| [100010] Filing information | [200100] Independent auditors report | [300100] Statement of financial position, order of liquidity | |||
| [300200] Statement of insurance/ takaful operations, nature of expense | [300300] Statement of shareholders operations, nature of expense | [300400] Statement of other comprehensive income, before tax, insurance operations | |||
| [300500] Statement of other comprehensive income, before tax, shareholders operations | [300600] Statement of cash flows, indirect method, insurance operations | [300700] Statement of cash flows, indirect method, shareholders operations | |||
| [300800] Statement of changes in equity | [400100] Notes forming part of accounts |
| [100010] Filing information |
| English [member] | ||
|---|---|---|
| Start Date | 2021-01-01 | 2020-01-01 |
| End Date | 2021-12-31 | 2020-12-31 |
| 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 | Annual | |
| Reporting period start date | 2021-01-01 | 2020-01-01 |
| Reporting period end date | 2021-12-31 | 2020-12-31 |
| Description of nature of financial statements | Standalone | |
| Status of financial statements | Audited | |
| Description of presentation currency | Saudi Arabia, Riyals | |
| Level of rounding used in financial statements | Thousands | |
| [200100] Independent auditors report |
| Primary auditor [member] | Second primary auditor [member] | |
|---|---|---|
| English [member] | English [member] | |
| Start Date | 2021-01-01 | 2021-01-01 |
| End Date | 2021-12-31 | 2021-12-31 |
| 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 | 2021-01-01 |
| End Date | 2021-12-31 |
| Auditors report [line items] | |
| Disclosures of auditors report [text block] | 2021/01/01-2021/12/31 |
| Contents of auditors report [abstract] | |
| Nature of auditors opinion | Unmodified opinion |
| Auditors opinion | We have audited the financial statements of Arabian Shield Cooperative Insurance Company (the “Company), which comprise the statement of financial position as at December 31, 2021, the statements of income, comprehensive income, statements of changes in shareholders’ equity and cash flows for the year then ended, and summary of significant accounting policies and other explanatory notes from 1 to 38. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2021, and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) 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”). |
| Basis of opinion | We conducted our audit in accordance with International Standards on Auditing (ISAs) endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the professional code of conduct that are endorsed in the Kingdom of Saudi Arabia that are relevant to our audit of the financial statements, and we have fulfilled our other ethical responsibilities in accordance with its requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Responsibilities of management and those charged with governance for financial statements | The Directors are responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards (IFRS) 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”), the applicable requirements of the Regulations for Companies and the Company’s Articles of Association / by-laws, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. |
| Auditors responsibilities for audit of financial statements | Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs as endorsed in the Kingdom of Saudi Arabia will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Date of signing audit report by auditor | 2022-02-28 |
| [300100] Statement of financial position, order of liquidity |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-12-31 | 2020-12-31 | |
| Statement of financial position [abstract] | |||
| Assets [abstract] | |||
| Insurance/ takaful operations assets [abstract] | |||
| Property and equipment, net, insurance/ takaful operations assets | 13,380 | 13,052 | |
| Due from related parties, insurance/ takaful operations assets | 12,949 | 6,522 | |
| Deferred policy acquisition costs | 10,126 | 7,032 | |
| Reinsurers/ retakaful share of unearned premiums/ contributions | 41,373 | 71,532 | |
| Prepayments and other assets, insurance/ takaful operations assets | 38,690 | 35,625 | |
| Due from shareholders operations | 14,590 | -11,409 | |
| Premiums/ insurance receivables/takaful contributions receivable, net | 149,465 | 70,138 | |
| Reinsurers/ retakaful share of outstanding claims/ benefits, net | 99,152 | 151,471 | |
| Cash and cash equivalents, insurance/ takaful operations assets | 231,062 | 358,503 | |
| Total insurance/ takaful operations assets | 610,787 | 702,466 | |
| Shareholders assets [abstract] | |||
| Goodwill | 46,794 | 46,794 | |
| Statutory deposit | 40,000 | 30,000 | |
| Prepayments and other assets, shareholders assets | 2,366 | 9,097 | |
| Accrued investment income | 3,134 | 3,002 | |
| Available-for-sale investments, shareholders assets | 325,638 | 246,555 | |
| Due from insurance/ takaful operations assets | -14,590 | 11,409 | |
| Cash and cash equivalents, shareholders assets | 134,493 | 159,242 | |
| Total shareholders assets | 537,835 | 506,099 | |
| Total assets | 1,148,622 | 1,208,565 | |
| Liabilities and equity [abstract] | |||
| Insurance/ takaful operations liabilities and surplus (deficit) [abstract] | |||
| Insurance/ takaful operations liabilities [abstract] | |||
| Gross unearned premiums/ contributions | 189,910 | 190,453 | |
| Unearned commission income | 8,792 | 14,148 | |
| Employees end of service benefits, insurance/ takaful operations liabilities | 10,207 | 7,917 | |
| Surplus distribution payable | 5,120 | 4,570 | |
| Due to related parties, insurance/ takaful operations liabilities | 566 | 29,395 | |
| Reinsurers/ retakaful balance payable | 13,874 | 18,826 | |
| Gross outstanding claims/ benefits including IBNR payable | 247,873 | 297,818 | |
| Other technical reserves | 17,950 | 28,500 | |
| Accrued expenses payable, insurance/ takaful operations liabilities | 113,737 | 98,334 | |
| Other liabilities, insurance/ takaful operations | 5,518 | 12,505 | |
| Total insurance/ takaful operations liabilities | 613,547 | 702,466 | |
| Insurance/ takaful operations surplus (deficit) [abstract] | |||
| Other insurance/ takaful operations surplus (deficit) | -2,760 | ||
| Total insurance/ takaful operations surplus (deficit) | -2,760 | ||
| Total insurance/ takaful operations liabilities and surplus (deficit) | 610,787 | 702,466 | |
| Shareholders liabilities and equity [abstract] | |||
| Shareholders liabilities [abstract] | |||
| Zakat payable | 39,216 | 36,483 | |
| Income tax payable | 1,500 | 1,752 | |
| Accrued expenses payable, shareholders liabilities | 2,512 | 2,958 | |
| Other liabilities, shareholders liabilities | 3,134 | 3,002 | |
| Total shareholders liabilities | 46,362 | 44,195 | |
| Shareholders equity [abstract] | |||
| Equity attributable to owners of parent [abstract] | |||
| Share capital | 400,000 | 300,000 | |
| Statutory reserve | 26,097 | 40,866 | |
| Fair value reserve on investments, shareholders equity | 990 | -2,426 | |
| Retained earnings (accumulated losses) | 64,386 | 123,464 | |
| Total equity attributable to equity holders of company | 491,473 | 461,904 | |
| Total shareholders liabilities and equity | 537,835 | 506,099 | |
| Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity | 1,148,622 | 1,208,565 |
| [300200] Statement of insurance/ takaful operations, nature of expense |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-12-31 | 2020-12-31 | |
| Statement of insurance/ takaful operations [abstract] | |||
| Statement of insurance/ takaful operations and accumulated surplus (deficit) [abstract] | |||
| Income from insurance/ takaful operations [abstract] | |||
| Net premiums/ contributions earned [abstract] | |||
| Net premiums/ contributions written [abstract] | |||
| Gross premiums/ contributions written | 558,166 | 552,708 | |
| Excess of loss expense | 3,780 | 2,794 | |
| Reinsurance/ retakaful premiums ceded | 163,576 | 212,921 | |
| Net premiums/ contributions written | 390,810 | 336,993 | |
| Changes in unearned premiums/ contributions | -543 | 23,074 | |
| Reinsurance/ retakaful share of unearned premiums/ contributions | 30,159 | -35,092 | |
| Net premiums/ contributions earned | 361,194 | 349,011 | |
| Reinsurance/ retakaful commissions | 35,947 | 32,170 | |
| Fees and other income from insurance/ takaful operations | 14,580 | 6,806 | |
| Total income from insurance/ takaful operations | 411,721 | 387,987 | |
| Cost and expenses [abstract] | |||
| Net claims/ benefits incurred [abstract] | |||
| Net claims/ benefits paid [abstract] | |||
| Gross claims/ benefits paid | 378,971 | 307,570 | |
| Reinsurance/ retakaful share of gross claims/ benefits paid | 97,372 | 59,315 | |
| Net claims/ benefits paid | 281,599 | 248,255 | |
| Changes in outstanding claims/ benefits including IBNR | -49,945 | -21,561 | |
| Changes in reinsurance/ retakaful share of outstanding claims/ benefits | 52,319 | 11,083 | |
| Net claims/ benefits incurred | 283,973 | 237,777 | |
| Policy acquisition costs | 15,295 | 14,827 | |
| Supervision and inspection fees | 3,824 | 5,392 | |
| Depreciation/ amortisation, insurance/ takaful operations | 4,382 | 4,608 | |
| General and administrative expenses, insurance/ takaful operations | 46,584 | 53,681 | |
| Other underwriting income | 3,547 | 3,322 | |
| Other underwriting expenses | 26,640 | 42,399 | |
| Other cost and expenses | 5,878 | 1,240 | |
| Total cost and expenses | 383,029 | 356,602 | |
| Surplus (deficit) for period from insurance/ takaful operations | 28,692 | 31,385 | |
| Shareholders appropriation from insurance/ takaful operations surplus (deficit) | 25,823 | 28,247 | |
| Net result for period from insurance/ takaful operations after shareholders appropriation | 2,869 | 3,138 | |
| Policyholders share of accumulated surplus, at end of period | 2,869 | 3,138 |
| [300300] Statement of shareholders operations, nature of expense |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-12-31 | 2020-12-31 | |
| Statement of shareholders operations [abstract] | |||
| Profit (loss) [abstract] | |||
| Income (loss) from continuing operations [abstract] | |||
| Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations | 25,823 | 28,247 | |
| Revenue [abstract] | |||
| Commission/ profit on deposits | 1,855 | 2,200 | |
| Income from sukuks | 4,531 | 4,023 | |
| Realised gain (loss) on available-for-sale investments | 13,180 | 7,770 | |
| Dividend income | 1,632 | 4,092 | |
| Total revenue | 21,198 | 18,085 | |
| Expenses [abstract] | |||
| General and administrative expenses, shareholders operations | 10,414 | 2,730 | |
| Total expenses | 10,414 | 2,730 | |
| Income (loss) from continuing operations before zakat and income tax | 36,607 | 43,602 | |
| Zakat expenses on continuing operations for period | 9,713 | 11,321 | |
| Income tax on continuing operations for period | 741 | 624 | |
| Profit (loss) from continuing operations | 26,153 | 31,657 | |
| Profit (loss) for the period | 26,153 | 31,657 | |
| Profit (loss), attributable to [abstract] | |||
| Profit (loss), attributable to saudi shareholders of company | 20,660.87 | 25,009.03 | |
| Profit (loss), attributable to non-saudi shareholders of company | 5,492.13 | 6,647.97 | |
| Earnings per share [abstract] | |||
| Basic earnings (loss) per share [abstract] | |||
| Basic earnings (loss) per share from continuing operations | 0.65 | 1.06 | |
| Total basic earnings (loss) per share | 0.65 | 1.06 | |
| Diluted earnings (loss) per share [abstract] | |||
| Diluted earnings (loss) per share from continuing operations | 0.65 | 1.06 | |
| Total diluted earnings (loss) per share | 0.65 | 1.06 | |
| Share closing price at the last trading day of financial year (in numbers) | 25.3 | 24.2 |
| [300400] Statement of other comprehensive income, before tax, insurance operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-12-31 | 2020-12-31 | |
| Statement of other comprehensive income, before tax [abstract] | |||
| Net result for period from insurance/ takaful operations after shareholders appropriation | 2,869 | 3,138 | |
| 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 | -2,760 | 0 | |
| Total other comprehensive income that will not be reclassified to profit or loss | -2,760 | 0 | |
| Total other comprehensive income (loss) | -2,760 | 0 | |
| Total comprehensive income (loss) for period | 109 | 3,138 |
| [300500] Statement of other comprehensive income, before tax, shareholders operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-12-31 | 2020-12-31 | |
| Statement of other comprehensive income, before tax [abstract] | |||
| Statement of comprehensive income [abstract] | |||
| Profit (loss) for the period | 26,153 | 31,657 | |
| 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 | 3,416 | -7,412 | |
| Total other comprehensive income (loss), that will be reclassified to profit or loss | 3,416 | -7,412 | |
| Total other comprehensive income (loss) | 3,416 | -7,412 | |
| Total comprehensive income (loss) for period | 29,569 | 24,245 | |
| Total comprehensive income (loss) attributable to [abstract] | |||
| Total comprehensive income (loss), attributable to saudi shareholders of company | 23,359.51 | 19,153.55 | |
| Total comprehensive income (loss), attributable to non-saudi shareholders of company | 6,209.49 | 5,091.45 |
| [300600] Statement of cash flows, indirect method, insurance operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-12-31 | 2020-12-31 | |
| Statement of cash flows, indirect method [abstract] | |||
| Statement of cash flows, insurance/ takaful operations [abstract] | |||
| Cash flows from (used in) operating activities, insurance/ takaful operations [abstract] | |||
| Net result for period from insurance/ takaful operations after shareholders appropriation | 2,869 | 3,138 | |
| Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | |||
| Adjustments for depreciation, insurance/ takaful operations cash flow | 4,382 | 4,608 | |
| Adjustments for employees end of service benefits | 1,066 | 1,923 | |
| Adjustments for allowance for doubtful receivables | 5,878 | 1,240 | |
| Adjustments for (gains) losses on disposal of property and equipment, net | -2 | -15 | |
| Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities | 11,089 | 14,310 | |
| Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | 22,413 | 22,066 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for decrease (increase) in premium receivables, net | -86,100 | 25,877 | |
| Adjustments for decrease (increase) in prepayments and other assets | -3,065 | -10,634 | |
| Adjustments for increase (decrease) in outstanding claims including IBNR | -49,945 | -21,561 | |
| Adjustments for increase (decrease) in reinsurers/ retakaful balance payable | -4,952 | 3,718 | |
| Adjustments for increase (decrease) in accrued expenses and other liabilities | 15,403 | 25,641 | |
| Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net | 52,319 | 11,083 | |
| Adjustments for decrease (increase) in deferred policy acquisition costs | -3,094 | 869 | |
| Adjustments for decrease (increase) in advances and other receivables | -5,532 | 948 | |
| Adjustments for decrease (increase) in unearned commission income | -5,356 | 6,795 | |
| Adjustments for decrease (increase) in due from shareholders operations | -25,999 | 40,202 | |
| Adjustments for movement in gross unearned premiums/ contributions | -543 | 23,074 | |
| Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions | 30,159 | -35,092 | |
| Adjustment for changes in other technical reserves | -10,550 | 17,500 | |
| Total changes in operating assets and liabilities | -97,255 | 88,420 | |
| Net cash flows from (used in) insurance/ takaful operations | -71,973 | 113,624 | |
| Other inflows (outflows) of cash classified as operating activities, insurance/ takaful operations cash flow | -19,612 | -14,864 | |
| Net cash flows from (used in) operating activities, insurance/ takaful operations | -91,585 | 98,760 | |
| Cash flows from (used in) investing activities, insurance/ takaful operations [abstract] | |||
| Proceeds from sales of property and equipment, insurance/ takaful operations cash flow | 2 | 16 | |
| Purchase of property and equipment, insurance/ takaful operations cash flow | 1,107 | 1,450 | |
| Other inflows (outflows) of cash classified as investing activities, insurance/ takaful operations cash flow | -3,603 | 35,747 | |
| Net cash flows from (used in) investing activities, insurance/ takaful operations | -4,708 | 34,313 | |
| Cash flows from (used in) financing activities, insurance/ takaful operations [abstract] | |||
| Due to related party, insurance/ takaful operations cash flow | 28,829 | -10,086 | |
| Surplus paid to policyholders | 2,319 | 1,265 | |
| Net cash flows from (used in) financing activities, insurance/ takaful operations | -31,148 | 8,821 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | -127,441 | 141,894 | |
| Net increase (decrease) in cash and cash equivalents | -127,441 | 141,894 | |
| Cash and cash equivalents at beginning of period | 358,503 | 216,609 | |
| Cash and cash equivalents at end of period | 231,062 | 358,503 |
| [300700] Statement of cash flows, indirect method, shareholders operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-12-31 | 2020-12-31 | |
| Statement of cash flows, indirect method [abstract] | |||
| Statement of cash flows [abstract] | |||
| Cash flows from (used in) operating activities [abstract] | |||
| Net profit (loss) for period [abstract] | |||
| Income (loss) from continuing operations before zakat and income tax | 36,607 | 43,602 | |
| Net profit (loss) for period (before zakat expenses and income tax) | 36,607 | 43,602 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for increase (decrease) in accrued expenses and other liabilities, shareholders cash flow | -446 | 693 | |
| Adjustments for decrease (increase) in prepayments and other assets, shareholders assets | 6,731 | -6,064 | |
| Total changes in operating assets and liabilities | 6,285 | -5,371 | |
| Net cash flows from (used in) operations | 42,892 | 38,231 | |
| Zakat expenses | 6,980 | 5,897 | |
| Income taxes refund (paid) | 993 | -176 | |
| Net cash flows from (used in) operating activities | 34,919 | 32,510 | |
| Cash flows from (used in) investing activities [abstract] | |||
| Purchase of investments | 215,000 | 115,000 | |
| Proceeds from sales of investments | 152,513 | 102,937 | |
| Amount paid for statutory deposit | 10,000 | ||
| Other inflows (outflows) of cash | -13,180 | -7,770 | |
| Net cash flows from (used in) investing activities | -85,667 | -19,833 | |
| Cash flows from (used in) financing activities [abstract] | |||
| Other inflows (outflows) of cash | 25,999 | -40,202 | |
| Net cash flows from (used in) financing activities | 25,999 | -40,202 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | -24,749 | -27,525 | |
| Net increase (decrease) in cash and cash equivalents | -24,749 | -27,525 | |
| Cash and cash equivalents at beginning of period | 159,242 | 186,767 | |
| Cash and cash equivalents at end of period | 134,493 | 159,242 |
| [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 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | 2021-12-31 | 2020-12-31 | |
| Statement of changes in equity [line items] | |||||||||||||||||||||||||||||
| Equity balance at beginning of period (before adjustments) | 300,000 | 300,000 | 0 | 40,866 | 34,535 | 0 | -2,426 | 4,986 | 123,464 | 98,138 | 0 | 0 | 0 | 0 | 0 | 461,904 | 437,659 | ||||||||||||
| Equity balance at beginning of period (after adjustments) | 300,000 | 300,000 | 0 | 40,866 | 34,535 | 0 | -2,426 | 4,986 | 123,464 | 98,138 | 0 | 0 | 0 | 0 | 0 | 461,904 | 437,659 | ||||||||||||
| Changes in equity [abstract] | |||||||||||||||||||||||||||||
| Comprehensive income [abstract] | |||||||||||||||||||||||||||||
| Net profit (loss) for period | 26,153 | 31,657 | 26,153 | 31,657 | |||||||||||||||||||||||||
| Other comprehensive income, net of tax | 3,416 | -7,412 | 3,416 | -7,412 | |||||||||||||||||||||||||
| Total comprehensive income (loss) for period | 3,416 | -7,412 | 26,153 | 31,657 | 29,569 | 24,245 | |||||||||||||||||||||||
| Issue of bonus shares | 100,000 | -20,000 | -80,000 | 0 | |||||||||||||||||||||||||
| Transfer to statutory reserve | 5,231 | 6,331 | -5,231 | -6,331 | 0 | 0 | |||||||||||||||||||||||
| Total changes in equity | 100,000 | -14,769 | 6,331 | 3,416 | -7,412 | -59,078 | 25,326 | 29,569 | 24,245 | ||||||||||||||||||||
| Equity balance at end of period | 400,000 | 300,000 | 0 | 26,097 | 40,866 | 0 | 990 | -2,426 | 64,386 | 123,464 | 0 | 0 | 0 | 0 | 0 | 491,473 | 461,904 | ||||||||||||
| [400100] Notes forming part of accounts |
| English [member] | Note No. | |
|---|---|---|
| Start Date | 2021-01-01 | |
| End Date | 2021-12-31 | |
| 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] | The Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and other standards and pronouncements endorsed by the Saudi Organization for Chartered and Professional Accountants (“SOCPA”) (collectively referred to as “IFRS as endorsed in KSA”). | 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] | Following are the new standards and amendments to standards which are effective for annual periods beginning on or after 1 January 2022 and earlier application is permitted; however, the Company has not early adopted them in preparing these Financial Statements.1. Amendments to IAS 1, ‘Presentation of financial statements’ on classification of liabilities These narrow-scope amendments to IAS 1, ‘Presentation of financial statements’, clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the ‘settlement’ of a liability. 2. Amendments to IFRS 3, IAS 16, IAS 37- IFRS 3, ‘Business combinations’ update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.- IAS 16, ‘Property, and equipment’ prohibit a company from deducting from the cost of property, and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.- IAS 37, ‘Provisions, contingent liabilities and contingent assets’ specify which costs a company includes when assessing whether a contract will be loss-making.3. Amendments to IAS 1, Practice statement 2 and IAS 8 The amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies.4. Amendment to IAS 12 – deferred tax related to assets and liabilities arising from a single transaction These amendments require companies to recognise deferred tax on transactions that, on initial recognition give rise to equal amounts of taxable and deductible temporary differences. | 3c |
| Disclosure of critical accounting judgements, estimates and assumptions, general [text block] | The preparation of 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. | 4b |
| Disclosure of functional and presentation currency [text block] | The accounting policies, estimates and assumptions used in the preparation of the financial statements are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2020 and no new or amended accounting policies or accounting standards were adopted by the Company during 2021 to date. Financial statements are prepared under the going concern convention using the accrual basis of accounting. The historical cost convention is followed except for the measurement at fair value of available for sale investments - see Note 4(r). | |
| Disclosure of summary of significant accounting policies [abstract] | ||
| Disclosure of summary of significant accounting policies, general comment [text block] | The accounting policies, estimates and assumptions used in the preparation of the financial statements are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2020 and no new or amended accounting policies or accounting standards were adopted by the Company during 2021 to date. | 4a |
| 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 2.81% per annum as at 31 December 2021 (2020: 1.03%). | 5 |
| 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. | 29 |
| 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. | 9 |
| Disclosure of zakat [text block] | Zakat and income tax have been provided for 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. | 21 |
| 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 other comprehensive income/(loss) items. The Statutory Reserve is not available for distribution but it may be converted to share capital in funding a bonus share issue. | 24 |
| 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. | 25 |
| 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. | 27 |
| Disclosure of risk management [abstract] | ||
| Disclosure of insurance/ takaful risk [text block] | Insurance risk is the risk that actual claims payable to contract holders in respect of insured events exceed the carrying amount of insurance liabilities. This could occur if the frequency, severity or absolute amounts of claims are more than expected. Insurance risk is monitored regularly by the Company to establish if the levels are within the projected frequency bands. The insurance risks arising from insurance contracts are concentrated in Saudi Arabia. Insurance risk is influenced by the frequency, severity and absolute amounts of claims. Careful evaluation of risks through implementation of underwriting strategy, together with the use of reinsurance, reduce risk. The Company underwrites mainly property, accident, motor, medical, marine and group protection and savings risks. These are regarded as short-term insurance contracts as claims are normally advised and settled within one year of the insured event taking place. This diversification and short term nature mitigates risk. | 30A |
| Disclosure of reinsurance/ retakaful risk [text block] | The Company effects reinsurance with other parties in the normal course of business in order to minimise its financial exposure to potential losses arising from large insurance claims. The reinsurance is affected under treaty, facultative and excess of loss reinsurance contracts.To minimise its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar geographic regions, activities or economic characteristics of the reinsurers.Reinsurers are selected using parameters such as minimum acceptable credit rating, reputation and past performance. Local companies who do not carry a formal credit rating are accepted to a limited degree provided they are registered with and approved by local Regulators.Although the Company has reinsurance arrangements it is not relieved of its direct obligations to its policyholders in the event that a reinsurer failed to meet its obligations. | 30B |
| Disclosure of currency risk [text block] | Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company primarily transacts in Saudi Riyals and at any time balances held in other currencies are of immaterial amounts only and therefore the Company believes that there is minimal risk of significant losses due to exchange rate fluctuations. | 30D |
| Disclosure of credit risk [text block] | Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The maximum exposure of the Company to credit risk if a default was made by the counter party is equal to the carrying amount of these financial instruments.The Company seeks to limit credit risk with respect to customers by constant monitoring of outstanding receivables. The Company seeks to limit credit risk with respect to agents and brokers by, on a selective basis, setting credit limits, maintenance of cash deposits with the Company and monitoring of outstanding receivables.The Company seeks to limit credit risk with respect to bank time deposits by only dealing with reputable banks and by generally placing deposits for periods of not more than twelve months. To minimise its exposure to significant losses from reinsurer insolvencies, the parties with whom reinsurance is effected are required to have a minimum acceptable security rating level affirming their financial strength. | 30C |
| Disclosure of liquidity risk [text block] | Liquidity risk is the risk that the Company will not be able to meet its commitments associated with financial liabilities when they fall due.Liquidity requirements are monitored on a monthly basis and the Company has ensured that sufficient liquid funds are available to meet any commitments as they arise. | 30F |
| Disclosure of board of director's approval of the financial statements [text block] | The Financial Statements were approved by the Board of Directors on 16 February 2022. | 37 |