	English [member]
Start Date	2019-04-01	2018-04-01
End Date	2019-06-30	2018-06-30
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	2019-04-01	2018-04-01
Reporting period end date	2019-06-30	2018-06-30
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	Thousands

	English [member]
Start Date	2019-04-01
End Date	2019-06-30
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) (“the Company”) as at June 30, 2019, and the related interim condensed statements of income and comprehensive income for the three and six month periods then ended and the interim condensed statements of changes in equity and cash flows for the six 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 of Walaa Cooperative Insurance Company are not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ as endorsed in the Kingdom of Saudi Arabia.
Basis of opinion	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 statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing 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 endorsed in the Kingdom of Saudi Arabia.
Auditors responsibilities for audit of financial statements	Our responsibility is to express a conclusion on these interim condensed financial statements based on our review.
Date of signing audit report by auditor	2019-08-05

Start Date	2019-01-01	2018-01-01	2018-01-01	Note No.
End Date	2019-06-30	2018-12-31	2018-06-30
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	17,464	9,415	9,448	8
Deferred policy acquisition costs	21,154	23,570	32,359
Reinsurers/ retakaful share of unearned premiums/ contributions	189,618	195,562	156,157	7.2
Prepayments and other assets, insurance/ takaful operations assets	34,042	34,083	36,351
Due from shareholders operations	1,288	0	0
Premiums/ insurance receivables/takaful contributions receivable, net	208,616	202,416	236,491	5
Reinsurers/ retakaful share of outstanding claims/ benefits, net	107,153	124,638	119,662	7.1
Time (Murabaha) deposits, insurance/ takaful operations assets	126,823	0	400,000
Cash and cash equivalents, insurance/ takaful operations assets	540,201	654,006	269,979	4
Accrued commission income	907	1,752	3,244
Reinsurers/ retakaful share of mathematical reserves	55,793	41,538	43,722	7.1
Other assets, insurance/ takaful operations assets	1,387	1,334	771
Total insurance/ takaful operations assets	1,304,446	1,288,314	1,308,184
Shareholders assets [abstract]
Property and equipment, net, shareholders assets	0	0	0
Due from related parties	0	0	0
Investment properties, shareholders assets	229,743	162,876	140,519	6
Goodwill	0	0	0
Intangible assets	0	0	0
Statutory deposit	52,800	44,000	44,000
Time (Murabaha) deposits, shareholders assets	379,433	0	240,000
Accrued investment income	8,632	6,948	5,653
Due from insurance/ takaful operations assets	0	26,507	23,622
Cash and cash equivalents, shareholders assets	0	468,323	224,972	4
Total shareholders assets	670,608	708,654	678,766
Total assets	1,975,054	1,996,968	1,986,950
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	571,465	536,608	539,769	7.2
Unearned commission income	14,411	12,443	11,443
Employees end of service benefits, insurance/ takaful operations liabilities	13,946	12,406	11,660
Surplus distribution payable	2,147	13,495	26,594
Technical reserve for insurance/takaful operations	10,748	8,525	5,041	7.1
Due to shareholders operations	0	26,507	23,622
Reinsurers/ retakaful balance payable	155,710	140,897	152,004
Gross outstanding claims/ benefits including IBNR payable	387,303	379,264	428,554	7.1
Other technical reserves	15,328	26,379	5,471	7.1
Accrued expenses payable, insurance/ takaful operations liabilities	133,388	131,790	104,026	9
Total insurance/ takaful operations liabilities	1,304,446	1,288,314	1,308,184
Total insurance/ takaful operations liabilities and surplus (deficit)	1,304,446	1,288,314	1,308,184
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	22,465.225	27,034.07	20,496.32
Income tax payable	1,244.775	1,497.93	1,135.68
Due to insurance/ takaful operations	1,288	0	0
Accrued expenses payable, shareholders liabilities	3,523	5,036	3,071	9
Other liabilities, shareholders liabilities	4,891	4,263	3,633
Total shareholders liabilities	33,412	37,831	28,336
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	528,000	440,000	440,000	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	13,985	-3,418	-3,408
Retained earnings (accumulated losses)	16,276	155,306	152,008
Total equity attributable to equity holders of company	637,196	670,823	650,430
Total shareholders liabilities and equity	670,608	708,654	678,766
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	1,975,054	1,996,968	1,986,950

Start Date	2019-04-01	2018-04-01	2019-01-01	2018-01-01	Note No.
End Date	2019-06-30	2018-06-30	2019-06-30	2018-06-30
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	298,116	248,072	573,759	558,600	7.2
Excess of loss expense	2,316	2,580	4,333	5,161	7.2
Reinsurance/ retakaful premiums ceded	112,664	108,583	176,064	169,677	7.2
Net premiums/ contributions written	183,136	136,909	393,362	383,762
Changes in unearned premiums/ contributions	18,500	-66,815	34,857	-25,910
Reinsurance/ retakaful share of unearned premiums/ contributions	-12,946	-1,632	5,944	1,276
Net premiums/ contributions earned	177,582	205,356	352,561	408,396
Reinsurance/ retakaful commissions	6,657	5,879	11,995	10,397
Fees and other income from insurance/ takaful operations	685	1,494	1,148	2,850
Total income from insurance/ takaful operations	184,924	212,729	365,704	421,643
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	146,189	124,207	293,184	253,841
Reinsurance/ retakaful share of gross claims/ benefits paid	5,854	2,623	19,933	7,646
Net claims/ benefits paid	140,335	121,584	273,251	246,195
Changes in outstanding claims/ benefits including IBNR	41,673	-25,167	8,039	-18,551
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	-17,930	29,104	3,230	19,910
Changes in other technical reserves	-5,420	0	-8,828	1,999
Net claims/ benefits incurred	158,658	125,521	275,692	249,553
Policy acquisition costs	12,505	18,218	25,676	36,900
General and administrative expenses, insurance/ takaful operations	30,762	26,538	60,897	51,917
Other underwriting expenses	8,055	2,775	12,001	5,252
Other cost and expenses	-1,747	6,196	4,480	6,196
Total cost and expenses	208,233	179,248	378,746	349,818
Surplus (deficit) for period from insurance/ takaful operations	-23,309	33,481	-13,042	71,825
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	-23,309	29,745	-13,042	63,887
Net result for period from insurance/ takaful operations after shareholders appropriation	0	3,736	0	7,938
Policyholders share of accumulated surplus, at start of period	0	-3,736	0	-7,938
Policyholders share of accumulated surplus, at end of period	0	0	0	0

Start Date	2019-04-01	2018-04-01	2019-01-01	2018-01-01	Note No.
End Date	2019-06-30	2018-06-30	2019-06-30	2018-06-30
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	-23,309	29,745	-13,042	63,887
Revenue [abstract]
Commission/ profit on deposits	6,891	4,582	13,356	8,569
Dividend income	587	0	698	606
Total revenue	7,478	4,582	14,054	9,175
Expenses [abstract]
Other expenses	0	3,736	0	7,938
Total expenses	0	3,736	0	7,938
Income (loss) from continuing operations before zakat and income tax	-15,831	30,591	1,012	65,124
Zakat expenses on continuing operations for period	3,762.5225	3,762.5225	7,619.795	7,525.045	14
Income tax on continuing operations for period	208.4775	208.4775	422.205	416.955	14
Profit (loss) from continuing operations	-19,802	26,620	-7,030	57,182
Income (loss) from discontinued operations [abstract]
Other incidental incomes (expenses) resulting from discontinued operations	0	3,736	0	7,938
Profit (loss) from discontinued operations before zakat and income tax	0	3,736	0	7,938
Profit (loss) from discontinued operations	0	3,736	0	7,938
Profit (loss) for the period	-19,802	30,356	-7,030	65,120
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	-18,762.395	28,762.31	-6,660.925	61,701.2
Profit (loss), attributable to non-saudi shareholders of company	-1,039.605	1,593.69	-369.075	3,418.8
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	-0.38	0.57	-0.13	1.23	18
Total basic earnings (loss) per share	-0.38	0.57	-0.13	1.23	18
Weighted average number of equity shares outstanding	52800	52800	52800	52800

Start Date	2019-04-01	2018-04-01	2019-01-01	2018-01-01
End Date	2019-06-30	2018-06-30	2019-06-30	2018-06-30
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	3,736	0	7,938
Total comprehensive income (loss) for period	0	3,736	0	7,938

Start Date	2019-04-01	2018-04-01	2019-01-01	2018-01-01	Note No.
End Date	2019-06-30	2018-06-30	2019-06-30	2018-06-30
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	-19,802	30,356	-7,030	65,120
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	-1	6,684	17,403	13,946	6
Total other comprehensive income (loss), available-for-sale financial assets	-1	6,684	17,403	13,946
Other comprehensive gains (losses) that will be reclassified to profit or loss	0	-3,736	0	-7,938
Total other comprehensive income (loss), that will be reclassified to profit or loss	-1	2,948	17,403	6,008
Total other comprehensive income (loss)	-1	2,948	17,403	6,008
Total comprehensive income (loss) for period	-19,803	33,304	10,373	71,128
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	-18,763.3425	31,555.54	9,828.4175	67,393.78
Total comprehensive income (loss), attributable to non-saudi shareholders of company	-1,039.6575	1,748.46	544.5825	3,734.22

Start Date	2019-01-01	2018-01-01
End Date	2019-06-30	2018-06-30
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	7,938
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	3,333	1,651
Adjustments for employees end of service benefits	1,540	1,055
Adjustments for allowance for doubtful receivables	4,480	6,196
Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities	-5,651	-3,478
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	3,702	5,424
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-13,239	-127,745
Adjustments for decrease (increase) in prepayments and other assets	41	-7,960
Adjustments for increase (decrease) in outstanding claims including IBNR	8,039	12,031
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	14,813	90,213
Adjustments for increase (decrease) in accrued expenses and other liabilities	-4,292	18,159
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	3,230	-10,672
Adjustments for decrease (increase) in deferred policy acquisition costs	2,416	4,659
Adjustments for decrease (increase) in unearned commission income	1,968	1,601
Adjustments for movement in gross unearned premiums/ contributions	34,857	1,276
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	5,944	-25,910
Adjustment for changes in other technical reserves	-8,828	1,999
Total changes in operating assets and liabilities	44,949	-42,349
Net cash flows from (used in) insurance/ takaful operations	48,651	-28,987
Net cash flows from (used in) operating activities, insurance/ takaful operations	48,651	-28,987
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Time (Murabaha) deposits, insurance/ takaful operations cash flow	-126,823	0
Purchase of property and equipment, insurance/ takaful operations cash flow	11,382	2,407
Dividends received, insurance/ takaful operations cash flow	0	0
Other inflows (outflows) of cash classified as investing activities, insurance/ takaful operations cash flow	6,443	3,310
Net cash flows from (used in) investing activities, insurance/ takaful operations	-131,762	903
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for decrease (increase) in due from shareholders operations	-27,795	8,558
Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow	-2,899	0
Net cash flows from (used in) financing activities, insurance/ takaful operations	-30,694	8,558
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-113,805	-19,526
Net increase (decrease) in cash and cash equivalents	-113,805	-19,526
Cash and cash equivalents at beginning of period	654,006	289,505
Cash and cash equivalents at end of period	540,201	269,979

Start Date	2019-01-01	2018-01-01
End Date	2019-06-30	2018-06-30
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	1,012	65,124
Profit (loss) from discontinued operations before zakat and income tax	0	7,938
Net profit (loss) for period (before zakat expenses and income tax)	1,012	73,062
Adjustments to reconcile profit (loss) [abstract]
Other adjustments for non-cash items	-8,155	-5,168
Total adjustments to reconcile profit (loss)	-8,155	-5,168
Changes in operating assets and liabilities [abstract]
Adjustments for increase (decrease) in other liabilities	-1,513	930
Total changes in operating assets and liabilities	-1,513	930
Net cash flows from (used in) operations	-8,656	68,824
Zakat expenses	12,188.64	11,393.6875
Income taxes refund (paid)	675.36	631.3125
Net cash flows from (used in) operating activities	-21,520	56,799
Cash flows from (used in) investing activities [abstract]
Purchase of investments	49,464	30,000
Purchase of term deposits investments	379,433	-184,833
Dividends received	698	800
Other inflows (outflows) of cash	6,401	4,684
Net cash flows from (used in) investing activities	-421,798	160,317
Cash flows from (used in) financing activities [abstract]
Payments of finance lease liabilities	0	0
Dividends paid	44,000	0
Other inflows (outflows) of cash	18,995	-12,558
Net cash flows from (used in) financing activities	-25,005	-12,558
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-468,323	204,558
Net increase (decrease) in cash and cash equivalents	-468,323	204,558
Cash and cash equivalents at beginning of period	468,323	20,414
Cash and cash equivalents at end of period	0	224,972

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, Kingdom of 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 motor, medical, 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 Extraordinary General Assembly approved to increase share capital of the Company by issuing 8.8 million bonus shares, as a result the share capital of the Company has increased from SAR 440 million to SAR 528 million (refer note 15). Legal formalities regarding updating of the Commercial Registration and Articles of Association of the Company were completed during the period.

Proposed merger

The Company announced the signing of a non-binding Memorandum of Understanding (the “MOU”) with MetLife AIG ANB Cooperative Insurance Company (“MetLife”) on 15/10/1440H (corresponding to 18/06 /2019) to evaluate a potential merger between the two companies. Both companies will conduct technical, financial, legal and actuarial due diligence and engage in non-binding discussions on the terms and conditions of the potential merger. The Company and MetLife have agreed that, in the event the proposed merger proceeds, it will be implemented by way of an exchange of shares where, after the proposed merger is completed, The Company will issue new shares to MetLife’s shareholders in exchange for all the issued shares of MetLife. The proposed merger is subject to the approval of SAMA, other regulatory authorities and the shareholders. The Company’s announcement on Tadawul does not mean that the proposed merger will be ultimately agreed and an offer will be made by Walaa to the Metlife shareholders.

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

BASIS OF PREPARATION (CONTINUED)

(a) Basis of presentation (continued)

The interim condensed financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the annual financial statements as of and for the year ended December 31, 2018.

Amounts in this interim condensed financial statements are expressed in Saudi Arabian Riyals (SAR) and are rounded off to the nearest thousands.

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

(b) Critical accounting judgments, estimates and assumptions

The preparation of condensed interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed financial statements, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that applied to the annual financial statements as at and for the year ended December 31, 2018.

(c) 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 statements are consistent with those used in the preparation of the annual financial statements for the year ended December 31, 2018 except as explained below:

Change in the accounting policy for Zakat and income tax:

As mentioned above, the basis of preparation has been changed for the period ended 30 June 2019 as a result of the issuance of latest instructions from SAMA dated 17 July 2019. Previously, zakat and income tax were recognized in the statement of changes in equity as per the SAMA circular no 381000074519 dated 11 April 2017. With the latest instructions issued by SAMA dated 17 July 2019, the zakat and income tax shall be recognized in the statement of income. The Company has accounted for this change in the accounting for zakat and income tax retrospectively and the effects of the above change are disclosed in note 14 to the interim condensed financial statements. The change has resulted in reduction of reported income of the Company for the period ended June 30, 2018 by SR 7,942 million. The change has had no impact on the statement of cash flows for the period ended June 30, 2018.

Income tax:

The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the applicable income tax rate for applicable jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the jurisdiction where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities.

Adjustments arising from the final income tax assessments are recorded in the period in which such assessments are made. The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate adjusted for the changes in deferred tax assets and liabilities attributable to the temporary differences and to the unused tax losses.

IFRIC Interpretation 23 Uncertainty over Income Tax Treatment

The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 Income Taxes. It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following:

Whether an entity considers uncertain tax treatments separately

The assumptions an entity makes about the examination of tax treatments by taxation authorities

How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates

How an entity considers changes in facts and circumstances

An entity has to determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty needs to be followed. The Company’s has assessed that the interpretation has not had a significant impact on the interim condense financial statements.

Deferred income tax:

Deferred income tax is provided using the liability method on temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for the taxation purposes. The amount of deferred tax is based on the expected manner of realization or settlement of the carrying amounts of assets and liabilities using the tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available and the credits can be utilized. Deferred tax asset is reduced to the extent that it is no longer probable that the related tax benefits will be realized.

Zakat:

The Company is subject to Zakat in accordance with the regulations of the General Authority of Zakat and Income Tax (“GAZT”). Zakat expense is charged to statement of income. Zakat is not accounted for as income tax and as such no deferred tax is calculated relating to zakat.

Change in the accounting policy in relation to accounting for leases under IFSR 16:

Effective from January 1, 2019 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”.

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.

Change in the accounting policy in relation to accounting for leases under IFSR 16: (continued)

Right of Use Assets

The Company applies 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 measures 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 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 of lease liabilities recognized upon the initial transition to IFRS 16	7,204
Additions	2,780
Interest charged for the period	101
Prepayment	(1,382)
Payments of lease liabilities	(2,899)
Closing balance	5,804

When measuring lease liabilities for leases that were classified as operating leases, the Company discounted the lease payments using its 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.

Other 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 accounting periods beginning or after January 1, 2019.

Plan Amendments, Curtailment or Settlement (Amendments to IAS 19) effective for accounting periods beginning 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 accounting periods beginning on or after January 1, 2019.

Forthcoming requirements

The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements 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 periods beginning on or after January 1, 2020.

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

Definition of material (Amendment to IAS 1 and IAS 8) effective for annual periods beginning 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 statements, it was not practicable to quantify what the potential impact would be on the financial statements 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.

IFRS 9 “Financial Instruments”. 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 has deferred 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 statements 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 statements, it was not practicable to quantify what the potential impact would be on the financial statements once IFRS 9 will be adopted.

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

1. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise the following:

	Insurance operations
	June 30, 2019	December 31, 2018
	(Unaudited)	(Audited)
	SAR’000
Cash and bank balances	255,201	222,652
Deposits maturing within 3 months from the acquisition date	285,000	431,354
Total	540,201	654,006

	Shareholders’ operations
	June 30, 2019	December 31, 2018
	(Unaudited)	(Audited)
	SAR’000
Bank balances	-	20,624
Deposits maturing within 3 months from the acquisition date	-	447,699
Total	-	468,323
Total cash and cash equivalents	540,201	1,122,329

Disclosure of notes forming part of accounts [abstract]

Disclosure of property and equipment [text block]

1. PROPERTY AND EQUIPMENT, NET

	June 30, 2019	December 31, 2018
	(Unaudited)	(Audited)
	SAR’000
Property and equipment	9,103	9,415
Right of use assets(note 8.1)	8,361	-
	17,464	9,415

1.1 Depreciation charges on right of use assets amounted to SAR 1,623 million

Disclosure of investments [text block]

1. INVESTMENTS

Investments are classified as follows:

	Shareholders’ operations
	June 30, 2019	December 31, 2018
	(Unaudited)	(Audited)
	SAR’000
Available for sale investments	180,279	162,876
Held to maturity	49,464	-
	229,743	162,876

Movement in available for sale investments is as follows:

	Shareholders’ operations
	June 30, 2019	December 31, 2018
	(Unaudited)	(Audited)
	SAR’000
Opening balance	162,876	96,767
Purchase	-	60,000
Adjustment/ disposals	-	(194)
Changes in fair value of investments, net	17,403	6,303
Closing balance	180,279	162,876

Available-for-sale investments include the following:

	Shareholders’ operations
	June 30, 2019	December 31, 2018
	(Unaudited)	(Audited)
	SAR’000
Quoted securities	157,156	139,753
Unquoted securities	23,123	23,123
	180,279	162,876

Movement in held to maturity investments is as follows:

	Shareholders’ operations
	June 30, 2019		December 31, 2018
	(Unaudited)		(Audited)
	SAR’000
Opening balance	-		-
Purchase	49,625		-
Amortization	(161	)	-
Closing balance	49,464		-

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

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

1. PREMIUMS AND REINSURERS’ RECEIVABLE - NET

Receivables comprises of amounts due from the following:

	Insurance operations
	June 30, 2019		December 31, 2018
	(Unaudited)		(Audited)
	SAR’000
Policyholders	73,134		58,069
Brokers and agents	182,480		187,434
Related parties (note 13)	980		575
Receivables from reinsurers	1,952		1,788
	258,546		247,866
Less: Provision for doubtful receivables	(49,930	)	(45,450)
Premiums and reinsurers’ receivable – net	208,616		202,416

Disclosure of accrued expenses and other liabilities [text block]

1. ACCRUED AND OTHER LIABILITIES

	June 30, 2019	December 31, 2018
	(Unaudited)	(Audited)
	SAR’000
Accrued and other liabilities	108,047	120,114
Lease rentals	5,804	-
	113,851	120,114

Maturity analysis of lease rentals is as follows:

			June 30, 2019
			(Unaudited)
			SAR’000
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]

11. 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 2018 and obtained the restricted certificate from GAZT that is valid up to April 30, 2020.

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 has replied to the assessment letter within the specified time and is confident that the additional liability would be adjusted significantly in favour of the Company. Accordingly, no provision has been made by the Company in these condensed financial statements.

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.

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, 2019 %	December 31, 2018 %
	SAR’000
Shareholding subject to zakat	94.75	94.75
Shareholding subject to income tax	5.25	5.25

The change in the accounting treatment for zakat and income tax (as explained in note 3) has the following impact on the line items of the statements of income, statement of financial position and changes in shareholders' equity:

As at and for the six months period ended 30 June 2018:

		SAR’000
Financial statement impacted	Account	Before the restatement for the six months period ended June 30, 2018	Effect of restatement	As restated as at and for the six months period ended June 30, 2018
Statement of changes in Equity	Provision for zakat and income tax (retained earnings)	7,942	(7,942)	-
Statement of income	Zakat and income tax for the period	-	7,942	7,942
Statement of income	Earnings per share (expressed in SAR per share)	1.66	(0.43)*	1.23

As at and for the three months period ended 30 June 2018:

		SAR’000
Financial statement impacted	Account	Before the restatement for the six months period ended June 30, 2018	Effect of restatement	As restated as at and for the six months period ended June 30, 2018
Statement of changes in Equity	Provision for zakat and income tax (retained earnings)	3,971	(3,971)	-
Statement of income	Zakat and income tax for the period	-	3,971	3,971
Statement of income	Earnings per share (expressed in SAR per share)	0.78	(0.21)*	0.57

*this includes effects of bonus shares and restatements of profits due to zakat and income tax.

Disclosure of income tax [text block]

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

Disclosure of classes of share capital [text block]

11. SHARE CAPITAL

The authorized, issued and paid up capital of the Company was SAR528 million at June 30, 2019 consisting of 52.8 million shares of SAR10 each (December 31, 2018: SAR440 million 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.

The Company’s Board of Directors in their meeting held on April 8, 2019 corresponding to 3 Sha’aban 1440H recommended to the Extraordinary General Assembly Meeting to increase share capital of the Company. The Extraordinary General Assembly approved to increase share capital of the Company from SR 440 million to SR 528 million by issuing one bonus share for every five existing shares owned by the shareholder. The increase in share capital is through capitalization of retained earnings of SR 88 million. The increase in share capital was approved by the shareholders in their meeting held on 16 Ramadan 1440H (Correspondence to May 21, 2019).

Shareholding structure of the Company is as below:

	June 30, 2019 (Unaudited)
	Authorized and issued		Paid up
	No. of Shares “000”	SAR “000”
International General Insurance Company	2,772	27,720	27,720
Others	50,028	500,280	500,280
Total	52,800	528,000	528,000

	December 31, 2018 (audited)
	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 statements.

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 statements 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
	SAR’000
June 30, 2019 (Unaudited)

Financial assets measured at fair value
- Available for sale investments
-Quoted securities	157,156	157,156	-	-	157,156

Shareholders’ Operations		Fair value
	Carrying value	Level 1	Level 2	Level 3	Total
	SAR’000
December 31, 2018 (Audited)

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

b. Measurement of fair values

The Company has investments amounting to SAR 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 values 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]

11. GROSS PREMIUMS WRITTEN

(Unaudited)	For the six months period ended June 30, 2019
Class	Corporate				Individual	Total Gross premiums written
Class	Micro	Small	Medium	Large	Individual	Total Gross premiums written
	SR’000
Medical	4,076	9,612	4,435	10,412	1,792	30,327
Motor	627	3,323	10,990	38,832	291,020	344,792
Property	199	1,381	4,148	87,059	-	92,787
Engineering	104	1,341	4,901	33,869	-	40,215
Others	506	5,285	9,681	49,982	184	65,638

Total	5,512	20,942	34,155	220,154	292,996	573,759

(Unaudited)	For the six months period ended June 30, 2018
Class	Corporate				Individual	Total Gross premiums written
Class	Micro	Small	Medium	Large	Individual	Total Gross premiums written
	SR’000
Medical	8,180	22,958	6,730	7,838	3,340	49,046
Motor	1,610	3,138	10,963	39,589	267,387	322,687
Property	184	1,389	3,758	65,100	-	70,431
Engineering	80	1,362	4,161	32,158	-	37,761
Others	432	4,770	7,617	65,213	643	78,675

Total	10,486	33,617	33,229	209,898	271,370	558,600

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:

	June 30, 2019		December 31, 2018
	(Unaudited)		(Audited)
Outstanding claims	175,628		190,757
Less: Realizable value of salvage and subrogation(note 7.1.1)	(8,289	)	(9,253	)
	167,339		181,504
Claims incurred but not reported	317,663		298,561
Less: IBNR related to salvages and subrogation(note 7.1.1)	(97,699	)	(100,801)
IBNR related to Outstanding claims	219,964		197,760
Additional premium reserves:
- Premium deficiency reserve	9,754		7,975
-Additional unexpired risk reserve	994		550
	10,748		8,525
Other technical reserves:
- Claims handling expense provision	8,203		11,687
- Unallocated loss adjustment expense provision	7,125		14,024
- Non-proportional reinsurance accrual reserve	-		668
Net outstanding claims and reserves	15,328		26,379
	413,379		414,168

Less:
-Reinsurer’s share of outstanding claims	107,153		124,638
-Reinsurer’s share of claims incurred but not reported	55,793		41,538
	162,946		166,176
Net outstanding claims and reserves	250,433		247,992

7.1.1 Salvage and subrogation

	June 30, 2019		December 31, 2018
	(Unaudited)		(Audited)
	SAR’000
Salvage and subrogation
IBNR related to salvages and subrogation	105,988		110,054
Realizable value of salvage and subrogation	(97,699	)	(100,801)
	8,289		9,253

Movement in unearned premiums

Movement in unearned premiums comprise of the following:

	June 30, 2019 (Unaudited)
	Gross	Reinsurance	Net
	SAR’000
Balance as at the beginning of the period	536,608	(195,562)	341,046
Premiums written during the period	573,759	(180,397)	393,362
Premiums earned during the period	(538,902)	186,341	(352,561)
Balance as at the end of the period	571,465	(189,618)	381,847

	December 31, 2018 (Audited)
	Gross	Reinsurance	Net
	SAR’000
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]

11. 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 and six month periods ended June 30, 2018 has been restated due to the issuance of 8.8 million bonus shares in the 2nd quarter of 2019.

Disclosure of related party transactions [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		Net balance receivable / (payable) as at
	June 30, 2019	June 30, 2018	June 30, 2019	December 31, 2018
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	SAR’000		SAR’000
Entities controlled, jointly controlled or significantly influenced by related parties
Insurance premium written / receivable from
BOD and related parties	1,717	2,686	659	413
Key management personnel	-	11		-

Claims paid and payable to BOD and their related parties	940	898	(154)	(295)
Others	462	298	(30)	(210)

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

	June 30, 2019 (Unaudited)	June 30, 2018 (Unaudited)
	SAR’000
Salaries and other allowances	2,507	2,338
End of service indemnities	506	418
	3,013	2,756

Remuneration to those charged with governance	4,666	2,947

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 condensed statement of income. 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 actuarial 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 statements provided to the Company’s Board of Directors for the reportable segments for the Company’s total assets and liabilities at June 30, 2019 and December 31, 2018, its total revenues, expenses, and net income for the the three and six month periods then ended, are as follows:

As at June 30, 2019 (Unaudited)

Insurance operations

Medical

Motor

Property

Engineering

Others

Total - Insurance operations

Shareholders’ operations

Total

SAR’000

Assets

Reinsurers’ share of unearned premiums

137

99,225

40,741

49,515

189,618

Reinsurers’ share of outstanding claims

463

72,000

22,439

12,251

107,153

Reinsurers’ share of claims incurred but

not reported

14,507

16,869

24,417

55,793

Deferred policy acquisition costs

1,727

11,057

2,348

2,229

3,793

21,154

Unallocated assets

930,728

670,608

1,601,336

Total assets

1,727

11,657

188,080

82,278

89,976

1,304,446

670,608

1,975,054

Liabilities and shareholders’ equity

Unearned premiums

27,054

334,477

101,231

43,601

65,102

571,465

Unearned Insurance commission

5,544

4,349

4,510

14,411

Outstanding claims

23,108

16,760

75,374

24,911

27,186

167,339

Claims incurred but not reported

9,091

136,698

16,718

18,362

39,095

219,964

Additional premium reserves

6,091

994

3,663

10,748

Other technical reserves

805

14,064

367

15,328

Unallocated liabilities and shareholders’ equity

305,191

670,608

975,799

Total liabilities and shareholders’ equity

66,149

502,007

198,922

92,254

139,923

1,304,446

670,608

1,975,054

Financial Position (continued)

		As at December 31, 2018 (Audited)
		Insurance operations
	Medical		Motor	Property	Engineering	Others	Total - Insurance operations	Shareholders’ operations	Total
	SAR’000
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 of 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

	For the three months ended June 30, 2019 (Unaudited)
	Medical		Motor	Property	Engineering	Others	Total
	SAR’000
REVENUES
Gross premiums written
- Direct	12,730		159,635	72,170	21,191	32,002	297,728
- Reinsurance	-		-	388	-	-	388
	12,730		159,635	72,558	21,191	32,002	298,116
Reinsurance premiums ceded
- Local ceded	-		-	(2,686)	(1,360)	-	(4,046)
- Foreign ceded	-		(182)	(68,459)	(18,453)	(21,524)	(108,618)
	-		(182)	(71,145)	(19,813)	(21,524)	(112,664)
Excess of loss expenses	(622)		(1,177)	(148)	(148)	(221)	(2,316)
Net premiums written	12,108		158,276	1,265	1,230	10,257	183,136
Changes in unearned premiums, net	6,838		(9,230)	(450)	18	(2,730)	(5,554)
Net premiums earned	18,946		149,046	815	1,248	7,527	177,582
Reinsurance commissions	-		2	3,032	1,525	2,098	6,657
Other underwriting income	-		664	2	2	17	685
TOTAL REVENUES	18,946		149,712	3,849	2,775	9,642	184,924

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	17,414		112,209	664	484	5,637	136,408
Expenses incurred related to claims	780		9,001	-	-	-	9,781
Reinsurers’ share of claims paid	(709)		-	(632)	(414)	(4,099)	(5,854)
Net claims and other benefits paid	17,485		121,210	32	70	1,538	140,335
Changes in outstanding claims, net	4,104		2,136	63	1,066	2,085	9,454
Changes in IBNR, net	(11,585)		19,894	339	411	5,230	14,289
Net claims and other benefits incurred	10,004		143,240	434	1,547	8,853	164,078
Changes in unexpired risks	(1,510)		-	-	961	3,663	3,114
Other technical reserves	408	(5,018)		(2,051)	(921)	(952)	(8,534)
Policy acquisition costs	1,227	7,813		1,635	957	873	12,505
Other underwriting expenses	2,732		5,308	-	-	15	8,055
TOTAL UNDERWRITING COSTS AND EXPENSES	12,861		151,343	18	2,544	12,452	179,218
NET UNDERWRITING INCOME (LOSS)	6,085		(1,631)	3,831	231	(2,810)	5,706
OTHER OPERATING (EXPENSES)/ INCOME
General and administrative expenses							(30,762)
Allowance for doubtful debts							1,747
Commission income							6,891
Dividend income on investments							587
TOTAL OTHER OPERATING EXPENSES							(21,537)
Total loss for the period before zakat and income tax							(15,831)
Zakat and income tax for the period							(3,971)
NET LOSS FOR THE PERIOD							(19,802)
Total income for the period attributable to insurance operations							-
NET LOSS FOR THE PERIOD ATTRIBUTABLE TO SHAREHOLDERS							(19,802)

	For the three months ended June 30, 2018 (Unaudited) Restated
	Medical		Motor	Property	Engineering	Others	Total
	SAR’000
REVENUES
Gross premiums written
- Direct	24,892		109,268	64,877	22,717	26,292	248,046
- Reinsurance	-		-	26	-	-	26
	24,892		109,268	64,903	22,717	26,292	248,072
Reinsurance premiums ceded
- Local ceded	-		-	(1,270)	(1,204)	-	(2,474)
- Foreign ceded	-		(173)	(62,770)	(20,346)	(22,820)	(106,109)
	-		(173)	(64,040)	(21,550)	(22,820)	(108,583)
Excess of loss expenses	(600)		(1,460)	(146)	(146)	(228)	(2,580)
Net premiums written	24,292		107,635	717	1,021	3,244	136,909
Changes in unearned premiums, net	3,854		59,573	(88)	(137)	5,245	68,447
Net premiums earned	28,146		167,208	629	884	8,489	205,356
Reinsurance commissions	-		5	1,660	1,505	2,709	5,879
Other underwriting income	-		1,458	2	2	32	1,494
TOTAL REVENUES	28,146		168,671	2,291	2,391	11,230	212,729

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	14,505		94,001	1,329	1,772	4,021	115,628
Expenses incurred related to claims	499		8,080	-	-	-	8,579
Reinsurers’ share of claims paid	-		-	(801)	(1,279)	(543)	(2,623)
Net claims and other benefits paid	15,004		102,081	528	493	3,478	121,584
Changes in outstanding claims, Net	9,831		(8,143)	(60)	(137)	2,446	3,937
Changes in IBNR, net	-		-	-	-	-	-
Net claims and other benefits incurred	24,835		93,938	468	356	5,924	125,521
Premium deficiency reserves	-		-	-	-	-	-
Other technical reserves	-	-		-	-	-	-
Policy acquisition costs	3,137	12,241		868	713	1,259	18,218
Other underwriting expenses	-		2,756	-	-	19	2,775
TOTAL UNDERWRITING COSTS AND EXPENSES	27,972		108,935	1,336	1,069	7,202	146,514
NET UNDERWRITING INCOME	174		59,736	955	1,322	4,028	66,215
OTHER OPERATING (EXPENSES)/INCOME
General and administrative expense							(26,538)
Allowance for doubtful debts							(6,196)
Commission income							4,582
TOTAL OTHER OPERATING EXPENSES							(28,152)
Total income for the period before zakat and income tax							38,063
Zakat and income tax for the period							(3,971)
NET INCOME FOR THE PERIOD							34,092
Total income for the period attributable to insurance operations							(3,736)
NET INCOME FOR THE PERIOD ATTRIBUTABLE TO SHAREHOLDERS							30,356

	For the six months ended June 30, 2019 (Unaudited)
	Medical	Motor	Property		Engineering		Others		Total
	SAR’000
REVENUES
Gross premiums written
- Direct	30,327	344,792	92,399		40,215		65,638		573,371
- Reinsurance	-	-	388		-		-		388
	30,327	344,792	92,787		40,215		65,638		573,759
Reinsurance premiums ceded
- Local ceded	-	-	(3,291)		(2,910)		-		(6,201)
- Foreign ceded	-	(182)	(87,017)		(33,998)		(48,666)		(169,863)
	-	(182)	(90,308)		(36,908)		(48,666)		(176,064)
Excess of loss expenses	(1,254)	(2,056)	(297)		(297)		(429)		(4,333)
Net premiums written	29,073	342,554	2,182		3,010		16,543		393,362
Changes in unearned premiums, net	10,554	(47,641)	(592)		(672)		(2,450)		(40,801)
Net premiums earned	39,627	294,913	1,590		2,338		14,093		352,561
Reinsurance commissions	-	2	5,974		2,833		3,186		11,995
Other underwriting income	-	1,105	5		4		34		1,148
TOTAL REVENUES	39,627	296,020	7,569		5,175		17,313		365,704
UNDERWRITING COSTS AND EXPENSES
Gross claim paid	41,557	216,225	2,837		8,336		8,540		277,495
Expenses incurred related to claims	1,483	14,206	-		-		-		15,689
Reinsurers’ share of claims paid	(4,536)	-	(2,480)		(8,004)		(4,913)		(19,933)
Net claims and other benefits paid	38,504	230,431	357		332		3,627		273,251
Changes in outstanding claims, net	(3,740)	3,465	(297)		1,153		2,739		3,320
Changes in IBNR, net	(2,282)	3,904	691		777		4,859		7,949
Net claims and other benefits incurred	32,482	237,800	751		2,262		11,225		284,520
Unexpired risk reserves	(1,582)	-	-		445		3,360		2,223
Other technical reserves	423	(7,039)		(2,067)		(1,302)		(1,066)		(11,051)
Policy acquisition costs	2,899	15,761		3,170		1,642		2,204		25,676
Other underwriting expenses	3,667	8,300	-		-		34		12,001
TOTAL UNDERWRITING COSTS AND EXPENSES	37,889	254,822	1,854		3,047		15,757		313,369
NET UNDERWRITING INCOME	1,738	41,198	5,715		2,128		1,556		52,335
OTHER OPERATING (EXPENSES) / INCOME
General and administrative expense									(60,897)
Allowance for doubtful debts									(4,480)
Commission income									13,356
Dividend income on investment									698
TOTAL OTHER OPERATING EXPENSES									(51,323)
Total income for the period before zakat and income tax									1,012
Zakat and income tax for the period									(8,042)
NET LOSS FOR THE PERIOD									(7,030)
Total income for the period attributable to insurance operations									-
NET LOSS FOR THE PERIOD ATTRIBUTABLE TO SHAREHOLDERS									(7,030)

	For the Six months ended June 30, 2018 (Unaudited) (Restated)
	Medical	Motor	Property	Engineering	Others	Total

	SAR’000
REVENUES
Gross premiums written
- Direct	49,046	322,687	70,079	37,786	78,675	558,273
- Reinsurance	-	-	352	(25)	-	327
	49,046	322,687	70,431	37,761	78,675	558,600
Reinsurance premiums ceded
- Local ceded	-	-	(2,040)	(2,823)	-	(4,863)
- Foreign ceded	-	(173)	(66,593)	(34,091)	(63,957)	(164,814)
	-	(173)	(68,633)	(36,914)	(63,957)	(169,677)
Excess of loss expenses	(1,200)	(2,919)	(291)	(291)	(460)	(5,161)
Net premiums written	47,846	319,595	1,507	556	14,258	383,762
Changes in unearned premiums, net	6,240	17,802	(160)	1,265	(513)	24,634
Net premiums earned	54,086	337,397	1,347	1,821	13,745	408,396
Reinsurance commissions	-	5	3,197	3,107	4,088	10,397
Other underwriting income	-	2,794	5	4	47	2,850
TOTAL REVENUES	54,086	340,196	4,549	4,932	17,880	421,643

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	28,633	189,502	2,008	6,689	8,674	235,506
Expenses incurred related to claims	1,849	16,486	-	-	-	18,335
Reinsurers’ share of claims paid	-	(135)	(1,351)	(5,214)	(946)	(7,646)
Net claims and other benefits paid	30,482	205,853	657	1,475	7,728	246,195
Changes in outstanding claims, net	17,819	(6,634)	(497)	201	1,581	12,470
Changes in IBNR, net	(444)	(11,524)	(139)	(29)	1,025	(11,111)
Net claims and other benefits incurred	47,857	187,695	21	1,647	10,334	247,554
Unexpired risk reserves	1,384	-	(355)	1,508	(693)	1,844
Other technical reserves	210	(96)	-	3	38	155
Policy acquisition costs	5,215	25,441	1,718	1,262	3,264	36,900
Other underwriting expenses	-	5,227	-	-	25	5,252
TOTAL UNDERWRITING COSTS AND EXPENSES	54,666	218,267	1,384	4,420	12,968	291,705

NET UNDERWRITING INCOME	(580)	121,929	3,165	512	4,912	129,938

OTHER OPERATING (EXPENSES)/ INCOME
General and administrative expense						(51,917)
Allowance for doubtful debts						(6,196)
Commission income						8,569
Dividend income on investment						606
TOTAL OTHER OPERATING EXPENSES						(48,938)
Total income for the period before zakat and income tax						81,000
Zakat and income tax for the period						(7,942)
NET INCOME FOR THE PERIOD						73,058
Total income for the period attributable to insurance operations						(7,938)
NET INCOME FOR THE PERIOD ATTRIBUTABLE TO SHAREHOLDERS						65,120

Disclosure of capital management [text block]

11. 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 insurance/ takaful operations surplus and dividends [text block]

11. DIVIDEND

The Board of Directors (BOD) in their meeting dated April 8, 2019, proposed a dividend of SR 1 per share total amounting to SR 44 million, which was approved by the shareholders in annual general assembly meeting dated May 21, 2019. The entire dividend amount was distributed during the period.

Disclosure of commitments and contingencies, general [text block]

1. COMMITMENTS AND CONTINGENCIES

The Company’s commitments and contingencies are as follows:

	June 30, 2019	December 31, 2018
	(Unaudited)	(Audited)
	SAR’000
Letters of guarantee	5,800	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]

11. 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]

11. APPROVAL OF THE INTERIM CONDENSED FINANCIAL STATEMENTS

The interim condensed financial statements has been approved by the Board of Directors, on July 25, 2019 corresponding to 22 Dhu al-Qa’dah 1440H.

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

11. SUPPLEMENTARY STATEMENTS

Interim condensed financial position

	June 30, 2019 - (Unaudited)			December 31, 2018 - (Audited)
	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
	SAR’000			SAR’000
ASSETS
Cash and cash equivalents	540,201	-	540,201	654,006	468,323	1,122,329
Short term deposits	126,823	379,433	506,256	-	-	-
Premiums and reinsurers’ receivable - net	208,616	-	208,616	202,416	-	202,416
Reinsurers’ share of unearned premiums	189,618	-	189,618	195,562	-	195,562
Reinsurers’ share of outstanding claims	107,153	-	107,153	124,638	-	124,638
Reinsurers’ share of claims incurred but not reported	55,793	-	55,793	41,538	-	41,538
Deferred policy acquisition costs	21,154	-	21,154	23,570	-	23,570
Investments	-	229,743	229,743	-	162,876	162,876
Due from shareholders’/ insurance operations	1,288	-	1,288	-	26,507	26,507
Prepaid expenses and other assets	34,042	-	34,042	34,083	-	34,083
Property and equipment	17,464	-	17,464	9,415	-	9,415
Intangible assets	1,387	-	1,387	1,334	-	1,334
Statutory deposit	-	52,800	52,800	-	44,000	44,000
Accrued income on statutory deposit	-	4,891	4,891	-	4,263	4,263
Accrued commission income	907	3,741	4,648	1,752	2,685	4,437
TOTAL ASSETS	1,304,446	670,608	1,975,054	1,288,314	708,654	1,996,968

Interim condensed financial position (Continued)

	June 30, 2019 - (Unaudited)				December 31, 2018- (Audited)
	Insurance operations	Share-holders’ operations	Total	Insurance operations		Share-holders’ operations	Total
	SAR’000			SAR’000
LIABILITIES
Policyholders claims payable	23,060	-	23,060	16,712		-	16,712
Accrued and other liabilities	110,328	3,523	113,851	115,078		5,036	120,114
Reinsurers' balances payable	155,710	-	155,710	140,897		-	140,897
Unearned premiums	571,465	-	571,465	536,608		-	536,608
Unearned reinsurance commission	14,411	-	14,411	12,443		-	12,443
Outstanding claims	167,339	-	167,339	181,504		-	181,504
Claims incurred but not reported	219,964	-	219,964	197,760		-	197,760
Additional premium reserves	10,748	-	10,748	8,525		-	8,525
Other technical reserves	15,328	-	15,328	26,379		-	26,379
Due to insurance / shareholders’ operations	-	1,288	1,288	26,507		-	26,507
End-of-service indemnities	16,162	-	16,162	14,622		-	14,622
Zakat and income tax	-	23,710	23,710	-		28,532	28,532
Accrued commission income payable to SAMA	-	4,891	4,891	-		4,263	4,263
TOTAL LIABILITIES	1,304,515	33,412	1,337,927	1,277,035		37,831	1,314,866
INSURANCE OPERATIONS’ SURPLUS						-
Insurance operations’ surplus	2,147	-	2,147	13,495		-	13,495
Accumulated actuarial loss on end-of-service indemnities	(2,216)	-	(2,216)	(2,216)		-	(2,216)
TOTAL INSURANCE OPERATIONS’ SURPLUS	(69)	-	(69)	11,279		-	11,279
TOTAL LIABILITIES INCLUDING INSURANCE OPERATIONS’ SURPLUS	1,304,446	33,412	1,337,858	1,288,314		37,831	1,326,145

SHAREHOLDERS’ EQUITY
Share capital	-	528,000	528,000	-		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	-	16,276	16,276	-		155,306	155,306
Fair value reserve loss on investments	-	13,985	13,985	-		(3,418)	(3,418)
TOTAL SHAREHOLDERS’ EQUITY	-	637,196	637,196	-		670,823	670,823
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,304,446	670,608	1,975,054	1,288,314		708,654	1,996,968

Interim condensed statement of income for the three months period ended

	June 30, 2019			June 30, 2018 Restated
(Unaudited)	Insurance operations	Share-holders’ operations	Total		Insurance operations	Share-holders’ operations	Total
	SAR’000				SAR’000
REVENUES
Gross premiums written
- Direct	297,728	-	297,728		248,046	-	248,046
- Reinsurance	388	-	388		26	-	26
	298,116		298,116		248,072	-	248,072
Reinsurance premiums ceded
- Local ceded	(4,046)	-	(4,046)		(2,474)	-	(2,474)
- Foreign ceded	(108,618)	-	(108,618)		(106,109)	-	(106,109)
	(112,664)	-	(112,664)		(108,583)	-	(108,583)
Excess of loss expenses	(2,316)	-	(2,316)		(2,580)	-	(2,580)
Net premiums written	183,136	-	183,136		136,909	-	136,909
Changes in unearned premiums, net	(5,554)		(5,554)		68,447	-	68,447
Net premiums earned	177,582	-	177,582		205,356	-	205,356
Reinsurance commissions	6,657	-	6,657		5,879	-	5,879
Other underwriting income	685	-	685		1,494	-	1,494
TOTAL REVENUES	184,924	-	184,924		212,729	-	212,729

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	136,408	-	136,408		115,628	-	115,628
Expenses incurred related to claims	9,781	-	9,781		8,579	-	8,579
Reinsurers’ share of claims paid	(5,854)	-	(5,854)		(2,623)	-	(2,623)
Net claims and other benefits paid	140,335	-	140,335		121,584	-	121,584
Changes in outstanding claims, net	9,454	-	9,454		3,937	-	3,937
Changes in IBNR, net	14,289	-	14,289		-	-	-
Net claims and other benefits Incurred	164,078	-	164,078		125,521	-	125,521
Additional premium reserves	3,114	-	3,114		-	-	-
Other technical reserves	(8,534)	-	(8,534)		-	-	-
Policy acquisition costs	12,505	-	12,505		18,218	-	18,218
Other underwriting expenses	8,055	-	8,055		2,775	-	2,775
TOTAL UNDERWRITING COSTS AND EXPENSES	179,218	-	179,218		146,514	-	146,514

NET UNDERWRITING INCOME	5,706	-	5,706		66,215	-	66,215

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

	June 30, 2019			June 30, 2018 Restated
(Unaudited)	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
	SAR’000			SAR’000
OTHER OPERATING (EXPENSES)/ INCOME
Allowance for doubtful debts	1,747	-	1,747	(6,196)	-	(6,196)
General and administrative expenses	(28,886)	(1,876)	(30,762)	(24,765)	(1,773)	(26,538)
Commission income	2,852	4,039	6,891	2,103	2,479	4,582
Dividend income on Investments	-	587	587	-	-	-
TOTAL OTHER OPERATING (EXPENSES)/ INCOME	(24,287)	2,750	(21,537)	(28,858)	706	(28,152)
Total (loss ) / income for the period before zakat and income tax	(18,581)	2,750	(15,831)	37,357	706	38,063

Zakat and income tax for the period	-	(3,971)	(3,971)	-	(3,971)	(3,971)

NET (LOSS) / INCOME FOR THE PERIOD	(18,581)	(1,221)	(19,802)	37,357	(3,265)	34,092

Surplus transferred to Shareholders	18,581	(18,581)	-	(33,621)	33,621	-
NET RESULT FROM INSURANCE OPERATIONS AFTER TRANSFER OF SURPLUS TO SHAREHOLDERS	-	(19,802)	(19,802)	3,736	30,356	34,092

(Loss) earnings per share (Expressed in SAR per share)
Basic and diluted EPS		(0.38)			0.57

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

	June 30, 2019			June 30, 2018 Restated
(Unaudited)	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
	SAR’000			SAR’000
Total (loss) income for the period	-	(19,802)	(19,802)	3,736	30,356	34,092

Other comprehensive (loss) income
*Items that are or may be reclassified to statement of income in subsequent periods*

Available for sale investments:
- Net change in fair value	-	(1)	(1)	-	6,684	6,684
TOTAL COMPREHENSIVE (LOSS) INCOME FOR THE PERIOD	-	(19,803)	(19,803)	3,736	37,040	40,776

Interim condensed statement of income for the six months period ended

	June 30, 2019			June 30, 2018 Restated
(Unaudited)	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
	SAR’000			SAR’000
REVENUES
Gross premiums written
- Direct	573,371	-	573,371	558,273	-	558,273
- Reinsurance	388	-	388	327	-	327
	573,759	-	573,759	558,600	-	558,600
Reinsurance premiums ceded
- Local ceded	(6,201)	-	(6,201)	(4,863)	-	(4,863)
- Foreign ceded	(169,863)	-	(169,863)	(164,814)	-	(164,814)
	(176,064)	-	(176,064)	(169,677)	-	(169,677)
Excess of loss expenses	(4,333)	-	(4,333)	(5,161)	-	(5,161)
Net premiums written	393,362	-	393,362	383,762	-	383,762
Changes in unearned premiums, net	(40,801)	-	(40,801)	24,634	-	24,634
Net premiums earned	352,561	-	352,561	408,396	-	408,396
Reinsurance commissions	11,995	-	11,995	10,397	-	10,397
Other underwriting income	1,148	-	1,148	2,850	-	2,850
TOTAL REVENUES	365,704	-	365,704	421,643	-	421,643

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	277,495	-	277,495	235,506	-	235,506
Expenses incurred related to claims	15,689	-	15,689	18,335	-	18,335
Reinsurers’ share of claims paid	(19,933)	-	(19,933)	(7,646)	-	(7,646)
Net claims and other benefits paid	273,251	-	273,251	246,195	-	246,195
Changes in outstanding claims, net	3,320	-	3,320	12,470	-	12,470
Changes in IBNR, net	7,949	-	7,949	(11,111)	-	(11,111)
Net claims and other benefits incurred	284,520	-	284,520	247,554	-	247,554
Additional premium reserves	2,223	-	2,223	1,844	-	1,844
Other technical reserves	(11,051)	-	(11,051)	155	-	155
Policy acquisition costs	25,676	-	25,676	36,900	-	36,900
Other underwriting expenses	12,001	-	12,001	5,252	-	5,252
TOTAL UNDERWRITING COSTS AND EXPENSES	313,369	-	313,369	291,705	-	291,705

NET UNDERWRITING INCOME	52,335	-	52,335	129,938	-	129,938

Interim condensed statement of income for the six months period ended (continued)

	June 30, 2019			June 30, 2018 Restated
(Unaudited)	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations		Total
	SAR’000			SAR;000
OTHER OPERATING (EXPENSES)/ INCOME
Allowance for doubtful debts	(4,480)	-	(4,480)	(6,196)	-	(6,196)
General and administrative expenses	(57,144)	(3,753)	(60,897)	(48,370)	(3,547)	(51,917)
Commission income	5,899	7,457	13,356	4,007	4,562	8,569
Dividend income on investments	-	698	698	-	606	606
TOTAL OTHER OPERATING (EXPENSES)/ INCOME	(55,725)	4,402	(51,323)	(50,559)	1,621	(48,938)
Total (loss ) / income for the period before zakat and income tax	(3,390)	4,402	1,012	79,379	1,621	81,000

Zakat and income tax for the period	-	(8,042)	(8,042)	-	(7,942)	(7,942)

NET INCOME / (LOSS) FOR THE PERIOD	(3,390)	(3,640)	(7,030)	79,379	(6,321)	73,058

Surplus transferred to Shareholders	3,390	(3,390)	-	(71,441)	71,441	-
NET RESULT FROM INSURANCE OPERATIONS AFTER TRANSFER OF SURPLUS TO SHAREHOLDERS	-	(7,030)	(7,030)	7,938	65,120	73,058


(Loss) Earnings per share (Expressed in SAR per share)
Basic and diluted EPS		(0.13)			1.23

	2019			2018
(Unaudited)	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
	SAR’000			SAR;000
Total (loss) income for the period	-	(7,030)	(7,030)	7,938	65,120	73,058

Other comprehensive (loss) income

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

- Available for sale investments:
- Net change in fair value	-	17,403	17,403	-	13,946	13,946
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	-	10,373	10,373	7,938	79,066	87,004

Interim condensed statement of cash flows for six months

(Unaudited)	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
	2019 SAR’000			2018 SAR’000 Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit for the period before zakat	-	1,012	1,012	7,938	73,062	81,000
Adjustments for non-cash items:
Depreciation of property and equipment	3,333	-	3,333	1,651	-	1,651
Amortization of intangible assets	248	-	248	529	-	529
Allowance for doubtful debts	4,480	-	4,480	6,196	-	6,196
Commission income	(5,899)	(7,457)	(13,356)	(4,007)	(4,562)	(8,569)
Dividend income on investments	-	(698)	(698)	-	(606)	(606)
Provision for end-of-service indemnities	1,830	-	1,830	1,445	-	1,445

Changes in operating assets and liabilities:
Premiums and reinsurers’ receivable	(13,239)	-	(13,239)	(127,745)	-	(127,745)
Reinsurers’ share of unearned premiums	5,944	-	5,944	(25,910)	-	(25,910)
Reinsurers’ share of outstanding claims	17,485	-	17,485	(9,056)	-	(9,056)
Reinsurers’ share of claims incurred but not reported	(14,255)	-	(14,255)	(1,616)	-	(1,616)
Deferred policy acquisition costs	2,416	-	2,416	4,659	-	4,659
Prepaid expenses and other assets	41	-	41	(7,960)	-	(7,960)
Policyholders and accounts payables	6,348	-	6,348	(2,176)	-	(2,176)
Accrued and other liabilities	(10,640)	(1,513)	(12,153)	20,335	930	21,265
Reinsurers' balances payable	14,813	-	14,813	90,213	-	90,213
Unearned premiums	34,857	-	34,857	1,276	-	1,276
Unearned reinsurance commission	1,968	-	1,968	1,601	-	1,601
Outstanding claims	(14,165)	-	(14,165)	21,526	-	21,526
Claims incurred but not reported	22,204	-	22,204	(9,495)	-	(9,495)
Additional premium reserves	2,223	-	2,223	1,844	-	1,844
Other technical reserves	(11,051)	-	(11,051)	155	-	155
	48,941	(8,656)	40,285	(28,597)	68,824	40,227
End-of-service indemnities paid	(290)	-	(290)	(390)	-	(390)
Zakat and income tax paid	-	(12,864)	(12,864)	-	(12,025)	(12,025)
Net cash (used in)/ generated from operating activities	48,651	(21,520)	27,131	(28,987)	56,799	27,812

Interim condensed statement of cash flows for six months (Continued)

	Insurance operations	Share-holders’ operations	Total	Insurance operations	Share-holders’ operations	Total
	2019 SAR’000			2018 SAR’000 Restated
CASH FLOWS FROM INVESTING ACTIVITIES

Additions in intangible assets	(301)	-	(301)	(797)	-	(797)
Additions in investments	-	(49,464)	(49,464)	-	(30,000)	(30,000)
Commission income received	6,744	6,401	13,145	4,107	4,684	8,791
Dividend received	-	698	698	-	800	800
Disposals of short term deposits	(126,823)	(379,433)	(506,256)	-	184,833	184,833
Additions in property and equipment	(11,382)	-	(11,382)	(2,407)	-	(2,407)
Net cash (used in) from investing activities	(131,762)	(421,798)	(553,560)	903	160,317	161,220

CASH FLOWS FROM FINANCING ACTIVITIES
Increase in statutory deposit	-	(8,800)	(8,800)	-	(4,000)	(4,000)
Due from shareholders’/ insurance operations	(27,795)	27,795	-	8,558	(8,558)	-
Dividends paid	-	(44,000)	(44,000)	-	-	-
Lease rentals	(2,899)	-	(2,899)	-	-	-
Net cash used in investing activity	(30,694)	(25,005)	(55,699)	8,558	(12,558)	(4,000)
Net change in cash and cash equivalents	(113,805)	(468,323)	(582,128)	(19,526)	204,558	185,032
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	540,201	-	540,201	269,979	224,972	494,951
NON-CASH STATEMENTS
Unrealised changes in fair value of available for sale investments	-	17,403	17,403	-	13,946	13,946

[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 motor, medical, marine, fire, engineering, energy, aviation and casualty insurance.

Interim condensed financial position

Interim condensed financial position (Continued)

(Unaudited)

(Unaudited)

Other comprehensive (loss) income

Other comprehensive (loss) income