	English [member]
Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
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 1
Reporting period start date	2019-01-01	2018-01-01
Reporting period end date	2019-03-31	2018-03-31
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	Thousands

	English [member]
Start Date	2019-01-01
End Date	2019-03-31
Auditors report [line items]
Disclosures of auditors report [text block]	We have reviewed the accompanying interim condensed statement of financial position of Walaa Cooperative Insurance Company (A Saudi Joint Stock Company) as at March 31, 2019, the interim condensed statements of income and comprehensive income, changes in equity and cash flows for the three months period then ended, and the related notes which form integral part of these interim condensed financial statements.
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 March 31, 2019 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	2019-05-15

Start Date	2019-01-01	2018-01-01	2018-01-01	Note No.
End Date	2019-03-31	2018-12-31	2018-03-31
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	15,371	9,415	9,317	8
Due from related parties, insurance/ takaful operations assets	0	0
Deferred policy acquisition costs	22,429	23,570	38,180
Reinsurers/ retakaful share of unearned premiums/ contributions	176,672	195,562	127,339	7.2
Prepayments and other assets, insurance/ takaful operations assets	34,120	34,083	31,272
Premiums/ insurance receivables/takaful contributions receivable, net	200,332	202,416	207,170	5
Reinsurers/ retakaful share of outstanding claims/ benefits, net	107,193	124,638	118,184	7.1
Time (Murabaha) deposits, insurance/ takaful operations assets	175,000	0	400,000
Cash and cash equivalents, insurance/ takaful operations assets	477,163	654,006	292,477	4
Accrued commission income	1,409	1,752	1,141
Reinsurers/ retakaful share of mathematical reserves	37,823	41,538	43,722	7.1
Other assets, insurance/ takaful operations assets	1,516	1,334	753
Total insurance/ takaful operations assets	1,249,028	1,288,314	1,269,555
Shareholders assets [abstract]
Property and equipment, net, shareholders assets	0	0
Investment properties, shareholders assets	229,905	162,876	103,835	6
Intangible assets	0	0	0
Statutory deposit	44,000	44,000	40,000
Time (Murabaha) deposits, shareholders assets	0	0	442,004
Accrued investment income	7,849	6,948	5,393
Available-for-sale investments, shareholders assets	0	0	0
Due from insurance/ takaful operations assets	8,069	26,507	38,460
Cash and cash equivalents, shareholders assets	450,732	468,323	20,400	4
Other assets, shareholders assets	0	0	0
Total shareholders assets	740,555	708,654	650,092
Total assets	1,989,583	1,996,968	1,919,647
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	552,965	536,608	579,398	7.2
Unearned commission income	12,784	12,443	10,859
Employees end of service benefits, insurance/ takaful operations liabilities	13,233	12,406	11,228
Surplus distribution payable	15,014	13,495	22,858
Technical reserve for insurance/takaful operations	7,634	8,525	5,041	7.1
Due to shareholders operations	8,069	26,507	38,460
Reinsurers/ retakaful balance payable	159,064	140,897	79,397
Gross outstanding claims/ benefits including IBNR payable	345,630	379,264	423,139	7.1
Other technical reserves	23,862	26,379	5,471	7.1
Accrued expenses payable, insurance/ takaful operations liabilities	110,773	131,790	93,704	9
Total insurance/ takaful operations liabilities	1,249,028	1,288,314	1,269,555
Total insurance/ takaful operations liabilities and surplus (deficit)	1,249,028	1,288,314	1,269,555
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	30,891.3425	27,034.07	28,127.485
Income tax payable	1,711.6575	1,497.93	1,558.515
Accrued expenses payable, shareholders liabilities	3,901	5,036	7,016	9
Other liabilities, shareholders liabilities	4,571	4,263	0
Total shareholders liabilities	41,075	37,831	36,702
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	440,000	440,000	400,000	15
Share premium	30,108	30,108	30,108	15
Statutory reserve	48,827	48,827	31,722
Fair value reserve on investments, shareholders equity	13,986	-3,418	-10,092
Retained earnings (accumulated losses)	166,559	155,306	161,652
Total equity attributable to equity holders of company	699,480	670,823	613,390
Total shareholders liabilities and equity	740,555	708,654	650,092
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	1,989,583	1,996,968	1,919,647

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-03-31	2018-03-31
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	275,643	310,528	18, 7.2
Excess of loss expense	2,017	2,581	7.2
Reinsurance/ retakaful premiums ceded	63,400	61,094	7.2
Net premiums/ contributions written	210,226	246,853
Changes in unearned premiums/ contributions	16,357	40,905
Reinsurance/ retakaful share of unearned premiums/ contributions	18,890	2,908
Net premiums/ contributions earned	174,979	203,040	7.2
Reinsurance/ retakaful commissions	5,338	4,518
Investment income from insurance/ takaful operations, net	6,576	4,593
Fees and other income from insurance/ takaful operations	463	1,356
Total income from insurance/ takaful operations	187,356	213,507
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	141,087	119,878
Reinsurance/ retakaful share of gross claims/ benefits paid	8,171	-4,733
Net claims/ benefits paid	132,916	124,611
Changes in outstanding claims/ benefits including IBNR	-29,919	5,000
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	17,445	-7,578
Changes in other technical reserves	-3,408	1,999
Net claims/ benefits incurred	117,034	124,032
Policy acquisition costs	13,333	18,682
General and administrative expenses, insurance/ takaful operations	36,362	25,379
Other underwriting expenses	3,784	2,477
Total cost and expenses	170,513	170,570
Surplus (deficit) for period from insurance/ takaful operations	16,843	42,937
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	16,843	42,937
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0
Policyholders share of accumulated surplus, at start of period	-1,519	-4,202	19
Policyholders share of accumulated surplus, at end of period	-1,519	-4,202

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-03-31	2018-03-31
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	16,843	42,937
Expenses [abstract]
Other expenses	1,519	4,202
Total expenses	1,519	4,202
Income (loss) from continuing operations before zakat and income tax	15,324	38,735
Income tax on continuing operations for period	-1,519	-4,202
Profit (loss) from continuing operations	16,843	42,937
Profit (loss) for the period	16,843	42,937
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	15,958.7425	40,682.8075
Profit (loss), attributable to non-saudi shareholders of company	884.2575	2,254.1925
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	0.35	0.88	17
Total basic earnings (loss) per share	0.35	0.88

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
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

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-03-31	2018-03-31
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	16,843	42,937
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	17,404	7,262	6
Total other comprehensive income (loss), available-for-sale financial assets	17,404	7,262
Other comprehensive gains (losses) that will be reclassified to profit or loss	-1,519	-4,202
Total other comprehensive income (loss), that will be reclassified to profit or loss	15,885	3,060
Total other comprehensive income (loss)	15,885	3,060
Total comprehensive income (loss) for period	32,728	45,997
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	31,009.78	43,582.1575
Total comprehensive income (loss), attributable to non-saudi shareholders of company	1,718.22	2,414.8425

Start Date	2019-01-01	2018-01-01	Note No.
End Date	2019-03-31	2018-03-31
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	1,673	1,153
Adjustments for employees end of service benefits	827	623
Adjustments for allowance for doubtful receivables	6,227	0
Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities	-1,528	2,298
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	7,199	4,074
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-4,143	-83,571
Adjustments for decrease (increase) in prepayments and other assets	-37	-2,881
Adjustments for increase (decrease) in outstanding claims including IBNR	-33,634	6,616
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	18,167	17,606
Adjustments for increase (decrease) in accrued expenses and other liabilities	-20,947	-820
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	21,160	-9,194
Adjustments for decrease (increase) in deferred policy acquisition costs	1,141	-1,162
Adjustments for decrease (increase) in unearned commission income	341	1,017
Adjustments for movement in gross unearned premiums/ contributions	16,357	40,905
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	18,890	2,908
Adjustment for changes in other technical reserves	-3,408	1,999
Total changes in operating assets and liabilities	13,887	-26,577
Net cash flows from (used in) insurance/ takaful operations	21,086	-22,503
Net cash flows from (used in) operating activities, insurance/ takaful operations	21,086	-22,503
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Time (Murabaha) deposits, insurance/ takaful operations cash flow	-175,000	0
Purchase of property and equipment, insurance/ takaful operations cash flow	7,510	1,415
Dividends received, insurance/ takaful operations cash flow	0	0
Other inflows (outflows) of cash classified as investing activities, insurance/ takaful operations cash flow	3,089	3,494
Net cash flows from (used in) investing activities, insurance/ takaful operations	-179,421	2,079
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for decrease (increase) in due from shareholders operations	-18,438	23,396
Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow	-70	0
Net cash flows from (used in) financing activities, insurance/ takaful operations	-18,508	23,396
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-176,843	2,972
Net increase (decrease) in cash and cash equivalents	-176,843	2,972
Cash and cash equivalents at beginning of period	654,006	289,505	4
Cash and cash equivalents at end of period	477,163	292,477	4

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
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	15,324	38,735
Net profit (loss) for period (before zakat expenses and income tax)	15,324	38,735
Adjustments to reconcile profit (loss) [abstract]
Other adjustments for non-cash items	-3,529	-2,689
Total adjustments to reconcile profit (loss)	-3,529	-2,689
Changes in operating assets and liabilities [abstract]
Adjustments for increase (decrease) in other liabilities	-1,135	1,472
Total changes in operating assets and liabilities	-1,135	1,472
Net cash flows from (used in) operations	10,660	37,518
Net cash flows from (used in) operating activities	10,660	37,518
Cash flows from (used in) investing activities [abstract]
Purchase of investments	49,625	0
Purchase of term deposits investments	0	17,171
Other inflows (outflows) of cash	2,936	3,035
Net cash flows from (used in) investing activities	-46,689	-14,136
Cash flows from (used in) financing activities [abstract]
Due to reinsurance/ retakaful operations	-18,438	23,396
Net cash flows from (used in) financing activities	18,438	-23,396
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-17,591	-14
Net increase (decrease) in cash and cash equivalents	-17,591	-14
Cash and cash equivalents at beginning of period	468,323	20,414
Cash and cash equivalents at end of period	450,732	20,400

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 Jumada II 19, 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 Jumada II 2, 1424H, corresponding to July 31, 2003, the Law on the Supervision of Cooperative Insurance Companies (“Insurance Law”) was promulgated by Royal Decree Number (M/32). On Jumada II, 28 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.

Disclosure of statement of compliance [text block]

1. Basis of preparation

(a) Statement of compliance

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, 2018 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.

Disclosure of new standards and amendments in standards [text block]

(b) Basis of presentation

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, investment held to maturity, 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, statement of comprehensive income and cash flows of the insurance operations and shareholders’ operations which are presented on pages 24 to 30 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. 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, 2018.

The accounting policies, estimates and assumptions used in the preparation of these interim condensed financial statements are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2018 except for the adoption of the new standard explained in note 3.

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

Disclosure of critical accounting judgements, estimates and assumptions, general [text block]

(c) 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 the 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, 2018.

(d) Seasonality of operations

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

Disclosure of summary of significant accounting policies [abstract]

Disclosure of summary of significant accounting policies, general comment [text block]

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, 2018 except for the change in the accounting policy as explained below:

Previously, under IAS 17, at inception of an arrangement, the Company determined whether such an arrangement was or contained a lease. A specific asset was the subject of a lease if fulfilment of the arrangement was dependent on the use of that specified asset. An arrangement conveyed the right to use the asset if the arrangement conveyed to the Company the right to control the use of the underlying asset.

At inception or on reassessment of the arrangement, the Company separated payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If the Company concluded for a finance lease that it is impracticable to separate the payments reliably, an asset and a liability were recognized at an amount equal to the fair value of the underlying asset. Subsequently, the liability was reduced as payments were made and an imputed finance charge on the liability was recognized using the Company’s incremental borrowing rate.

IFRS 16 changes fundamentally the accounting for leases by lessees. It eliminates the previous IAS 17 dual accounting model, which distinguished between on-balance sheet finance leases and off-balance sheet operating leases and, instead, introduces a single, on-balance sheet accounting model that is similar to current finance lease accounting as follows:

Right of Use Asset / Lease Liabilities

On initial recognition, at inception of the contract, the Company shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is identified if most of the benefits are flowing to the Company and the Company can direct the usage of such assets.

Right of Use Assets

The Company apply the model, and measures the right of use assets at cost;

a) less any accumulated depreciation and any accumulated impairment losses; and

b) adjusted for any re-measurement of the lease liability for lease modifications

Lease Liabilities

On initial recognition, the lease liability is the present value of all remaining payments to the lessor.

After the commencement date, the Company measure the lease liability by:

1. Increasing the carrying amount to reflect interest on the lease liability;

2. Reducing the carrying amount to reflect the lease payments made; and

3. Re-measuring the carrying amount to reflect any re-assessment or lease modification.

Description of changes in accounting policy [text block]

Impact of changes in accounting policies due to adoption of new standard

Effective from January 1, 2019 the Company has adopted new accounting standard. The impact of the adoption of this standard is explained below:

IFRS 16 Leases

The Company adopted IFRS 16 ‘Leases’ which replaced the existing guidance on leases, including IAS 17 “Leases”, IFRIC 4 ‘Determining whether an Arrangement contains a Lease”, SIC 15 “Operating Leases – Incentives” and SIC 27 “Evaluating the Substance of Transactions in the Legal Form of a Lease”.

Impacts on transition

The Company has opted for the modified retrospective application permitted by IFRS 16 upon the adoption of the new standard. During the first-time application of IFRS 16 to operating leases, the right to use the leased assets was measured at the amount of the lease liability, using the interest rate at the time of the first-time application. The adjustments as of January 1, 2019 are as follows:

	2019
Right-of-use assets	7,204
Lease liabilities	7,204

Below is a reconciliation of the opening and closing balances of lease liabilities.

	2019
Opening balance to lease liabilities recognized upon the initial transition to IFRS 16	7,204
Interest charged for the period	50
Prepayment	(1,380)
Payments of lease liabilities	(70)
Closing balance	5,804

When measuring lease liabilities for leases that were classified as operating leases, the Company discounted the lease payments using their incremental borrowing rate.

Right of use assets are measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments.

The Company used the following practical expedients when applying IFRS16 to leases previously classified as operating leases under IAS17:

Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease terms or leases with a low value of less than SAR 18,750.

Excluded initial direct costs from measuring the right of use asset at the date of initial application.

Used hindsight when determining the lease terms if the contract contains options to extend or terminate the lease.

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

IFRIC 23 Uncertainty over Income Tax Treatments.

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

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

a) Forthcoming requirements

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

Amendment to references to conceptual framework in IFRS standards effective for annual year on or after January 1, 2020.

Definition of a Business (Amendment to IFRS 3) effective for annual year on or after January 1, 2020.

Definition of material (Amendment to IAS 1 and IAS 8) effective for annual year on or after January 1, 2020.

IFRS 17 ‘Insurance contracts’ was published on May 18, 2017 with the effective date of January 1, 2022. 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.

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

b) IFRS 9:

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 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, 2022. 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.

Disclosure of notes forming part of accounts [abstract]

Disclosure of property and equipment [text block]

1. Property and equipment, net

	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)

Property and equipment	8,909	9,415
Right of use assets (8.1)	6,462	-
	15,371	9,415

8.1 Depreciation charges on right of use assets amounted to SAR 0.74 million

Disclosure of investments [text block]

1. Investments

Investments are classified as follows:

	Shareholders’ operations
	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)

Available for sale investments	180,280	162,876
Held to maturity	49,625	-
	229,905	162,876

Movement in available for sale investments is as follows:

	Shareholders’ operations
	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)
Opening balance	162,876	96,767
Purchase	-	60,000
Adjustment / disposals	-	(194)
Changes in fair value of investments, net	17,404	6,303
Closing balance	180,280	162,876

Available for sale investments include the following:

	Shareholders’ operations
	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)
Quoted securities	157,157	139,753
Unquoted securities	23,123	23,123
	180,280	162,876

Movement in held to maturity investments is as follows:

	Shareholders’ operations
	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)
Opening balance	-	-
Purchase	49,625	-
Disposals	-	-
Closing balance	49,625	-

Investments is sukuks are classified as investments held to maturity and measured at amortized cost. Investments in held to maturity are those investments, which have fixed or determined payments and the Company has the positive intention and ability to hold to maturity, are classified under this category.

Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block]

1. Premiums and reinsurers’ receivable - net

Receivables comprise of amounts due from the following:

	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)
Policyholders	79,302	58,069
Brokers and agents	170,207	187,434
Related parties (note 11)	955	575
Receivables from reinsurers	1,545	1,788
	252,009	247,866
Provision for doubtful receivables	(51,677)	(45,450)
Premiums and reinsurers’ receivable – net	200,332	202,416

Disclosure of cash and cash equivalents [text block]

1. Cash and cash equivalents

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

	Insurance operations
	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)
Cash and bank balances	267,163	222,652
Deposits maturing within 3 months from the acquisition date	210,000	431,354
Total	477,163	654,006

	Shareholders’ operations
	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)
Bank balances	-	20,624
Deposits maturing within 3 months from the acquisition date	450,732	447,699
Total	450,732	468,323

Total cash and cash equivalents

927,895

1,122,329

Disclosure of accrued expenses and other liabilities [text block]

1. Accrued and other liabilities

	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)

Accrued and other liabilities	92,279	120,114
Lease rentals	5,804	-
	98,083	120,114

Maturity analysis of lease rentals is as follows:

	March 31, 2019
	(Unaudited)

Payable within one year	3,398
Payable more than one year but less than five years	2,406
	5,804

Disclosure of zakat [text block]

1. 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.

During the period, the Company has received an assessment order for the year 2016 for an additional zakat and tax liability amounting to SR 20 million. The management of the Company is reviewing the assessment letter in order to respond in the specified time period and is confident that the additional liability would be adjusted significantly in favour of the Company and accordingly no provision has been made by the Company.

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:

March 31, 2019

December 31,

2018

Shareholding subject to zakat

94.75

94.75

Shareholding subject to income tax

5.25

5.25

Disclosure of classes of share capital [text block]

1. Share capital

The authorized, issued and paid up capital of the Company was SAR440 million at March 31, 2019 and December 31, 2018 consisting of 44 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.

In the year 2018, the Company has increased its share capital from SAR 400 million to SAR 440 million by issuing 4 million bonus shares.

Subsequent to the quarter ended March 31, 2019, the Board of Directors has recommended, on April 8, 2019 corresponding to 3 Sha’aban 1440H, the distribution of 10% dividends for the year 2018 and increase of share capital by 20% by issuing of 8.8 million bonus shares to the shareholders. However, the distribution of dividends and issuance of bonus shares would be subject to approval by General Assembly and the regulatory authorities.

Shareholding structure of the Company is as below.

	March 31, 2019 & December 31, 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

Disclosure of fair value reserve on investments [text block]

1. 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
March 31, 2019 (Unaudited)

Financial assets measured at fair value
- Available for sale investments
- Quoted securities	157,157	157,157	-	-	157,157
- Held to maturity - Sukuk	49,625	-	49,853	-	49,853
	206,782	157,157	49,853	-	207,010

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

December 31, 2018 (Audited)

Financial assets measured at fair value
- Available for sale investments
- Quoted securities	139,753	139,753	-	-	139,753
	139,753	139,753	-	-	139,753

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 values in the absence of active market or other means of measuring their fair vales reliably. 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 gross premiums/ contributions written [text block]

1. Gross premiums written

(Unaudited)	For the three-month period ended March 31, 2019
Class	Corporate				Individual	Total Gross premiums written
Class	Micro	Small	Medium	Large	Individual	Total Gross premiums written
Medical	2,199	4,528	2,487	7,450	932	17,596
Motor	297	2,007	6,873	25,496	150,484	185,157
Property	111	793	1,384	17,941	-	20,229
Engineering	-	607	3,233	15,183	-	19,023
Others	3	3,062	5,046	25,469	58	33,638

Total	2,610	10,997	19,023	91,539	151,474	275,643

(Unaudited)	For the three-month period ended March 31, 2018
Class	Corporate				Individual	Total Gross premiums written
Class	Micro	Small	Medium	Large	Individual	Total Gross premiums written
Medical	4,091	10,753	4,486	4,216	608	24,154
Motor	799	2,026	7,438	30,699	172,457	213,419
Property	-	89	936	1,284	3,219	5,528
Engineering	-	776	1,969	12,299	-	15,044
Others	7	2,738	3,937	45,190	511	52,383

Total	4,897	16,382	18,766	93,688	176,795	310,528

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

1. Technical reserves

7.1 Net outstanding claims and reserves

Net outstanding claims and reserves comprise of the following:

	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)
Outstanding claims	165,851	190,757
Less: Realizable value of salvage and subrogation (note 7.1.1)	(7,926)	(9,253)
	157,925	181,504

Claims incurred but not reported	292,290	298,561
Less: IBNR related to salvages and subrogation (note 7.1.1)	(104,585)	(100,801)
IBNR related to Outstanding claims	187,705	197,760
Additional premium reserves:
- Premium deficiency reserve	7,601	7,975
- Additional unexpired risk reserve	33	550
	7,634	8,525
Other technical reserves:
- Claims handling expense provision	10,532	11,687
- Unallocated loss adjustment expense provision	12,662	14,024
- Non-proportional reinsurance accrual reserve	668	668
	23,862	26,379
	377,126	414,168
Less:
- Reinsurers’ share of outstanding claims	107,193	124,638
- Reinsurers’ share of claims incurred but not reported	37,823	41,538
	145,016	166,176
Net outstanding claims and reserves	232,110	247,992

7.1.1 Salvage and subrogation

	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)

Salvage and subrogation	112,511	110,054
IBNR related to salvages and subrogation	(104,585)	(100,801)
Realizable value of salvage and subrogation	7,926	9,253

7.2 Movement in unearned premiums

Movement in unearned premiums comprises of the following:

	March 31, 2019 (Unaudited)
	Gross	Reinsurance	Net

Balance as at the beginning of the period	536,608	(195,562)	341,046
Premiums written during the period	275,643	(65,417)	210,226
Premiums earned during the period	(259,286)	84,307	(174,979)
Balance as at the end of the period	552,965	(176,672)	376,293

	December 31, 2018 (Audited)
	Gross	Reinsurance	Net
Balance as at the beginning of the year	538,493	(130,247)	408,246
Premiums written during the year	1,104,957	(373,828)	731,129
Premiums earned during the year	(1,106,842)	308,513	(798,329)
Balance as at the end of the year	536,608	(195,562)	341,046

Disclosure of earnings per share [text block]

1. 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 basic and diluted EPS of the Company for the three months period ended March 31, 2018 have been restated resultant to the issuance of 4 million bonus shares in 2^nd quarter for the three months period ended June 30, 2018.

Disclosure of related party transactions [text block]

1.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		Net balance receivable / (payable) as at
	March 31, 2019	March 31, 2018	March 31, 2019	December 31, 2018
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)

Entities controlled, jointly controlled or significantly influenced by related parties

Insurance premium written /receivables from
BOD and related parties	1,309	1,934	693	413
Key management personnel	-	9	-	-

Claims paid and payable to BOD and their related parties	619	496	(229)	(295)

Others	268	236	(30)	(210)

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

	March 31, 2019 (Unaudited)	March 31, 2018 (Unaudited)

Salaries and other allowances	1,243	1,201
End of service indemnities	405	574
	1,648	1,775

Remuneration to those charged with governance	2,172	1,474

Disclosure of entity's operating segments [text block]

1.Operating Segments

Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the Company’s Board of Directors in their function as chief operating decision maker in order to allocate resources to the segments and to assess its performance.

Transactions between the operating segments are on normal commercial terms and conditions. The revenue from external parties reported to the Board is measured in a manner consistent with that in the interim condensed income statement. Segment assets and liabilities comprise operating assets and liabilities.

There have been no changes to the basis of segmentation or the measurement basis for the segment profit or loss since December 31, 2018.

Segment assets do not include cash and cash equivalents, short term deposits, premiums and insurance balances receivable - net, due from shareholders’ operations, accrued commission income, prepaid expenses and other assets, property and equipment and intangible assets. Accordingly, they are included in unallocated assets.

Segment liabilities do not include policyholders’ payables, accrued and other liabilities, reinsurance balances payable, due to shareholders’ operations, end-of-service indemnities and accrual loss thereon, and insurance operations’ surplus. Accordingly, they are included in unallocated liabilities.

Segments do not include shareholders’ assets and liabilities hence these are presented under unallocated assets / liabilities accordingly.

These unallocated assets and liabilities are not reported to chief operating decision maker under related segments and are monitored on a centralized basis.

Financial Position

The segment information provided to the Company’s Board of Directors for the reportable segments for the Company’s total assets, liabilities and equity as at March 31, 2019 and December 31, 2018, its total revenues, expenses, and net income for the three months period ended March 31, 2019 and March 31, 2018, are as follows:

As at March 31, 2019 (Unaudited)

Insurance operations

Medical

Motor

Property

Engineering

Others

Total - Insurance operations

Shareholders’ operations

Total

Assets

Reinsurers’ share of unearned premiums

80,160

42,185

54,327

176,672

Reinsurers’ share of outstanding claims

463

72,619

22,184

11,927

107,193

Reinsurers’ share claims incurred but not reported

6,463

13,559

17,801

37,823

Deferred policy acquisition costs

2,169

13,146

2,001

1,791

3,322

22,429

Unallocated assets

904,911

740,555

1,645,466

Total assets

2,169

13,609

161,243

79,719

87,377

1,249,028

740,555

1,989,583

Liabilities and shareholders’ equity

Unearned premiums

33,893

325,110

81,716

45,064

67,182

552,965

Unearned reinsurance commission

3,986

3,676

5,122

12,784

Outstanding claims

19,004

14,623

75,929

23,590

24,779

157,925

Claims incurred but not reported

20,676

116,804

8,336

14,641

27,248

187,705

Additional premium reserves

7,601

7,634

Other technical reserves

397

19,082

2,106

959

1,318

23,862

Unallocated liabilities and shareholders’ equity

306,153

740,555

1,046,708

Total liabilities and shareholders’ equity

81,571

475,619

172,073

87,963

125,649

1,249,028

740,555

1,989,583

Financial Position (Continued)

		As at December 31, 2018 (Audited)
		Insurance operations
	Medical		Motor	Property	Engineering	Others	Total - Insurance operations	Shareholders’ operations	Total
Assets
Reinsurers’ share of unearned premiums	-		-	112,811	41,391	41,360	195,562	-	195,562
Reinsurers’ share of outstanding claims	-		463	75,479	37,570	11,126	124,638	-	124,638
Reinsurers’ share claims incurred but not reported				4,215	13,865	23,458	41,538	-	41,538
Deferred policy acquisition costs	2,455		13,219	2,608	1,499	3,789	23,570	-	23,570
Unallocated assets	-		-	-	-	-	903,006	708,654	1,611,660
Total assets	2,455		13,682	195,113	94,325	79,733	1,288,314	708,654	1,996,968

Liabilities and shareholders’ equity
Unearned premiums	37,608		286,699	114,224	43,580	54,497	536,608	-	536,608
Unearned reinsurance commission	-		-	5,068	3,199	4,176	12,443	-	12,443
Outstanding claims	26,847		13,296	79,149	38,890	23,322	181,504	-	181,504
Claims incurred but not reported	11,374		132,793	5,734	14,580	33,279	197,760	-	197,760
Additional premium reserves	7,673		-	-	550	302	8,525	-	8,525
Other technical reserves	382		21,103	2,122	1,340	1,432	26,379	-	26,379
Unallocated liabilities and shareholders’ equity	-		-	-	-	-	325,095	708,654	1,033,749
Total liabilities and shareholders’ equity	83,884		453,891	206,297	102,139	117,008	1,288,314	708,654	1,996,968

Statement of Income

	For the three months period ended March 31, 2019 (Unaudited)
	Medical	Motor	Property	Engineering	Others	Total
REVENUES
Gross premiums written
- Direct	17,596	185,157	20,229	19,023	33,638	275,643
- Reinsurance	-	-	-	-	-	-
	17,596	185,157	20,229	19,023	33,638	275,643
Reinsurance premiums ceded
- Local ceded	-	-	(605)	(1,550)	-	(2,155)
- Foreign ceded	-	-	(18,558)	(15,545)	(27,142)	(61,245)
	-	-	(19,163)	(17,095)	(27,142)	(63,400)
Excess of loss expenses	(632)	(879)	(148)	(148)	(210)	(2,017)
Net premiums written	16,964	184,278	918	1,780	6,286	210,226
Changes in unearned premiums, net	3,716	(38,411)	(142)	(690)	280	(35,247)
Net premiums earned	20,680	145,867	776	1,090	6,566	174,979
Reinsurance commissions	-	-	2,942	1,307	1,089	5,338
Other underwriting income	-	441	2	2	18	463
TOTAL REVENUES	20,680	146,308	3,720	2,399	7,673	180,780

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	24,143	104,016	2,173	7,852	2,903	141,087
Expenses incurred related to claims	703	5,205	-	-	-	5,908
Reinsurers’ share of claims paid	(3,827)	-	(1,848)	(7,590)	(814)	(14,079)
Net claims and other benefits paid	21,019	109,221	325	262	2,089	132,916
Changes in outstanding claims, net	(7,844)	1,327	(361)	86	658	(6,134)
Changes in IBNR, net	9,302	(15,990)	353	366	(371)	(6,340)
Net claims and other benefits incurred	22,477	94,558	317	714	2,376	120,442
Additional premium reserves	(72)	-	-	(516)	(303)	(891)
Other technical reserves	15	(2,021)	(15)	(381)	(115)	(2,517)
Policy acquisition costs	1,672	8,110	1,564	686	1,301	13,333
Other underwriting expenses	935	2,829	-	-	20	3,784
TOTAL UNDERWRITING COSTS AND EXPENSES	25,027	103,476	1,866	503	3,279	134,151
NET UNDERWRITING (LOSS) INCOME	(4,347)	42,832	1,854	1,896	4,394	46,629

OTHER OPERATING (EXPENSES)/ INCOME
Allowance for doubtful debts						(6,227)
General and administrative expenses						(30,135)
Commission income on deposits						6,465
Dividend received						111
TOTAL OTHER OPERATING EXPENSES						(29,786)
NET INCOME FOR THE PERIOD						16,843
Total income for the period attributable to insurance operations						(1,519)
NET INCOME FOR THE PERIOD ATTRIBUTABLE TO SHAREHOLDERS						15,324

Statement of Income (Continued)

	For the three months period ended March 31, 2018 (Unaudited)
	Medical	Motor	Property	Engineering	Others	Total
REVENUES
Gross premiums written
- Direct	24,154	213,419	5,202	15,069	52,383	310,227
- Reinsurance	-	-	326	(25)	-	301
	24,154	213,419	5,528	15,044	52,383	310,528
Reinsurance premiums ceded
- Local ceded	-	-	(770)	(1,619)	-	(2,389)
- Foreign ceded	-	-	(3,823)	(13,745)	(41,137)	(58,705)
	-	-	(4,593)	(15,364)	(41,137)	(61,094)
Excess of loss expenses	(600)	(1,460)	(146)	(146)	(229)	(2,581)
Net premiums written	23,554	211,959	789	(466)	11,017	246,853
Changes in unearned premiums, net	2,386	(41,771)	(72)	1,403	(5,759)	(43,813)
Net premiums earned	25,940	170,188	717	937	5,258	203,040
Reinsurance commissions	-	-	1,537	1,602	1,379	4,518
Other underwriting income	-	1,336	2	2	16	1,356
TOTAL REVENUES	25,940	171,524	2,256	2,541	6,653	208,914

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	14,128	95,501	679	4,917	4,653	119,878
Expenses incurred related to claims	1,350	8,406	-	-	-	9,756
Reinsurers’ share of claims paid	-	(135)	(550)	(3,935)	(403)	(5,023)
Net claims and other benefits paid	15,478	103,772	129	982	4,250	124,611
Changes in outstanding claims, net	7,988	1,509	(437)	338	(865)	8,533
Changes in IBNR, net	(444)	(11,524)	(139)	(29)	1,025	(11,111)
Net claims and other benefits incurred	23,022	93,757	(447)	1,291	4,410	122,033
Additional premium reserves	1,384	-	(355)	1,508	(693)	1,844
Other technical reserves	210	(96)	-	3	38	155
Policy acquisition costs	2,078	13,200	850	548	2,006	18,682
Other underwriting expenses	-	2,471	-	-	6	2,477
TOTAL UNDERWRITING COSTS AND EXPENSES	26,694	109,332	48	3,350	5,767	145,191
NET UNDERWRITING (LOSS) / INCOME	(754)	62,192	2,208	(809)	886	63,723
OTHER OPERATING (EXPENSES)/INCOME
Allowance for doubtful debts						-
General and administrative expense						(25,379)
Commission income on deposits						3,987
Dividend and realized loss on investment, net						606
TOTAL OTHER OPERATING EXPENSES						(20,786)
NET INCOME FOR THE PERIOD						42,937
Total income for the period attributable to insurance operations						(4,202)
NET INCOME FOR THE PERIOD ATTRIBUTABLE TO SHAREHOLDERS						38,735

Disclosure of capital management [text block]

1. 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 commitments and contingencies, general [text block]

1. Commitments and Contingencies

The Company’s commitments and contingencies are as follows:

	March 31, 2019	December 31, 2018
	(Unaudited)	(Audited)
Letters of guarantee	5,250	5,300

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, 2018.

Disclosure of comparative figures [text block]

1. 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]

1. Approval of the interim condensed financial information

The interim condensed financial statements has been approved by the Board of Directors on 08 May 2019 G corresponding to 03 Ramadan 1440H.

Disclosure of other notes relevant to understanding of financial statements [text block]

1. Supplementary information

Interim condensed financial position

	March 31, 2019 - (Unaudited)			December 31, 2018 - (Audited)
	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
ASSETS
Cash and cash equivalents	477,163	450,732	927,895	654,006	468,323	1,122,329
Short term deposits	175,000	-	175,000	-	-	-
Premiums and reinsurers’ receivable - net	200,332	-	200,332	202,416	-	202,416
Reinsurers’ share of unearned premiums	176,672	-	176,672	195,562	-	195,562
Reinsurers’ share of outstanding claims	107,193	-	107,193	124,638	-	124,638
Reinsurers’ share of claims incurred but not reported	37,823	-	37,823	41,538	-	41,538
Deferred policy acquisition costs	22,429	-	22,429	23,570	-	23,570
Investments	-	229,905	229,905	-	162,876	162,876
Due from insurance operations	-	8,069	8,069	-	26,507	26,507
Prepaid expenses and other assets	34,120	-	34,120	34,083	-	34,083
Property and equipment	15,371	-	15,371	9,415	-	9,415
Intangible assets	1,516	-	1,516	1,334	-	1,334
Statutory deposit	-	44,000	44,000	-	44,000	44,000
Accrued income on statutory deposit	-	4,571	4,571	-	4,263	4,263
Accrued commission income	1,409	3,278	4,687	1,752	2,685	4,437
TOTAL ASSETS	1,249,028	740,555	1,989,583	1,288,314	708,654	1,996,968

Interim condensed financial position (Continued)

	March 31, 2019 - (Unaudited)			December 31, 2018- (Audited)
	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
LIABILITIES
Policyholders claims payable	16,591	-	16,591	16,712	-	16,712
Accrued and other liabilities	94,182	3,901	98,083	115,078	5,036	120,114
Reinsurers' balances payable	159,064	-	159,064	140,897	-	140,897
Unearned premiums	552,965	-	552,965	536,608	-	536,608
Unearned reinsurance commission	12,784	-	12,784	12,443	-	12,443
Outstanding claims	157,925	-	157,925	181,504	-	181,504
Claims incurred but not reported	187,705	-	187,705	197,760	-	197,760
Additional premium reserves	7,634	-	7,634	8,525	-	8,525
Other technical reserves	23,862	-	23,862	26,379	-	26,379
End-of-service indemnities	15,449	-	15,449	14,622	-	14,622
Zakat and income tax	-	32,603	32,603	-	28,532	28,532
Accrued commission income payable to SAMA	-	4,571	4,571	-	4,263	4,263
Due to shareholders’ operations	8,069	-	8,069	26,507	-	26,507
TOTAL LIABILITIES	1,236,230	41,075	1,277,305	1,277,035	37,831	1,314,866
INSURANCE OPERATIONS’ SURPLUS
Insurance operations’ surplus	15,014	-	15,014	13,495	-	13,495
Accumulated actuarial loss on end-of-service indemnities	(2,216)	-	(2,216)	(2,216)	-	(2,216)
TOTAL INSURANCE OPERATIONS’ SURPLUS	12,798	-	12,798	11,279	-	11,279
TOTAL LIABILITIES INCLUDING INSURANCE OPERATIONS’ SURPLUS	1,249,028	41,075	1,290,103	1,288,314	37,831	1,326,145

SHAREHOLDERS’ EQUITY
Share capital	-	440,000	440,000	-	440,000	440,000
Share premium	-	30,108	30,108	-	30,108	30,108
Statutory reserve	-	48,827	48,827	-	48,827	48,827
Retained earnings	-	166,559	166,559	-	155,306	155,306
Fair value reserve on investments	-	13,986	13,986	-	(3,418)	(3,418)
TOTAL SHAREHOLDERS’ EQUITY	-	699,480	699,480	-	670,823	670,823
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,249,028	740,555	1,989,583	1,288,314	708,654	1,996,968

Interim condensed statement of income for the three months period ended:

	March 31, 2019 (unaudited)			March 31, 2018 (unaudited)
	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
REVENUES
Gross premiums written
- Direct	275,643	-	275,643	310,227	-	310,227
- Reinsurance	-	-	-	301	-	301
	275,643	-	275,643	310,528	-	310,528
Reinsurance premiums ceded
- Local ceded	(2,155)	-	(2,155)	(2,389)	-	(2,389)
- Foreign ceded	(61,245)	-	(61,245)	(58,705)	-	(58,705)
	(63,400)	-	(63,400)	(61,094)	-	(61,094)
Excess of loss expenses	(2,017)	-	(2,017)	(2,581)	-	(2,581)
Net premiums written	210,226	-	210,226	246,853	-	246,853
Changes in unearned premiums, net	(35,247)	-	(35,247)	(43,813)	-	(43,813)
Net premiums earned	174,979	-	174,979	203,040	-	203,040
Reinsurance commissions	5,338	-	5,338	4,518	-	4,518
Other underwriting income	463	-	463	1,356	-	1,356
TOTAL REVENUES	180,780	-	180,780	208,914	-	208,914

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	141,087	-	141,087	119,878	-	119,878
Expenses incurred related to claims	5,908	-	5,908	9,756	-	9,756
Reinsurers’ share of claims paid	(14,079)	-	(14,079)	(5,023)	-	(5,023)
Net claims and other benefits paid	132,916	-	132,916	124,611	-	124,611
Changes in outstanding claims, net	(6,134)	-	(6,134)	8,533	-	8,533
Changes in IBNR, net	(6,340)	-	(6,340)	(11,111)	-	(11,111)
Net claims and other benefits incurred	120,442	-	120,442	122,033	-	122,033
Additional premium reserves	(891)	-	(891)	1,844	-	1,844
Other technical reserves	(2,517)	-	(2,517)	155	-	155
Policy acquisition costs	13,333	-	13,333	18,682	-	18,682
Other underwriting expenses	3,784	-	3,784	2,477	-	2,477
TOTAL UNDERWRITING COSTS AND EXPENSES	134,151	-	134,151	145,191	-	145,191

NET UNDERWRITING INCOME	46,629	-	46,629	63,723	-	63,723

Interim condensed statement of income for the three months period ended (Continued)

	March 31, 2019 (unaudited)			March 31, 2018 (unaudited)
	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
OTHER OPERATING (EXPENSES)/ INCOME
Allowance for doubtful debts	(6,227)	-	(6,227)	-	-	-
General and administrative expenses	(28,258)	(1,877)	(30,135)	(23,605)	(1,774)	(25,379)
Commission income on deposits	3,047	3,418	6,465	1,904	2,083	3,987
Dividend and realized loss on investments, net	-	111	111	-	606	606

TOTAL OTHER OPERATING (EXPENSES)/ INCOME	(31,438)	1,652	(29,786)	(21,701)	915	(20,786)

NET INCOME FOR THE PERIOD	15,191	1,652	16,843	42,022	915	42,937

Surplus transferred to Shareholders	(13,672)	13,672	-	(37,820)	37,820	-

NET RESULT FROM INSURANCE OPERATIONS AFTER TRANSFER OF SURPLUS TO SHAREHOLDERS	1,519	15,324	16,843	4,202	38,735	42,937


Earnings per share (Expressed in SAR per share):
Basic and diluted EPS (2018 restated)		0.35			0.88

Interim condensed statement of comprehensive income for the three months period ended

	March 31, 2019 (unaudited)			March 31, 2018 (unaudited)
	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total

Total income for the period	1,519	15,324	16,843	4,202	38,735	42,937

Other comprehensive income

*Items that are or may be reclassified to statement of income in subsequent periods*

- Available for sale investments:
- Net change in fair value	-	17,404	17,404	-	7,262	7,262


TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	1,519	32,728	34,247	4,202	45,997	50,199

Interim condensed statement of cash flows for the three months period ended

(Unaudited)	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
	March 31, 2019			March 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit for the period	1,519	15,324	16,843	4,202	38,735	42,937
Adjustments for non-cash items:
Depreciation of property and equipment	1,554	-	1,554	789	-	789
Amortization of intangible assets	119	-	119	364	-	364
Allowance for doubtful debts	6,227	-	6,227	-	-	-
Dividend and realized gain on investments, net	-	(111)	(111)	-	(606)	(606)
Commission income	(3,047)	(3,418)	(6,465)	(1,904)	(2,083)	(3,987)
Provision for end-of-service indemnities	914	-	914	722	-	722
Changes in operating assets and liabilities:
Premiums and reinsurers’ receivable	(4,143)	-	(4,143)	(83,571)	-	(83,571)
Reinsurers’ share of unearned premiums	18,890	-	18,890	2,908	-	2,908
Reinsurers’ share of outstanding claims	17,445	-	17,445	(7,578)	-	(7,578)
Reinsurers’ share of claims incurred but not reported	3,715	-	3,715	(1,616)	-	(1,616)
Deferred policy acquisition costs	1,141	-	1,141	(1,162)	-	(1,162)
Prepaid expenses and other assets	(37)	-	(37)	(2,881)	-	(2,881)
Policyholders claims payables	(121)	-	(121)	(3,403)	-	(3,403)
Accrued and other liabilities	(20,826)	(1,135)	(21,961)	2,583	1,472	4,055
Reinsurers' balances payable	18,167	-	18,167	17,606	-	17,606
Unearned premiums	16,357	-	16,357	40,905		40,905
Unearned reinsurance commission	341	-	341	1,017	-	1,017
Outstanding claims	(23,579)	-	(23,579)	16,111	-	16,111
Claims incurred but not reported	(10,055)	-	(10,055)	(9,495)	-	(9,495)
Additional premium reserves	(891)	-	(891)	1,844	-	1,844
Other technical reserves	(2,517)	-	(2,517)	155	-	155
	21,173	10,660	31,833	(22,404)	37,518	15,114
End-of-service indemnities paid	(87)	-	(87)	(99)	-	(99)

Net cash generated from / (used in) operating activities	21,086	10,660	31,746	(22,503)	37,518	15,015

Interim condensed statement of cash flows for the three months period ended (Continued)

	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
	March 31, 2019			March 31, 2018

CASH FLOWS FROM INVESTING ACTIVITIES

Additions in intangible assets	(301)	-	(301)	(613)	-	(613)
Additions in investments	-	(49,625)	(49,625)	-	-	-
Commission income received	3,390	2,825	6,215	4,107	2,235	6,342
Dividend received	-	111	111	-	800	800
Addition of short term deposits	(175,000)	-	(175,000)	-	(17,171)	(17,171)
Additions in property and equipment	(7,510)	-	(7,510)	(1,415)	-	(1,415)
Net cash (used in) / generated from investing activities	(179,421)	(46,689)	(226,110)	2,079	(14,136)	(12,057)

CASH FLOWS FROM FINANCING ACTIVITIES
Due from/ to shareholders’/ insurance operations	(18,438)	18,438	-	23,396	(23,396)	-
Repayment of lease rentals	(70)	-	(70)	-	-	-
Net cash (used in)/ generated from financing activities	(18,508)	18,438	(70)	23,396	(23,396)	-

Net change in cash and cash equivalents	(176,843)	(17,591)	(194,434)	2,972	(14)	2,958
Cash and cash equivalents, beginning of the period	654,006	468,323	1,122,329	289,505	20,414	309,919
Cash and cash equivalents, end of the period	477,163	450,732	927,895	292,477	20,400	312,877
NON-CASH INFORMATION
Unrealised changes in fair value of available for sale investments	-	17,404	17,404	-	7,262	7,262

[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

Walaa Cooperative Insurance Company

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.

Interim condensed financial position

Interim condensed financial position (Continued)

Other comprehensive income