| [100010] Filing information | [200100] Independent auditors report | [300100] Statement of financial position, order of liquidity | |||
| [300200] Statement of insurance/ takaful operations, nature of expense | [300300] Statement of shareholders operations, nature of expense | [300400] Statement of other comprehensive income, before tax, insurance operations | |||
| [300500] Statement of other comprehensive income, before tax, shareholders operations | [300600] Statement of cash flows, indirect method, insurance operations | [300700] Statement of cash flows, indirect method, shareholders operations | |||
| [300800] Statement of changes in equity | [400100] Notes forming part of accounts |
| [100010] Filing information |
| English [member] | ||
|---|---|---|
| Start Date | 2019-07-01 | 2018-07-01 |
| End Date | 2019-09-30 | 2018-09-30 |
| Filing information [line items] | ||
| Disclosure of entity information [abstract] | ||
| Name of reporting entity | Salama Cooperative Insurance Co. | |
| Company symbol code| ISIN code | 8050 | SA000A0MLUE6 | |
| Sector| Industry group | Financials | Insurance | |
| Disclosure of document information [abstract] | ||
| Whether entity wants to report opening statement of financial position | No | |
| Period covered by financial statements | Quarter 3 | |
| Reporting period start date | 2019-07-01 | 2018-07-01 |
| Reporting period end date | 2019-09-30 | 2018-09-30 |
| Description of nature of financial statements | Consolidated | |
| Status of financial statements | Reviewed | |
| Description of presentation currency | Saudi Arabia, Riyals | |
| Level of rounding used in financial statements | Thousands | |
| [200100] Independent auditors report |
| Primary auditor [member] | Second primary auditor [member] | |
|---|---|---|
| English [member] | English [member] | |
| Start Date | 2019-07-01 | 2019-07-01 |
| End Date | 2019-09-30 | 2019-09-30 |
| Auditors information [line items] | ||
| Details of auditors signing report [abstract] | ||
| Name of auditor signing report | Mohamed El Sayed El Ayouty | Abdullah M. AlAzem |
| Registration number of auditor | 211 | 335 |
| Details of audit firm [abstract] | ||
| Name of audit firm | Moore Stephens El Sayed El Ayouty & Co. | Al Azem, Al Sudairy, Al Shaikh & Partners |
| Registration number of audit firm | 35 | 323/11/148 |
| Contact number of audit firm | 012-6693478 | |
| Address of audit firm | P.O. Box 780, Jeddah, 21421, Kingdom of Saudi Arabia | P.O Box 10504, Riyadh 11443, Saudi Arabia |
| English [member] | |
|---|---|
| Start Date | 2019-07-01 |
| End Date | 2019-09-30 |
| Auditors report [line items] | |
| Disclosures of auditors report [text block] | We have reviewed the accompanying interim condensed statement of financial position of Salama Cooperative Insurance Company (A Saudi Joint Stock Company) (the “Company”) as at 30 September 2019 and the related interim condensed statements of income and comprehensive income for the three month and nine month period then ended and the interim condensed statement of changes in equity and statement of cash flows for the nine month period then ended and the explanatory notes which form an integral part of these interim condensed financial statements. Management is responsible for the preparation and presentation of these interim condensed financial statements in accordance with International Accounting Standard 34 - "Interim Financial Reporting" (IAS 34) as endorsed in the Kingdom of Saudi Arabia. Our responsibility is to express a conclusion on these interim condensed financial statements based on our review. |
| Contents of auditors report [abstract] | |
| Nature of auditors opinion | Unmodified opinion |
| Auditors opinion | Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34 as endorsed in the Kingdom of Saudi Arabia. |
| Basis of opinion | We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” as endorsed in the Kingdom of Saudi Arabia. A review of interim condensed financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing as endorsed in the Kingdom of Saudi Arabia and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. |
| Responsibilities of management and those charged with governance for financial statements | Management is responsible for the preparation and presentation of these interim condensed financial statements in accordance with International Accounting Standard 34 - "Interim Financial Reporting" (IAS 34) as endorsed in the Kingdom of Saudi Arabia. |
| Auditors responsibilities for audit of financial statements | Our responsibility is to express a conclusion on these interim condensed financial statements based on our review. |
| Date of signing audit report by auditor | 2019-11-11 |
| [300100] Statement of financial position, order of liquidity |
| Start Date | 2019-01-01 | 2018-01-01 | 2018-01-01 | Note No. |
|---|---|---|---|---|
| End Date | 2019-09-30 | 2018-12-31 | 2018-09-30 | |
| Statement of financial position [abstract] | ||||
| Assets [abstract] | ||||
| Insurance/ takaful operations assets [abstract] | ||||
| Property and equipment, net, insurance/ takaful operations assets | 13,342 | 21,616 | 18,673 | |
| Investments held-to-maturity, insurance/ takaful operations assets | 18,530 | 28,627 | 35,696 | |
| Deferred policy acquisition costs | 10,503 | 14,135 | 15,247 | |
| Reinsurers/ retakaful share of unearned premiums/ contributions | 21,405 | 13,139 | 6,724 | |
| Prepayments and other assets, insurance/ takaful operations assets | 19,670 | 24,284 | 25,684 | |
| Premiums/ insurance receivables/takaful contributions receivable, net | 122,176 | 155,444 | 209,772 | |
| Reinsurers/ retakaful share of outstanding claims/ benefits, net | 20,093 | 23,783 | 21,507 | |
| Time (Murabaha) deposits, insurance/ takaful operations assets | 40,757 | 141,136 | 115,292 | |
| Investments held at fair value through statement of income, insurance/ takaful operations assets | 134,939 | 143,984 | 168,434 | |
| Cash and cash equivalents, insurance/ takaful operations assets | 100,693 | 81,792 | 109,014 | |
| Other assets, insurance/ takaful operations assets | 35,133 | |||
| Total insurance/ takaful operations assets | 537,241 | 647,940 | 726,043 | |
| Shareholders assets [abstract] | ||||
| Investments held-to-maturity, shareholders assets | 18,346 | 13,526 | 13,585 | |
| Statutory deposit | 28,182 | 27,686 | 27,527 | |
| Prepayments and other assets, shareholders assets | 186 | 93 | 705 | |
| Investments held at fair value through statement of income, shareholders assets | 91,984 | 90,752 | 90,408 | |
| Time (Murabaha) deposits, shareholders assets | 102,020 | 100,379 | 100,000 | |
| Available-for-sale investments, shareholders assets | 1,923 | 1,923 | 1,923 | |
| Due from insurance/ takaful operations assets | -23,466 | 45,722 | 51,577 | |
| Cash and cash equivalents, shareholders assets | 1,578 | 5,077 | 5,077 | |
| Total shareholders assets | 220,753 | 285,158 | 290,802 | |
| Total assets | 757,994 | 933,098 | 1,016,845 | |
| Liabilities and equity [abstract] | ||||
| Insurance/ takaful operations liabilities and surplus (deficit) [abstract] | ||||
| Insurance/ takaful operations liabilities [abstract] | ||||
| Gross unearned premiums/ contributions | 236,531 | 287,093 | 367,017 | |
| Premiums/ contributions received in advance | 16,842 | 7,583 | 14,041 | |
| Unearned commission income | 3,384 | 2,543 | 1,824 | |
| Employees end of service benefits, insurance/ takaful operations liabilities | 7,078 | 8,941 | 10,648 | |
| Due to shareholders operations | -23,466 | 45,722 | 51,577 | |
| Reinsurers/ retakaful balance payable | 7,273 | 6,547 | 7,382 | |
| Gross outstanding claims/ benefits including IBNR payable | 179,633 | 210,260 | 201,053 | |
| Other technical reserves | 26,709 | 11,458 | 4,117 | |
| Accrued expenses payable, insurance/ takaful operations liabilities | 40,518 | |||
| Other liabilities, insurance/ takaful operations | 27,125 | 52,179 | 53,124 | |
| Total insurance/ takaful operations liabilities | 521,627 | 632,326 | 710,783 | |
| Insurance/ takaful operations surplus (deficit) [abstract] | ||||
| Surplus (deficit) from insurance/ takaful fund | 14,535 | 14,535 | 15,260 | |
| Other insurance/ takaful operations surplus (deficit) | 1,079 | |||
| Total insurance/ takaful operations surplus (deficit) | 14,535 | 15,614 | 15,260 | |
| Total insurance/ takaful operations liabilities and surplus (deficit) | 536,162 | 647,940 | 726,043 | |
| Shareholders liabilities and equity [abstract] | ||||
| Shareholders liabilities [abstract] | ||||
| Zakat payable | 23,631 | 19,761 | 18,261 | |
| Other liabilities, shareholders liabilities | 3,182 | 2,686 | 2,527 | |
| Total shareholders liabilities | 26,813 | 22,447 | 20,788 | |
| Shareholders equity [abstract] | ||||
| Equity attributable to owners of parent [abstract] | ||||
| Share capital | 250,000 | 250,000 | 250,000 | |
| Statutory reserve | 5,003 | 5,003 | 1,734 | |
| Retained earnings (accumulated losses) | -61,063 | 7,708 | 18,280 | |
| Other reserves | 1,079 | |||
| Total equity attributable to owners of parent | 195,019 | 262,711 | 270,014 | |
| Total equity attributable to equity holders of company | 195,019 | 262,711 | 270,014 | |
| Total shareholders liabilities and equity | 221,832 | 285,158 | 290,802 | |
| Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity | 757,994 | 933,098 | 1,016,845 |
| [300200] Statement of insurance/ takaful operations, nature of expense |
| Start Date | 2019-07-01 | 2018-07-01 | 2019-01-01 | 2018-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | |
| Statement of insurance/ takaful operations [abstract] | |||||
| Statement of insurance/ takaful operations and accumulated surplus (deficit) [abstract] | |||||
| Income from insurance/ takaful operations [abstract] | |||||
| Net premiums/ contributions earned [abstract] | |||||
| Net premiums/ contributions written [abstract] | |||||
| Gross premiums/ contributions written | 95,155 | 152,999 | 383,562 | 623,501 | |
| Excess of loss expense | 2,997 | 5,397 | 8,432 | 17,851 | |
| Reinsurance/ retakaful premiums ceded | 9,815 | 2,971 | 36,610 | 12,821 | |
| Net premiums/ contributions written | 82,343 | 144,631 | 338,520 | 592,829 | |
| Changes in unearned premiums/ contributions | -27,239 | -48,264 | -50,562 | 44,408 | |
| Reinsurance/ retakaful share of unearned premiums/ contributions | 1,855 | 3,456 | -8,267 | 2,165 | |
| Net premiums/ contributions earned | 107,727 | 189,439 | 397,349 | 546,256 | |
| Reinsurance/ retakaful commissions | 2,003 | 1,658 | 5,014 | 4,017 | |
| Investment income from insurance/ takaful operations, net | 1,209 | 831 | 1,447 | 3,556 | |
| Fees and other income from insurance/ takaful operations | 459 | 1,292 | 1,566 | 4,625 | |
| Other non-operating income from insurance/ takaful operations | 3 | 3 | |||
| Total income from insurance/ takaful operations | 111,398 | 193,223 | 405,376 | 558,457 | |
| Cost and expenses [abstract] | |||||
| Net claims/ benefits incurred [abstract] | |||||
| Net claims/ benefits paid [abstract] | |||||
| Gross claims/ benefits paid | 108,624 | 141,850 | 386,696 | 415,801 | |
| Reinsurance/ retakaful share of gross claims/ benefits paid | 4,835 | 3,566 | 12,492 | 7,330 | |
| Net claims/ benefits paid | 103,789 | 138,284 | 374,204 | 408,471 | |
| Changes in outstanding claims/ benefits including IBNR | -17,712 | 7,735 | -30,627 | 23,277 | |
| Changes in reinsurance/ retakaful share of outstanding claims/ benefits | 2,581 | 201 | 3,689 | -10,063 | |
| Changes in other technical reserves | 7,089 | 0 | 15,251 | -2,164 | |
| Net claims/ benefits incurred | 95,747 | 146,220 | 362,517 | 419,521 | |
| Policy acquisition costs | 6,154 | 8,574 | 21,985 | 25,119 | |
| General and administrative expenses, insurance/ takaful operations | 18,977 | 23,917 | 76,455 | 71,566 | |
| Other underwriting expenses | 3,577 | 6,095 | 14,906 | 20,619 | |
| Total cost and expenses | 124,455 | 184,806 | 475,863 | 536,825 | |
| Surplus (deficit) for period from insurance/ takaful operations | -13,057 | 8,417 | -70,487 | 21,632 | |
| Shareholders appropriation from insurance/ takaful operations surplus (deficit) | -13,057 | 7,575 | -70,487 | 19,469 | |
| Net result for period from insurance/ takaful operations after shareholders appropriation | 0 | 842 | 0 | 2,163 | |
| Policyholders share of accumulated surplus, at start of period | 0 | 14,418 | 13,097 | ||
| Policyholders share of accumulated surplus, at end of period | 0 | 15,260 | 0 | 15,260 |
| [300300] Statement of shareholders operations, nature of expense |
| Start Date | 2019-07-01 | 2018-07-01 | 2019-01-01 | 2018-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | |
| Statement of shareholders operations [abstract] | |||||
| Profit (loss) [abstract] | |||||
| Income (loss) from continuing operations [abstract] | |||||
| Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations | -13,057 | 7,575 | -70,487 | 19,469 | |
| Revenue [abstract] | |||||
| Investment income | -905 | 948 | 7,077 | 5,865 | |
| Total revenue | -905 | 948 | 7,077 | 5,865 | |
| Expenses [abstract] | |||||
| General and administrative expenses, shareholders operations | 351 | 2,696 | 861 | 3,188 | |
| Total expenses | 351 | 2,696 | 861 | 3,188 | |
| Income (loss) from continuing operations before zakat and income tax | -14,313 | 5,827 | -64,271 | 22,146 | |
| Zakat expenses on continuing operations for period | 1,500 | 1,500 | 4,500 | 4,500 | |
| Profit (loss) from continuing operations | -15,813 | 4,327 | -68,771 | 17,646 | |
| Profit (loss) for the period | -15,813 | 4,327 | -68,771 | 17,646 | |
| Profit (loss), attributable to [abstract] | |||||
| Profit (loss), attributable to saudi shareholders of company | -15,813 | 4,327 | 17,646 | ||
| Earnings per share [abstract] | |||||
| Basic earnings (loss) per share [abstract] | |||||
| Basic earnings (loss) per share from continuing operations | -0.63 | 0.23 | 0.89 | ||
| Total basic earnings (loss) per share | -0.63 | 0.23 | 0.89 | ||
| Weighted average number of equity shares outstanding | 25000000 | 25000000 | 25000000 |
| [300400] Statement of other comprehensive income, before tax, insurance operations |
| Start Date | 2019-07-01 | 2018-07-01 | 2019-01-01 | 2018-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | |
| Statement of other comprehensive income, before tax [abstract] | |||||
| Net result for period from insurance/ takaful operations after shareholders appropriation | 0 | 842 | 0 | 2,163 | |
| Total comprehensive income (loss) for period | 0 | 842 | 0 | 2,163 |
| [300500] Statement of other comprehensive income, before tax, shareholders operations |
| Start Date | 2019-07-01 | 2018-07-01 | 2019-01-01 | 2018-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | |
| Statement of other comprehensive income, before tax [abstract] | |||||
| Statement of comprehensive income [abstract] | |||||
| Profit (loss) for the period | -15,813 | 4,327 | -68,771 | 17,646 | |
| Total comprehensive income (loss) for period | -15,813 | 4,327 | -68,771 | 17,646 | |
| Total comprehensive income (loss) attributable to [abstract] | |||||
| Total comprehensive income (loss), attributable to saudi shareholders of company | 4,327 | 17,646 |
| [300600] Statement of cash flows, indirect method, insurance operations |
| Start Date | 2019-01-01 | 2018-01-01 | Note No. |
|---|---|---|---|
| End Date | 2019-09-30 | 2018-09-30 | |
| Statement of cash flows, indirect method [abstract] | |||
| Statement of cash flows, insurance/ takaful operations [abstract] | |||
| Cash flows from (used in) operating activities, insurance/ takaful operations [abstract] | |||
| Net result for period from insurance/ takaful operations after shareholders appropriation | 0 | 2,163 | |
| Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | |||
| Adjustments for depreciation, insurance/ takaful operations cash flow | 4,973 | 2,460 | |
| Adjustments for unrealised (gains) losses on investments held as fair value through statement of income | 755 | -906 | |
| Adjustments for employees end of service benefits | -1,863 | 1,386 | |
| Adjustments for allowance for doubtful receivables | 4,577 | 6,601 | |
| Adjustments for bond premium amortization (accretion of discounts), net, insurance/ takaful operations cash flow | 97 | 94 | |
| Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | 8,539 | 9,635 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for decrease (increase) in premium receivables, net | 28,691 | -88,074 | |
| Adjustments for decrease (increase) in prepayments and other assets | 4,614 | -11,103 | |
| Adjustments for increase (decrease) in outstanding claims including IBNR | -30,627 | 23,277 | |
| Adjustments for increase (decrease) in reinsurers/ retakaful balance payable | 726 | -2,520 | |
| Adjustments for increase (decrease) in accrued expenses and other liabilities | -11,661 | 16,177 | |
| Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net | 3,690 | -10,063 | |
| Adjustments for decrease (increase) in deferred policy acquisition costs | 3,632 | -731 | |
| Adjustments for decrease (increase) in unearned commission income | 841 | -420 | |
| Adjustments for movement in gross unearned premiums/ contributions | -50,562 | 44,408 | |
| Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions | -8,266 | 2,165 | |
| Adjustment for changes in other technical reserves | 15,251 | -2,164 | |
| Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow | 36,384 | 2,529 | |
| Total changes in operating assets and liabilities | -7,287 | -26,519 | |
| Net cash flows from (used in) insurance/ takaful operations | 1,252 | -14,721 | |
| Net cash flows from (used in) operating activities, insurance/ takaful operations | 1,252 | -14,721 | |
| Cash flows from (used in) investing activities, insurance/ takaful operations [abstract] | |||
| Time (Murabaha) deposits, insurance/ takaful operations cash flow | 100,379 | ||
| Proceeds from sales of investments, insurance/ takaful operations cash flow | 138,290 | 186,846 | |
| Purchase of investments, insurance/ takaful operations cash flow | 120,000 | 100,000 | |
| Purchase of property and equipment, insurance/ takaful operations cash flow | 31,832 | 16,202 | |
| Net cash flows from (used in) investing activities, insurance/ takaful operations | 86,837 | 70,644 | |
| Cash flows from (used in) financing activities, insurance/ takaful operations [abstract] | |||
| Adjustments for decrease (increase) in due from shareholders operations | -69,188 | 38,699 | |
| Net cash flows from (used in) financing activities, insurance/ takaful operations | -69,188 | 38,699 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 18,901 | 94,622 | |
| Net increase (decrease) in cash and cash equivalents | 18,901 | 94,622 | |
| Cash and cash equivalents at beginning of period | 81,792 | 14,392 | |
| Cash and cash equivalents at end of period | 100,693 | 109,014 |
| [300700] Statement of cash flows, indirect method, shareholders operations |
| Start Date | 2019-01-01 | 2018-01-01 | Note No. |
|---|---|---|---|
| End Date | 2019-09-30 | 2018-09-30 | |
| Statement of cash flows, indirect method [abstract] | |||
| Statement of cash flows [abstract] | |||
| Cash flows from (used in) operating activities [abstract] | |||
| Net profit (loss) for period [abstract] | |||
| Income (loss) from continuing operations before zakat and income tax | -64,271 | 22,146 | |
| Net profit (loss) for period (before zakat expenses and income tax) | -64,271 | 22,146 | |
| Adjustments to reconcile profit (loss) [abstract] | |||
| Adjustments for unrealised loss (gain) on investments held as fair value through statement of income, shareholders cash flow | -4,904 | -3,348 | |
| Adjustments for amortisation of premium (accretion of discounts) on investments | 162 | 57 | |
| Total adjustments to reconcile profit (loss) | -4,742 | -3,291 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for decrease (increase) in prepayments and other assets, shareholders assets | -93 | -582 | |
| Adjustments for decrease (increase) in statutory deposits | -496 | -363 | |
| Adjustments for increase (decrease) in other liabilities | 496 | 363 | |
| Total changes in operating assets and liabilities | -93 | -582 | |
| Net cash flows from (used in) operations | -69,106 | 18,273 | |
| Zakat expenses | 630 | 4,428 | |
| Net cash flows from (used in) operating activities | -69,736 | 13,845 | |
| Cash flows from (used in) investing activities [abstract] | |||
| Purchase of investments | 4,982 | 100,000 | |
| Proceeds from sales of investments | 3,672 | 129,920 | |
| Purchase of term deposits investments | 101,148 | ||
| Proceeds from redemption of term deposits investments | 99,507 | ||
| Net cash flows from (used in) investing activities | -2,951 | 29,920 | |
| Cash flows from (used in) financing activities [abstract] | |||
| Other inflows (outflows) of cash | 69,188 | -38,699 | |
| Net cash flows from (used in) financing activities | 69,188 | -38,699 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | -3,499 | 5,066 | |
| Net increase (decrease) in cash and cash equivalents | -3,499 | 5,066 | |
| Cash and cash equivalents at beginning of period | 5,077 | 11 | |
| Cash and cash equivalents at end of period | 1,578 | 5,077 |
| [300800] Statement of changes in equity |
| Share capital [member] | Share premium [member] | Statutory reserve [member] | General reserve [member] | Fair value reserve on investments, shareholders equity [member] | Retained earnings (accumulated losses) [member] | Treasury shares [member] | Other reserves [member] | Reserve of disposal group held for distribution/ sale [member] | Share based payments reserve [member] | Other equity interest [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total equity [member] | Note No. | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Start Date | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | 2019-01-01 | 2018-01-01 | |
| End Date | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | 2019-09-30 | 2018-09-30 | |
| Statement of changes in equity [line items] | |||||||||||||||||||||||||||||
| Equity balance at beginning of period (before adjustments) | 250,000 | 250,000 | 5,003 | 1,734 | 7,708 | 634 | 1,079 | 263,790 | 252,368 | 263,790 | 252,368 | ||||||||||||||||||
| Equity balance at beginning of period (after adjustments) | 250,000 | 250,000 | 5,003 | 1,734 | 7,708 | 634 | 1,079 | 263,790 | 252,368 | 263,790 | 252,368 | ||||||||||||||||||
| Changes in equity [abstract] | |||||||||||||||||||||||||||||
| Comprehensive income [abstract] | |||||||||||||||||||||||||||||
| Net profit (loss) for period | -68,771 | 17,646 | -68,771 | 17,646 | -68,771 | 17,646 | |||||||||||||||||||||||
| Total comprehensive income (loss) for period | -68,771 | 17,646 | -68,771 | 17,646 | -68,771 | 17,646 | |||||||||||||||||||||||
| Total changes in equity | -68,771 | 17,646 | -68,771 | 17,646 | -68,771 | 17,646 | |||||||||||||||||||||||
| Equity balance at end of period | 250,000 | 250,000 | 5,003 | 1,734 | -61,063 | 18,280 | 1,079 | 195,019 | 270,014 | 195,019 | 270,014 | ||||||||||||||||||
| [400100] Notes forming part of accounts |
| English [member] | Note No. | |
|---|---|---|
| Start Date | 2019-07-01 | |
| End Date | 2019-09-30 | |
| 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] | Salama Cooperative Insurance Company (“the Company”) is a Saudi Joint Stock Company incorporated in the Kingdom of Saudi Arabia as per the Ministry of Commerce and Industry’s Resolution number 1121K dated 29 Rabi Al-Thani 1428H (corresponding to 16 May 2007). The Company is registered in Jeddah under Commercial Registration No. 4030169661 dated 6 Jamad Al-Awwal I428H (corresponding to 23 May 2007). The Registered Office address of the Company is:Salama Tower;Al Madinah RoadP.O. Box 4020;Jeddah 21491;Kingdom of Saudi Arabia.The objective of the Company is to transact cooperative insurance operations and related activities in the Kingdom of Saudi Arabia. The Company was listed on the Saudi Stock Exchange on 23 May 2007. The Company started its operations on 1 January 2008. The Company is fully owned by the general public and Saudi shareholders.The Company received the approval letters from the Saudi Arabian Monetary Authority (SAMA) and Ministry of Commerce and Investment regarding the amendment of the Company’s by-laws to be in accordance with the new companies’ regulations. The Company’s general assembly was held on 11 Ramadan 1438H (corresponding to 6 June 2017) and accordingly the new by-laws was approved. | 1 |
| Disclosure of basis of preparation of financial statements [text block] | 2. BASIS OF PREPARATIONa. Basis of presentationThe interim condensed financial statements of the Company as at and for the period ended 30 September 2019 have 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 Organisation for Certified Public Accountants (“SOCPA”).The financial statements of the Company for the three months period ended 31 March 2019 and for the year ended 31 December 2018, 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) and the Company’s By-laws and the Regulations for Companies in the Kingdom of Saudi Arabia.During July 2019, SAMA instructed the insurance companies in the Kingdom of Saudi Arabia to account for the Zakat and income taxes in the statement of income. This aligns with the IFRS as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organisation for Certified Public Accountants (“SOCPA”).Accordingly, 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 (a) to the interim condensed financial statements).The interim condensed financial information is prepared under the going concern basis and the historical cost convention, except for the measurement of investments (excluding held-to-maturity) at their fair value, and end of service indemnities which are assessed using projected unit credit method.The Company’s interim statement of financial position is presented in order of liquidity. Except for property and equipment, statutory deposit, employee benefits, outstanding claims, claims incurred but not reported, other technical reserves, all other assets and liabilities are of short-term nature, unless, stated otherwise.As required by the Saudi Arabian Insurance Regulations (the Implementation Regulations), the Company maintains separate books of accounts for “Insurance Operations” and “Shareholders’ Operations”. Accordingly, assets, liabilities, revenues and expenses clearly attributable to either operation, are recorded in the respective accounts.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 of and for the year ended 31 December 2018. The interim condensed financial statements may not be considered indicative of the expected results for the full year.These interim condensed financial statements are expressed in Saudi Arabian Riyals (SR) and are rounded off to the nearest thousands.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 these interim condensed financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that applied to the annual financial statements as at and for the year ended 31 December 2018 except as disclosed under note 3.c. Seasonality of operationsThere are no seasonal changes that may affect insurance operations of the Company. | 2 |
| Disclosure of accounting framework used in preparation of financial statements [text block] | The accounting policies adopted by the Company for the preparation of these interim condensed financial statements are in accordance with International Financial Reporting Standards (IFRS) as endorsed in the Kingdom of Saudi Arabia and are consistent with those used for the preparation of the annual financial statements for the year ended 31 December 2018 except for Zakat and income tax (see note 3(a)) and new amended IFRS and International Financial Reporting Interpretations Committee Interpretations (IFRIC) as mentioned in note 3(a). Certain comparatives has also been revised due to change in accounting policy for presentation of Zakat and income tax as explained below to these interim condensed financial statements | 3 |
| Disclosure of new standards and amendments in standards [text block] | New IFRS, International Financial Reporting and Interpretations Committee’s interpretations (IFRIC) and amendments thereof, adopted by the CompanyThe Company has adopted the following new standards, amendments and revisions to existing standards, which were issued by the International Accounting Standards Board (IASB):Standard/ Amendments Description IFRS 16 Leases (see below)IFRIC 23 Uncertainty over Income Tax TreatmentsIAS 28 Long term interests in associates and joint ventures IAS 19 Plan amendments, curtailments or settlements IFRS 3,11 and IAS 12, 23 Annual Improvements to IFRS 2015 - 2017 cycle.IFRS 16 - LeasesIFRS 16 ‘Leases’ replaces IAS 17 ‘Leases’ along with three Interpretations (IFRIC 4 ‘Determining whether an Arrangement contains a Lease’, SIC 15 ‘Operating Leases-Incentives’ and SIC 27‘Evaluating the Substance of Transactions Involving the Legal Form of a Lease’). The new Standard has been applied using the modified retrospective approach, with the cumulative effect of adopting IFRS 16 being recognized in equity as an adjustment to the opening balance of retained earnings for the current period. Prior periods have not been restated.For contracts in place at the date of initial application, the Company has elected to apply the definition of a lease from IAS 17 and IFRIC 4 and has not applied IFRS 16 to arrangements that were previously not identified as lease under IAS 17 and IFRIC 4.The Company has elected not to include initial direct costs in the measurement of the right-of-use asset for operating leases in existence at the date of initial application of IFRS 16, being 1 January 2019. At this date, the Company has also elected to measure the right-of-use assets at an amount equal to the lease liability adjusted for any prepaid or accrued lease payments that existed at the date of transition.Instead of performing an impairment review on the right-of-use assets at the date of initial application, the Company has relied on its historic assessment as to whether leases were onerous immediately before the date of initial application of IFRS 16.On transition, for leases previously accounted for as operating leases with a remaining lease term of less than 12 months and for leases of low-value assets the Company has applied the optional exemptions to not recognize right-of-use assets but to account for the lease expense on a straight line basis over the remaining lease term.For those leases previously classified as finance leases, the right-of-use asset and lease liability are measured at the date of initial application at the same amounts as under IAS 17 immediately before the date of initial application.On transition to IFRS 16, the weighted average incremental borrowing rate applied to lease liabilities recognized under IFRS 16 was 4.4%.The Company has benefited from the use of hindsight for determining lease term when considering options to extend and terminate leases.The following is a reconciliation of total operating lease commitments at 31 December 2018 to the lease liabilities recognized at 1 January 2019: SRTotal operating lease commitments as at 31 December 2018 34,379Discounted using the lessee's incremental borrowing rate at date of initial application (7,338)Total lease liabilities recognised under IFRS 16 at 1 January 2019 27,041 3. SIGNIFICANT ACCOUNTING POLICIES (continued)The adoption of the other relevant new and amended standards and interpretations applicable to the Company did not have any significant impact on these interim condensed financial statements.c) Standards issued but not yet effective Standards issued but not yet effective up to the date of issuance of the Company’s interim condensed financial statements are listed below. The listing is of standards and interpretations issued, which the Company reasonably expects to be applicable at a future date. The Company intends to adopt these standards when they are effective.Standard/ Interpretation Description Effective from periods beginning on or after the following date IFRS 9 Financial Instruments Refer belowIFRS 17 Insurance Contracts (note below) 1 January 2022IFRS 9 and IFRS 17In 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 (ECL) 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 statement of income. IFRS 9 requires entities to record an allowance for ECLs for all loans and other debt financial assets not held at fair value through statement of income as well as finance lease receivables, together with loan commitments and financial guarantee contracts. The allowance is based on the ECLs associated with the probability of default in the next twelve months unless there has been a significant increase in credit risk since origination. Under IFRS 9, credit losses are recognised earlier than under IAS 39. 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 2022. 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. | |
| Disclosure of critical accounting judgements, estimates and assumptions, general [text block] | 10. FAIR VALUES OF FINANCIAL INSTRUMENTSFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction takes place either:- in the accessible principal market for the asset or liability, or- in the absence of a principal market, in the most advantages accessible market for the asset or liabilityThe fair values of on-balance sheet financial instruments are not significantly different from their carrying amounts included in the interim condensed financial statements.Determination of fair value and fair value hierarchyThe Company uses the following hierarchy for determining and disclosing the fair value of financial instruments:Level 1: quoted prices in active markets for the same or identical instrument that an entity can access at the measurement date;Level 2: quoted prices in active markets for similar assets and liabilities or other valuation techniques for which all significant inputs are based on observable market data; andLevel 3: valuation techniques for which any significant input is not based on observable market data.a. Carrying amounts and fair valueThe following table shows the carrying amount and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial instruments measured at fair value. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation to fair value. 10. FAIR VALUES OF FINANCIAL INSTRUMENTS – (continued)a. Carrying amounts and fair value – (continued)Insurance Operations Fair value Level 1 Level 2 Level 3 Total SR’000 30 September 2019 (Unaudited) Financial assets measured at fair value - Investments held as FVSI - 134,939 - 134,939Total - 134,939 - 134,939 Financial assets not measured at fair value - Held to maturity investments - 18,530 - 18,530Total - 18,530 - 18,530Insurance Operations Fair value Level 1 Level 2 Level 3 Total SR’000 31 December 2018 (Audited) Financial assets measured at fair value - Investments held as FVSI - 143,984 - 143,984Total - 143,984 - 143,984 Financial assets not measured at fair value - Held to maturity investments - 28,627 - 28,627Total - 28,627 - 28,627 10. FAIR VALUES OF FINANCIAL INSTRUMENTS – (continued)a. Carrying amounts and fair value – (continued)Shareholders’ Operations Fair value Level 1 Level 2 Level 3 Total SR’000 30 September 2019 (Unaudited) Financial assets measured at fair value - Investments held as FVSI 61,560 30,424 - 91,984Total 61,560 30,424 - 91,984 Financial assets not measured at fair value - Held to maturity investments - 18,346 - 18,346Total - 18,346 - 18,346Shareholders’ Operations Fair value Level 1 Level 2 Level 3 Total SR’000 31 December 2018 (Audited) Financial assets measured at fair value - Investments held as FVSI 57,008 33,744 - 90,752Total 57,008 33,744 - 90,752 Financial assets not measured at fair value - Held to maturity investments - 13,526 - 13,526Total - 13,526 - 13,526 | |
| Disclosure of basis of measurement [text block] | The interim condensed financial statements of the Company as at and for the period ended 30 September 2019 have 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 Organisation for Certified Public Accountants (“SOCPA”).The financial statements of the Company for the three months period ended 31 March 2019 and for the year ended 31 December 2018, 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) and the Company’s By-laws and the Regulations for Companies in the Kingdom of Saudi Arabia.During July 2019, SAMA instructed the insurance companies in the Kingdom of Saudi Arabia to account for the Zakat and income taxes in the statement of income. This aligns with the IFRS as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organisation for Certified Public Accountants (“SOCPA”).Accordingly, 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 (a) to the interim condensed financial statements).The interim condensed financial information is prepared under the going concern basis and the historical cost convention, except for the measurement of investments (excluding held-to-maturity) at their fair value, and end of service indemnities which are assessed using projected unit credit method.The Company’s interim statement of financial position is presented in order of liquidity. Except for furniture property and equipmentand fixtures, statutory deposit, employee benefits, outstanding claims, claims incurred but not reported, unit reserveother technical and mathematical reserves, all other assets and liabilities are of short-term nature, unless, stated otherwise.As required by the Saudi Arabian Insurance Regulations (the Implementation Regulations), the Company maintains separate books of accounts for “Insurance Operations” and “Shareholders’ Operations”. Accordingly, assets, liabilities, revenues and expenses clearly attributable to either operation, are recorded in the respective accounts.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 of and for the year ended 31 December 2018. The interim condensed financial statements may not be considered indicative of the expected results for the full year.These interim condensed financial statements are expressed in Saudi Arabian Riyals (SR) and are rounded off to the nearest thousands. | |
| Disclosure of summary of significant accounting policies [abstract] | ||
| Description of accounting policy for cash and cash equivalents [text block] | a) Cash and cash equivalents comprise the following: Insurance operations 30 September2019(Unaudited)SR’000 31 December 2018(Audited)SR’000 Bank balances and cash 100,693 81,792 Shareholders’ operations 30 September2019(Unaudited)SR’000 31 December 2018(Audited)SR’000 Bank balances 1,578 5,077b) Term deposits Insurance operations 30 September2019(Unaudited)SR’000 31 December 2018(Audited)SR’000 Term deposits 40,757 141,136 Shareholders’ operations 30 September2019(Unaudited)SR’000 31 December 2018(Audited)SR’000 Term deposits 102,020 100,379 | 4 |
| Description of accounting policy for receivables [text block] | Receivables comprise amounts due from the following: 30 September2019(Unaudited)SR’000 31 December 2018(Audited)SR’000 Policyholders 163,545 171,520Related parties- 21,551Receivables from reinsurers 4,942 4,107 168,487 197,178Provision for doubtful debts (46,311) (41,734)Premiums and reinsurers’ receivable – net 122,176 155,444 |