| [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 | 2021-01-01 | 2020-01-01 |
| End Date | 2021-03-31 | 2020-03-31 |
| 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 | 2021-01-01 | 2020-01-01 |
| Reporting period end date | 2021-03-31 | 2020-03-31 |
| 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 | 2021-01-01 | 2021-01-01 |
| End Date | 2021-03-31 | 2021-03-31 |
| Auditors information [line items] | ||
| Details of auditors signing report [abstract] | ||
| Name of auditor signing report | Jamal M. Al-Amri | Abdullah M. AlAzem |
| Registration number of auditor | 331 | 335 |
| Details of audit firm [abstract] | ||
| Name of audit firm | Dr. Mohamed Al-Amri & Co. | Al Azem, Al Sudairy, Al Shaikh & Partners |
| Registration number of audit firm | 66 | 148 |
| Address of audit firm | P.O Box 784Jeddah 21421Kingdom of Saudi Arabia | P.O Box 10504Riyadh 11443Kingdom of Saudi Arabia |
| English [member] | |
|---|---|
| Start Date | 2021-01-01 |
| End Date | 2021-03-31 |
| Auditors report [line items] | |
| Disclosures of auditors report [text block] | INTRODUCTIONWe 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 2021, 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 | Qualified opinion |
| Auditors opinion | Based on our review, except for the effects of the matters described in the basis of qualified conclusion paragraph mentioned above, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial information is not prepared, in all material respects, in accordance with IAS 34 “Interim Financial Reporting” as endorsed in the Kingdom of Saudi Arabia. |
| Basis of opinion | As stated in Note 8 and 10 to the interim condensed financial statements, the Company has other payables balance of SR 18.4 million as of 31 March 2021 and other receivables balance of SR 15.1 million as of 31 December 2020 respectively, which represent accounting system processing differences related to the insurance operations due to the difficulties in the implementation of the new IT system, which has been escalated to the upper management of the IT system developer. In addition to that, the excess of loss expenses were resulted in credit during this quarter instead of debit balances. We were unable to obtain sufficient appropriate evidence in respect of the other payables and other receivables balance. In light of the above, we were unable to determine whether any adjustments to other payables and other receivables were required and we were unable to determine the possible impact on the financial statements for the period ended 31 March 2021. |
| Date of signing audit report by auditor | 2021-05-30 |
| [300100] Statement of financial position, order of liquidity |
| Start Date | 2021-01-01 | 2020-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|
| End Date | 2021-03-31 | 2020-12-31 | 2020-03-31 | |
| Statement of financial position [abstract] | ||||
| Assets [abstract] | ||||
| Insurance/ takaful operations assets [abstract] | ||||
| Property and equipment, net, insurance/ takaful operations assets | 10,365 | 11,689 | 10,793 | |
| Investments held-to-maturity, insurance/ takaful operations assets | 10,000 | 10,000 | 73,364 | |
| Deferred policy acquisition costs | 24,285 | 21,020 | 8,076 | |
| Reinsurers/ retakaful share of unearned premiums/ contributions | 25,821 | 23,270 | 20,857 | |
| Prepayments and other assets, insurance/ takaful operations assets | 26,153 | 42,047 | 11,178 | |
| Premiums/ insurance receivables/takaful contributions receivable, net | 50,722 | 40,896 | 74,773 | |
| Reinsurers/ retakaful share of outstanding claims/ benefits, net | 25,929 | 32,692 | 20,666 | |
| Time (Murabaha) deposits, insurance/ takaful operations assets | 97,955 | 148,318 | 148,943 | |
| Investments held at fair value through statement of income, insurance/ takaful operations assets | 99,332 | 103,021 | 48,094 | |
| Cash and cash equivalents, insurance/ takaful operations assets | 73,390 | 47,892 | 30,276 | |
| Other assets, insurance/ takaful operations assets | 21,122 | 21,927 | 31,812 | |
| Total insurance/ takaful operations assets | 465,074 | 502,772 | 478,832 | |
| Shareholders assets [abstract] | ||||
| Investments held-to-maturity, shareholders assets | 54,983 | 4,983 | 18,449 | |
| Statutory deposit | 41,206 | 41,168 | 40,989 | |
| Prepayments and other assets, shareholders assets | 228 | 185 | 185 | |
| Investments held at fair value through statement of income, shareholders assets | 53,238 | 48,947 | 52,027 | |
| Time (Murabaha) deposits, shareholders assets | 0 | 100,216 | ||
| Available-for-sale investments, shareholders assets | 1,923 | 1,923 | 1,923 | |
| Due from insurance/ takaful operations assets | -15,029 | 32,537 | 9,550 | |
| Cash and cash equivalents, shareholders assets | 102,295 | 111,354 | 1,577 | |
| Total shareholders assets | 238,844 | 241,097 | 224,916 | |
| Total assets | 703,918 | 743,869 | 703,748 | |
| Liabilities and equity [abstract] | ||||
| Insurance/ takaful operations liabilities and surplus (deficit) [abstract] | ||||
| Insurance/ takaful operations liabilities [abstract] | ||||
| Gross unearned premiums/ contributions | 227,388 | 218,302 | 204,423 | |
| Premiums/ contributions received in advance | 8,643 | 13,522 | 16,442 | |
| Unearned commission income | 3,999 | 3,733 | 2,230 | |
| Employees end of service benefits, insurance/ takaful operations liabilities | 9,443 | 9,701 | 9,518 | |
| Due to shareholders operations | -15,029 | 32,537 | 9,550 | |
| Reinsurers/ retakaful balance payable | 2,884 | 7,037 | 6,203 | |
| Gross outstanding claims/ benefits including IBNR payable | 135,168 | 149,460 | 163,586 | |
| Other technical reserves | 7,259 | 3,096 | 14,636 | |
| Accrued expenses payable, insurance/ takaful operations liabilities | 50,127 | 19,922 | 33,941 | |
| Other liabilities, insurance/ takaful operations | 20,095 | 30,365 | 23,668 | |
| Total insurance/ takaful operations liabilities | 449,977 | 487,675 | 484,197 | |
| Insurance/ takaful operations surplus (deficit) [abstract] | ||||
| Surplus (deficit) from insurance/ takaful fund | 15,149 | 15,149 | 14,535 | |
| Total insurance/ takaful operations surplus (deficit) | 15,149 | 15,149 | 14,535 | |
| Total insurance/ takaful operations liabilities and surplus (deficit) | 465,126 | 502,824 | 498,732 | |
| Shareholders liabilities and equity [abstract] | ||||
| Shareholders liabilities [abstract] | ||||
| Zakat payable | 27,668 | 31,131 | 26,631 | |
| Other liabilities, shareholders liabilities | 3,706 | 3,668 | 3,489 | |
| Total shareholders liabilities | 31,374 | 34,799 | 30,120 | |
| 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) | -47,533 | -48,705 | -79,307 | |
| Other reserves | -52 | -52 | -800 | |
| Total equity attributable to owners of parent | 207,418 | 206,246 | 174,896 | |
| Total equity attributable to equity holders of company | 207,418 | 206,246 | 174,896 | |
| Total shareholders liabilities and equity | 238,792 | 241,045 | 205,016 | |
| Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity | 703,918 | 743,869 | 703,748 |
| [300200] Statement of insurance/ takaful operations, nature of expense |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-03-31 | 2020-03-31 | |
| 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 | 118,236 | 85,798 | |
| Excess of loss expense | -3,295 | 3,021 | |
| Reinsurance/ retakaful premiums ceded | 13,644 | 9,495 | |
| Net premiums/ contributions written | 107,887 | 73,282 | |
| Changes in unearned premiums/ contributions | 9,086 | -25,255 | |
| Reinsurance/ retakaful share of unearned premiums/ contributions | -2,551 | 1,001 | |
| Net premiums/ contributions earned | 101,352 | 97,536 | |
| Reinsurance/ retakaful commissions | 2,114 | 2,804 | |
| Investment income from insurance/ takaful operations, net | 1,162 | -508 | |
| Fees and other income from insurance/ takaful operations | 95 | 419 | |
| Total income from insurance/ takaful operations | 104,723 | 100,251 | |
| Cost and expenses [abstract] | |||
| Net claims/ benefits incurred [abstract] | |||
| Net claims/ benefits paid [abstract] | |||
| Gross claims/ benefits paid | 80,479 | 104,508 | |
| Reinsurance/ retakaful share of gross claims/ benefits paid | 7,168 | 6,210 | |
| Net claims/ benefits paid | 73,311 | 98,298 | |
| Changes in outstanding claims/ benefits including IBNR | -14,293 | -5,953 | |
| Changes in reinsurance/ retakaful share of outstanding claims/ benefits | 6,764 | 350 | |
| Changes in other technical reserves | 4,163 | -1,405 | |
| Net claims/ benefits incurred | 69,945 | 91,290 | |
| Policy acquisition costs | 6,103 | 5,273 | |
| General and administrative expenses, insurance/ takaful operations | 20,716 | 21,468 | |
| Other underwriting expenses | 8,564 | 5,535 | |
| Total cost and expenses | 105,328 | 123,566 | |
| Surplus (deficit) for period from insurance/ takaful operations | -605 | -23,315 | |
| Shareholders appropriation from insurance/ takaful operations surplus (deficit) | -605 | -23,315 | |
| Net result for period from insurance/ takaful operations after shareholders appropriation | 0 | 0 | |
| Policyholders share of accumulated surplus, at end of period | 0 | 0 |
| [300300] Statement of shareholders operations, nature of expense |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-03-31 | 2020-03-31 | |
| Statement of shareholders operations [abstract] | |||
| Profit (loss) [abstract] | |||
| Income (loss) from continuing operations [abstract] | |||
| Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations | -605 | -23,315 | |
| Revenue [abstract] | |||
| Investment income | 3,618 | -2,040 | |
| Total revenue | 3,618 | -2,040 | |
| Expenses [abstract] | |||
| General and administrative expenses, shareholders operations | 341 | 45 | |
| Total expenses | 341 | 45 | |
| Income (loss) from continuing operations before zakat and income tax | 2,672 | -25,400 | |
| Zakat expenses on continuing operations for period | 1,500 | 1,500 | |
| Profit (loss) from continuing operations | 1,172 | -26,900 | |
| Profit (loss) for the period | 1,172 | -26,900 | |
| Profit (loss), attributable to [abstract] | |||
| Profit (loss), attributable to saudi shareholders of company | 1,172 | -26,900 | |
| Earnings per share [abstract] | |||
| Basic earnings (loss) per share [abstract] | |||
| Basic earnings (loss) per share from continuing operations | 0.05 | -1.08 | |
| Total basic earnings (loss) per share | 0.05 | -1.08 | |
| Weighted average number of equity shares outstanding | 25000 | 25000 |
| [300400] Statement of other comprehensive income, before tax, insurance operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-03-31 | 2020-03-31 | |
| 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 | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-03-31 | 2020-03-31 | |
| Statement of other comprehensive income, before tax [abstract] | |||
| Statement of comprehensive income [abstract] | |||
| Profit (loss) for the period | 1,172 | -26,900 | |
| Total comprehensive income (loss) for period | 1,172 | -26,900 | |
| Total comprehensive income (loss) attributable to [abstract] | |||
| Total comprehensive income (loss), attributable to saudi shareholders of company | 1,172.1 | -26,900 |
| [300600] Statement of cash flows, indirect method, insurance operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-03-31 | 2020-03-31 | |
| 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 | 2,680 | 1,745 | |
| Adjustments for unrealised (gains) losses on investments held as fair value through statement of income | 0 | 3,402 | |
| Adjustments for employees end of service benefits | -258 | -170 | |
| Adjustments for allowance for doubtful receivables | 805 | 69 | |
| Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities | -61 | ||
| Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | 3,166 | 5,046 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for decrease (increase) in premium receivables, net | -10,631 | 11,365 | |
| Adjustments for decrease (increase) in prepayments and other assets | 15,894 | -5 | |
| Adjustments for increase (decrease) in outstanding claims including IBNR | -14,292 | -5,953 | |
| Adjustments for increase (decrease) in reinsurers/ retakaful balance payable | -4,153 | -1,608 | |
| Adjustments for increase (decrease) in retrocession balance payable | -4,879 | ||
| Adjustments for increase (decrease) in accrued expenses and other liabilities | 19,762 | 10,314 | |
| Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net | 6,763 | 352 | |
| Adjustments for decrease (increase) in deferred policy acquisition costs | -3,265 | 957 | |
| Adjustments for decrease (increase) in unearned commission income | 266 | -1,171 | |
| Adjustments for movement in gross unearned premiums/ contributions | 9,086 | -25,255 | |
| Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions | -2,551 | 1,001 | |
| Adjustment for changes in other technical reserves | 4,163 | -1,405 | |
| Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow | 0 | 3,449 | |
| Total changes in operating assets and liabilities | 16,163 | -7,959 | |
| Net cash flows from (used in) insurance/ takaful operations | 19,329 | -2,913 | |
| Net cash flows from (used in) operating activities, insurance/ takaful operations | 19,329 | -2,913 | |
| Cash flows from (used in) investing activities, insurance/ takaful operations [abstract] | |||
| Time (Murabaha) deposits, insurance/ takaful operations cash flow | 50,363 | 109,339 | |
| Proceeds from sales of investments, insurance/ takaful operations cash flow | 3,750 | 1,527 | |
| Purchase of investments, insurance/ takaful operations cash flow | 81,931 | ||
| Purchase of property and equipment, insurance/ takaful operations cash flow | 80 | 51 | |
| Net cash flows from (used in) investing activities, insurance/ takaful operations | 54,033 | 28,884 | |
| Cash flows from (used in) financing activities, insurance/ takaful operations [abstract] | |||
| Adjustments for increase (decrease) in due to shareholders operations | -47,566 | -22,529 | |
| Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow | -298 | ||
| Net cash flows from (used in) financing activities, insurance/ takaful operations | -47,864 | -22,529 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 25,498 | 3,442 | |
| Net increase (decrease) in cash and cash equivalents | 25,498 | 3,442 | |
| Cash and cash equivalents at beginning of period | 47,892 | 26,834 | |
| Cash and cash equivalents at end of period | 73,390 | 30,276 |
| [300700] Statement of cash flows, indirect method, shareholders operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-03-31 | 2020-03-31 | |
| 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 | 2,672 | -25,400 | |
| Net profit (loss) for period (before zakat expenses and income tax) | 2,672 | -25,400 | |
| Adjustments to reconcile profit (loss) [abstract] | |||
| Adjustments for unrealised loss (gain) on investments held as fair value through statement of income, shareholders cash flow | -3,658 | 2,885 | |
| Total adjustments to reconcile profit (loss) | -3,658 | 2,885 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for decrease (increase) in prepayments and other assets, shareholders assets | -43 | 1 | |
| Adjustments for decrease (increase) in statutory deposits | -38 | -161 | |
| Adjustments for increase (decrease) in other liabilities | 38 | 161 | |
| Total changes in operating assets and liabilities | -43 | 1 | |
| Net cash flows from (used in) operations | -1,029 | -22,514 | |
| Zakat expenses | 4,963 | ||
| Net cash flows from (used in) operating activities | -5,992 | -22,514 | |
| Cash flows from (used in) investing activities [abstract] | |||
| Purchase of investments | 51,350 | ||
| Proceeds from sales of investments | 717 | ||
| Purchase of term deposits investments | 100,000 | ||
| Proceeds from redemption of term deposits investments | 99,985 | ||
| Net cash flows from (used in) investing activities | -50,633 | -15 | |
| Cash flows from (used in) financing activities [abstract] | |||
| Other inflows (outflows) of cash | 47,566 | 22,529 | |
| Net cash flows from (used in) financing activities | 47,566 | 22,529 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | -9,059 | 0 | |
| Net increase (decrease) in cash and cash equivalents | -9,059 | 0 | |
| Cash and cash equivalents at beginning of period | 111,354 | 1,577 | |
| Cash and cash equivalents at end of period | 102,295 | 1,577 |
| [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 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | |
| End Date | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | 2021-03-31 | 2020-03-31 | |
| Statement of changes in equity [line items] | |||||||||||||||||||||||||||||
| Equity balance at beginning of period (before adjustments) | 250,000 | 250,000 | 5,003 | 5,003 | -48,705 | -52,407 | -52 | -800 | 206,246 | 201,796 | 206,246 | 201,796 | |||||||||||||||||
| Equity balance at beginning of period (after adjustments) | 250,000 | 250,000 | 5,003 | 5,003 | -48,705 | -52,407 | -52 | -800 | 206,246 | 201,796 | 206,246 | 201,796 | |||||||||||||||||
| Changes in equity [abstract] | |||||||||||||||||||||||||||||
| Comprehensive income [abstract] | |||||||||||||||||||||||||||||
| Net profit (loss) for period | 1,172 | -26,900 | 1,172 | -26,900 | 1,172 | -26,900 | |||||||||||||||||||||||
| Total comprehensive income (loss) for period | 1,172 | -26,900 | 1,172 | -26,900 | 1,172 | -26,900 | |||||||||||||||||||||||
| Total changes in equity | 1,172 | -26,900 | 1,172 | -26,900 | 1,172 | -26,900 | |||||||||||||||||||||||
| Equity balance at end of period | 250,000 | 250,000 | 5,003 | 5,003 | -47,533 | -79,307 | -52 | -800 | 207,418 | 174,896 | 207,418 | 174,896 | |||||||||||||||||
| [400100] Notes forming part of accounts |
| English [member] | Note No. | |
|---|---|---|
| Start Date | 2021-01-01 | |
| End Date | 2021-03-31 | |
| Notes forming part of accounts [line items] | ||
| Disclosure of notes and other explanatory information [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 Central Bank (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 were approved. | |
| Disclosure of general information about reporting entity [abstract] | ||
| 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 2021 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 Organization for Chartered and Professional Accountants (“SOCPA”).The interim condensed financial statements are 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 values, and employee benefit obligations which are assessed using projected unit credit method.The Company’s interim condensed statement of financial position is presented in order of liquidity. Except for property and equipment, right of use asset, intangible asset, statutory deposit, employee benefit obligations, lease liabilities, 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 (Refer note 19).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 2020. 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 new standards and amendments in standards [text block] | a. New IFRS Standards, IFRIC interpretations and amendments thereof, adopted by the CompanyThe 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 2021 and accordingly adopted by the Company, as applicable:Interest Rate Benchmark Reform – Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include the following practical expedients: A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component. These amendments had no impact on the interim condensed financial statements of the Company. The Company intends to use the practical expedients in future periods if they become applicableAmendments to IFRS 16: COVID-19-Related Rent Concessions beyond 30 June 2021In March 2021, the IASB amended IFRS 16 Leases, extending the practical expedient in order to permit lessees to apply it to rent concessions for which reductions in lease payments affect payments originally due on or before 30 June 2022. This amendment is applicable for annual reporting periods beginning on or after 1 April 2021, with early application permitted, including in financial statements not authorized for issue at 31 March 2021.The Company, being a lessee, did not receive any rent concession during the current period and accordingly not affected by this amendment | |
| Disclosure of issued IFRS not yet adopted [text block] | Standards issued but not yet effective Key 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 OverviewThis 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. | |
| 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 2020. 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 21 to these interim condensed financial statements. Management will continue to assess the situation, and reflect any required changes in future reporting periods |