	English [member]
Start Date	2018-04-01	2017-04-01
End Date	2018-06-30	2017-06-30
Filing information [line items]
Disclosure of entity information [abstract]
Name of reporting entity	Walaa Cooperative Insurance Co.
Company symbol code\| ISIN code	8060 \| SA000A0MLUD8
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 2
Reporting period start date	2018-04-01	2017-04-01
Reporting period end date	2018-06-30	2017-06-30
Description of nature of financial statements	Standalone
Status of financial statements	Reviewed
Description of presentation currency	Saudi Arabia, Riyals
Level of rounding used in financial statements	Actuals

	English [member]
Start Date	2018-04-01
End Date	2018-06-30
Auditors report [line items]
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 as at June 30, 2018 of Walaa Cooperative Insurance Company are not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ as modified by SAMA for the accounting of zakat and income tax.
Basis of opinion	We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” that is endorsed in the Kingdom of Saudi Arabia. A review of interim condensed financial information 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 that are 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 fair presentation of these interim condensed financial statements in accordance with International Accounting Standard (“IAS”) 34, ‘Interim Financial Reporting’ as modified by the Saudi Arabian Monetary Authority (“SAMA”) for the accounting of zakat and income tax.
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	2018-08-07

Start Date	2018-01-01	2017-01-01	2017-01-01	Note No.
End Date	2018-06-30	2017-12-31	2017-06-30
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	9,448	8,691	9,571
Deferred policy acquisition costs	32,359	37,018	34,073	6
Reinsurers/ retakaful share of unearned premiums/ contributions	156,157	130,247	111,554	7.2
Prepayments and other assets, insurance/ takaful operations assets	36,351	28,391	25,056
Premiums/ insurance receivables/takaful contributions receivable, net	236,491	127,341	132,768	5
Reinsurers/ retakaful share of outstanding claims/ benefits, net	119,662	110,606	158,638	7.1
Time (Murabaha) deposits, insurance/ takaful operations assets	400,000	400,000	0
Cash and cash equivalents, insurance/ takaful operations assets	269,979	289,505	620,083	4
Accrued commission income	3,244	3,344	1,235
Reinsurers/ retakaful share of mathematical reserves	43,722	42,106	0	7.1
Total insurance/ takaful operations assets	1,307,413	1,177,249	1,092,978
Shareholders assets [abstract]
Investment properties, shareholders assets	140,519	96,767	0
Intangible assets	771	504	0
Statutory deposit	44,000	40,000	40,000
Time (Murabaha) deposits, shareholders assets	240,000	424,833	0
Accrued investment income	5,653	5,320	3,565
Available-for-sale investments, shareholders assets	0	0	113,696	7
Due from insurance/ takaful operations assets	23,622	15,064	3,325
Cash and cash equivalents, shareholders assets	224,972	20,414	366,176	4
Total shareholders assets	679,537	602,902	526,762
Total assets	1,986,950	1,780,151	1,619,740
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	539,769	538,493	499,829	7.2
Unearned commission income	11,443	9,842	7,934
Employees end of service benefits, insurance/ takaful operations liabilities	11,660	10,605	11,294
Surplus distribution payable	26,594	31,055	22,250
Technical reserve for insurance/takaful operations	5,041	3,197	1,323	7.1
Due to shareholders operations	23,622	15,064	3,325
Reinsurers/ retakaful balance payable	152,004	61,791	53,184	7.2
Gross outstanding claims/ benefits including IBNR payable	428,554	416,523	411,115	7.1
Other technical reserves	5,471	5,316	10,277	7.1
Accrued expenses payable, insurance/ takaful operations liabilities	104,026	85,867	72,446
Total insurance/ takaful operations liabilities	1,308,184	1,177,753	1,092,977
Total insurance/ takaful operations liabilities and surplus (deficit)	1,308,184	1,177,753	1,092,977
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	21,632	24,365	0	12
Income tax payable	0	1,350	0	12
Accrued expenses payable, shareholders liabilities	6,704	5,319	25,883
Total shareholders liabilities	28,336	31,034	25,883
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	440,000	400,000	400,000	13
Share premium	30,108	30,108	30,108	13
Statutory reserve	31,722	31,722	5,976
Fair value reserve on investments, shareholders equity	-3,408	-17,354	-20,425
Retained earnings (accumulated losses)	152,008	126,888	85,221
Total equity attributable to equity holders of company	650,430	571,364	500,880
Total shareholders liabilities and equity	678,766	602,398	526,763
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	1,986,950	1,780,151	1,619,740

Start Date	2018-04-01	2017-04-01	2018-01-01	2017-01-01	Note No.
End Date	2018-06-30	2017-06-30	2018-06-30	2017-06-30
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	248,072	217,638	558,600	517,398	7.2
Excess of loss expense	2,580	2,423	5,161	4,547	7.2
Reinsurance/ retakaful premiums ceded	108,583	42,233	169,677	92,474	7.2
Net premiums/ contributions written	136,909	172,982	383,762	420,377
Changes in unearned premiums/ contributions	-68,447	-27,054	-24,634	29,522
Net premiums/ contributions earned	205,356	200,036	408,396	390,855
Reinsurance/ retakaful commissions	5,879	3,870	10,397	7,289
Investment income from insurance/ takaful operations, net	4,582	2,257	8,569	5,291
Fees and other income from insurance/ takaful operations	1,494	1,399	2,850	2,976
Total income from insurance/ takaful operations	217,311	207,562	430,212	406,411
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	124,207	133,419	253,841	267,816
Reinsurance/ retakaful share of gross claims/ benefits paid	2,623	5,673	7,646	19,731
Net claims/ benefits paid	121,584	127,746	246,195	248,085
Changes in outstanding claims/ benefits including IBNR	3,937	-4,268	1,359	-6,468
Changes in other technical reserves	0	0	1,999	377
Net claims/ benefits incurred	125,521	123,478	249,553	241,994
Policy acquisition costs	18,218	18,181	36,900	36,153
General and administrative expenses, insurance/ takaful operations	32,734	25,149	58,113	51,512
Other underwriting expenses	2,775	1,110	5,252	1,230
Realised gain (loss) on available-for-sale investments	0	0	606	0
Total cost and expenses	179,248	167,918	349,212	330,889
Surplus (deficit) for period from insurance/ takaful operations	38,063	39,644	81,000	75,522
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	38,063	39,644	81,000	75,522
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0	0	0
Policyholders share of accumulated surplus, at start of period	-3,736	-4,057	-7,938	-7,704	16
Policyholders share of accumulated surplus, at end of period	-3,736	-4,057	-7,938	-7,704

Start Date	2018-04-01	2017-04-01	2018-01-01	2017-01-01	Note No.
End Date	2018-06-30	2017-06-30	2018-06-30	2017-06-30
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	38,063	39,644	81,000	75,522
Income (loss) from continuing operations before zakat and income tax	38,063	39,644	81,000	75,522
Profit (loss) from continuing operations	38,063	39,644	81,000	75,522
Income (loss) from discontinued operations [abstract]
Profit (loss) from discontinued operations before zakat and income tax			-7,938	-7,704
Profit (loss) for the period	38,063	39,644	81,000	75,522
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	36,064.6925	37,562.69	76,747.5	71,557.095
Profit (loss), attributable to non-saudi shareholders of company	1,998.3075	2,081.31	4,252.5	3,964.905
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	0.78	0.81	1.66	1.54	15
Total basic earnings (loss) per share	0.78	0.81	1.66	1.54
Diluted earnings (loss) per share [abstract]
Diluted earnings (loss) per share from continuing operations	0.78	0.81	1.66	1.54
Total diluted earnings (loss) per share	0.78	0.81	1.66	1.54

Start Date	2018-04-01	2017-04-01	2018-01-01	2017-01-01
End Date	2018-06-30	2017-06-30	2018-06-30	2017-06-30
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0	0	0
Total comprehensive income (loss) for period	0	0	0	0

Start Date	2018-04-01	2017-04-01	2018-01-01	2017-01-01
End Date	2018-06-30	2017-06-30	2018-06-30	2017-06-30
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	38,063	39,644	81,000	75,522
Other comprehensive income [abstract]
Components of other comprehensive income that will be reclassified to profit or loss [abstract]
Available-for-sale financial assets [abstract]
Gains (losses) on remeasuring available-for-sale financial assets	6,684	3,537	13,946	4,074
Total other comprehensive income (loss), available-for-sale financial assets	6,684	3,537	13,946	4,074
Other comprehensive gains (losses) that will be reclassified to profit or loss	-3,736	-4,057	-7,938	-7,704
Total other comprehensive income (loss), that will be reclassified to profit or loss	2,948	-520	6,008	-3,630
Total other comprehensive income (loss)	2,948	-520	6,008	-3,630
Total comprehensive income (loss) for period	41,011	39,124	87,008	71,892
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	38,857.9225	37,069.99	82,440.08	68,117.67
Total comprehensive income (loss), attributable to non-saudi shareholders of company	2,153.0775	2,054.01	4,567.92	3,774.33

Start Date	2018-01-01	2017-01-01
End Date	2018-06-30	2017-06-30
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	0
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	2,180	1,692
Adjustments for employees end of service benefits	1,055	4,026
Adjustments for allowance for doubtful receivables	6,196	2,000
Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities	3,931	4,499
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	13,362	12,217
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-127,745	-26,149
Adjustments for decrease (increase) in prepayments and other assets	-7,960	18,668
Adjustments for increase (decrease) in outstanding claims including IBNR	-10,672	-7,870
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	90,213	37,516
Adjustments for increase (decrease) in accrued expenses and other liabilities	18,159	-2,515
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	12,031	-19,164
Adjustments for decrease (increase) in deferred policy acquisition costs	4,659	-1,534
Adjustments for decrease (increase) in unearned commission income	1,601	724
Adjustments for increase (decrease) in due to shareholders operations	8,558	-16,533
Adjustments for movement in gross unearned premiums/ contributions	1,276	4,509
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	-25,910	25,014
Adjustment for changes in other technical reserves	155	-193
Adjustment for changes in other reserves	1,844	570
Total changes in operating assets and liabilities	-33,791	13,043
Net cash flows from (used in) insurance/ takaful operations	-20,429	25,260
Net cash flows from (used in) operating activities, insurance/ takaful operations	-20,429	25,260
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Purchase of property and equipment, insurance/ takaful operations cash flow	2,407	1,504
Dividends received, insurance/ takaful operations cash flow	0	0
Other inflows (outflows) of cash classified as investing activities, insurance/ takaful operations cash flow	3,310	1,909
Net cash flows from (used in) investing activities, insurance/ takaful operations	903	405
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow	0	0
Net cash flows from (used in) financing activities, insurance/ takaful operations	0	0
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-19,526	25,665
Net increase (decrease) in cash and cash equivalents	-19,526	25,665
Cash and cash equivalents at beginning of period	289,505	594,418
Cash and cash equivalents at end of period	269,979	620,083

Start Date	2018-01-01	2017-01-01
End Date	2018-06-30	2017-06-30
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	81,000	75,522
Profit (loss) from discontinued operations before zakat and income tax	-7,938	-7,704
Net profit (loss) for period (before zakat expenses and income tax)	73,062	67,818
Adjustments to reconcile profit (loss) [abstract]
Other adjustments for non-cash items	-5,168	-2,086
Total adjustments to reconcile profit (loss)	-5,168	-2,086
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in due from insurance/ takaful operations	-8,558	16,533
Adjustments for increase (decrease) in other liabilities	930	2,675
Total changes in operating assets and liabilities	-7,628	19,208
Net cash flows from (used in) operations	60,266	84,940
Zakat expenses	12,025	9,940
Net cash flows from (used in) operating activities	48,241	75,000
Cash flows from (used in) investing activities [abstract]
Purchase of investments	30,000	0
Proceeds form Murabaha/ time deposits matured during the period	184,833	0
Dividends received	800	0
Other inflows (outflows) of cash	4,684	1,239
Net cash flows from (used in) investing activities	160,317	1,239
Cash flows from (used in) financing activities [abstract]
Other inflows (outflows) of cash	-4,000	0
Net cash flows from (used in) financing activities	-4,000	0
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	204,558	76,239
Net increase (decrease) in cash and cash equivalents	204,558	76,239
Cash and cash equivalents at beginning of period	20,414	289,937
Cash and cash equivalents at end of period	224,972	366,176

Walaa Cooperative Insurance Company (a Joint Stock Company incorporated in Kingdom of Saudi Arabia), “the Company”, was formed pursuant to Royal Decree No. (S/114) dated 02/05/1428H. The Company operates under Commercial Registration no. 2051034982 dated 19 Jumada II 1428H corresponding to July 4, 2007. The registered address of the Company's head office is as follows:

Walaa Cooperative Insurance Company

Head Office

Custodian of Two Holy Mosques Road

P.O. Box 31616

Al-Khobar 31952, Saudi Arabia

The purpose of the Company is to transact cooperative insurance operations and all related activities including reinsurance and agency activities. Its principal lines of business include medical, motor, marine, fire, engineering, energy, aviation and casualty insurance.

On 2 Jumada II 1424H, corresponding to 31 July 2003, the Law on the Supervision of Cooperative Insurance Companies (“Insurance Law”) was promulgated by Royal Decree Number (M/32). On 28 Jumada II 1429H corresponding to July 2, 2008, the Saudi Arabian Monetary Authority (“SAMA”), as the principal authority responsible for the application and administration of the Insurance Law and its Implementing Regulations, granted the Company a license number (TMN/16/2008) to transact insurance activities in the Kingdom of Saudi Arabia.

The Board of Directors approved the distribution of the surplus from insurance operations in accordance with the Implementing Regulations issued by SAMA, whereby the shareholders of the Company are to receive 90% of the annual surplus from insurance operations and the policyholders are to receive the remaining 10%. Any deficit arising on insurance operations is transferred to the shareholders’ operations in full.

The General Assembly approved 10% bonus share during the period, as a result the share capital of the Company has increased from SR 400 million to SR 440 million (refer note 13). However, the Company is in the process of updating its Commercial Registration and Articles of Association.

Subsequent to the reporting period, the company obtained Saudi Arabian Monetary Authority letter No.6813/41 dated 03/07/2018 approving the opening of 47 points of sales located around the Kingdom. In relation with the opening of these new sales points, the Company has signed a memorandum of understanding with a local entity to source trained staff and assist in identifying favorable locations to expand the Company’s retail branch network.

Proposed merger

The Board of Directors in their meeting held on 18 April 2018 approved the start of the initial understanding with Al-Sagr Cooperative Insurance Company (“Al-Sagr) to study the economic feasibility of the merger of the two companies. On 26April 2018, Company signed a non-binding memorandum of understanding (“MOU”) with Al-Sagr to conduct the technical, financial and legal due diligence and continue non-binding discussions on terms and conditions of the proposed merger. The MOU will end when the two companies sign the merger agreement or after six months from the date of the MOU. Further, both companies are eligible to end MOU only by written notice to other party. However, this merger process would be subject to regulatory approvals of the competent regulatory authorities in the Kingdom of Saudi Arabia and General Assemblies of both companies.

Disclosure of basis of preparation of financial statements [text block]

2. Basis of preparation

(a) Basis of presentation

The interim condensed financial information of the Company has been prepared in accordance with ‘International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as modified by SAMA for the accounting of Zakat and income tax’, which requires, adoption of all IFRSs as issued by the International Accounting Standards Board (“IASB”) except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax. As per the SAMA Circular no. 381000074519 dated April 11, 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), the zakat and income tax are to be accrued on a quarterly basis through shareholders’ equity under retained earnings.

The interim condensed financial information is prepared under the going concern basis and the historical cost convention, except for the measurement at fair value of available-for-sale investments. The Company’s interim condensed statement of financial position is not presented using a current/non-current classification. However, the Company’s interim condensed statement of financial position is presented in order of liquidity. Except for property and equipment, intangible assets, statutory deposit, accrued income on statutory deposit, end-of-service benefits and accrued commission income payable to SAMA, all other assets and liabilities are of short-term nature, unless, stated otherwise.

As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the financial information accordingly. Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors (refer supplementary information).

The interim condensed statement of financial position, statements of income and statement of comprehensive income and cash flows of the insurance operations and shareholders’ operations which are presented on pages 23 to 32 of the financial information have been provided as supplementary financial information and to comply with the requirements of the guidelines issued by SAMA implementing regulations. SAMA implementing regulations require the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders’ operations. Accordingly, the interim condensed statements of financial position, statements of income, comprehensive income and cash flows prepared for the insurance operations and shareholders operations as referred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of the respective operations.

In preparing the Company-level financial information in compliance with IFRS, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperation balances, transactions and unrealised gains or losses, if any, are eliminated in full during amalgamation. The accounting policies adopted for the insurance operations and shareholders’ operations are uniform for like transactions and events in similar circumstances.

The inclusion of separate information of the insurance operations with the financial information of the Company in the interim condensed statement of financial position, the statement of income, statement of comprehensive income, cash flows as well as certain relevant notes to the financial information represents additional supplementary information as required by the implementing regulations.

The interim condensed financial information does not include all of the information required for full annual financial information and should be read in conjunction with the annual financial information as of and for the year ended December 31, 2017.

This interim condensed financial information is expressed in Saudi Arabian Riyals (SAR) and are rounded off to the nearest thousands.

(b) Critical accounting judgments, estimates and assumptions

The preparation of condensed interim financial information 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 condensed financial information, 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 information as at and for the year ended December 31, 2017.

(c) Seasonality of operations

There are no seasonal changes that may affect insurance operations of the Company.

1. Significant accounting policies

The accounting policies, estimates and assumptions used in the preparation of these interim condensed financial information are consistent with those used in the preparation of the annual financial information for the year ended December 31, 2017 except as explained below:

a) New International Financial Reporting Standards (IFRS), International Financial Reporting and Interpretations Committee’s interpretations (IFRIC) and amendments thereof, adopted by the Company

IFRS 15 – “Revenue from Contracts with Customers” applicable from 1 January 2018 presents a five-step model to determine when to recognize revenue, and at what amount. The application of this standard could have a significant impact on how and when revenue is recognized (except for contracts that are within the scope of the Standards on lease insurance contracts and financial instruments), with new estimates and judgments, and the possibility of revenue recognition being accelerated or deferred. The application of this new standard has no material impact on the Company’s interim condensed financial information.

Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2) effective for annual period on or after January 1, 2018.

Transfers of Investment Property (Amendments to IAS 40) effective for annual period on or after January 1, 2018.

Annual Improvements to IFRSs 2014–2016 Cycle – various standards (Amendments to IFRS 1 and IAS 28) effective for annual period on or after January 1, 2018.

IFRIC 22 Foreign Currency Transactions and Advance Consideration effective for annual period on or after January 1, 2018.

b) Standards, interpretations and amendments to published standards that will be effective for the periods commencing after January 1, 2019 and have not been early adopted by the Company

The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s interim condensed financial information are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.

The Company’s management decided not to choose the early adoption of the following new and amended standards and interpretations issued which will become effective for the period commencing after January 1, 2019;

b) Standards, interpretations and amendments to published standards that will be effective for the periods commencing after January 1, 2019 and have not been early adopted by the Company (continued)

The implementation of IFRS 9 is expected to result in a significant portion of financial assets currently classified as available-for-sale being re-classified as at fair value through profit or loss or fair value through other comprehensive income (OCI). Credit allowances for financial assets carried at amortized cost and debt securities measured at fair value, with changes in fair value recognized in OCI, are expected to increase due to the introduction of the expected credit loss methodology. The Company will avail of the exemptions available to insurers and is considering deferring the implementation of IFRS 9 until a later date, but no later than January 1, 2021. The impact of the adoption of IFRS 9 on the Company’s financial information will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. At the date of publication of these financial information, it was not practicable to quantify what the potential impact would be on the financial statements once IFRS 9 will be adopted.

IFRS 16 – “Leases”, applicable for the period beginning on or after 1 January 2019. The new standard eliminates the current dual accounting model for lessees under IAS 17, which distinguishes between on-balance sheet finance leases and off-balance sheet operating leases. Instead, IFRS 16 proposes on-balance sheet accounting model. The management believes that the adoption of IFRS 16 will not have a material impact on the Company’s financial information.

IFRS 17 ‘Insurance contracts’ was published on May 18, 2017 with the effective date of 1 January 2021. IFRS 17 provides comprehensive guidance on accounting for insurance contracts and investment contracts with discretionary participation features. For non-life and short-term life insurance contracts IFRS 17 introduces mandatory discounting of loss reserves as well as a risk adjustment for non-financial risk, for which confidence level equivalent disclosure will be required. Further, IFRS 17 will change the presentation of insurance contract revenue, as gross premium written will no longer be presented in profit or loss. At the date of publication of these financial information, it was not practicable to quantify what the potential impact would be on the financial information once IFRS 17 will be adopted.

IFRIC 23 Uncertainty over Income Tax Treatments effective for annual period on or after January 1, 2019.

Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) effective for annual period on or after January 1, 2019.

Plan Amendments, Curtailment or Settlement (Amendments to IAS 19) effective for annual period on or after January 1, 2019.

Annual Improvements to IFRSs 2015–2017 Cycle (Amendments to IFRS 3, IFRS 11, IAS 12 and IAS 23) effective for annual period on or after January 1, 2019.

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) available for early adoption /effective date deferred indefinitely.

Disclosure of summary of significant accounting policies [abstract]

Description of accounting policy for cash and cash equivalents [text block]

4. Cash and cash equivalents

Cash and cash equivalents included in the statement of cash flows comprise the following:

	Insurance operations
	June 30, 2018	December 31, 2017
	(Unaudited)	(Audited)

Bank balances and cash	269,979	289,505

	Shareholders’ operations
	June 30, 2018	December 31, 2017
	(Unaudited)	(Audited)

Bank balances	20,517	20,414
Deposits maturing within 3 months from the acquisition date	204,455	-
Total	224,972	20,414

Description of accounting policy for premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block]

5. Premiums and reinsurers’ receivable - net

Receivables comprise of amounts due from the following:

	June 30, 2018	December 31, 2017
	(Unaudited)	(Audited)
Policyholders	79,621	52,626
Brokers and agents	192,744	105,878
Related parties (note 11)	1,705	235
Receivables from reinsurers	1,462	1,447
	275,532	160,186
Provision for doubtful receivables	(39,041)	(32,845)
Premiums and reinsurers’ receivable – net	236,491	127,341

Disclosure of notes forming part of accounts [abstract]

Disclosure of investments [text block]

6. Investments

Investments are classified as follows:

	Shareholders’ operations
	June 30, 2018	December 31, 2017
	(Unaudited)	(Audited)

Available for sale investments	140,519	96,767

Movement in the investment balance is as follows:

	Shareholders’ operations
	June 30, 2018	December 31, 2017
	(Unaudited)	(Audited)
Opening balance	96,767	109,622
Purchase	30,000	-
Adjustment/ disposals	(194)	(14,595)
Changes in fair value of investments, net	13,946	1,740
Closing balance	140,519	96,767

Available-for-sale investments include the following:

	Shareholders’ operations
	June 30, 2018	December 31, 2017
	(Unaudited)	(Audited)
Quoted securities	117,396	73,644
Unquoted securities	23,123	23,123
	140,519	96,767

Disclosure of due from related parties [text block]

11.Related party transactions and balances

Related parties represent major shareholders, directors and key management personnel of the Company, and companies of which they are principal owners and any other entities controlled, jointly controlled or significantly influenced by them. Pricing policies and terms of these transactions are approved by the Company’s management and Board of Directors. The following are the details of the major related party transactions during the period and the related balances:

	Transactions for the period ended		Balance receivable / (payable) as at
	June 30, 2018	June 30, 2017	June 30, 2018	December 31, 2017
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)

Entities controlled, jointly controlled or significantly influenced by related parties
Insurance premium written	2,686	3,520	-	-
Claims paid	898	941	-	-
Receivable / (payable), net	-	-	1,705	222
Outstanding claims	-	-	178	233

The compensation of key management personnel during the period is as follows:

	June 30, 2018 (Unaudited)	June 30, 2017 (Unaudited)

Salaries and other allowances	2,338	1,882
End of service indemnities	418	409
	2,756	2,291

Remuneration to those charged with governance	2,947	3,000

Disclosure of zakat [text block]

12. Zakat and income tax

Status of assessments

The Company had filed Zakat and income tax returns with the General Authority of Zakat and Tax (“GAZT”) up to the year ended 31 December 2017 and obtained the required certificate from GAZT that is valid up to April 30, 2019.

Provision for zakat and income tax

Provision for zakat has been made at 2.5% of the higher of approximate zakat base and adjusted net income attributable to the Saudi shareholders of the Company.

Income tax is payable at 20% of the adjusted net income attributable to the foreign shareholders of the Company.

Shareholding subject to zakat and income tax

The following is the shareholding percentage for computation as at the end of the period/year:

June 30, 2018

December 31,

2017

Shareholding subject to zakat

100

94.75

Shareholding subject to income tax

5.25

Disclosure of classes of share capital [text block]

13. Share capital

The authorized, issued and paid up capital of the Company was SAR440 million at June 30, 2018 (December 31, 2017: SAR400 million) consisting of 44 million shares (December 31, 2017: 40 million shares) of SAR10 each.

In the year 2015, the Company had increased its share capital from SAR 200 million to SAR 400 million, by issuing 20 million right shares to its existing shareholders, which were offered at an exercise price of SAR 12 per share. This resulted in a share premium less issuance cost amounting to SAR 30.1 million.

The Company’s Board of Directors in their meeting held on October 29, 2017 corresponding to 9 Safar 1439H recommended to Extraordinary General Assembly Meeting to increase share capital of the Company by issuing 4 million bonus shares which was approved by Extraordinary General Assembly on May 29, 2018 corresponding to 14 Ramadan 1439H. The Capital Market Authority in its resolution dated April 18, 2018 approved this increase in capital by issuing bonus shares.

Shareholding structure of the Company is as below.

	June 30, 2018
	Authorized and issued		Paid up
	No. of Shares “000”	SAR “000”
International General Insurance Company	2,310	23,100	23,100
Others	41,690	416,900	416,900
Total	44,000	440,000	440,000

	December 31, 2017
	Authorized and issued		Paid up
	No. of Shares “000”	SAR “000”
International General Insurance Company	2,100	21,000	21,000
Others	37,900	379,000	379,000
Total	40,000	400,000	400,000

14. Capital management

Objectives are set by the Company to maintain healthy capital ratios in order to support its business objectives and maximize shareholders’ value.

The Company manages its capital requirements by assessing shortfalls between reported and required capital levels on a regular basis. Adjustments to current capital levels are made in light of changes in market conditions and risk characteristics of the Company’s activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders or issue shares.

In the opinion of the Board of Directors, the Company has fully complied with the externally imposed capital requirements during the reported financial period.

Disclosure of technical reserve for insurance/takaful/reinsurance/retakaful operations [text block]

7. Technical reserves

7.1 Net outstanding claims and reserves

Net outstanding claims and reserves comprise of the following:

	June 30, 2018	December 31, 2017
	(Unaudited)	(Audited)
Outstanding claims	191,645	160,619
Less: Realizable value of salvage and subrogation	(9,500)	-
	182,145	160,619
Claims incurred but not reported	246,409	255,904
Premium deficiency reserve	5,041	3,197
Other technical reserves	5,471	5,316
	439,066	425,036
Less:
- Reinsurers’ share of outstanding claims	119,662	110,606
- Reinsurers’ share of claims incurred but not reported	43,722	42,106
	163,384	152,712
Net outstanding claims and reserves	275,682	272,324

7.2 Movement in unearned premiums

Movement in unearned premiums comprise of the following:

	June 30, 2018 (Unaudited)
	Gross	Reinsurance	Net

Balance as at the beginning of the period	538,493	(130,247)	408,246
Premiums written during the period	558,600	(174,838)	383,762
Premiums earned during the period	(557,324)	148,928	(408,396)
Balance as at the end of the period	539,769	(156,157)	383,612

	December 31, 2017 (Audited)
	Gross	Reinsurance	Net

Balance as at the beginning of the year	495,320	(136,568)	358,752
Premiums written during the year	1,102,332	(260,744)	841,588
Premiums earned during the year	(1,059,159)	267,065	(792,094)
Balance as at the end of the year	538,493	(130,247)	408,246

Disclosure of earnings per share [text block]

15. Earnings per share (“EPS”)

Basic and diluted earnings per share from shareholders' income is calculated by dividing net income for the period by weighted average number of ordinary shares outstanding during the period. The Company has issued 4 million bonus shares during the current period as a result, the basic and diluted EPS of the Company for the three and six months period ended June 30, 2017 has been restated.

Disclosure of commitments and contingencies, general [text block]

8. Commitments and Contingencies

The Company’s commitments and contingencies are as follows:

	June 30, 2018	December 31, 2017
	(Unaudited)	(Audited)
Letters of guarantee	6,199	6,089

The Company is subject to legal proceedings in the ordinary course of business. There was no change in the status of legal proceedings as disclosed at December 31, 2017.

Disclosure of fair value of financial assets and liabilities [text block]

9. Fair values of financial instruments

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 liability

The 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 hierarchy

The 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; and

Level 3: valuation techniques for which any significant input is not based on observable market data.

a. Carrying amounts and fair value

The following table shows the carrying amount and fair values of financial assets 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 since the carrying amount is a reasonable approximation to fair value.

Shareholders’ Operations		Fair value
	Carrying value	Level 1	Level 2	Level 3	Total

June 30, 2018 (Unaudited)

Financial assets measured at fair value

- Available for sale investments	140,519	117,396	-	23,123	140,519
	140,519	117,396	-	23,123	140,519

Shareholders’ Operations		Fair value
	Carrying value	Level 1	Level 2	Level 3	Total

December 31, 2017 (Audited)

Financial assets measured at fair value

- Available for sale investments	96,767	73,644	-	23,123	96,767
	96,767	73,644	-	23,123	96,767

b. Measurement of fair values

The Company has investments amounting to SR 23 million in unquoted securities. These investments have not been measured at fair value because of unavailability of quoted prices of comparable companies and other financial information to compute EBITDA of these investee companies. However, the management believes that there is no major difference between the carrying values and fair values of these investments.

Transfer between the Levels

During the period, there were no transfers into or out of each level.

Disclosure of comparative figures [text block]

17. Comparative figures

Certain prior period figures have been reclassified to conform to current period presentation.

Disclosure of board of director's approval of the financial statements [text block]

18. Approval of the interim condensed financial information

The interim condensed financial information has been approved by the Board of Directors, on 26 July 2018G corresponding to 13 DhuAl-Qa’dah 1439H.

[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