - - - 6,951,938 6,951,938 - 6,951,938Policy acquisition costs (9,145,378) (1,665,203) (3,886,333) (1,268,530) (15,965,444) - (15,965,444)Inspection and supervision fees - - - - (2,083,531) - (2,083,531)Net underwriting income 35,207,151 - 35,207,151Unallocated Provision for doubtful debts (461,458) - (461,458)General and administrative expenses -(31,067,049) (182,220) (31,249,269)Investment income 829,038 1,471,881 2,300,919Other income 1,593,177 - 1,593,177Net income for the period before attribution and zakat and income tax 7,390,520 | 13 |
| Disclosure of capital management [text block] | . Risk ManagementCapital 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’s management, through various scenario analysis as required by the regulator, has assessed the potential of the Covid-19 pandemic by performing stress testing for various variables like: gross premium growth, increase in employee cost, YTD loss ratio, outstanding premium provisions etc. and the related impact on the revenue, profitability, loss ratio and solvency ratio. The Company’s management has concluded that based on the stress testing performed the solvency margin of the Company has not been reduced below the minimum required margins. As with any forecasts, the projections and likelihoods of occurrence are underpinned by significant judgements and uncertainties and, therefore, the actual outcomes may be different to those projected. As the situation is fluid and rapidly evolving, the Company will continue to reassess its position and the related impact on a regular basis.The Company has fully complied with the externally imposed capital requirements during the reported financial year.17. Risk Management (continued)Capital Management (continued)Credit risk managementThe Company has strengthened its credit risk management policies to address the fast changing and evolving risks posed by the current circumstances. These include review of credit concentrations at granular economic sector, region, counterparty level and take appropriate action where required. Based on the review, the Company has identified the following sectors being impacted significantly by the Covid-19 pandemic and lower oil prices: Foods Airlines Freight companies Hotels Retail Construction Entertainment TourismLiquidity risk managementThe Company is aware of the need to keep a close focus on liquidity management during this period and has enhanced its monitoring of current liquidity needs as well as the pandemic in its entirety. The Company regularly reviews and updates the liquidity forecast based on the individual liquidity balance as well as the continued development of external economic factors. | 17 |
| Disclosure of commitments and contingencies, general [text block] | Contingencies and commitments a) The Company’s commitments and contingencies are as follows:SR June 30, 2020(Unaudited) December 31, 2019(Audited)Letters of guarantee 15,940,000 15,940,000b) 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 interim financial position and results as at and for the period ended June 30, 2020 . There was no change in the status of legal proceedings as disclosed at 31 December 2019. | 11 |
| 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 value12.1 Insurance operations: Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 30 June 2020 Unit linked investments 530,223,682 530,223,682 - - 530,223,682Available for sale investments measured at fair value Bonds and sukuks 136,887,837 136,887,837 - - 136,887,837Mutual funds 4,628,048 4,628,048 - - 4,628,048Equities 2,882,848 2,882,848 - - 2,882,848Unit linked liabilities (516,563,763) (516,563,763) - - (516,563,763) 158,058,652 158,058,652 - - 158,058,652 Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 31 December 2019 Unit linked investments 538,113,858 538,113,858 - - 538,113,858 Available for sale investments measured at fair value Bonds and Sukuks 133,324,105 133,324,105 - - 133,324,105 Mutual Funds 4,865,203 4,865,203 - - 4,865,203 Equities 3,126,781 3,126,781 - - 3,126,781 Unit linked liabilities (535,415,117) (535,415,117) - - (535,415,117) 144,014,830 144,014,830 - - 144,014,83012. Fair values of financial instruments (continued)12.2 Shareholders’ operations: Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 30 June 2020 Available for sale investments measured at fair value Bonds and sukuks 239,861,358 204,805,076 - 35,056,282 239,861,358 Mutual funds 5,393,709 5,393,709 - - 5,393,709 Equities 3,223,078 - - 3,223,078 3,223,078 248,478,145 210,198,785 - 38,279,360 248,478,145 Fair valueSR Carrying value Level 1 Level 2 Level 3 Total 31 December 2019 Available for sale investments measured at fair value Bonds and Sukuk 235,511,211 200,301,526 - 35,209,685 235,511,211 Mutual Funds 5,429,122 5,429,122 - - 5,429,122 Equities 3,223,078 - - 3,223,078 3,223,078 244,163,411 205,730,648 - 38,432,763 244,163,411 During the period ended 30 June 2020 there were no transfers between level 1 and level 3 fair value measurements. There were transfers between Level 1 and Level 3 fair value measurements during the year ended 31 December 2019 (please refer note 8).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 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 June 30, 2020(Unaudited) December 31, 2019(Audited) Balance at the beginning of the period/year - 14,582,533Disposals/maturity - (5,000,000)Amortisation - (12,645) Unrealised gain on fair value of available for sale investments - 861,882Transfer from level 3 to level 1 - (10,431,770)Balance at the end of the period/year - -12. Fair values of financial instruments (continued)b. Measurement of fair values (continued) Shareholder operationsSR June 30, 2020(Unaudited) December 31, 2019(Audited) Balance at the beginning of the period/year 38,432,763 85,532,745Disposals/maturity - (17,000,000)Amortisation - (14,356)Unrealised (loss)/gain on fair value of available for sale investments (153,403) 5,894,174 Transfer from level 3 to level 1 - (35,979,800)Balance at the end of the period/year 38,279,360 38,432,763 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 is SR 16,811 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 is SR 16,811. | 12 |
| Disclosure of comparative figures [text block] | 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] | . Approval of the interim condensed financial statementsThe interim condensed financial statements have been approved by the Company’s Board of Directors on 18 August 2020 (corresponding to 28 Dhu al-Hijja 1441H). | 21 |
| Disclosure of other notes relevant to understanding of financial statements [text block] | . Supplementary informationa) Interim statements of financial position SR 30 June 2020 31 December 2019 Insurance operations Share-holders’ operations Total Insurance operations Share-holders’ operations TotalASSETS Cash and cash equivalents 31,535,152 41,485,886 73,021,038 87,046,426 61,819,191 148,865,617Prepaid expenses and other assets 69,002,250 6,939,770 75,942,020 69,793,539 2,696,665 72,490,204Premiums receivable, net 509,807,907 - 509,807,907 420,586,277 - 420,586,277Reinsurers’ balance receivable, net 75,930,979 - 75,930,979 70,535,901 - 70,535,901Reinsurers’ share of outstanding claims 438,630,990 - 438,630,990 432,328,207 - 432,328,207Reinsurers’ share of claims incurred but not reported 53,146,266 - 53,146,266 43,298,714 - 43,298,714Reinsurers’ share of unearned premiums 161,572,101 - 161,572,101 152,377,585 - 152,377,585 Deferred policy acquisition costs 19,919,989 - 19,919,989 26,919,550 - 26,919,550 Right-of-use assets 5,213,540 - 5,213,540 6,776,228 - 6,776,228 Financial assets at fair value through statement of income (unit linked investments) 530,223,682 - 530,223,682 538,113,858 - 538,113,858 Available for sale investments 144,398,733 248,478,145 392,876,878 141,316,089 244,163,411 385,479,500 Deferred tax assets, net - 10,682,609 10,682,609 - 6,961,507 6,961,507Property and equipment 8,335,098 - 8,335,098 8,018,780 - 8,018,780 Statutory deposit - 20,000,000 20,000,000 - 20,000,000 20,000,000 Accrued income on statutory deposit - 1,571,949 1,571,949 - 1,485,295 1,485,295 Due to/from insurance operation/shareholders operation* (31,835,128) 31,835,128 - (19,970,113) 19,970,113 - TOTAL ASSETS 2,015,881,559 360,993,487 2,376,875,046 1,977,141,041 357,096,182 2,334,237,223 LIABILITIES Accrued and other liabilities 161,854,824 594,191 162,449,015 150,041,674 443,891 150,485,565Surplus distribution payable 15,408,703 - 15,408,703 15,687,466 - 15,687,466 Reinsurers' balances payable 256,191,588 - 256,191,588 195,599,123 - 195,599,123 Unearned premiums 374,827,370 - 374,827,370 408,698,330 - 408,698,330 Unearned reinsurance commission 4,913,056 - 4,913,056 7,347,773 - 7,347,773 Outstanding claims 515,452,688 - 515,452,688 533,066,753 - 533,066,753Claims incurred but not reported 117,249,474 - 117,249,474 87,780,442 - 87,780,442Lease liabilities 3,660,914 - 3,660,914 5,784,231 - 5,784,231 Premium deficiency reserve 17,255,707 - 17,255,707 11,731,333 - 11,731,333 Additional premium reserves 2,915,108 - 2,915,108 1,369,320 - 1,369,320 Unit linked liabilities 516,563,763 - 516,563,763 535,415,117 - 535,415,117 End-of-service obligations 18,605,940 - 18,605,940 16,847,898 - 16,847,898Zakat and income tax - 30,590,896 30,590,896 - 28,432,189 28,432,189Accrued income payable to SAMA - 1,571,949 1,571,949 - 1,485,295 1,485,295 TOTAL LIABILITIES 2,004,899,135 32,757,036 2,037,656,171 1,969,369,460 30,361,375 1,999,730,835 EQUITY Share capital - 200,000,000 200,000,000 - 200,000,000 200,000,000 Share premium - 22,711,315 22,711,315 - 22,711,315 22,711,315 Statutory reserve - 20,743,607 20,743,607 - 20,743,607 20,743,607Retained earnings - 68,777,531 68,777,531 - 75,024,377 75,024,377Actuarial reserve for end-of–service obligations 3,828,488 - 3,828,488 3,828,488 - 3,828,488Fair value reserve on investments 7,153,936 16,003,998 23,157,934 3,943,093 8,255,508 12,198,601TOTAL EQUITY 10,982,424 328,236,451 339,218,875 7,771,581 326,734,807 334,506,388 TOTAL LIABILITIES AND EQUITY 2,015,881,559 360,993,487 2,376,875,046 1,977,141,041 357,096,182 2,334,237,223 * This item is not included in the interim statement of financial position.18. Supplementary information (continued)b) Interim statement of income SR For the six-months period ended June 30, 2020 June 30, 2019 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations TotalREVENUES Gross premiums written 418,035,044 - 418,035,044 647,312,061 - 647,312,061 Reinsurance premiums ceded abroad (166,304,151) - (166,304,151) (197,275,909) - (197,275,909)Reinsurance premiums ceded locally (1,068,700) - (1,068,700) (3,362,080) - (3,362,080)Excess of loss expenses (9,575,956) - (9,575,956) (3,030,801) - (3,030,801)Fee income from unit linked investments 594,515 - 594,515 576,345 - 576,345Net premiums written 241,680,752 - 241,680,752 444,219,616 - 444,219,616Changes in unearned premiums 33,870,960 - 33,870,960 (177,635,908) - (177,635,908)Changes in reinsurers’ share of unearned premiums 9,194,516 - 9,194,516 58,102,393 - 58,102,393 Net premiums earned 284,746,228 - 284,746,228 324,686,101 - 324,686,101Reinsurance commissions 8,199,047 - 8,199,047 7,629,555 - 7,629,555 NET REVENUES 292,945,275 - 292,945,275 332,315,656 - 332,315,656 UNDERWRITING COSTS AND EXPENSES Gross claims paid (204,574,090) - (204,574,090) (230,074,641) - (230,074,641)Surrenders and maturities (61,604,589) - (61,604,589) (78,797,838) - (78,797,838)Expenses incurred related to claims (11,855,468) - (11,855,468) (14,733,106) - (14,733,106)Reinsurers’ share of claims paid 61,758,383 - 61,758,383 71,791,363 - 71,791,363Net claims and other benefits paid (216,275,764) - (216,275,764) (251,814,222) - (251,814,222)Changes in outstanding claims 17,614,065 - 17,614,065 (114,247,322) - (114,247,322)Changes in reinsurers’ share of outstanding claims 6,302,783 - 6,302,783 91,441,658 - 91,441,658 Change in premium deficiency reserves (5,524,374) - (5,524,374) (3,601,590) - (3,601,590)Changes in additional premium reserves (1,545,788) - (1,545,788) (204,266) - (204,266)Changes in claims incurred but not Reported (29,469,032) - (29,469,032) 29,279,756 - 29,279,756 Changes in reinsurers’ share of claim incurred but not reported 9,847,552 - 9,847,552 (3,840,815) - (3,840,815)Net claims and other benefits incurred (219,050,558) - (219,050,558) (252,986,801) - (252,986,801)Changes in unit linked liabilities 18,851,354 - 18,851,354 15,105,169 - 15,105,169Unrealised (loss) / gain on unit linked investments (2,172,520) - (2,172,520) 14,086,757 - 14,086,757Policy acquisition costs (31,417,244) - (31,417,244) (32,160,344) - (32,160,344)Inspection and supervision fees (3,163,164) - (3,163,164) (4,400,716) - (4,400,716)TOTAL UNDERWRITING COSTS AND EXPENSES (236,952,132) - (236,952,132) (260,355,935) - (260,355,935)NET UNDERWRITING INCOME 55,993,143 - 55,993,143 71,959,721 - 71,959,721OTHER (EXPENSES) / INCOME (Provision) / reversal for doubtful debts (1,422,384) - (1,422,384) 180,648 - 180,648 General and administrative expenses (68,392,990) (538,058) (68,931,048) (59,235,713) (394,840) (59,630,553)Investment income 2,042,056 3,688,593 5,730,649 1,766,266 3,219,121 4,985,387 Other income 4,051,424 - 4,051,424 2,192,303 - 2,192,303 TOTAL OTHER EXPENSES (63,721,894) 3,150,535 (60,571,359) (55,096,496) 2,824,281 (52,272,215)Net (loss) / income for the period before attribution and zakat and income tax (7,728,751) 3,150,535 (4,578,216) 16,863,225 2,824,281 19,687,506Net (deficit) / surplus transferred to shareholders’ Operation 7,728,751 (7,728,751) - (15,176,902) 15,176,902 -Net (loss) / income for the period after shareholders’ appropriations - (4,578,216) (4,578,216) 1,686,323 18,001,183 19,687,506 Zakat charge for the period - (2,158,707) (2,158,707) - (2,099,518) (2,099,518)Income tax credit / (charge) for the period, net - 490,077 490,077 - (2,126,637) (2,126,637)Net (loss) / income attributable to the shareholders after zakat and income tax - (6,246,846) (6,246,846) 1,686,323 13,775,028 15,461,35118. Supplementary information (continued)b) Interim statement of income (continued) SR For the three-months period ended June 30, 2020 June 30, 2019 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total REVENUES Gross premiums written 212,409,914 - 212,409,914 288,390,092 - 288,390,092 Reinsurance premiums ceded abroad (95,309,813) - (95,309,813) (130,104,250) - (130,104,250)Reinsurance premiums ceded locally (342,947) - (342,947) (1,678,684) - (1,678,684)Excess of loss expenses (4,787,977) - (4,787,977) (1,683,778) - (1,683,778)Fee income from unit linked investments 296,175 - 296,175 286,615 - 286,615 Net premiums written 112,265,352 - 112,265,352 155,209,995 - 155,209,995 Changes in unearned premiums (12,842,620) - (12,842,620) (45,754,116) - (45,754,116)Changes in reinsurers’ share of unearned premiums 22,808,721 - 22,808,721 60,409,546 - 60,409,546 Net premiums earned 122,231,453 - 122,231,453 169,865,425 - 169,865,425 Reinsurance commissions 5,089,998 - 5,089,998 4,160,751 - 4,160,751 NET REVENUES 127,321,451 - 127,321,451 174,026,176 - 174,026,176 UNDERWRITING COSTS AND EXPENSES Gross claims paid (59,037,501) - (59,037,501) (99,505,142) - (99,505,142)Surrenders and maturities (36,362,357) - (36,362,357) (49,572,434) - (49,572,434)Expenses incurred related to claims (3,185,351) - (3,185,351) (7,243,696) - (7,243,696)Reinsurers’ share of claims paid 25,427,867 - 25,427,867 33,269,646 - 33,269,646Net claims and other benefits paid (73,157,342) - (73,157,342) (123,051,626) - (123,051,626)Changes in outstanding claims 4,691,298 - 4,691,298 (16,441,717) - (16,441,716)Changes in reinsurers’ share of outstanding claims 4,909,750 - 4,909,750 (5,721,652) - (5,721,652) Change in premium deficiency reserves (7,699,140) - (7,699,140) (2,857,051) - (2,857,051)Changes in additional premium reserves (572,627) - (572,627) (65,955) - (65,955)Changes in claims incurred but not reported (5,095,291) - (5,095,291) 29,616,475 - 29,616,475 Changes in reinsurers’ share of claim incurred but not reported (5,809,691) - (5,809,691) (16,614,782) - (16,614,782)Net claims and other benefits incurred (82,733,043) - (82,733,043) (135,136,308) - (135,136,308)Changes in unit linked liabilities (2,060,654) - (2,060,654) 7,414,320 - 7,414,320 Unrealised gain on unit linked investments 9,596,310 - 9,596,310 6,951,938 - 6,951,938Policy acquisition costs (13,502,588) - (13,502,588) (15,965,444) - (15,965,444)Inspection and supervision fees (1,565,507) - (1,565,507) (2,083,531) - (2,083,531)TOTAL UNDERWRITING COSTS AND EXPENSES (90,265,482) - (90,265,482) (138,819,025) - (138,819,025)NET UNDERWRITING INCOME 37,055,969 - 37,055,969 35,207,151 - 35,207,151OTHER (EXPENSES) / INCOME Provision for doubtful debts (1,422,384) - (1,422,384) (461,458) - (461,458)General and administrative expenses (31,711,539) (284,893) (31,996,432) (31,067,049) (182,220) (31,249,269)Investment income 1,021,133 1,831,354 2,852,487 829,038 1,471,881 2,300,919Other income 3,902,407 - 3,902,407 1,593,177 - 1,593,177TOTAL OTHER EXPENSES (28,210,383) 1,546,461 (26,663,922) (29,106,292) 1,289,661 (27,816,631)Net income for the period before attribution and zakat and income tax 8,845,586 1,546,461 10,392,047 6,100,859 1,289,661 7,390,520Net surplus transferred to shareholders’ Operation (8,845,586) 8,845,586 - (5,490,773) 5,490,773 -Net income for the period after shareholders’ appropriations - 10,392,047 10,392,047 610,086 6,780,434 7,390,520Zakat charge for the period - (1,245,096) (1,245,096) (1,009,265) (1,009,265)Income tax credit / (charge) for the period, net - 253,434 253,434 (867,175) (867,175)Net income attributable to the shareholders after zakat and income tax - 9,400,385 9,400,385 610,086 4,903,994 5,514,08018. Supplementary information (continued) c) Interim statement of comprehensive income SR For the six-months period ended June 30, 2020 June 30, 2019 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total Net (loss) / income for the period after zakat and income tax - (6,246,846) (6,246,846) 1,686,323 13,775,028 15,461,351Other 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 3,210,843 4,517,465 7,728,308 6,733,723 12,754,712 19,488,435- Deferred tax relating to change in fair value 3,710,203 (479,178) 3,231,025 (714,946) (1,354,219) (2,069,165)Total comprehensive income for the period 6,921,046 (2,208,559) 4,712,487 7,705,100 25,175,521 32,880,621Reconciliation: Less: Net income attributable to insurance Operations - (1,686,323) Total comprehensive income for the period attributable to the shareholders 4,712,487 31,194,298 SR For the three-months period ended June 30, 2020 June 30, 2019 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total Net (loss) / income for the period after zakat and income tax - 9,400,385 9,400,385 610,086 4,903,994 5,514,080Other 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 8,158,578 10,921,286 19,079,864 3,578,712 6,651,020 10,229,732- Deferred tax relating to change in fair value 3,184,882 (1,159,097) 2,025,785 (379,966) (706,166) (1,086,132) Total comprehensive income for the period 11,343,460 19,162,574 30,506,034 3,808,832 10,848,848 14,657,680Reconciliation: Less: Net income attributable to insurance Operations - (610,086)Total comprehensive income for the period attributable to the shareholders 30,506,034 14,047,59418. Supplementary information (continued)d) Interim statement of cash flows SR For the six-months period ended June 30, 2020 June 30, 2019 Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations TotalCASH FLOWS FROM OPERATING ACTIVITIES Net (loss) / income for the period before attribution and zakat and income tax - (4,578,216) (4,578,216) 1,686,323 18,001,183 19,687,506 Adjustments for non-cash items and other items: Depreciation of property and equipment 1,630,790 - 1,630,790 1,471,474 - 1,471,474 Amortisation of investments premium 128,199 202,731 330,930 133,014 160,793 293,807 Provision / (reversal) / of doubtful reinsurance Receivables 627,706 - 627,706 (565,006) - (565,006) Gain on sale of property and equipment - - - (33,075) - (33,075) Provision for doubtful receivables and write-offs 794,678 - 794,678 351,749 - 351,749 Provision for end-of-service obligations 1,854,614 - 1,854,614 2,012,858 - 2,012,858 Unrealised loss / (gain) on unit linked investments 2,172,520 - 2,172,520 (14,086,757) - (14,086,757) Shareholders’ appropriation from insurance operations’ surplus* (7,728,751) 7,728,751 - 15,176,902 (15,176,902) - (520,244) 3,353,266 2,833,022 6,147,482 2,985,074 9,132,556Changes in operating assets and liabilities: Reinsurers’ balance receivable (6,022,784) - (6,022,784) (5,853,047) - (5,853,047)Premium receivable (90,016,308) - (90,016,308) (147,469,295) - (147,469,295)Reinsurers’ share of unearned premiums (9,194,516) - (9,194,516) (58,102,393) - (58,102,393)Reinsurers’ share of outstanding claims (6,302,783) - (6,302,783) (91,441,658) - (91,441,658) Reinsurers’ share of claims incurred but not reported (9,847,552) - (9,847,552) 3,840,815 - 3,840,815Deferred policy acquisition costs 6,999,561 - 6,999,561 (7,574,443) - (7,574,443)Right-of-use assets 1,562,688 - 1,562,688 (8,317,506) - (8,317,506)Unit linked investments 5,717,656 - 5,717,656 25,660,525 - 25,660,525 Prepaid expenses and other assets 791,289 (4,243,105) (3,451,816) (2,847,340) (3,681,544) (6,528,884)Accrued and other liabilities 11,813,150 150,300 11,963,450 13,333,421 (54,451) 13,278,970 Reinsurers' balances payable 60,592,465 - 60,592,465 108,622,297 - 108,622,297 Unearned premiums (33,870,960) - (33,870,960) 177,635,908 - 177,635,908 Unearned reinsurance commission (2,434,717) - (2,434,717) (515,801) - (515,801)Lease liabilities (2,123,317) - (2,123,317) 5,945,272 - 5,945,272 Unit linked liabilities (18,851,354) - (18,851,354) (15,105,169) - (15,105,169)Outstanding claims (17,614,065) - (17,614,065) 114,247,322 - 114,247,322Claims incurred but not reported 29,469,032 - 29,469,032 (29,279,756) - (29,279,756)Premium deficiency reserves 5,524,374 - 5,524,374 3,601,590 - 3,601,590 Additional premium reserves 1,545,788 - 1,545,788 204,266 - 204,266 (72,782,597) (739,539) (73,522,136) 92,732,490 (750,921) 91,981,569 End-of-service obligations paid (96,572) - (96,572) (980,619) - (980,619)Surplus paid to policyholders (278,763) - (278,763) (540,970) - (540,970)Zakat and income tax paid - - - - (3,695,348) (3,695,348)Net cash (used in) / generated from operating activities (73,157,932) (739,539) (73,897,471) 91,210,901 (4,446,269) 86,764,632 CASH FLOWS FROM INVESTING ACTIVITIES 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 Payment for purchase of property and equipment (1,947,108) - (1,947,108) (1,978,252) - (1,978,252)Net cash (used in) / generated from investing activities (1,947,108) - (1,947,108) 3,054,823 18,687,500 21,742,323 CASH FLOWS FROM FINANCING ACTIVITY Due from / to (insurance operations / shareholder operations)* 19,593,766 (19,593,766) - (47,848,284) 47,848,284 - Net cash used in financing activity 19,593,766 (19,593,766) - (47,848,284) 47,848,284 - Net change in cash and cash equivalents (55,511,274) (20,333,305) (75,844,579) 46,417,440 62,089,515 108,506,955 Cash and cash equivalents at the beginning of the period 87,046,426 61,819,191 148,865,617 47,722,503 45,412,035 93,134,538 Cash and cash equivalents at the end of the Period 31,535,152 41,485,886 73,021,038 94,139,943 107,501,550 201,641,493 NON-CASH INFORMATION: Change in fair value of available for sale investment (3,210,843) (4,517,465) (7,728,308) (6,733,723) (12,754,712) (19,488,435)Deferred income tax (3,710,203) 479,178 (3,231,025) 714,946 1,354,219 2,069,165* These items are not included in the interim statement of cash flows20. Subsequent EventsPursuant to the approvals mentioned in Note 16, subsequent to the period ended June 30, 2020 the Company has increased its share capital through right issue with a total value of SR 400,000,000. | 18 & 20 |
