| [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 | 2020-01-01 | 2019-01-01 |
| End Date | 2020-03-31 | 2019-03-31 |
| 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 1 | |
| Reporting period start date | 2020-01-01 | 2019-01-01 |
| Reporting period end date | 2020-03-31 | 2019-03-31 |
| 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 | 2020-01-01 | 2020-01-01 |
| End Date | 2020-03-31 | 2020-03-31 |
| Auditors information [line items] | ||
| Details of auditors signing report [abstract] | ||
| Name of auditor signing report | Abdullah M. AlAzem | Mohamed El Ayouty |
| Registration number of auditor | 335 | 211 |
| Details of audit firm [abstract] | ||
| Name of audit firm | Crowe Horwath AlAzem & AlSudairy Co. | Moore Stephens El Sayed El Ayouty & Co. |
| Registration number of audit firm | 323/11/148 | 35 |
| Contact number of audit firm | 011-2175000 | 012-6693478 |
| Address of audit firm | P.O Box 10504, Riyadh, 11443, Kingdom of Saudi Arabia | P.O Box 780, Jeddah, 21421, Kingdom of Saudi Arabia |
| English [member] | |
|---|---|
| Start Date | 2020-01-01 |
| End Date | 2020-03-31 |
| 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 31 March 2020, and the related interim condensed statements of income, comprehensive income, changes in equity and cash flows for the three month period then ended, and notes to the 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 | 2020-06-21 |
| [300100] Statement of financial position, order of liquidity |
| Start Date | 2020-01-01 | 2019-01-01 | 2019-01-01 | Note No. |
|---|---|---|---|---|
| End Date | 2020-03-31 | 2019-12-31 | 2019-03-31 | |
| Statement of financial position [abstract] | ||||
| Assets [abstract] | ||||
| Insurance/ takaful operations assets [abstract] | ||||
| Property and equipment, net, insurance/ takaful operations assets | 10,793 | 12,044 | 21,263 | |
| Investments held-to-maturity, insurance/ takaful operations assets | 73,364 | 18,530 | 23,614 | |
| Deferred policy acquisition costs | 8,076 | 9,033 | 14,167 | |
| Reinsurers/ retakaful share of unearned premiums/ contributions | 20,857 | 21,858 | 22,004 | |
| Prepayments and other assets, insurance/ takaful operations assets | 11,178 | 11,173 | 19,840 | |
| Premiums/ insurance receivables/takaful contributions receivable, net | 74,773 | 86,207 | 151,384 | |
| Reinsurers/ retakaful share of outstanding claims/ benefits, net | 20,666 | 21,018 | 22,667 | |
| Time (Murabaha) deposits, insurance/ takaful operations assets | 148,943 | 155,288 | 40,757 | |
| Investments held at fair value through statement of income, insurance/ takaful operations assets | 48,094 | 128,920 | 142,942 | |
| Cash and cash equivalents, insurance/ takaful operations assets | 30,276 | 26,834 | 163,410 | |
| Other assets, insurance/ takaful operations assets | 31,812 | 33,240 | 30,104 | |
| Total insurance/ takaful operations assets | 478,832 | 524,145 | 652,152 | |
| Shareholders assets [abstract] | ||||
| Investments held-to-maturity, shareholders assets | 18,449 | 26,768 | 18,508 | |
| Statutory deposit | 40,989 | 40,828 | 27,686 | |
| Prepayments and other assets, shareholders assets | 185 | 186 | 185 | |
| Investments held at fair value through statement of income, shareholders assets | 52,027 | 46,593 | 94,819 | |
| Time (Murabaha) deposits, shareholders assets | 100,216 | 100,201 | 100,362 | |
| Available-for-sale investments, shareholders assets | 1,923 | 1,923 | 1,923 | |
| Due from insurance/ takaful operations assets | 9,550 | 12,979 | 25,518 | |
| Cash and cash equivalents, shareholders assets | 1,577 | 1,577 | -1,923 | |
| Total shareholders assets | 224,916 | 231,055 | 267,078 | |
| Total assets | 703,748 | 755,200 | 919,230 | |
| Liabilities and equity [abstract] | ||||
| Insurance/ takaful operations liabilities and surplus (deficit) [abstract] | ||||
| Insurance/ takaful operations liabilities [abstract] | ||||
| Gross unearned premiums/ contributions | 204,423 | 229,678 | 265,834 | |
| Premiums/ contributions received in advance | 16,442 | 13,943 | 13,278 | |
| Unearned commission income | 2,230 | 3,401 | 3,619 | |
| Employees end of service benefits, insurance/ takaful operations liabilities | 9,518 | 9,688 | 7,894 | |
| Due to shareholders operations | 9,550 | 12,979 | 25,518 | |
| Reinsurers/ retakaful balance payable | 6,203 | 7,811 | 19,047 | |
| Gross outstanding claims/ benefits including IBNR payable | 163,586 | 169,539 | 207,653 | |
| Other technical reserves | 14,636 | 16,041 | 10,848 | |
| Accrued expenses payable, insurance/ takaful operations liabilities | 33,941 | 23,627 | ||
| Other liabilities, insurance/ takaful operations | 23,668 | 23,703 | 79,347 | |
| Total insurance/ takaful operations liabilities | 484,197 | 510,410 | 633,038 | |
| Insurance/ takaful operations surplus (deficit) [abstract] | ||||
| Surplus (deficit) from insurance/ takaful fund | 14,535 | 14,535 | 14,535 | |
| Other insurance/ takaful operations surplus (deficit) | -800 | 1,079 | ||
| Total insurance/ takaful operations surplus (deficit) | 14,535 | 13,735 | 15,614 | |
| Total insurance/ takaful operations liabilities and surplus (deficit) | 498,732 | 524,145 | 648,652 | |
| Shareholders liabilities and equity [abstract] | ||||
| Shareholders liabilities [abstract] | ||||
| Zakat payable | 26,631 | 25,131 | 21,261 | |
| Other liabilities, shareholders liabilities | 3,489 | 3,328 | 2,686 | |
| Total shareholders liabilities | 30,120 | 28,459 | 23,947 | |
| Shareholders equity [abstract] | ||||
| Equity attributable to owners of parent [abstract] | ||||
| Share capital | 250,000 | 250,000 | 250,000 | |
| Statutory reserve | 5,003 | 5,003 | 5,003 | |
| Retained earnings (accumulated losses) | -79,307 | -52,407 | -8,372 | |
| Other reserves | -800 | |||
| Total equity attributable to owners of parent | 174,896 | 202,596 | 246,631 | |
| Total equity attributable to equity holders of company | 174,896 | 202,596 | 246,631 | |
| Total shareholders liabilities and equity | 205,016 | 231,055 | 270,578 | |
| Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity | 703,748 | 755,200 | 919,230 |
| [300200] Statement of insurance/ takaful operations, nature of expense |
| Start Date | 2020-01-01 | 2019-01-01 | Note No. |
|---|---|---|---|
| End Date | 2020-03-31 | 2019-03-31 | |
| 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 | 85,798 | 150,964 | |
| Excess of loss expense | 3,021 | 3,571 | |
| Reinsurance/ retakaful premiums ceded | 9,495 | 16,119 | |
| Net premiums/ contributions written | 73,282 | 131,274 | |
| Changes in unearned premiums/ contributions | -25,255 | -21,259 | |
| Reinsurance/ retakaful share of unearned premiums/ contributions | 1,001 | -8,865 | |
| Net premiums/ contributions earned | 97,536 | 161,398 | |
| Reinsurance/ retakaful commissions | 2,804 | 1,390 | |
| Investment income from insurance/ takaful operations, net | -508 | 2,531 | |
| Fees and other income from insurance/ takaful operations | 419 | 424 | |
| Total income from insurance/ takaful operations | 100,251 | 165,743 | |
| Cost and expenses [abstract] | |||
| Net claims/ benefits incurred [abstract] | |||
| Net claims/ benefits paid [abstract] | |||
| Gross claims/ benefits paid | 104,508 | 155,175 | |
| Reinsurance/ retakaful share of gross claims/ benefits paid | 6,210 | 4,151 | |
| Net claims/ benefits paid | 98,298 | 151,024 | |
| Changes in outstanding claims/ benefits including IBNR | -5,953 | -2,608 | |
| Changes in reinsurance/ retakaful share of outstanding claims/ benefits | 350 | 1,116 | |
| Changes in other technical reserves | -1,405 | -610 | |
| Net claims/ benefits incurred | 91,290 | 148,922 | |
| Policy acquisition costs | 5,273 | 8,094 | |
| General and administrative expenses, insurance/ takaful operations | 21,468 | 24,383 | |
| Other underwriting expenses | 5,535 | 5,247 | |
| Total cost and expenses | 123,566 | 186,646 | |
| Surplus (deficit) for period from insurance/ takaful operations | -23,315 | -20,903 | |
| Shareholders appropriation from insurance/ takaful operations surplus (deficit) | -23,315 | -20,903 | |
| Net result for period from insurance/ takaful operations after shareholders appropriation | 0 | 0 | |
| Policyholders share of accumulated surplus, at start of period | 14,535 | ||
| Policyholders share of accumulated surplus, at end of period | 0 | 14,535 |
| [300300] Statement of shareholders operations, nature of expense |
| Start Date | 2020-01-01 | 2019-01-01 | Note No. |
|---|---|---|---|
| End Date | 2020-03-31 | 2019-03-31 | |
| Statement of shareholders operations [abstract] | |||
| Profit (loss) [abstract] | |||
| Income (loss) from continuing operations [abstract] | |||
| Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations | -23,315 | -20,903 | |
| Revenue [abstract] | |||
| Investment income | -2,040 | 6,777 | |
| Total revenue | -2,040 | 6,777 | |
| Expenses [abstract] | |||
| General and administrative expenses, shareholders operations | 45 | 454 | |
| Total expenses | 45 | 454 | |
| Income (loss) from continuing operations before zakat and income tax | -25,400 | -14,580 | |
| Zakat expenses on continuing operations for period | 1,500 | 1,500 | |
| Profit (loss) from continuing operations | -26,900 | -16,080 | |
| Profit (loss) for the period | -26,900 | -16,080 | |
| Profit (loss), attributable to [abstract] | |||
| Profit (loss), attributable to saudi shareholders of company | -26,900 | -16,080 | |
| Earnings per share [abstract] | |||
| Basic earnings (loss) per share [abstract] | |||
| Basic earnings (loss) per share from continuing operations | -1.08 | -0.58 | |
| Total basic earnings (loss) per share | -1.08 | -0.58 | |
| Weighted average number of equity shares outstanding | 25000000 | 25000000 |
| [300400] Statement of other comprehensive income, before tax, insurance operations |
| Start Date | 2020-01-01 | 2019-01-01 | Note No. |
|---|---|---|---|
| End Date | 2020-03-31 | 2019-03-31 | |
| Statement of other comprehensive income, before tax [abstract] | |||
| Net result for period from insurance/ takaful operations after shareholders appropriation | 0 | 0 | |
| Total comprehensive income (loss) for period | 0 | 0 |
| [300500] Statement of other comprehensive income, before tax, shareholders operations |
| Start Date | 2020-01-01 | 2019-01-01 | Note No. |
|---|---|---|---|
| End Date | 2020-03-31 | 2019-03-31 | |
| Statement of other comprehensive income, before tax [abstract] | |||
| Statement of comprehensive income [abstract] | |||
| Profit (loss) for the period | -26,900 | -16,080 | |
| Total comprehensive income (loss) for period | -26,900 | -16,080 | |
| Total comprehensive income (loss) attributable to [abstract] | |||
| Total comprehensive income (loss), attributable to saudi shareholders of company | -26,900 | -16,080 |
| [300600] Statement of cash flows, indirect method, insurance operations |
| Start Date | 2020-01-01 | 2019-01-01 | Note No. |
|---|---|---|---|
| End Date | 2020-03-31 | 2019-03-31 | |
| 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 | 0 | |
| Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | |||
| Adjustments for depreciation, insurance/ takaful operations cash flow | 1,745 | 1,536 | |
| Adjustments for unrealised (gains) losses on investments held as fair value through statement of income | 3,402 | -1,612 | |
| Adjustments for employees end of service benefits | -170 | -1,044 | |
| Adjustments for allowance for doubtful receivables | 69 | 1,279 | |
| Adjustments for bond premium amortization (accretion of discounts), net, insurance/ takaful operations cash flow | 13 | ||
| Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | 5,046 | 172 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for decrease (increase) in premium receivables, net | 11,365 | -34,528 | |
| Adjustments for decrease (increase) in prepayments and other assets | -5 | 4,443 | |
| Adjustments for increase (decrease) in outstanding claims including IBNR | -5,953 | -2,607 | |
| Adjustments for increase (decrease) in reinsurers/ retakaful balance payable | -1,608 | 12,500 | |
| Adjustments for increase (decrease) in accrued expenses and other liabilities | 10,314 | 127 | |
| Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net | 352 | 1,116 | |
| Adjustments for decrease (increase) in deferred policy acquisition costs | 957 | -32 | |
| Adjustments for decrease (increase) in unearned commission income | -1,171 | 1,076 | |
| Adjustments for movement in gross unearned premiums/ contributions | -25,255 | -21,259 | |
| Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions | 1,001 | -8,865 | |
| Adjustment for changes in other technical reserves | -1,405 | -610 | |
| Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow | 3,449 | 2,632 | |
| Total changes in operating assets and liabilities | -7,959 | -46,007 | |
| Net cash flows from (used in) insurance/ takaful operations | -2,913 | -45,835 | |
| Net cash flows from (used in) operating activities, insurance/ takaful operations | -2,913 | -45,835 | |
| Cash flows from (used in) investing activities, insurance/ takaful operations [abstract] | |||
| Time (Murabaha) deposits, insurance/ takaful operations cash flow | 109,339 | 100,379 | |
| Proceeds from sales of investments, insurance/ takaful operations cash flow | 1,527 | 57,653 | |
| Purchase of investments, insurance/ takaful operations cash flow | 81,931 | 50,000 | |
| Purchase of property and equipment, insurance/ takaful operations cash flow | 51 | 1,184 | |
| Net cash flows from (used in) investing activities, insurance/ takaful operations | 28,884 | 106,848 | |
| Cash flows from (used in) financing activities, insurance/ takaful operations [abstract] | |||
| Adjustments for increase (decrease) in due to shareholders operations | -22,529 | -20,204 | |
| Net cash flows from (used in) financing activities, insurance/ takaful operations | -22,529 | -20,204 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 3,442 | 40,809 | |
| Net increase (decrease) in cash and cash equivalents | 3,442 | 40,809 | |
| Cash and cash equivalents at beginning of period | 26,834 | 122,601 | |
| Cash and cash equivalents at end of period | 30,276 | 163,410 |
| [300700] Statement of cash flows, indirect method, shareholders operations |
| Start Date | 2020-01-01 | 2019-01-01 | Note No. |
|---|---|---|---|
| End Date | 2020-03-31 | 2019-03-31 | |
| 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 | -25,400 | -14,580 | |
| Net profit (loss) for period (before zakat expenses and income tax) | -25,400 | -14,580 | |
| Adjustments to reconcile profit (loss) [abstract] | |||
| Adjustments for unrealised loss (gain) on investments held as fair value through statement of income, shareholders cash flow | 2,885 | -5,967 | |
| Total adjustments to reconcile profit (loss) | 2,885 | -5,967 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for decrease (increase) in prepayments and other assets, shareholders assets | 1 | -93 | |
| Adjustments for decrease (increase) in statutory deposits | -161 | ||
| Adjustments for increase (decrease) in other liabilities | 161 | ||
| Total changes in operating assets and liabilities | 1 | -93 | |
| Net cash flows from (used in) operations | -22,514 | -20,640 | |
| Net cash flows from (used in) operating activities | -22,514 | -20,640 | |
| Cash flows from (used in) investing activities [abstract] | |||
| Purchase of investments | 4,982 | ||
| Proceeds from sales of investments | 1,901 | ||
| Purchase of term deposits investments | 100,000 | 100,362 | |
| Proceeds from redemption of term deposits investments | 99,985 | 100,379 | |
| Net cash flows from (used in) investing activities | -15 | -3,064 | |
| Cash flows from (used in) financing activities [abstract] | |||
| Other inflows (outflows) of cash | 22,529 | 20,204 | |
| Net cash flows from (used in) financing activities | 22,529 | 20,204 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 0 | -3,500 | |
| Net increase (decrease) in cash and cash equivalents | 0 | -3,500 | |
| Cash and cash equivalents at beginning of period | 1,577 | 1,577 | |
| Cash and cash equivalents at end of period | 1,577 | -1,923 |
| [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 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | 2020-01-01 | 2019-01-01 | |
| End Date | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | 2020-03-31 | 2019-03-31 | |
| Statement of changes in equity [line items] | |||||||||||||||||||||||||||||
| Equity balance at beginning of period (before adjustments) | 250,000 | 250,000 | 5,003 | 5,003 | -52,407 | 7,708 | -800 | 201,796 | 262,711 | 201,796 | 262,711 | ||||||||||||||||||
| Equity balance at beginning of period (after adjustments) | 250,000 | 250,000 | 5,003 | 5,003 | -52,407 | 7,708 | -800 | 201,796 | 262,711 | 201,796 | 262,711 | ||||||||||||||||||
| Changes in equity [abstract] | |||||||||||||||||||||||||||||
| Comprehensive income [abstract] | |||||||||||||||||||||||||||||
| Net profit (loss) for period | -26,900 | -16,080 | -26,900 | -16,080 | -26,900 | -16,080 | |||||||||||||||||||||||
| Total comprehensive income (loss) for period | -26,900 | -16,080 | -26,900 | -16,080 | -26,900 | -16,080 | |||||||||||||||||||||||
| Total changes in equity | -26,900 | -16,080 | -26,900 | -16,080 | -26,900 | -16,080 | |||||||||||||||||||||||
| Equity balance at end of period | 250,000 | 250,000 | 5,003 | 5,003 | -79,307 | -8,372 | -800 | 174,896 | 246,631 | 174,896 | 246,631 | ||||||||||||||||||
| [400100] Notes forming part of accounts |
| English [member] | Note No. | |
|---|---|---|
| Start Date | 2020-01-01 | |
| End Date | 2020-03-31 | |
| Notes forming part of accounts [line items] | ||
| Disclosure of notes and other explanatory information [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 31 March 2020, and the related interim condensed statements of income, comprehensive income, changes in equity and cash flows for the three month period then ended, and notes to the 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. | |
| 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. | |
| Disclosure of basis of preparation of financial statements [text block] | The interim condensed financial statements of the Company as at and for the period ended 31 March 2020 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 2020 and 31 March December 2019, 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 of accounting 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 2019. 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 accounting framework used in preparation of financial statements [text block] | The 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 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 is unable at this time to reasonably quantify the estimation uncertainties as disclosed in note 19 to these interim condensed financial statements. Management will continue to assess the situation, and reflect any required changes in future reporting periods. | |
| Description of initial application of standards or interpretations [text block] | a. New IFRS Standards, IFRIC interpretations and amendments thereof, adopted by the Company The following new standards, amendments and revisions to existing standards, which were issued by the International Accounting Standards Board (IASB) have been effective from 1 January 2020 and accordingly adopted by the Company, as applicable: Standard/ Amendments DescriptionAmendments to IAS 1 and IAS 8 Definition of MaterialAmendments to IFRS 3 Definition of a BusinessConceptual Framework Amendments to References to Conceptual Framework in IFRS Standards The adoption of the amended standards and interpretations applicable to the Company did not have any significant impact on these interim condensed financial statementsStandards issued but not yet effective up to the date of issuance of the Company’s interim condensed financial statements are listed below. The Company intends to adopt these standards when they become effective.Standard/ Interpretation Description Effective from periods beginning on or after the following date IFRS 17 Insurance Contracts See note belowIFRS 9 Financial Instruments See note belowIFRS 17 – Insurance Contracts This standard has been published on 18 May 2017, it establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 – Insurance contracts. The new standard applies to insurance contracts issued, to all reinsurance contracts and to investment contracts with discretionary participating features provided the entity also issues insurance contracts. It requires to separate the following components from insurance contracts: i) embedded derivatives, if they meet certain specified criteria;ii) distinct investment components; andiii) any promise to transfer distinct goods or non-insurance services. These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15). | |
| Disclosure of issued IFRS not yet adopted [text block] | Standards issued but not yet effective up to the date of issuance of the Company’s interim condensed financial statements are listed below. The Company intends to adopt these standards when they become effective.Standard/ Interpretation Description Effective from periods beginning on or after the following date IFRS 17 Insurance Contracts See note belowIFRS 9 Financial Instruments See note belowIFRS 17 – Insurance Contracts This standard has been published on 18 May 2017, it establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 – Insurance contracts. The new standard applies to insurance contracts issued, to all reinsurance contracts and to investment contracts with discretionary participating features provided the entity also issues insurance contracts. It requires to separate the following components from insurance contracts: i) embedded derivatives, if they meet certain specified criteria;ii) distinct investment components; andiii) any promise to transfer distinct goods or non-insurance services. These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15). Measurement In contrast to the requirements in IFRS 4, which permitted insurers to continue to use the accounting policies for measurement purposes that existed prior to January 2015, IFRS 17 provides the following different measurement models: The General model is based on the following “building blocks”: a) the fulfilment cash flows (FCF), which comprise: probability-weighted estimates of future cash flows, an adjustment to reflect the time value of money (i.e. discounting) and the financial risks associated with those future cash flows, and a risk adjustment for non-financial risk; b) the Contractual Service Margin (CSM). The CSM represents the unearned profit for a group of insurance contracts and will be recognized as the entity provides services in the future. The CSM cannot be negative at inception; any net negative amount of the fulfilment cash flows at inception will be recorded in profit or loss immediately. At the end of each subsequent reporting period the carrying amount of a group of insurance contracts is remeasured to be the sum of: the liability for remaining coverage, which comprises the FCF related to future services and the CSM of the group at that date; and the liability for incurred claims, which is measured as the FCF related to past services allocated to the group at that date.The CSM is adjusted subsequently for changes in cash flows related to future services but the CSM cannot be negative, so changes in future cash flows that are greater than the remaining CSM are recognized in profit or loss. Interest is also accreted on the CSM at rates locked in at initial recognition of a contract (i.e. discount rate used at inception to determine the present value of the estimated cash flows). Moreover, the CSM will be released into profit or loss based on coverage units, reflecting the quantity of the benefits provided and the expected coverage duration of the remaining contracts in the group. The Variable Fee Approach (VFA) is a mandatory model for measuring contracts with direct participation features (also referred to as ‘direct participating contracts’). This assessment of whether the contract meets these criteria is made at inception of the contract and not reassessed subsequently. For these contracts, the CSM is also adjusted for in addition to adjustment under general model; i) changes in the entity’s share of the fair value of underlying items, ii) changes in the effect of the time value of money and financial risks not relating to the underlying items. In addition, a simplified Premium Allocation Approach (PAA) is permitted for the measurement of the liability for the remaining coverage if it provides a measurement that is not materially different from the general model or if the coverage period for each contract in the group is one year or less. With the PAA, the liability for remaining coverage corresponds to premiums received at initial recognition less insurance acquisition cash flows. The general model remains applicable for the measurement of incurred claims. However, the entity is not required to adjust future cash flows for the time value of money and the effect of financial risk if those cash flows are expected to be paid/ received in one year or less from the date the claims are incurred.Effective date The IASB issued an Exposure Draft Amendments to IFRS 17 during June 2019 and received comments from various stakeholders. The IASB is currently re-deliberating issues raised by stakeholders. For any proposed amendments to IFRS 17, the IASB will follow its normal due process for standard-setting. The effective date of IFRS 17 and the deferral of the IFRS 9 temporary exemption in IFRS 4, is currently 1 January 2021. Under the current exposure draft, it is proposed to amend the IFRS 17 effective date to reporting periods beginning on or after January 1, 2023. This is a deferral of 1 year compared to the previous date of 1 January 2021. Earlier application is permitted if both IFRS 15 – Revenue from Contracts with Customers and IFRS 9 – Financial Instruments have also been applied. The Company intend to apply the standard on its effective date.Transition Retrospective application is required. However, if full retrospective application for a group of insurance contracts is impracticable, then the entity is required to choose either a modified retrospective approach or a fair value approach. Presentation and Disclosures The Company expects that the new standard will result in a change to the accounting policies for insurance contracts together with amendments to presentation and disclosures. | |
| Disclosure of critical accounting judgements, estimates and assumptions, general [text block] | The 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 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 is unable at this time to reasonably quantify the estimation uncertainties as disclosed in note 19 to these interim condensed financial statements. Management will continue to assess the situation, and reflect any required changes in future reporting periods | |
| Disclosure of summary of significant accounting policies [abstract] | ||
| Description of accounting policy for cash and cash equivalents [text block] | 4. CASH AND CASH EQUIVALENTSa) Cash and cash equivalents included in the statement of cash flows comprise the following: Insurance operations 31 March2020(Unaudited)SR’000 31 December 2019(Audited)SR’000 Bank balances and cash 30,276 26,834 Shareholders’ operations 31 March2020(Unaudited)SR’000 31 December 2019(Audited)SR’000 Bank balances 1,577 1,577b) Term deposits Insurance operations 31 March2020(Unaudited)SR’000 31 December 2019(Audited)SR’000 Term deposits 148,943 258,282 Shareholders’ operations 31 March2020(Unaudited)SR’000 31 December 2019(Audited)SR’000 Term deposits 100,216 100,201The term deposits are held with the commercial banks and earn commission at market rates. These term deposits are denominated in Saudi Arabian Riyals and have an original maturity of more than three-months and less than twelve-months. The carrying amounts of these term deposits reasonably approximate their fair values at the reporting date. | |
| Description of accounting policy for fair value measurement [text block] | Fair 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 information.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. |