	English [member]
Start Date	2018-07-01	2017-07-01
End Date	2018-09-30	2017-09-30
Filing information [line items]
Disclosure of entity information [abstract]
Name of reporting entity	Saudi Arabian Cooperative Insurance Co.
Company symbol code\| ISIN code	8100 \| SA000A0MR823
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	2018-07-01	2017-07-01
Reporting period end date	2018-09-30	2017-09-30
Description of nature of financial statements	Consolidated
Status of financial statements	Reviewed
Description of presentation currency	Saudi Arabia, Riyals
Level of rounding used in financial statements	Actuals

	Primary auditor [member]	Second primary auditor [member]
	English [member]	English [member]
Start Date	2018-07-01	2018-07-01
End Date	2018-09-30	2018-09-30
Auditors information [line items]
Details of auditors signing report [abstract]
Name of auditor signing report	Gihad M. Al Amri	Abdullah M. Al Basri
Registration number of auditor	362	171
Details of audit firm [abstract]
Name of audit firm	Dr. Mohamed Al Amri & Co.	Aldar Audit Bureau Abdullah Al Basri & Co
Address of audit firm	P.O. Box 8736Riyadh 11492Kingdom of Saudi Arabia	P. O. Box 2195 Riyadh 11451 Kingdom of Saudi Arabia

	English [member]
Start Date	2018-07-01
End Date	2018-09-30
Auditors report [line items]
Disclosures of auditors report [text block]	We have reviewed the accompanying interim condensed statement of financial position of Saudi Arabian Cooperative Insurance Company – a Saudi Joint Stock Company - (“the Company”) as at 30 September 2018 and the related interim condensed statement of income and interim condensed statement of comprehensive income for the three-month and nine-month periods then ended, and the related interim condensed statement of changes in shareholders’ equity and interim condensed statement of cash flows for the nine months period then ended, and the related notes which form an integral part of this interim condensed financial information. 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 modified by Saudi Arabian Monetary Authority (SAMA) for the accounting of zakat and income tax. Our responsibility is to express a conclusion on this interim condensed financial information based on our review.
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 modified by SAMA for accounting of zakat and income tax
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” that is endorsed in the Kingdom of Saudi Arabia. A review of this interim condensed financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing as endorsed in Kingdom of Saudi Arabia and consequently, it 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.
Auditors responsibilities for audit of financial statements	Conclusion: 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 modified by SAMA for accounting of zakat and income tax.
Date of signing audit report by auditor	2018-11-01

[300100] Statement of financial position, order of liquidity

Start Date	2018-01-01	2017-01-01	2017-01-01	Note No.
End Date	2018-09-30	2017-12-31	2017-09-30	Note No.
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	4,655,325	5,502,853	8,563,300
Due from related parties, insurance/ takaful operations assets			89,755,475
Investments held-to-maturity, insurance/ takaful operations assets	10,000,000	10,000,000	10,000,000
Deferred policy acquisition costs	23,954,349	18,725,912	25,222,169
Reinsurers/ retakaful share of unearned premiums/ contributions	72,482,428	32,357,633	71,050,386
Prepayments and other assets, insurance/ takaful operations assets	44,626,043	38,008,490	33,538,351
Premiums/ insurance receivables/takaful contributions receivable, net	349,639,735	269,324,041	253,055,267
Reinsurers/ retakaful share of outstanding claims/ benefits, net	316,398,562	329,551,645	336,610,211
Time (Murabaha) deposits, insurance/ takaful operations assets	125,000,000	133,000,000	133,000,000
Deferred excess of loss premiums	331,730
Available-for-sale investments, insurance/ takaful operations assets	7,277,431	7,781,934	12,701,618
Cash and cash equivalents, insurance/ takaful operations assets	158,291,607	85,821,687	76,135,891
Other assets, insurance/ takaful operations assets	3,287,652	3,628,500
Total insurance/ takaful operations assets	1,115,944,862	933,702,695	1,049,632,668
Shareholders assets [abstract]
Statutory deposit	30,000,000	25,000,000	25,000,000
Prepayments and other assets, shareholders assets	1,357,813	1,147,966	1,111,574
Time (Murabaha) deposits, shareholders assets	184,713,720	283,304,053	237,500,000
Accrued investment income	1,647,589	1,300,385	1,198,958
Due from insurance/ takaful operations assets		0	24,768,768
Cash and cash equivalents, shareholders assets	104,052,496	3,259,157	47,980,536
Total shareholders assets	321,771,618	314,011,561	337,559,836
Total assets	1,437,716,480	1,247,714,256	1,387,192,504
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	345,809,556	225,617,077	305,396,274
Unearned commission income	12,446,677	8,642,266	14,883,826
Employees end of service benefits, insurance/ takaful operations liabilities	14,922,479	14,691,000	14,836,753
Due to shareholders operations	0	0	24,768,768
Reinsurers/ retakaful balance payable	79,786,213	77,413,258	75,020,954
Gross outstanding claims/ benefits including IBNR payable	533,853,482	477,674,716	524,616,063
Accrued expenses payable, insurance/ takaful operations liabilities	80,775,026	68,887,059	77,651,206
Other liabilities, insurance/ takaful operations	25,331,836	11,564,828	0
Total insurance/ takaful operations liabilities	1,092,925,269	884,490,204	1,037,173,844
Insurance/ takaful operations surplus (deficit) [abstract]
Surplus (deficit) from insurance/ takaful fund	7,767,925	11,473,545	12,337,484
Fair value reserves on investments	-92,753	-261,730	121,340
Other insurance/ takaful operations surplus (deficit)	-416,000	-416,000
Total insurance/ takaful operations surplus (deficit)	7,259,172	10,795,815	12,458,824
Total insurance/ takaful operations liabilities and surplus (deficit)	1,100,184,441	895,286,019	1,049,632,668
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	6,780,740	8,804,197	5,512,534
Other liabilities, shareholders liabilities	2,949,592	2,138,888	1,889,961
Total shareholders liabilities	9,730,332	10,943,085	7,402,495
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	300,000,000	250,000,000	250,000,000
Statutory reserve	20,008,901	20,008,901	9,623,434
Retained earnings (accumulated losses)	7,792,806	71,476,251	70,533,907
Total equity attributable to owners of parent	327,801,707	341,485,152	330,157,341
Total equity attributable to equity holders of company	327,801,707	341,485,152	330,157,341
Total shareholders liabilities and equity	337,532,039	352,428,237	337,559,836
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	1,437,716,480	1,247,714,256	1,387,192,504

Start Date	2018-07-01	2017-07-01	2018-01-01	2017-01-01
End Date	2018-09-30	2017-09-30	2018-09-30	2017-09-30
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	159,547,069	157,113,905	742,826,009	680,965,362
Excess of loss expense	9,426,677	-2,511,778	15,126,266	18,841,649
Reinsurance/ retakaful premiums ceded	24,746,592	17,231,052	208,870,312	210,392,023
Net premiums/ contributions written	125,373,800	142,394,631	518,829,431	451,731,690
Changes in unearned premiums/ contributions	-23,835,292	775,621	80,067,684	47,411,613
Net premiums/ contributions earned	149,209,092	141,619,010	438,761,747	404,320,077
Reinsurance/ retakaful commissions	12,190,040	13,685,413	34,527,876	40,113,118
Investment income from insurance/ takaful operations, net	1,069,644	1,242,809	3,234,915	3,194,685
Fees and other income from insurance/ takaful operations	1,610,361	1,075,925	3,712,929	3,996,644
Total income from insurance/ takaful operations	164,079,137	157,623,157	480,237,467	451,624,524
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	121,972,366	109,719,903	327,072,352	341,510,331
Reinsurance/ retakaful share of gross claims/ benefits paid	17,743,667	25,486,360	48,710,901	80,826,952
Net claims/ benefits paid	104,228,699	84,233,543	278,361,451	260,683,379
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	21,584,830	11,254,600	69,331,848	12,956,395
Net claims/ benefits incurred	125,813,529	95,488,143	347,693,299	273,639,774
Policy acquisition costs	16,460,773	17,336,713	48,723,604	51,445,994
Supervision and inspection fees	1,840,261	1,900,075	7,283,180	6,133,472
General and administrative expenses, insurance/ takaful operations	26,812,514	24,423,807	83,303,636	78,410,908
Other cost and expenses	1,987,080	1,186,659	4,091,002	3,920,351
Total cost and expenses	172,914,157	140,335,397	491,094,721	413,550,499
Surplus (deficit) for period from insurance/ takaful operations	-8,835,020	17,287,760	-10,857,254	38,074,025
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	-8,835,020	15,558,984	-10,857,254	34,266,623
Net result for period from insurance/ takaful operations after shareholders appropriation	0	1,728,776	0	3,807,402
Policyholders share of accumulated surplus, at start of period	-8,835,020	13,830,208	-6,905,599
Policyholders share of accumulated surplus, at end of period	-8,835,020	15,558,984	-6,905,599	3,807,402

Start Date	2018-07-01	2017-07-01	2018-01-01	2017-01-01
End Date	2018-09-30	2017-09-30	2018-09-30	2017-09-30
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	-8,835,020	15,558,984	-10,857,254	34,266,623
Revenue [abstract]
Income from murabaha/ time deposits	1,815,266	1,215,451	4,955,606	4,294,546
Total revenue	1,815,266	1,215,451	4,955,606	4,294,546
Expenses [abstract]
General and administrative expenses, shareholders operations	334,500	383,363	1,003,951	1,253,307
Total expenses	334,500	383,363	1,003,951	1,253,307
Income (loss) from continuing operations before zakat and income tax	-7,354,254	16,391,072	-6,905,599	37,307,862
Profit (loss) from continuing operations	-7,354,254	16,391,072	-6,905,599	37,307,862
Income (loss) from discontinued operations [abstract]
Profit (loss) from discontinued operations before zakat and income tax			10,857,254	-34,266,623
Profit (loss) for the period	-7,354,254	16,391,072	-6,905,599	37,307,862
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	-7,354,254	16,391,072	-6,905,599	37,307,862
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	-0.25	0.55	-0.23	1.24
Total basic earnings (loss) per share	-0.25	0.55	-0.23	1.24
Diluted earnings (loss) per share [abstract]
Diluted earnings (loss) per share from continuing operations	-0.25	0.55	-0.23	1.24
Total diluted earnings (loss) per share	-0.25	0.55	-0.23	1.24
Weighted average number of equity shares outstanding	300000000	300000000	300000000	300000000

Start Date	2018-07-01	2017-07-01	2018-01-01	2017-01-01
End Date	2018-09-30	2017-09-30	2018-09-30	2017-09-30
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	1,728,776	0	3,807,402
Other comprehensive income [abstract]
Components of other comprehensive income that will be reclassified to profit or loss [abstract]
Available-for-sale financial assets [abstract]
Income tax (charge) credit relating to unrealised losses on available-for-sale financial assets, net	331,869	-1,550,937	-168,977	-3,565,078
Total other comprehensive income (loss), available-for-sale financial assets	-331,869	1,550,937	168,977	3,565,078
Other comprehensive gains (losses) that will be reclassified to profit or loss	0	1,728,776	0	3,807,402
Total other comprehensive income (loss), that will be reclassified to profit or loss	-331,869	3,279,713	168,977	7,372,480
Total other comprehensive income (loss)	-331,869	3,279,713	168,977	7,372,480
Total comprehensive income (loss) for period	-331,869	5,008,489	168,977	11,179,882

Start Date	2018-07-01	2017-07-01	2018-01-01	2017-01-01
End Date	2018-09-30	2017-09-30	2018-09-30	2017-09-30
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	-7,354,254	16,391,072	-6,905,599	37,307,862
Total comprehensive income (loss) for period	-7,354,254	16,391,072	-6,905,599	37,307,862
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	-7,354,254	16,391,072	-6,905,599	37,307,862

[300600] Statement of cash flows, indirect method, insurance operations

Start Date	2018-01-01	2017-01-01	Note No.
End Date	2018-09-30	2017-09-30	Note No.
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	3,807,402
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	3,134,329	2,754,435
Adjustments for employees end of service benefits	1,650,000	2,193,908
Adjustments for allowance for doubtful receivables	4,091,002	3,920,351
Adjustments for appropriation from (surplus) deficit to shareholders operations	-10,857,254	34,266,623
Adjustments for impairment (reversal of impairment) charges for available-for-sale investments	-364,345	0
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	-2,346,268	43,135,317
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-84,406,696	-121,835,020
Adjustments for decrease (increase) in prepayments and other assets	-6,617,553	-3,140,964
Adjustments for increase (decrease) in outstanding claims including IBNR	69,945,774	-24,093,406
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	2,372,955	25,957,976
Adjustments for increase (decrease) in accrued expenses and other liabilities	11,887,967	12,083,832
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	19,411,917	33,922,922
Adjustments for decrease (increase) in retroceded share of outstanding claims	-6,258,834	9,219,999
Adjustments for decrease (increase) in deferred policy acquisition costs	-5,228,437	-5,577,725
Adjustments for decrease (increase) in deferred excess of loss expense	-331,730	0
Adjustments for decrease (increase) in unearned commission income	3,804,411	3,524,506
Adjustments for movement in gross unearned premiums/ contributions	120,192,479	74,442,933
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	-40,124,795	-27,031,372
Total changes in operating assets and liabilities	84,647,458	-22,526,319
Net cash flows from (used in) insurance/ takaful operations	82,301,190	24,416,400
Net cash flows from (used in) operating activities, insurance/ takaful operations	82,301,190	24,416,400
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Time (Murabaha) deposits, insurance/ takaful operations cash flow	8,000,000	16,800,000
Purchase of available-for-sale investments, insurance/ takaful operations cash flow	-1,037,825	0
Purchase of property and equipment, insurance/ takaful operations cash flow	1,945,953	4,289,867
Net cash flows from (used in) investing activities, insurance/ takaful operations	7,091,872	12,510,133
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for increase (decrease) in due to shareholders operations	-11,799,001	-25,012,746
Surplus paid to policyholders	3,705,620	4,104,100
Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow	-1,418,521	-1,912,647
Net cash flows from (used in) financing activities, insurance/ takaful operations	-16,923,142	-31,029,493
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	72,469,920	5,897,040
Net increase (decrease) in cash and cash equivalents	72,469,920	5,897,040
Cash and cash equivalents at beginning of period	85,821,687	70,238,851
Cash and cash equivalents at end of period	158,291,607	76,135,891

Start Date	2018-01-01	2017-01-01
End Date	2018-09-30	2017-09-30
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	-6,905,599	37,307,862
Profit (loss) from discontinued operations before zakat and income tax	10,857,254	-34,266,623
Net profit (loss) for period (before zakat expenses and income tax)	3,951,655	3,041,239
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-209,847	531,538
Adjustments for decrease (increase) in statutory deposits	-5,000,000	0
Adjustments for increase (decrease) in other liabilities	463,500	-1,038,497
Total changes in operating assets and liabilities	-4,746,347	-506,959
Net cash flows from (used in) operations	-794,692	2,534,280
Zakat expenses	8,801,303	7,441,099
Net cash flows from (used in) operating activities	-9,595,995	-4,906,819
Cash flows from (used in) investing activities [abstract]
Proceeds form Murabaha/ time deposits matured during the period	98,590,333	26,500,000
Net cash flows from (used in) investing activities	98,590,333	26,500,000
Cash flows from (used in) financing activities [abstract]
Other inflows (outflows) of cash	11,799,001	25,012,746
Net cash flows from (used in) financing activities	11,799,001	25,012,746
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	100,793,339	46,605,927
Net increase (decrease) in cash and cash equivalents	100,793,339	46,605,927
Cash and cash equivalents at beginning of period	3,259,157	1,374,609
Cash and cash equivalents at end of period	104,052,496	47,980,536

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2018-07-01

End Date

2018-09-30

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]

ORGANIZATION AND PRINCIPAL ACTIVITIESSaudi Arabian Cooperative Insurance Company (the “Company”) is a Saudi Joint Stock Company registered in the Kingdom of Saudi Arabia under commercial registration No. 1010237214 dated 7 Shaban 1428H, (corresponding to 20 August 2007). The registered office address of the Company is P.O. Box 58073, Riyadh 11594, Kingdom of Saudi Arabia. The objective of the Company is to transact cooperative insurance operations and related activities in the Kingdom of Saudi Arabia. Its principal lines of business include all classes of general insurance. The Company was listed on the Saudi Stock Exchange (“Tadawul”) on 3 September 2007.The Company has been licensed to conduct insurance business in Saudi Arabia under co-operative principles in accordance with Royal Decree numbered 60/M dated 18 Ramadan 1427H (corresponding to 11 October 2006), pursuant to the Council of Ministers resolution number 233 dated 16 Ramadan 1427H (corresponding to 9 October 2006).Following the completion of the public offering on 28 May 2007, the Ministry of Commerce and Industry (“MOCI”) issued a resolution declaring the incorporation of the Company on 21 Rajab 1428H (corresponding to 5 August 2007).On 29 Shaban 1428H (corresponding to 11 September 2007), the Saudi Arabian Monetary Authority (“SAMA”) issued a formal approval to transact insurance business, thus authorizing the Company to commence operations as soon as product approval and related formalities are completed.On 31 July 2003, corresponding to 2 Jumada II 1424H, the Law on the Supervision of Cooperative Insurance Companies (“Insurance Law”) was promulgated by Royal Decree Number (M/32). During March 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 to transact insurance activities in the Kingdom of Saudi Arabia.

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

Basis of measurement: As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the financial information accordingly. Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors.The interim condensed statement of financial position, interim condensed statements of income, interim condensed statements of comprehensive income and interim condensed statements of cash flows of the insurance operations and shareholders operations which are presented in note 19 of the financial information have been provided as supplementary financial information to comply with the requirements of the guidelines issued by SAMA implementing regulations. Until 31 December 2017, the information was shown in the main statements. SAMA implementing regulations requires the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders' operations. Accordingly, the interim condensed statements of financial position, statements of income, comprehensive income and cash flows prepared for the insurance operations and shareholders' operations as referred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of the respective operations.In preparing the Company-level financial information in compliance with IFRS, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperation balances, transactions and unrealized gains or losses, if any, are eliminated in full during amalgamation. The accounting policies adopted for the insurance operations and shareholders operations are uniform for like transactions and events in similar circumstances.The inclusion of separate information of the insurance operations with the financial information of the Company in the interim condensed statement of financial position, the statements of income, comprehensive income and cash flows as well as certain relevant notes to the financial information represents additional supplementary information as required by the implementing regulations (refer note 19).In accordance with the Saudi Arabian Insurance Regulations, the Company is required to distribute 10% of the net annual surplus from insurance operations to policyholders and the remaining 90% of the surplus to be transferred to the shareholders' operations and losses to be borne by shareholders' operations.The interim condensed financial information does not include all of the information required for full annual financial statements and should be read in conjunction with the annual financial statements as at and for the year ended December 31, 2017.

Disclosure of issued IFRS not yet adopted [text block]

NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

The accounting policies, estimates and assumptions used in the preparation of these interim condensed financial information are consistent with those used in the preparation of the annual financial statements for the year ended December 31, 2017 except for the adoption of the following new standards and other amendments to existing standards mentioned below which have had no significant financial impact on the interim condensed financial information of the Company on the current period or prior period and are expected to have no significant effect in future periods. Certain figures for the prior period / year have been reclassified to conform to the presentation made in the current period:







IFRS 2 Share-based payment
Amendments to IFRS 2 – “Share-based Payment”, applicable for the period beginning on or after 1 January 2018. The amendments cover classification and measurement of three accounting areas, first, measurement of cash-settled share-based payments, second, classification of share-based payments settled net of tax withholdings, and third, accounting for a modification of a share-based payment from cash-settled to equity-settled. The impact is not material for the Company.




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







*Standards issued but not yet effective*

The Company has chosen not to early adopt the amendments and revisions to the International Financial Reporting Standards, which have been published and are mandatory for compliance for the Company with effect from future dates.


a.	The implementation of IFRS 9 is expected to result in a significant portion of financial assets currently classified as available-for-sale being re-classified as at fair value through profit or loss or fair value through other comprehensive income (OCI). Credit allowances for financial assets carried at amortized cost and debt securities measured at fair value, with changes in fair value recognized in OCI, are expected to increase due to the introduction of the expected credit loss methodology. The Company will avail exemptions available to insurers and is considering deferring the implementation of IFRS 9 until a later date, but no later than January 1, 2021. The impact of the adoption of IFRS 9 on the Company’s financial information will, to a large extent, have to take into account the interaction with the IFRS 17 "Insurance contracts". At present the Company has not fully assessed the effects of adoption of IFRS 9.









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








c.	IFRS 16 - “Leases”, applicable for the period beginning on or after 1 January 2019. The new standard eliminates the current dual accounting model for lessees under IAS 17, which distinguishes between on-balance sheet finance leases and off-balance sheet operating leases. Instead, IFRS 16 proposes on-balance sheet accounting model. The impact is not material for the Company.

Disclosure of notes forming part of accounts [abstract]

Disclosure of investments held-to-maturity [text block]

As at 30 September 2018 and 31 December 2017, the Company’s investment in Islamic bonds (“Sukuk”), issued by a local bank, amounted to Saudi Riyals 10 million comprising of 10 Sukuk denominated at Saudi Riyals 1 million each and a margin equivalent to 6 month SIBOR plus 130 basis points, having maturity date of 27 May 2025 (note 14).

Disclosure of investments in available-for-sale investments [text block]

b.	Available-for-sale investment
	Investments are classified as follows:
			30 September	31 December
			2018	2017
			(Unaudited)	(Audited)

		Quoted	5,354,351	5,858,854
		Unquoted	1,923,080	1,923,080
			7,277,431	7,781,934

Unquoted available-for-sale investment comprise of the Company’s share in the capital of Najm for Insurance Services Company (“Najm”) which represents a 3.85% equity holding in Najm. As at 30 September 2018 and 31 December 2017, management believes that the carrying amount of the available-for-sale investment is a reasonable estimate of its fair value (note 14).

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

PREMIUMS AND REINSURANCE BALANCES RECEIVABLE

Insurance operations receivables comprised net amounts due from the following:

		30 September	31 December
		2018	2017
		(Unaudited)	(Audited)

	Policyholders	334,358,841	238,236,186
	Related parties (note 8)	47,984,380	62,179,758
	Reinsurance receivable balances	10,527,238	8,047,819
	Total premiums and reinsurance balances receivable	392,870,459	308,463,763
	Less: Provision for doubtful receivables (Premium receivable)	(41,418,257)	(36,739,014)
	Less: Provision for doubtful receivables (Reinsurance balances)	(1,812,467)	(2,400,708)
		(43,230,724)	(39,139,722)
		349,639,735	269,324,041

Disclosure of cash and cash equivalents [text block]

3	NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS (continued)

	c.	IFRS 16 - “Leases”, applicable for the period beginning on or after 1 January 2019. The new standard eliminates the current dual accounting model for lessees under IAS 17, which distinguishes between on-balance sheet finance leases and off-balance sheet operating leases. Instead, IFRS 16 proposes on-balance sheet accounting model. The impact is not material for the Company.





4	CASH AND CASH EQUIVALENTS

	For the purpose of the interim condensed statements cash flows, cash and cash equivalents comprise the following:

			30 September 2018 (Unaudited)
			Insurance	Shareholders'	Total
			operations	operations	Total

	Cash at banks		158,271,479	104,052,496	262,323,975
	Cash on hand		20,128	-	20,128
			158,291,607	104,052,496	262,344,103

			31 December 2017 (Audited)
			Insurance	Shareholders'	Total
			operations	operations	Total

	Cash at banks		85,805,796	3,259,157	89,064,953
	Cash on hand		15,891	-	15,891
			85,821,687	3,259,157	89,080,844

	Cash in banks are placed with counterparties who have investment grade credit ratings. As at 30 September 2018, the Company holds an amount of Saudi Riyals 481,887 (31 December 2017: Saudi Riyals 481,887), in a fiduciary capacity, in respect of claims to be settled for a third party insurer. Accordingly, such amount is not accounted for in this interim condensed financial information

Disclosure of employees' end of service benefits [text block]

Insurance Operations

Shareholders' Operations

Total

30 September

31 December

30 September

31 December

30 September

31 December

2018

2017

2018

2017

2018

2017

Note

(Unaudited)

(Audited)

Note

(Unaudited)

(Audited)

Note

(Unaudited)

(Audited)

LIABILITIES

Employees' end-of-service benefits

14,922,479

14,691,000

14,922,479

14,691,000

Disclosure of gross premiums/ contributions written [text block]

Three-months period ended

Insurance Operations

Shareholders' Operations

Total

2018

2017

2018

2017

2018

2017

Note

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Revenues

Gross written premiums

159,547,069

157,113,905

159,547,069

157,113,905

Disclosure of related party transactions [text block]

RELATED PARTY TRANSACTIONS AND BALANCES

Related parties represent major shareholders, key management personnel of the Company and companies where they are principal owners and other entities significantly influenced by them. Pricing policies and terms of these transactions are approved by the Company’s management.



a. Transactions with related parties

The following are the details of major related parties' transactions during the nine-month period ended 30 September:

		30 September	30 September
		2018	2017
		(Unaudited)	(Unaudited)
Related parties	Nature of transactions

Saudi Arabian Insurance Company	Amounts paid on behalf of
B.S.C (C) (Shareholder)	SAICO B.S.C (C), net	1,947,321	2,543,304
	Premiums ceded	3,744,482	4,263,230
	Commission received	840,583	948,699

ACE Insurance Agents Limited ("Agent") (Affiliate)	Premiums received through Agent	15,541,270	14,462,810
	Claims paid through Agent	665	24,003
	Commission expense	1,668,415	1,986,581

ACE Limited (Affiliate)	Premiums and claims, net	-	-

ACE Insurance and Reinsurance Brokers Limited	Premiums received through Broker, net	170,490,297	172,629,704
("Broker") (Affiliate)	Commission expense	18,600,215	22,452,455
	Premiums ceded through Broker	102,788,084	112,443,740
	Commission received	11,724,594	14,553,386

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

These interim condensed financial statements were authorized for issue in accordance with a resolution of the Board of Directors on , Safar 20, 1440 H (corresponding to October 31, 2018).

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

TIME DEPOSITS

Time deposits represent deposits with local banks that have investment grade credit ratings and have an original maturity of more than three months from date of acquisition. The deposits earn commission at rate ranging from 2.05% to 3.10% per annum (31 December 2017: 2.7% to 3.95% per annum).





c. Compensation of key management personnel

Key management personnel of the Company include all directors (executives and non-executives) and senior management. The summary of compensation of key management personnel for the nine-month period ended 30 September is as follows:


		30 September	30 September
		2018	2017
		(Unaudited)	(Unaudited)




Short-term benefits		5,409,671	10,477,299
Bonus		1,820,070	2,000,160
Employees' end-of-service benefits		335,986	268,717
		7,565,727	12,746,176



SHARE CAPITAL
On 27th March, 2018 the Board of Directors passed a resolution to increase the share capital of the Company from SR 250 million to SR 300 million by capitalizing the retained earnings and issuing bonus shares in the ratio of 1 share for every existing 5 shares. The Company has obtained approval from Saudi Arabian Monetary Agency (SAMA) for the increase in capital. The Company obtained approval from the Extraordinary General Meeting of shareholders for the increase in share capital on Ramadan 22, 1439 H (corresponding to June 07, 2018). The Company's capital has been increased from SR 250 million to SR 300 million, an increase of 20%, thus increasing the number of shares from 25 million shares to 30 million shares of SR 10 each, after capitalizing SR 50 million from the retained earnings account.










CONTINGENCIES AND COMMITMENTS

a. Legal proceedings and regulations
The Company operates in the insurance industry and is subject to legal proceedings in the normal course of business. While it is not practicable to forecast or determine the final results of all pending or threatened legal proceedings, management does not believe that such proceedings (including litigations) will have a material effect on its results and financial position.




b. Operating lease commitments
Future minimum lease payments under the operating lease arrangements as at the financial reporting date are as follows:

			30 September	31 December
			2018	2017

Years			(Unaudited)	(Audited)
2018			400,048	1,875,991
2019			1,556,215	1,796,209
2020			1,886,813	1,796,209
2021			1,796,209	1,326,480
2022			799,896	732,576
			6,439,181	7,527,465

NET UNDERWRITING SURPLUS

Net underwriting surplus for insurance operations as defined by the management of the Company for the period is as follows:


	Three months period ended		Nine months period ended
	30 September		30 September
	2018	2017	2018	2017
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Net earned premiums	149,209,092	141,619,010	438,761,747	404,320,077
Commission income	12,190,040	13,685,413	34,527,876	40,113,118
Other underwriting income	441,808	912,231	2,247,463	3,036,192
Policy acquisition costs	(16,460,773)	(17,336,713)	(48,723,604)	(51,445,994)
Net claims incurred	(125,813,529)	(95,488,143)	(347,693,299)	(273,639,774)
Inspection and supervision fees	(1,840,261)	(1,900,075)	(7,283,180)	(6,133,472)
Net underwriting surplus	17,726,377	41,491,723	71,837,003	116,250,147

[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