| [100010] Filing information | [200100] Independent auditors report | [300100] Statement of financial position, order of liquidity | |||
| [300200] Statement of insurance/ takaful operations, nature of expense | [300300] Statement of shareholders operations, nature of expense | [300400] Statement of other comprehensive income, before tax, insurance operations | |||
| [300500] Statement of other comprehensive income, before tax, shareholders operations | [300600] Statement of cash flows, indirect method, insurance operations | [300700] Statement of cash flows, indirect method, shareholders operations | |||
| [300800] Statement of changes in equity | [400100] Notes forming part of accounts |
| [100010] Filing information |
| English [member] | ||
|---|---|---|
| Start Date | 2021-07-01 | 2020-07-01 |
| End Date | 2021-09-30 | 2020-09-30 |
| Filing information [line items] | ||
| Disclosure of entity information [abstract] | ||
| Name of reporting entity | Arabian Shield Cooperative Insurance Co. | |
| Company symbol code| ISIN code | 8070 | SA000A0MLUH9 | |
| 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 3 | |
| Reporting period start date | 2021-07-01 | 2020-07-01 |
| Reporting period end date | 2021-09-30 | 2020-09-30 |
| 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 | |
| [200100] Independent auditors report |
| Primary auditor [member] | Second primary auditor [member] | |
|---|---|---|
| English [member] | English [member] | |
| Start Date | 2021-07-01 | 2021-07-01 |
| End Date | 2021-09-30 | 2021-09-30 |
| Auditors information [line items] | ||
| Details of auditors signing report [abstract] | ||
| Name of auditor signing report | Abdullah Mohammed Al-Azem | Ibrahim A. Al Bassam |
| Registration number of auditor | 335 | 337 |
| Details of audit firm [abstract] | ||
| Name of audit firm | Al Azem, Al Sudairy, Al Shaikh & Partners | PKF Al Bassam & Co. |
| English [member] | |
|---|---|
| Start Date | 2021-07-01 |
| End Date | 2021-09-30 |
| Auditors report [line items] | |
| Disclosures of auditors report [text block] | 01-07-2021 - 30/09/2021 |
| 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 information is not prepared, in all material respects, in accordance with IAS 34 as endorsed in the Kingdom of Saudi Arabia. |
| Basis of opinion | We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of interim financial information performed by the independent auditor of the entity”, as endorsed in the Kingdom of Saudi Arabia. A review of interim 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 presentation of this interim condensed financial information in accordance with International Accounting Standard 34 - "Interim Financial Reporting" (IAS 34) as endorsed in the Kingdom of Saudi Arabia. |
| Auditors responsibilities for audit of financial statements | Our responsibility is to express a conclusion on this interim condensed financial information based on our review. |
| Date of signing audit report by auditor | 2021-11-08 |
| [300100] Statement of financial position, order of liquidity |
| Start Date | 2021-01-01 | 2020-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-12-31 | 2020-09-30 | |
| Statement of financial position [abstract] | ||||
| Assets [abstract] | ||||
| Insurance/ takaful operations assets [abstract] | ||||
| Property and equipment, net, insurance/ takaful operations assets | 12,309 | 13,052 | 12,768 | |
| Due from related parties, insurance/ takaful operations assets | 20,540 | 6,522 | 29,324 | |
| Deferred policy acquisition costs | 7,213 | 7,032 | 4,971 | |
| Reinsurers/ retakaful share of unearned premiums/ contributions | 66,417 | 71,532 | 90,223 | |
| Prepayments and other assets, insurance/ takaful operations assets | 34,636 | 35,625 | 29,639 | |
| Due from shareholders operations | 13,155 | -11,409 | 22,135 | |
| Premiums/ insurance receivables/takaful contributions receivable, net | 111,339 | 70,138 | 43,309 | |
| Reinsurers/ retakaful share of outstanding claims/ benefits, net | 114,799 | 151,471 | 155,390 | |
| Time (Murabaha) deposits, insurance/ takaful operations assets | 0 | 0 | ||
| Deferred excess of loss premiums | 945 | 0 | 536 | |
| Cash and cash equivalents, insurance/ takaful operations assets | 237,464 | 358,503 | 317,170 | |
| Total insurance/ takaful operations assets | 618,817 | 702,466 | 705,465 | |
| Shareholders assets [abstract] | ||||
| Goodwill | 46,794 | 46,794 | 46,794 | |
| Statutory deposit | 40,000 | 30,000 | 30,000 | |
| Prepayments and other assets, shareholders assets | 8,160 | 9,097 | 7,983 | |
| Accrued investment income | 3,083 | 3,002 | 2,976 | |
| Available-for-sale investments, shareholders assets | 319,333 | 246,555 | 241,853 | |
| Due from insurance/ takaful operations assets | -13,155 | 11,409 | ||
| Cash and cash equivalents, shareholders assets | 133,885 | 159,242 | 190,135 | |
| Total shareholders assets | 538,100 | 506,099 | 519,741 | |
| Total assets | 1,156,917 | 1,208,565 | 1,225,206 | |
| Liabilities and equity [abstract] | ||||
| Insurance/ takaful operations liabilities and surplus (deficit) [abstract] | ||||
| Insurance/ takaful operations liabilities [abstract] | ||||
| Gross unearned premiums/ contributions | 204,037 | 190,453 | 199,964 | |
| Unearned commission income | 12,198 | 14,148 | 16,411 | |
| Employees end of service benefits, insurance/ takaful operations liabilities | 9,342 | 7,917 | 8,485 | |
| Surplus distribution payable | 7,714 | 4,570 | 4,122 | |
| Due to shareholders operations | 0 | 0 | 0 | |
| Due to related parties, insurance/ takaful operations liabilities | 813 | 29,395 | 288 | |
| Reinsurers/ retakaful balance payable | 14,807 | 18,826 | 40,577 | |
| Gross outstanding claims/ benefits including IBNR payable | 261,748 | 297,818 | 318,052 | |
| Other technical reserves | 17,870 | 28,500 | 16,600 | |
| Accrued expenses payable, insurance/ takaful operations liabilities | 78,939 | 98,334 | 86,816 | |
| Other liabilities, insurance/ takaful operations | 12,349 | 12,505 | 14,150 | |
| Total insurance/ takaful operations liabilities | 619,817 | 702,466 | 705,465 | |
| Insurance/ takaful operations surplus (deficit) [abstract] | ||||
| Other insurance/ takaful operations surplus (deficit) | -1,000 | |||
| Total insurance/ takaful operations surplus (deficit) | -1,000 | |||
| Total insurance/ takaful operations liabilities and surplus (deficit) | 618,817 | 702,466 | 705,465 | |
| Shareholders liabilities and equity [abstract] | ||||
| Shareholders liabilities [abstract] | ||||
| Zakat payable | 38,834 | 36,483 | 33,664 | |
| Income tax payable | 1,299 | 1,752 | 1,927 | |
| Due to insurance/ takaful operations | 22,135 | |||
| Accrued expenses payable, shareholders liabilities | 1,959 | 2,958 | 2,515 | |
| Other liabilities, shareholders liabilities | 3,083 | 3,002 | 2,976 | |
| Total shareholders liabilities | 45,175 | 44,195 | 63,217 | |
| Shareholders equity [abstract] | ||||
| Equity attributable to owners of parent [abstract] | ||||
| Share capital | 400,000 | 300,000 | 300,000 | |
| Statutory reserve | 20,866 | 40,866 | 34,535 | |
| Fair value reserve on investments, shareholders equity | 3,602 | -2,426 | -212 | |
| Retained earnings (accumulated losses) | 68,457 | 123,464 | 122,201 | |
| Total equity attributable to equity holders of company | 492,925 | 461,904 | 456,524 | |
| Total shareholders liabilities and equity | 538,100 | 506,099 | 519,741 | |
| Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity | 1,156,917 | 1,208,565 | 1,225,206 |
| [300200] Statement of insurance/ takaful operations, nature of expense |
| Start Date | 2021-07-01 | 2020-07-01 | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| 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 | 95,624 | 96,425 | 424,968 | 427,141 | |
| Excess of loss expense | 714 | 536 | 2,835 | 1,609 | |
| Reinsurance/ retakaful premiums ceded | 17,068 | 41,633 | 143,324 | 181,455 | |
| Net premiums/ contributions written | 77,842 | 54,256 | 278,809 | 244,077 | |
| Changes in unearned premiums/ contributions | -45,750 | -38,794 | 13,584 | 32,585 | |
| Reinsurance/ retakaful share of unearned premiums/ contributions | 28,612 | 1,633 | 5,115 | -53,783 | |
| Net premiums/ contributions earned | 94,980 | 91,417 | 260,110 | 265,275 | |
| Reinsurance/ retakaful commissions | 7,941 | 7,222 | 27,442 | 23,306 | |
| Fees and other income from insurance/ takaful operations | 400 | 1,247 | 14,067 | 5,919 | |
| Total income from insurance/ takaful operations | 103,321 | 99,886 | 301,619 | 294,500 | |
| Cost and expenses [abstract] | |||||
| Net claims/ benefits incurred [abstract] | |||||
| Net claims/ benefits paid [abstract] | |||||
| Gross claims/ benefits paid | 89,140 | 80,344 | 277,807 | 214,024 | |
| Reinsurance/ retakaful share of gross claims/ benefits paid | 24,064 | 15,170 | 70,434 | 37,290 | |
| Net claims/ benefits paid | 65,076 | 65,174 | 207,373 | 176,734 | |
| Changes in outstanding claims/ benefits including IBNR | 7,421 | 8,941 | -36,070 | -1,327 | |
| Changes in reinsurance/ retakaful share of outstanding claims/ benefits | -2,084 | -10,862 | 36,672 | 7,164 | |
| Net claims/ benefits incurred | 70,413 | 63,253 | 207,975 | 182,571 | |
| Policy acquisition costs | 4,073 | 3,530 | 10,710 | 11,543 | |
| Supervision and inspection fees | 3,530 | 3,216 | 10,161 | 9,257 | |
| Depreciation/ amortisation, insurance/ takaful operations | 935 | 2,155 | 3,227 | 3,357 | |
| General and administrative expenses, insurance/ takaful operations | 12,748 | 13,998 | 36,344 | 40,374 | |
| Other underwriting income | 693 | 708 | 2,638 | 2,814 | |
| Other underwriting expenses | 952 | 4,350 | -436 | 16,078 | |
| Other cost and expenses | -4,350 | -2,697 | 4,840 | 7,233 | |
| Total cost and expenses | 87,608 | 87,097 | 270,183 | 267,599 | |
| Surplus (deficit) for period from insurance/ takaful operations | 15,713 | 12,789 | 31,436 | 26,901 | |
| Shareholders appropriation from insurance/ takaful operations surplus (deficit) | 14,141 | 11,512 | 28,292 | 24,212 | |
| Net result for period from insurance/ takaful operations after shareholders appropriation | 1,572 | 1,277 | 3,144 | 2,689 | |
| Policyholders share of accumulated surplus, at end of period | 1,572 | 1,277 | 3,144 | 2,689 |
| [300300] Statement of shareholders operations, nature of expense |
| Start Date | 2021-07-01 | 2020-07-01 | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| Statement of shareholders operations [abstract] | |||||
| Profit (loss) [abstract] | |||||
| Income (loss) from continuing operations [abstract] | |||||
| Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations | 14,141 | 11,512 | 28,292 | 24,212 | |
| Revenue [abstract] | |||||
| Commission/ profit on deposits | 500 | 386 | 1,328 | 1,961 | |
| Investment income | 1,812 | 2,049 | 4,941 | 5,922 | |
| Realised gain (loss) on available-for-sale investments | 1,932 | 3,316 | 9,704 | 3,316 | |
| Total revenue | 4,244 | 5,751 | 15,973 | 11,199 | |
| Expenses [abstract] | |||||
| General and administrative expenses, shareholders operations | 6,839 | 691 | 9,401 | 2,047 | |
| Total expenses | 6,839 | 691 | 9,401 | 2,047 | |
| Income (loss) from continuing operations before zakat and income tax | 11,546 | 16,572 | 34,864 | 33,364 | |
| Zakat expenses on continuing operations for period | 2,918 | 2,805 | 9,331 | 8,502 | |
| Income tax on continuing operations for period | 112 | 294 | 540 | 799 | |
| Profit (loss) from continuing operations | 8,516 | 13,473 | 24,993 | 24,063 | |
| Profit (loss) for the period | 8,516 | 13,473 | 24,993 | 24,063 | |
| Profit (loss), attributable to [abstract] | |||||
| Profit (loss), attributable to saudi shareholders of company | 6,727.64 | 10,643.67 | 19,744.47 | 19,009.77 | |
| Profit (loss), attributable to non-saudi shareholders of company | 1,788.36 | 2,829.33 | 5,248.53 | 5,053.23 | |
| Earnings per share [abstract] | |||||
| Basic earnings (loss) per share [abstract] | |||||
| Basic earnings (loss) per share from continuing operations | 0.21 | 0.34 | 0.62 | 0.6 | |
| Total basic earnings (loss) per share | 0.21 | 0.34 | 0.62 | 0.6 | |
| Diluted earnings (loss) per share [abstract] | |||||
| Diluted earnings (loss) per share from continuing operations | 0.21 | 0.34 | 0.62 | 0.6 | |
| Total diluted earnings (loss) per share | 0.21 | 0.34 | 0.62 | 0.6 |
| [300400] Statement of other comprehensive income, before tax, insurance operations |
| Start Date | 2021-07-01 | 2020-07-01 | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| Statement of other comprehensive income, before tax [abstract] | |||||
| Net result for period from insurance/ takaful operations after shareholders appropriation | 1,572 | 1,277 | 3,144 | 2,689 | |
| Other comprehensive income [abstract] | |||||
| Components of other comprehensive income that will not be reclassified to profit or loss [abstract] | |||||
| Remeasurement gains (losses) on defined benefit plans | -1,000 | 0 | -1,000 | 0 | |
| Total other comprehensive income that will not be reclassified to profit or loss | -1,000 | 0 | -1,000 | 0 | |
| Total other comprehensive income (loss) | -1,000 | 0 | -1,000 | 0 | |
| Total comprehensive income (loss) for period | 572 | 1,277 | 2,144 | 2,689 |
| [300500] Statement of other comprehensive income, before tax, shareholders operations |
| Start Date | 2021-07-01 | 2020-07-01 | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| Statement of other comprehensive income, before tax [abstract] | |||||
| Statement of comprehensive income [abstract] | |||||
| Profit (loss) for the period | 8,516 | 13,473 | 24,993 | 24,063 | |
| Other comprehensive income [abstract] | |||||
| Components of other comprehensive income that will be reclassified to profit or loss [abstract] | |||||
| Other comprehensive gains (losses) that will be reclassified to profit or loss | 328 | 3,913 | 6,028 | -5,198 | |
| Total other comprehensive income (loss), that will be reclassified to profit or loss | 328 | 3,913 | 6,028 | -5,198 | |
| Total other comprehensive income (loss) | 328 | 3,913 | 6,028 | -5,198 | |
| Total comprehensive income (loss) for period | 8,844 | 17,386 | 31,021 | 18,865 | |
| Total comprehensive income (loss) attributable to [abstract] | |||||
| Total comprehensive income (loss), attributable to saudi shareholders of company | 6,986.76 | 13,734.94 | 24,506.59 | 14,903.35 | |
| Total comprehensive income (loss), attributable to non-saudi shareholders of company | 1,857.24 | 3,651.06 | 6,514.41 | 3,961.65 |
| [300600] Statement of cash flows, indirect method, insurance operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | |
| 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 | 3,144 | 2,689 | |
| Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | |||
| Adjustments for depreciation, insurance/ takaful operations cash flow | 3,227 | 3,357 | |
| Adjustments for employees end of service benefits | 1,823 | 1,478 | |
| Adjustments for allowance for doubtful receivables | 4,840 | 7,233 | |
| Adjustments for (gains) losses on disposal of property and equipment, net | -2 | -16 | |
| Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities | 10,124 | 11,586 | |
| Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | 20,012 | 23,638 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for decrease (increase) in premium receivables, net | -44,091 | 51,063 | |
| Adjustments for decrease (increase) in prepayments and other assets | 989 | -4,647 | |
| Adjustments for increase (decrease) in outstanding claims including IBNR | -36,070 | -1,327 | |
| Adjustments for increase (decrease) in reinsurers/ retakaful balance payable | -4,019 | 25,469 | |
| Adjustments for increase (decrease) in accrued expenses and other liabilities | -19,395 | 14,123 | |
| Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net | 36,672 | 7,164 | |
| Adjustments for decrease (increase) in deferred policy acquisition costs | -181 | 2,930 | |
| Adjustments for decrease (increase) in deferred excess of loss expense | -945 | -536 | |
| Adjustments for decrease (increase) in advances and other receivables | -15,968 | -26,204 | |
| Adjustments for decrease (increase) in unearned commission income | -1,950 | 9,058 | |
| Adjustments for increase (decrease) in due to shareholders operations | -24,564 | 6,658 | |
| Adjustments for movement in gross unearned premiums/ contributions | 13,584 | 32,585 | |
| Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions | 5,115 | -53,783 | |
| Adjustment for changes in other technical reserves | -10,630 | 5,600 | |
| Total changes in operating assets and liabilities | -101,453 | 68,153 | |
| Net cash flows from (used in) insurance/ takaful operations | -78,297 | 94,480 | |
| Other inflows (outflows) of cash classified as operating activities, insurance/ takaful operations cash flow | -11,678 | -9,482 | |
| Net cash flows from (used in) operating activities, insurance/ takaful operations | -89,975 | 84,998 | |
| Cash flows from (used in) investing activities, insurance/ takaful operations [abstract] | |||
| Time (Murabaha) deposits, insurance/ takaful operations cash flow | 40,000 | ||
| Proceeds from sales of property and equipment, insurance/ takaful operations cash flow | 2 | 16 | |
| Purchase of property and equipment, insurance/ takaful operations cash flow | 371 | 1,028 | |
| Other inflows (outflows) of cash classified as investing activities, insurance/ takaful operations cash flow | -2,113 | -3,140 | |
| Net cash flows from (used in) investing activities, insurance/ takaful operations | -2,482 | 35,848 | |
| Cash flows from (used in) financing activities, insurance/ takaful operations [abstract] | |||
| Due to related party, insurance/ takaful operations cash flow | 28,582 | 19,021 | |
| Surplus paid to policyholders | 0 | 1,264 | |
| Net cash flows from (used in) financing activities, insurance/ takaful operations | -28,582 | -20,285 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | -121,039 | 100,561 | |
| Net increase (decrease) in cash and cash equivalents | -121,039 | 100,561 | |
| Cash and cash equivalents at beginning of period | 358,503 | 216,609 | |
| Cash and cash equivalents at end of period | 237,464 | 317,170 |
| [300700] Statement of cash flows, indirect method, shareholders operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | |
| 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 | 34,864 | 33,364 | |
| Net profit (loss) for period (before zakat expenses and income tax) | 34,864 | 33,364 | |
| Adjustments to reconcile profit (loss) [abstract] | |||
| Adjustments for realised loss (gain) on available-for-sale investments, shareholders cash flow | -9,704 | -3,316 | |
| Total adjustments to reconcile profit (loss) | -9,704 | -3,316 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for increase (decrease) in accrued expenses and other liabilities, shareholders cash flow | -999 | 250 | |
| Adjustments for decrease (increase) in prepayments and other assets, shareholders assets | 937 | -4,951 | |
| Total changes in operating assets and liabilities | -62 | -4,701 | |
| Net cash flows from (used in) operations | 25,098 | 25,347 | |
| Zakat expenses | 6,980 | 5,897 | |
| Income taxes refund (paid) | 993 | -176 | |
| Net cash flows from (used in) operating activities | 17,125 | 19,626 | |
| Cash flows from (used in) investing activities [abstract] | |||
| Purchase of investments | 200,000 | 55,000 | |
| Proceeds from sales of investments | 142,954 | 45,400 | |
| Amount paid for statutory deposit | 10,000 | ||
| Net cash flows from (used in) investing activities | -67,046 | -9,600 | |
| Cash flows from (used in) financing activities [abstract] | |||
| Other inflows (outflows) of cash | 24,564 | -6,658 | |
| Net cash flows from (used in) financing activities | 24,564 | -6,658 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | -25,357 | 3,368 | |
| Net increase (decrease) in cash and cash equivalents | -25,357 | 3,368 | |
| Cash and cash equivalents at beginning of period | 159,242 | 186,767 | |
| Cash and cash equivalents at end of period | 133,885 | 190,135 |
| [300800] Statement of changes in equity |
| Share capital [member] | Share premium [member] | Statutory reserve [member] | General reserve [member] | Fair value reserve on investments, shareholders equity [member] | Retained earnings (accumulated losses) [member] | Treasury shares [member] | Other reserves [member] | Reserve of disposal group held for distribution/ sale [member] | Share based payments reserve [member] | Other equity interest [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total equity [member] | Note No. | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Start Date | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | |
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| Statement of changes in equity [line items] | |||||||||||||||||||||||||||||
| Equity balance at beginning of period (before adjustments) | 300,000 | 300,000 | 40,866 | 34,535 | -2,426 | 4,986 | 123,464 | 98,138 | 461,904 | 437,659 | |||||||||||||||||||
| Equity balance at beginning of period (after adjustments) | 300,000 | 300,000 | 40,866 | 34,535 | -2,426 | 4,986 | 123,464 | 98,138 | 461,904 | 437,659 | |||||||||||||||||||
| Changes in equity [abstract] | |||||||||||||||||||||||||||||
| Comprehensive income [abstract] | |||||||||||||||||||||||||||||
| Net profit (loss) for period | 24,993 | 24,063 | 24,993 | 24,063 | |||||||||||||||||||||||||
| Other comprehensive income, net of tax | 6,028 | -5,198 | 6,028 | -5,198 | |||||||||||||||||||||||||
| Total comprehensive income (loss) for period | 6,028 | -5,198 | 24,993 | 24,063 | 31,021 | 18,865 | |||||||||||||||||||||||
| Issue of bonus shares | 100,000 | -20,000 | -80,000 | 0 | |||||||||||||||||||||||||
| Total changes in equity | 100,000 | -20,000 | 6,028 | -5,198 | -55,007 | 24,063 | 31,021 | 18,865 | |||||||||||||||||||||
| Equity balance at end of period | 400,000 | 300,000 | 20,866 | 34,535 | 3,602 | -212 | 68,457 | 122,201 | 492,925 | 456,524 | |||||||||||||||||||
| [400100] Notes forming part of accounts |
| English [member] | Note No. | |
|---|---|---|
| Start Date | 2021-07-01 | |
| End Date | 2021-09-30 | |
| Notes forming part of accounts [line items] | ||
| Disclosure of notes and other explanatory information [text block] | ||
| Disclosure of general information about reporting entity [abstract] | ||
| Disclosure of general information about reporting entity [text block] | The insurance industry in Saudi Arabia is regulated by the Law on Supervision of Cooperative Insurance Companies (“Cooperative Insurance Law”) together with the Implementing Regulations (“Implementing Regulations”) promulgated by Royal Decree No. M32 dated 22 Jumad Thani 1424 corresponding to 21 August 2003. Supervision is under the auspices of the Saudi Central Bank ("SAMA" or "Regulator"). Arabian Shield Cooperative Insurance Company (“Company”) is a Saudi Joint Stock Company incorporated in Riyadh, Saudi Arabia through Ministerial Resolution issued on 19 May 2007 with Commercial Registration No. 1010234323 issued on 13 June 2007 following on from Royal Decree No. M60 dated 18 Ramadan 1427 corresponding to 11 October 2006. The Commercial Registration Certificate was amended with effect from 12 August 2021 to reflect the increase in share capital following the bonus share issue. The Company was listed on the Saudi Stock Exchange (Tadawul) on 26 June 2007. The registered address of the head office is as follows: 5th Floor, Cercon Building No. 15, Olaya Street, PO Box 61352, Riyadh 11565, Saudi Arabia.The principal activities for which the Company was licensed were the conducting of insurance and reinsurance business in general and medical classes in Saudi Arabia in accordance with License No. TMN/6/20079 issued on 11 September 2007 by SAMA and the License was renewed for three year periods on 10 August 2010, 07 July 2013, 03 June 2016 and 28 January 2020. SAMA gave approval to the Company to conduct business in the protection and savings class on 26 April 2018. At the Company’s request, SAMA approved an amendment to the License to exclude reinsurance business with effect from 30 September 2013.As per the Articles of Association ("Articles"), the Company may undertake all activities required to transact cooperative insurance operations and related activities and to invest its funds. Its principal lines of business include motor, medical, marine, property, engineering, casualty and protection and savings. | 1 |
| Disclosure of statement of compliance [text block] | These interim condensed financial statements for the three and nine month periods ended 30 September 2021 have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”), as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements that are issued by Saudi Organization for Chartered and Professional Accountants (“SOCPA”).These interim condensed financial statements do not include all the information and disclosures required in the annual financial statements, therefore, these should be read in conjunction with the Company’s annual audited financial statements as at and for the year ended 31 December 2020. | 2 |
| Disclosure of new standards and amendments in standards [text block] | This standard was published in May 2017. It establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 – Insurance Contracts.The new standard applies to insurance contracts issued and to all reinsurance contracts and to investment contracts with discretionary participating features provided the entity also issues insurance contracts.It requires separating the following components from insurance contracts:Embedded derivatives if they meet certain specified criteria; Distinct investment components; and Any promise to transfer distinct goods or non-insurance services. These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15). | 3 |
| Disclosure of issued IFRS not yet adopted [text block] | This standard was published in May 2017. It establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 – Insurance Contracts.The new standard applies to insurance contracts issued and to all reinsurance contracts and to investment contracts with discretionary participating features provided the entity also issues insurance contracts.It requires separating the following components from insurance contracts:Embedded derivatives if they meet certain specified criteria; Distinct investment components; and Any promise to transfer distinct goods or non-insurance services. These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15). | 3 |
| Disclosure of critical accounting judgements, estimates and assumptions, general [text block] | The preparation of interim condensed financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies, the reported amount of assets and liabilities, contingent assets and liabilities, resultant provisions, changes in fair value and the reported amounts of income and expense.These judgements and estimates are based on the Company’s best knowledge of current events and actions and are continually evaluated and updated, however future events could result in outcomes requiring material adjustments to the reported amounts.In preparing the interim condensed financial statements significant judgments made by management in applying accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that applied for the year ended 31 December 2020. However, the Company has reviewed the key sources of estimation uncertainties disclosed in the last annual financial statements against the backdrop of the COVID-19 pandemic. For further details, please see Note 22 to these interim condensed financial statements. Management will continue to assess the situation, and reflect any required changes in future reporting periods. | 5b |
| Disclosure of functional and presentation currency [text block] | Presentation is in Saudi Arabian Riyals (SAR), the functional currency of the Company. All amounts are derived from Arabic and English computerised accounting records and except where otherwise indicated are rounded to thousands using the standard rounding convention. | 5a |
| Disclosure of summary of significant accounting policies [abstract] | ||
| Disclosure of summary of significant accounting policies, general comment [text block] | The accounting policies and risk management policy used in the preparation of the interim condensed financial statements for the period ended 30 September 2021 are consistent with those followed in the preparation of the financial statements for the year ended 31 December 2020. | 4 |
| Description of accounting policy for cash and cash equivalents [text block] | All bank balances and deposits are placed with SAMA regulated local banks with sound credit ratings under Standard and Poor’s and Moody’s rating methodology. The deposits earn commission at an average rate of 2.06% per annum as at 30 September 2021 (31 December 2020: 1.34%). | 6 |
| Description of accounting policy for intangible assets and goodwill [text block] | Unallocated assets not subject to segmentation are cash and cash equivalents, short term fixed income deposits, premiums and reinsurers’ receivable – net, investments, due from related parties – net, prepaid expenses and other assets, property and equipment – net, intangible assets – net, goodwill, statutory deposits and accrued income on statutory deposits. | 19 |
| Disclosure of notes forming part of accounts [abstract] | ||
| Disclosure of investments at fair value through statement of income [text block] | Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between knowledgeable and willing market participants at the measurement date. | 10 |
| Disclosure of zakat [text block] | Zakat and income tax have been provided in accordance with regulations currently in force in Saudi Arabia. The temporary and permanent differences between financial and adjusted taxable results are mainly due to adjustments to depreciation, provisions and other items in accordance with the income tax regulations. Deferred tax arising out of these differences is not significant and accordingly was not provided for.Zakat is calculated on Saudi shareholders’ share of adjusted equity subject to a minimum base equal to the relevant share of adjusted net profit. Foreign shareholders are subject to income tax calculated on the relevant share of adjusted net profit. | 13 |
| Disclosure of statutory reserve [text block] | In compliance with the Cooperative Insurance Law, the Implementing Regulations and the By-Laws, 20% of shareholders’ net profit (as defined below) is transferred to statutory reserve at the end of each financial year until the statutory reserve amounts to 100% of the paid capital. In calculating Statutory Reserve, shareholders’ net profit is stated after deducting zakat and income tax charges and excludes unrealised investment gains. The Statutory Reserve is not available for distribution but it may be converted to share capital in funding a bonus share issue. | 15 |
| Disclosure of earnings per share [text block] | Earnings per share is calculated by dividing shareholders’ net profit (as defined below) by the weighted average number of issued shares during the period. In calculating earnings per share, shareholders’ net profit is stated after deducting zakat and income tax charges and excludes unrealised investment gains. Earnings per share is calculated based on the revised number of shares in issue following the bonus share issue on 10 June 2021 and prior comparatives have been restated accordingly.As there are no dilutive effects, basic and diluted SAR earnings per share are the same. | 16 |
| Disclosure of capital management [text block] | Objectives are set by the Company to optimise the structure and sources of capital and maintain healthy capital ratios to support its business objectives and consistently maximise returns to shareholders and policyholders.The Company’s approach to managing capital involves managing assets, liabilities and risks in a coordinated way, assessing shortfalls between reported and required capital levels on a regular basis and taking appropriate actions to influence the capital position of the Company in the light of changes in economic conditions and risk characteristics. The primary source of capital used by the Company is equity shareholders’ funds. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders or issue new shares.The Company manages its capital to ensure that it is able to continue as going concern and comply with the regulators’ capital requirements of the markets in which the Company operates while maximising the return to stakeholders. The capital structure of the Company consists of equity attributable to equity holders comprising paid share capital, statutory reserves, retained earnings and fair value reserve on investments. | 17 |
| Disclosure of derivatives and hedges[text block] | IFRS 9 introduces new requirements for hedge accounting that align hedge accounting more closely with Risk Management. The requirements establish a more principles-based approach to the general hedge accounting model.The amendments apply to all hedge accounting with the exception of portfolio fair value hedges of interest rate risk (commonly referred to as “fair value macro hedges”). For these, an entity may continue to apply the hedge accounting requirements currently in IAS 39. This exception was granted largely because the IASB is addressing macro hedge accounting as a separate project. | 3 |