	English [member]
Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Filing information [line items]
Disclosure of entity information [abstract]
Name of reporting entity	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 1
Reporting period start date	2019-01-01	2018-01-01
Reporting period end date	2019-03-31	2018-03-31
Description of nature of financial statements	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	2019-01-01	2019-01-01
End Date	2019-03-31	2019-03-31
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

Start Date	2019-01-01	2018-01-01	2018-01-01
End Date	2019-03-31	2018-12-31	2018-03-31
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	6,536,420	6,576,102	5,278,959
Due from related parties, insurance/ takaful operations assets			0
Investments held-to-maturity, insurance/ takaful operations assets	10,000,000	10,000,000	10,000,000
Deferred policy acquisition costs	31,280,106	21,311,787	32,333,024
Reinsurers/ retakaful share of unearned premiums/ contributions	133,441,653	46,800,071	129,075,495
Prepayments and other assets, insurance/ takaful operations assets	36,881,084	37,825,276	28,823,760
Premiums/ insurance receivables/takaful contributions receivable, net	327,146,048	258,113,416	376,315,776
Reinsurers/ retakaful share of outstanding claims/ benefits, net	392,787,009	406,377,136	294,302,530
Time (Murabaha) deposits, insurance/ takaful operations assets	239,217,160	168,805,161	78,805,161
Deferred excess of loss premiums	2,638,375	464,904	1,241,601
Available-for-sale investments, insurance/ takaful operations assets	1,923,080	7,399,990	7,218,331
Cash and cash equivalents, insurance/ takaful operations assets	112,134,135	171,226,879	139,774,711
Other assets, insurance/ takaful operations assets	2,871,079	3,235,282	3,192,560
Reinsurers' share of claims incurred but not reported	41,291,640	30,649,486	29,685,552
Total insurance/ takaful operations assets	1,338,147,789	1,168,785,490	1,136,047,460
Shareholders assets [abstract]
Statutory deposit	30,000,000	30,000,000	25,000,000
Prepayments and other assets, shareholders assets	3,427,999	1,752,874	2,324,038
Time (Murabaha) deposits, shareholders assets	285,671,073	285,088,564	237,569,654
Cash and cash equivalents, shareholders assets	4,357,052	4,701,333	49,182,483
Accrued income from statutory deposit	1,812,552	1,649,511	1,377,430
Total shareholders assets	325,268,676	323,192,282	315,453,605
Total assets	1,663,416,465	1,491,977,772	1,451,501,065
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	460,065,825	323,999,626	404,734,926
Unearned commission income	12,261,193	6,915,653	23,087,726
Employees end of service benefits, insurance/ takaful operations liabilities	15,356,368	14,876,000	15,121,754
Due to shareholders operations			0
Reinsurers/ retakaful balance payable	118,705,020	54,992,469	81,057,516
Gross outstanding claims/ benefits including IBNR payable	614,852,052	652,507,898	493,149,592
Accrued expenses payable, insurance/ takaful operations liabilities	77,971,521	67,671,620	64,580,684
Other liabilities, insurance/ takaful operations	26,321,300	31,048,352	8,042,360
Total insurance/ takaful operations liabilities	1,325,533,279	1,152,011,618	1,089,774,558
Insurance/ takaful operations surplus (deficit) [abstract]
Surplus (deficit) from insurance/ takaful fund	3,365,007	7,729,845	9,987,933
Total insurance/ takaful operations surplus (deficit)	3,365,007	7,729,845	9,987,933
Total insurance/ takaful operations liabilities and surplus (deficit)	1,328,898,286	1,159,741,463	1,099,762,491
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	11,179,880	8,707,630	10,939,979
Accrued expenses payable, shareholders liabilities	1,812,552	1,649,511	0
Other liabilities, shareholders liabilities	1,222,134	1,325,503	2,457,433
Total shareholders liabilities	14,214,566	11,682,644	13,397,412
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	300,000,000	300,000,000	250,000,000
Statutory reserve	20,008,901	20,008,901	20,008,901
Fair value reserve on investments, shareholders equity			-626,075
Retained earnings (accumulated losses)	298,382	-241,220	69,374,336
Treasury shares	0	-789,654
Other reserves	-3,670	-3,670	-416,000
Total equity attributable to owners of parent	320,303,613	320,553,665	338,341,162
Total equity attributable to equity holders of company	320,303,613	320,553,665	338,341,162
Total shareholders liabilities and equity	334,518,179	332,236,309	351,738,574
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	1,663,416,465	1,491,977,772	1,451,501,065

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of insurance/ takaful operations [abstract]
Statement of insurance/ takaful operations and accumulated surplus (deficit) [abstract]
Income from insurance/ takaful operations [abstract]
Net premiums/ contributions earned [abstract]
Net premiums/ contributions written [abstract]
Gross premiums/ contributions written	359,345,715	370,645,921
Excess of loss expense	3,879,701	-4,048,164
Reinsurance/ retakaful premiums ceded	139,550,711	151,452,854
Net premiums/ contributions written	215,915,303	223,241,231
Changes in unearned premiums/ contributions	49,424,617	82,399,987
Net premiums/ contributions earned	166,490,686	140,841,244
Reinsurance/ retakaful commissions	5,338,807	10,486,029
Investment income from insurance/ takaful operations, net	2,760,473	1,809,282
Fees and other income from insurance/ takaful operations	4,928,353	1,193,719
Total income from insurance/ takaful operations	179,518,319	154,330,274
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	188,301,528	110,450,472
Reinsurance/ retakaful share of gross claims/ benefits paid	23,068,547	25,193,319
Net claims/ benefits paid	165,232,981	85,257,153
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	-34,707,876	21,038,439
Net claims/ benefits incurred	130,525,105	106,295,592
Policy acquisition costs	16,555,274	15,449,510
Supervision and inspection fees	2,546,320	3,154,850
General and administrative expenses, insurance/ takaful operations	28,223,984	30,492,706
Other cost and expenses	229,855	28,471
Total cost and expenses	178,080,538	155,421,129
Surplus (deficit) for period from insurance/ takaful operations	1,437,781	-1,090,855
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	1,294,003	-1,090,855
Net result for period from insurance/ takaful operations after shareholders appropriation	143,778	0
Policyholders share of accumulated surplus, at end of period	143,778	0

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	1,294,003	-1,090,855
Revenue [abstract]
Commission/ profit on deposits	2,032,284	1,516,673
Total revenue	2,032,284	1,516,673
Expenses [abstract]
General and administrative expenses, shareholders operations	314,435	391,951
Total expenses	314,435	391,951
Income (loss) from continuing operations before zakat and income tax	3,011,852	33,867
Profit (loss) from continuing operations	3,011,852	33,867
Profit (loss) for the period	3,011,852	33,867
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	3,011,852	33,867
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	0.1	0.001
Total basic earnings (loss) per share	0.1	0.001

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	143,778	0
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	789,654	364,345
Total other comprehensive income (loss), available-for-sale financial assets	-789,654	-364,345
Total other comprehensive income (loss), that will be reclassified to profit or loss	-789,654	-364,345
Total other comprehensive income (loss)	-789,654	-364,345
Total comprehensive income (loss) for period	-645,876	-364,345

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	3,011,852	33,867
Total comprehensive income (loss) for period	3,011,852	33,867
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	3,011,852	33,867

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of cash flows, indirect method [abstract]
Statement of cash flows, 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	143,778	0
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	556,416	561,545
Adjustments for employees end of service benefits	541,667	750,000
Adjustments for allowance for doubtful receivables	-229,855	28,471
Adjustments for appropriation from (surplus) deficit to shareholders operations	1,294,003	-1,090,855
Adjustments for impairment (reversal of impairment) charges for available-for-sale investments	-1,269,597	-838,567
Amortization of intangible assets	381,818	475,914
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	1,274,452	-113,492
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-68,802,777	-107,020,206
Adjustments for decrease (increase) in prepayments and other assets	944,192	9,184,730
Adjustments for increase (decrease) in outstanding claims including IBNR	-42,382,898	11,952,409
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	63,712,551	3,644,258
Adjustments for increase (decrease) in accrued expenses and other liabilities	10,299,901	-4,306,376
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	13,590,127	6,108,115
Adjustments for decrease (increase) in retroceded share of outstanding claims	-10,642,154	-544,552
Adjustments for decrease (increase) in deferred policy acquisition costs	-9,968,319	-13,607,112
Adjustments for decrease (increase) in deferred excess of loss expense	-2,173,471	-1,241,601
Adjustments for decrease (increase) in unearned commission income	5,345,540	14,445,460
Adjustments for movement in gross unearned premiums/ contributions	136,066,199	179,117,849
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	-86,641,582	-96,717,862
Total changes in operating assets and liabilities	9,347,309	1,015,112
Net cash flows from (used in) insurance/ takaful operations	10,765,539	901,620
Net cash flows from (used in) operating activities, insurance/ takaful operations	10,765,539	901,620
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Time (Murabaha) deposits, insurance/ takaful operations cash flow	-70,411,999	54,194,839
Purchase of available-for-sale investments, insurance/ takaful operations cash flow	-5,956,853	-1,037,825
Purchase of property and equipment, insurance/ takaful operations cash flow	516,734	225,150
Additions of intangible assets	17,615	152,475
Net cash flows from (used in) investing activities, insurance/ takaful operations	-64,989,495	54,855,039
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for increase (decrease) in due to shareholders operations	-298,873	1,223
Surplus paid to policyholders	4,508,616	1,485,612
Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow	-61,299	-319,246
Net cash flows from (used in) financing activities, insurance/ takaful operations	-4,868,788	-1,803,635
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-59,092,744	53,953,024
Net increase (decrease) in cash and cash equivalents	-59,092,744	53,953,024
Cash and cash equivalents at beginning of period	171,226,879	85,821,687
Cash and cash equivalents at end of period	112,134,135	139,774,711

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of cash flows, indirect method [abstract]
Statement of cash flows [abstract]
Cash flows from (used in) operating activities [abstract]
Net profit (loss) for period [abstract]
Income (loss) from continuing operations before zakat and income tax	3,011,852	33,867
Net profit (loss) for period (before zakat expenses and income tax)	3,011,852	33,867
Adjustments to reconcile profit (loss) [abstract]
Adjustments for shareholders appropriation from insurance/ takaful operations surplus(deficit)	-1,294,003	1,090,855
Total adjustments to reconcile profit (loss)	-1,294,003	1,090,855
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-1,675,125	-1,176,072
Adjustments for increase (decrease) in other liabilities	-103,369	241,500
Total changes in operating assets and liabilities	-1,778,494	-934,572
Net cash flows from (used in) operations	-60,645	190,150
Net cash flows from (used in) operating activities	-60,645	190,150
Cash flows from (used in) investing activities [abstract]
Proceeds form Murabaha/ time deposits matured during the period	-582,509	45,734,399
Net cash flows from (used in) investing activities	-582,509	45,734,399
Cash flows from (used in) financing activities [abstract]
Other inflows (outflows) of cash	298,873	-1,223
Net cash flows from (used in) financing activities	298,873	-1,223
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-344,281	45,923,326
Net increase (decrease) in cash and cash equivalents	-344,281	45,923,326
Cash and cash equivalents at beginning of period	4,701,333	3,259,157
Cash and cash equivalents at end of period	4,357,052	49,182,483

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2019-01-01

End Date

2019-03-31

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]

1	ORGANIZATION AND PRINCIPAL ACTIVITIES

Saudi 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. The Company's principal lines of business include all classes of general insurance. The Company was listed on the Saudi Stock Exchange (“Tadawul”) on 20 Shaban 1428H, (corresponding to 3 September 2007).







Following are the details of the branches of the Company and their commercial registration numbers:

Branch Name		Branch	Commercial Registration Number	Date
Saudi Arabian Cooperative Insurance Company		Jeddah	4030208674	25 Safar 1432H (31 January 2011)
Saudi Arabian Cooperative Insurance Company		Khobar	2051044793	25 Safar 1432H (31 January 2011)
Saudi Arabian Cooperative Insurance Company		Qassim	1131034133	25 Safar 1432H (31 January 2011)

The Company has been licensed to conduct insurance business in the Kingdom of 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.



The Board of Directors approved the distribution of the surplus from insurance operations in accordance with the Implementing Regulations issued by SAMA, whereby the shareholders of the Company are to receive 90% of the annual surplus from insurance operations and the policy holders are to receive the remaining 10%. Any deficit arising on insurance operations is borne by the shareholders in full.

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

2	BASIS OF PREPARATION

(a)	Basis of presentation and measurement
These interim condensed financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (“IASB”) as modified by Saudi Arabian Monetary Authority (SAMA) for the accounting of zakat and income tax, which requires adoption of all IFRSs except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax. As per the SAMA Circular no. 381000074519 dated 11April 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), the zakat and income tax are to be accrued on a quarterly basis through equity under retained earnings.







These interim condensed financial statements are prepared under the going concern concept and the historical cost convention, except for the measurement at fair value of available-for-sale investments and measurement at present value of employees' end-of-service benefit obligations. The Company’s interim condensed statement of financial position is not presented using a current/non-current classification. However, the following balances would generally be classified as non-current: Held to maturity investment, Available-for-sale investment, Property and equipment, Intangible assets, Statutory deposit, Accrued income on statutory deposit, Employees' end-of-service benefits and Accrued commission income payable to SAMA. All other financial statement line items would generally be classified as current.

BASIS OF PREPARATION (continued)

(a)

Basis of presentation and measurement (continued)

The Company presents its interim condensed statement of financial position in order of liquidity. As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the interim condensed financial statements accordingly (Note 19). 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 statement of comprehensive income and interim condensed statement of cash flows of the insurance operations and shareholders operations which are presented in Note 19 of the interim condensed financial statements have been provided as supplementary financial information to comply with the requirements of the guidelines issued by SAMA implementing regulations and is not required under IFRSs. 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, interim condensed statements of income, interim condensed statement of comprehensive income and interim condensed statement of 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 interim condensed financial statements in compliance with IFRSs, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Inter-operation balances and transactions 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 interim condensed financial statements (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 31 December 2018.

(b)

Functional and presentation currency

These interim condensed financial statements have been presented in Saudi Riyals (SR), which is also the functional currency of the Company.

(c)

Critical accounting judgments, estimates and assumptions

The preparation of the interim condensed financial statements requires the use of estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates and judgments are based on management’s best knowledge of current events and actions, actual results ultimately may differ from those estimates.

Estimates and judgments are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Following are the accounting judgments and estimates that are critical in preparation of these interim condensed financial statements:

The ultimate liability arising from claims made under insurance contracts

The estimation of the ultimate liability arising from claims made under insurance contracts is the Company’s most critical accounting estimate. There are several sources of uncertainty that need to be considered in the estimate of the liability that the Company will ultimately pay for such claims. Estimates are made at the end of the reporting period both for the expected ultimate cost of claim reported and for the expected ultimate costs of claims incurred but not reported (“IBNR”). Liabilities for unpaid reported claims are estimated using the input of assessments for individual cases reported to the Company. At the end of each reporting period, prior year claims estimates are reassessed for adequacy and changes are made to the provision.

2	BASIS OF PREPARATION (continued)

(c)	Critical accounting judgments, estimates and assumptions (continued)

i)	*The ultimate liability arising from claims made under insurance contracts (continued)*
The provision for claims incurred but not reported (IBNR) is an estimation of claims which are expected to be reported subsequent to the date of interim condensed statement of financial position, for which the insured event has occurred prior to the date of interim condensed statement of financial position. The primary technique adopted by management in estimating the cost of notified and IBNR claims, is that of using the past claims settlement trends to predict future claims settlement trends. A range of methods such as Chain Ladder Method, Bornhuetter-Ferguson Method and Expected Loss Ratio Method are used by the actuaries to determine these provisions. The actuary has also used a segmentation approach including analyzing cost per member per year for medical line of business. Underlying these methods are a number of explicit or implicit assumptions relating to the expected settlement amount and settlement patterns of claims.








*ii)*	*Impairment of available-for-sale financial assets*
The Company determines that financial assets are impaired when there has been a significant or prolonged decline in the fair values of the financial assets below its cost. The determination of what is ‘significant’ or ‘prolonged’ requires judgement. A period of 12 months or longer is considered to be prolonged and a decline of 30% from original cost is considered significant as per Company policy. In making this judgement, the Company evaluates, among other factors, the duration or extent to which the fair value of an investment is less than its cost.





*iii)*	*Impairment of receivables*
A provision for impairment of receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, and default or delinquency in payments are considered indicators that the receivable is impaired.




*iv)*	*Fair value of financial instruments*
Fair values of available-for-sale investments are based on quoted prices for marketable securities or estimated fair values. The fair value of commission-bearing items is estimated based on discounted cash flows using commission for items with similar terms and risk characteristics.



The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. In these cases the fair values are estimated from observable data in respect of similar financial instruments or using models. Where market observable inputs are not available, they are estimated based on appropriate assumptions. Where valuation techniques are used to determine fair values, they are validated and periodically reviewed by qualified personnel independent of those that sourced them. All models used are calibrated to ensure that outputs reflect actual data and comparative market prices. To the extent practical, models use only observable data; however, areas such as credit risk (both own credit risk and counterparty risk), volatilities and correlations require management to make estimates.









v)	*Deferred policy acquisition costs*
Certain acquisition costs related to sale of policies are recorded as deferred acquisition costs and are amortized over the related period of policy coverage. If the assumptions relating to future profitability of these policies are not realized, the amortization of these costs could be accelerated and this may also require additional impairment.



*vi)*	*Premium deficiency reserve*
Estimation of the premium deficiency reserve is highly sensitive to a number of assumptions as to the future events and conditions. It is based on an expected loss ratio for the unexpired portion of the risks for written policies. To arrive at the estimate of the expected loss ratio, the actuary looks at the claims and premiums relationship which is expected to be realized in the future.

Disclosure of issued IFRS not yet adopted [text block]

3	SIGNIFICANT ACCOUNTING POLICIES (continued)

b)	New IFRSs, International Financial Reporting and Interpretations Committee’s interpretations (IFRIC) and amendments thereof, adopted by the Company
STANDARD/INTERPRETATION/AMENDMENTS			DESCRIPTION	EFFECTIVE FROMPERIODS BEGINNING ON OR AFTER THEFOLLOWING DATE

IFRIC Interpretation 23			Uncertainty over Income Tax Treatments			1-Jan-19
Amendments to IAS 19			Plan amendment, Curtailment or Settlement			1-Jan-19
Amendments to IAS 28			Long-term Interests in Associates and Joint Ventures			1-Jan-19

The above standards/interpretations/amendments do not have any impact on the interim condensed financial statements of the Company.


c)	Standards issued but not yet effective
The Company has chosen not to early adopt the amendments and revisions to the IFRSs, which have been published and are mandatory for compliance for the Company with effect from future dates.


STANDARD/INTERPRETATION/AMENDMENTS			DESCRIPTION	EFFECTIVE FROMPERIODS BEGINNING ON OR AFTER THEFOLLOWING DATE
IFRS 9			Financial Instruments (refer below)		1-Jan-18
IFRS 17			Insurance Contracts (refer below)		1-Jan-22
Amendments to IFRS 10 and IAS 28			Sale and Contribution of Assets between an Investor and its Associate or Joint Venture		Effective for annual periods beginning on or after 1 January 2016. Deferred indefinitely by amendments made in December 2015.







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 using the exemptions available to insurers to defer the implementation of IFRS 9 until implementation of IFRS 17. The impact of the adoption of IFRS 9 on the Company’s interim condensed financial statements 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 18 May 2017 with the effective date of 1 January 2022. IFRS 17 provides comprehensive guidance on accounting for insurance contracts and investment contracts with discretionary participation features. For non-life and short-term life insurance contracts IFRS 17 introduces mandatory discounting of loss reserves as well as a risk adjustment for non-financial risk, for which confidence level equivalent disclosure will be required. Further, IFRS 17 will change the presentation of insurance contract revenue, as gross written premium will no longer be presented in profit or loss. Till date, Company has not quantified the potential impact on the financial statements.







2015-2017 Annual Improvement cycle (issued in December 2017)
IFRS 3		Business Combinations - Previously held Interests in a joint operation
IFRS 11		Joint Arrangements - Previously held Interests in a joint operation
IAS 12		Income Taxes - Income tax consequences of payments on financial instruments classified as equity
IAS 23		Borrowing Costs - Borrowing costs eligible for capitalization

Disclosure of summary of significant accounting policies [abstract]

Description of changes in accounting policy [text block]

3	SIGNIFICANT ACCOUNTING POLICIES

The accounting policies adopted in the preparation of these interim condensed financial statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended 31 December 2018, except for the adoption of new standards effective as of 1 January 2019. The Company has not early adopted any standard (interpretation) or amendments that has been issued but which are not yet effective.




a)	Changes in accounting policies
*IFRS 16 - Leases*
The Company adopted IFRS 16 using the modified retrospective approach. The Company elected to apply the standard to contracts that were previously identified as leases applying IAS 17 and IFRIC 4. The Company elected to use the exemptions proposed by the standard regarding lease contracts for which the lease term ends within 12 months of the date of initial application, and lease contracts for which the underlying asset is of low value. The Company has performed an assessment of IFRS 16 and determined the difference as compared to IAS 17 and IFRC 4 is not material to the Company’s financial statements as a whole.






The details of new significant accounting policy and the nature are set out below.

All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
Leases of low value assets; and
Leases with a term of 12 months or less.

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Company’s incremental commission rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.






On initial recognition, the carrying value of the lease liability also includes:
amounts expected to be payable under any residual value guarantee;
the exercise price of any purchase option granted in favour of the Company if it is reasonable certain to assess that option;

any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.


Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

lease payments made at or before commencement of the lease;
initial direct costs incurred; and
the amount of any provision recognised where the Company is contractually required to dismantle, remove or restore the leased asset (typically leasehold dilapidations.


Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.




When the Company revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term.

Disclosure of notes forming part of accounts [abstract]

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

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

8	INVESTMENTS

(a)	Available-for-sale investment	31 March	31 December
		2019	2018
		(Unaudited)	(Audited)

Beginning balance		7,399,990	7,781,934
Unrealized gain from change in fair value		-	1,051,384
Impairment loss on available-for-sale investment		-	(759,848)
Transfer of fair value reserve on disposal of available-for-sale investment		(789,654)	-
Realised gain on disposal of available-for-sale investment		1,269,597	365,842
Disposal during the period/year		(5,956,853)	(1,039,322)
Ending balance		1,923,080	7,399,990

Available-for-sale investment included Saudi Riyals 1.9 million in respect of the Company’s share in the capital of Najm for Insurance Services Company (“Najm”) which represents a 3.85% capital holding in Najm. As at 31 March 2019 and 31 December 2018, management believes that the carrying amount of the available-for-sale investment is a reasonable estimate of its fair value. Other than the investment in Najm for Insurance Service Company, all other available-for-sale investments includes quoted equity investments in domestic market.

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

6	PREMIUMS AND REINSURERS' RECEIVABLE - NET

Receivables comprise amounts due from the following:		31 March	31 December
		2019	2018
		(Unaudited)	(Audited)

Policyholders		171,309,507	147,447,582
Brokers and agents		117,225,794	92,809,779
Related parties (note 17)		84,817,685	62,694,724
Receivables from reinsurers		4,879,847	6,018,261
		378,232,833	308,970,346
Less:
Provision for doubtful receivables - policyholders		(27,892,646)	(26,756,860)
Provision for doubtful receivables - brokers and agents		(15,721,903)	(14,129,615)
Provision for doubtful receivables - related parties		(5,803,585)	(8,589,309)
Provision for doubtful receivables - receivables from reinsurers		(1,668,651)	(1,381,146)
		(51,086,785)	(50,856,930)
		327,146,048	258,113,416

		31 March	31 December
The movement in the provision for doubtful receivables is as follows:		2019	2018
		(Unaudited)	(Audited)

Beginning balance		50,856,930	39,139,722
Provision made during the period/year		229,855	11,717,208
Ending balance		51,086,785	50,856,930

Disclosure of due from related parties [text block]

17	RELATED PARTY TRANSACTIONS AND BALANCES

Related parties represent major shareholders, key management personnel of the Company and entities controlled, jointly controlled or subsequently influenced by such parties. All transactions with such related parties are conducted on normal terms and conditions and are approved by management.


The following are the details of the major related party transactions during the period and the related balances:

Related party		Nature of transactions	Amount of transaction		Balance
			Three-months period ended 31 March		31 March	31 December
			*2019*	2018	2019	2018
			(Unaudited)	(Unaudited)	(Unaudited)	(Audited)

*Amounts due to a related party is as follows:*
Saudi Arabian Insurance Company B.S.C (C) (Shareholder)		Amounts paid on behalf of SAICO B.S.C (C), net	-	(1,947,321)
		Premiums ceded	80,283	3,618,800
		Commission received	18,064	814,230	722,828	722,828

*Amounts due from related parties are as follows:*
ACE Insurance Agents Limited ("Agent") (Affiliate)		Premiums received through Agent	6,330,816	6,532,478
		Claims paid through Agent	-	665
		Commission expense	701,165	755,675	10,030,793	12,670,782

ACE Limited (Affiliate)		Premiums and claims, net	-	-	197,192	198,433

ACE Insurance and Reinsurance Brokers Limited ("Broker") (Affiliate)		Premiums received through Broker, net	119,162,681	127,728,274
		Commission expense	11,630,317	13,864,354
		Premiums ceded through Broker	76,363,439	98,999,235
		Commission received	3,600,135	11,202,917	74,589,700	49,825,509
					84,817,685	62,694,724

17	RELATED PARTY TRANSACTIONS AND BALANCES (continued)

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 three-months period ended 31 March is as follows:


		BOD members(Non-Executive)		Top Executives including the CEO and CFO
		*Three-months period ended 31 March*		*Three-months period ended 31 March*
		*2019*	2018	*2019*	2018
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

Short-term benefits		190,500	216,000	1,690,153	2,047,100
Bonus		-	-	-	1,820,070
Employees' end-of-service benefits		-	-	140,009	133,561
		190,500	216,000	1,830,162	4,000,731

Disclosure of cash and cash equivalents [text block]

4	CASH AND CASH EQUIVALENTS

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

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

Cash in banks		116,467,663	175,905,202
Cash on hand		23,524	23,010
		116,491,187	175,928,212

Cash in banks are placed with counterparties who have investment grade credit ratings. As at 31 March 2019, the Company holds an amount of SR 481,887 (31 December 2018: SR 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 the interim condensed financial statements. Return on statutory deposit is shown as an asset and liability in the interim condensed statement of financial position.

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

SUPPLEMENTARY INFORMATION (continued)

19.1

Interim condensed statement of financial position (continued)

Insurance Operations

Shareholders' Operations

Total

31 March

31 December

31 March

31 December

31 March

31 December

2019

2018

2019

2018

2019

2018

(Unaudited)

(Audited)

(Unaudited)

(Audited)

(Unaudited)

(Audited)

Employees' end-of-service benefits

15,356,368

14,876,000

15,356,368

14,876,000

Disclosure of zakat [text block]

9	PROVISION FOR ZAKAT

a)	Zakat payable
The movement in zakat payable during the period/year were as follows:		31 March	31 December
		2019	2018
		(Unaudited)	(Audited)

Balance at beginning of the period/year		8,707,630	8,804,197
Charge for the period/year		2,472,250	8,704,736
Payments during the period/year		-	(8,801,303)
Balance at end of the period/year		11,179,880	8,707,630

9	PROVISION FOR ZAKAT (continued)

b)	Status of assessments

The Company has filed its zakat return for the financial years up to and including the year 2018 with the General Authority of Zakat and Tax (the "GAZT").


The Company has received final assessments for the fiscal period ended 31 December 2008 with no additional zakat liability and years 2009 through 2012 with additional demands on account of disallowance of statutory deposits from the zakat base. The Company has filed appeals against these assessments with Higher Appeal Committee (HAC). During 2018, the Company has received HAC's final decision in favor of the Company.




The Company has received initial assessments for the years 2013 through 2017 raising additional demands on account of disallowance of statutory deposits from the zakat base. The Company has filed appeals against these assessments.

Disclosure of classes of share capital [text block]

10	SHARE CAPITAL

The authorized, issued and paid up capital of the Company was SR 300 million at 31 March 2019 (31 December 2018: SR 300 million) consisting of 30 million shares (31 December 2018: 30 million shares) of SR 10 each. Shareholding structure of the Company is as below:


		31 March 2019 (Unaudited)		31 December 2018 (Audited)
		Authorised, issued and paid up		Authorised, issued and paid up
		No. of Shares	SR’000	No. of Shares	SR’000

Saudi Arabian Insurance Company B.S.C		9,000,000	90,000,000	9,000,000	90,000,000
Others		21,000,000	210,000,000	21,000,000	210,000,000
		30,000,000	300,000,000	30,000,000	300,000,000

Disclosure of statutory reserve [text block]

12	STATUTORY RESERVE

In accordance with the Company’s By-Laws and in compliance with Article 70(2)(g) of the Insurance Implementing Regulations issued by SAMA, the Company is required to allocate 20% of its net income for the year to the statutory reserve until it equals the value of share capital and such transfer is only made at year end. The statutory reserve is not available for distribution to shareholders until liquidation of the Company.

Disclosure of gross premiums/ contributions written [text block]

SUPPLEMENTARY INFORMATION (continued)

19.2

Interim condensed statement of income

Three-months period ended 31 March (Unaudited) (SR '000)

Insurance Operations

Shareholders' Operations

Total

2019

2018

2019

2018

2019

2018

REVENUES

Gross premiums written

359,345,715

370,645,921

359,345,715

370,645,921

Disclosure of earnings per share [text block]

11	BASIC AND DILUTED EARNINGS PER SHARE

Basic and diluted earnings per share for the period have been calculated by dividing the total net income for the period by the weighted average number of shares in issue throughout the period.


The basic and diluted earning per share are as follows:
		Three-months period ended31 March
		2019	2018
		(Unaudited)	(Unaudited)

Basic and diluted earnings per share		0.10	0.001
Weighted average number of shares throughout the period (thousands) - restated		30,000	30,000

Disclosure of related party transactions [text block]

17	RELATED PARTY TRANSACTIONS AND BALANCES

Related parties represent major shareholders, key management personnel of the Company and entities controlled, jointly controlled or subsequently influenced by such parties. All transactions with such related parties are conducted on normal terms and conditions and are approved by management.


The following are the details of the major related party transactions during the period and the related balances:

Related party		Nature of transactions	Amount of transaction		Balance
			Three-months period ended 31 March		31 March	31 December
			*2019*	2018	2019	2018
			(Unaudited)	(Unaudited)	(Unaudited)	(Audited)

*Amounts due to a related party is as follows:*
Saudi Arabian Insurance Company B.S.C (C) (Shareholder)		Amounts paid on behalf of SAICO B.S.C (C), net	-	(1,947,321)
		Premiums ceded	80,283	3,618,800
		Commission received	18,064	814,230	722,828	722,828

*Amounts due from related parties are as follows:*
ACE Insurance Agents Limited ("Agent") (Affiliate)		Premiums received through Agent	6,330,816	6,532,478
		Claims paid through Agent	-	665
		Commission expense	701,165	755,675	10,030,793	12,670,782

ACE Limited (Affiliate)		Premiums and claims, net	-	-	197,192	198,433

ACE Insurance and Reinsurance Brokers Limited ("Broker") (Affiliate)		Premiums received through Broker, net	119,162,681	127,728,274
		Commission expense	11,630,317	13,864,354
		Premiums ceded through Broker	76,363,439	98,999,235
		Commission received	3,600,135	11,202,917	74,589,700	49,825,509
					84,817,685	62,694,724

17	RELATED PARTY TRANSACTIONS AND BALANCES (continued)

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 three-months period ended 31 March is as follows:


		BOD members(Non-Executive)		Top Executives including the CEO and CFO
		*Three-months period ended 31 March*		*Three-months period ended 31 March*
		*2019*	2018	*2019*	2018
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

Short-term benefits		190,500	216,000	1,690,153	2,047,100
Bonus		-	-	-	1,820,070
Employees' end-of-service benefits		-	-	140,009	133,561
		190,500	216,000	1,830,162	4,000,731

Disclosure of capital management [text block]

13	CAPITAL MANAGEMENT

Objectives are set by the Company to maintain healthy capital ratios in order to support its business objectives and maximize shareholders’ value.


The Company manages its capital requirements by assessing shortfalls between reported and required capital levels on a regular basis. Adjustments to current capital levels are made in light of changes in market conditions and risk characteristics of the Company’s activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders or issue new shares.

CAPITAL MANAGEMENT (continued)

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 maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Company consists of equity attributable to equity holders comprising paid share capital, reserves and retained earnings.

As per guidelines laid out by SAMA in Article 66 of the Implementing Insurance Regulations detailing the solvency margin required to be maintained, the Company shall maintain solvency margin equivalent to the highest of the following three methods as per SAMA Implementing Regulations:

Minimum Capital Requirement of SR 100 million

Premium Solvency Margin

Claims Solvency Margin

The Company is in compliance with all externally imposed capital requirements with sound solvency margin. The capital structure of the Company as at 31 March 2019 consists of paid-up share capital of SR 300 million, statutory reserves of SR 20 million and retained earnings of SR 0.3 million (31 December 2018: paid-up share capital of SR 300 million, statutory reserves of SR 20 million and accumulated losses of SR 0.2 million) in the interim condensed statement of financial position.

In the opinion of the Board of Directors, the Company has fully complied with the externally imposed capital requirements during the reported financial period.

Disclosure of commitments and contingencies, general [text block]

COMMITMENTS AND CONTINGENCIES

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

Rental expenses pertained to leases of office spaces in various locations amounted to SR 0.68 million for the three-months period ended 31 March 2019 (three-months period ended 31 March 2018: SR 0.67 million) are recognized in the interim condensed statement of income.

Disclosure of fair value of financial assets and liabilities [text block]

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments:

Level 1: Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities,

Level 2: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable), and

Level 3: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable).

During the three-months period ended 31 March 2019 and year ended 31 December 2018, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements.

The following table summarizes the financial assets recorded at fair value as of 31 March 2019 and 31 December 2018 by level of the fair value hierarchy.

As at 31 March 2019 (Unaudited)

Carrying value

Level 1

Level 2

Level 3

Total

Financial assets:

Held-to-maturity investments

10,000,000

Available-for-sale investments

1,923,080

11,923,080

10,000,000

1,923,080

11,923,080

As at 31 December 2018 (Audited)

Carrying value

Level 1

Level 2

Level 3

Total

Financial assets:

Held-to-maturity investments

10,000,000

Available-for-sale investment

7,399,990

5,476,910

1,923,080

7,399,990

17,399,990

5,476,910

10,000,000

1,923,080

17,399,990

The fair values of other financial assets and liabilities, not included in the table above, are not materially different from the carrying values included in the interim condensed financial statements.

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

APPROVAL OF INTERIM CONDENSED FINANCIAL STATEMENTS

The interim condensed financial statements was authorized for issue in accordance with a resolution of the Board of Directors on 23 Sha'ban 1440H (corresponding to 29 April 2019).

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

5	MURABAHA DEPOSITS

Murabaha deposits represents 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 3.4% per annum (31 December 2018: 2.05% to 3.4% per annum).

7	MOVEMENT IN OUTSTANDING CLAIMS, UNEARNED PREMIUMS, UNEARNED REINSURANCE COMMISSION AND DEFERRED POLICY ACQUISITION COSTS

a)	Outstanding claims and reserves	31 March 2019 (Unaudited)			31 December 2018 (Audited)
		Gross	Reinsurers' share	Net	Gross	Reinsurers' share	Net
Outstanding claims and reserves		498,694,501	(392,787,009)	105,907,492	562,818,115	(406,377,136)	156,440,979
Less: realizable value of salvage and subrogation		-	-	-	(16,800,343)	-	(16,800,343)
Outstanding claims and reserves at end of the period/year		498,694,501	(392,787,009)	105,907,492	546,017,772	(406,377,136)	139,640,636
Claims incurred but not reported at end of the period/year		116,157,551	(41,291,640)	74,865,911	106,490,126	(30,649,486)	75,840,640
		614,852,052	(434,078,649)	180,773,403	652,507,898	(437,026,622)	215,481,276
Claims paid		188,301,528	(23,068,547)	165,232,981	467,719,874	(60,798,386)	406,921,488

Outstanding claims and reserves at beginning of the period/year		(546,017,772)	406,377,136	(139,640,636)	(392,182,646)	300,410,645	(91,772,001)
Claims incurred but not reported		(106,490,129)	30,649,486	(75,840,643)	(85,492,069)	29,141,000	(56,351,069)
		(652,507,901)	437,026,622	(215,481,279)	(477,674,715)	329,551,645	(148,123,070)
Claims incurred		150,645,679	(20,120,574)	130,525,105	642,553,057	(168,273,363)	474,279,694

b)	Unearned premiums	31 March 2019 (Unaudited)			31 December 2018 (Audited)
		Gross	Reinsurers' share	Net	Gross	Reinsurers' share	Net
Unearned premiums at beginning of the period/year		323,999,626	(46,800,071)	277,199,555	225,617,077	(32,357,633)	193,259,444
Premiums written during the period/year		359,345,715	(139,550,711)	219,795,004	949,992,803	(239,889,594)	710,103,209
Excess of loss expenses during the period/year		-	(3,879,701)	(3,879,701)	-	(23,644,798)	(23,644,798)
Premiums earned during the period/year		(223,279,516)	56,788,830	(166,490,686)	(851,610,254)	249,091,954	(602,518,300)
Unearned premiums at end of the period/year		460,065,825	(133,441,653)	326,624,172	323,999,626	(46,800,071)	277,199,555

c)	Unearned reinsurance commission					31 March	31 December
						2019	2018
						(Unaudited)	(Audited)

Beginning of the period/year						6,915,653	8,642,266
Commission received during the period/year						10,684,347	42,150,011
Commission earned during the period/year						(5,338,807)	(43,876,624)
End of the period/year						12,261,193	6,915,653

7	MOVEMENT IN OUTSTANDING CLAIMS, UNEARNED PREMIUMS, UNEARNED REINSURANCE COMMISSION AND DEFERRED POLICY ACQUISITION COSTS (continued)


d)	Deferred policy acquisition costs	31 March	31 December
		2019	2018
		(Unaudited)	(Audited)

Beginning of the period/year		21,311,787	18,725,912
Incurred during the period/year		26,523,593	67,516,829
Amortized during the period/year		(16,555,274)	(64,930,954)
End of the period/year		31,280,106	21,311,787

NET UNDERWRITING INCOME

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

Three-months period ended 31 March

2019

2018

(Unaudited)

(Unaudited)

Net earned premiums

166,490,686

140,841,244

Commission income

5,338,807

10,486,029

Other underwriting income

2,662,991

955,385

Policy acquisition costs

(16,555,274)

(15,449,510)

Inspection and supervision fees

(2,546,320)

(3,154,850)

Net claims incurred

(130,525,105)

(106,295,592)

Net underwriting income

24,865,785

27,382,706

SEGMENT INFORMATION

Consistent with the Company's internal reporting process, operating segments have been approved by management in respect of the Company's activities, assets and liabilities as stated below. Segment results do not include income from investments, income from murabaha deposits, other income, general and administrative expenses, and provision for doubtful debts.

Segment assets do not include cash and cash equivalents, murabaha deposits, premiums and reinsurers' receivable - net, available for sale investment, held-to-maturity investment, due from related parties, prepayments and other assets, property and equipment, intangible assets, statutory deposit and accrued income from statutory deposit. Accordingly, they are included in unallocated assets.

Segment liabilities do not include accrued and other liabilities, surplus distribution payable, reinsurance balances payable, accounts payable, employees' end-of-service benefits, provision for zakat, accrued commission income payable to SAMA. Accordingly, they are included in unallocated liabilities. All of the Company's operating assets and principal activities are located in the Kingdom of Saudi Arabia.

Three-months period ended 31 March 2019 (Unaudited) (SR '000)

Property &

Protection &

Shareholders'operations

Operating segment

Medical

Motor

casualty

savings

Total

Revenues

Gross premiums written

- Individual

107

70,777

1,177

72,061

- Micro enterprise

2,140

2,387

4,365

8,892

- Small enterprises

14,993

5,758

1,727

22,478

- Medium enterprises

42,069

19,294

10,923

72,286

- Large enterprise

35,135

12,221

136,273

183,629

94,444

110,437

154,465

359,346

Reinsurance premiums ceded

- Local

(743)

(37,545)

(38,288)

- International (includes premium ceded through local broker)

(6,887)

(94,376)

(101,263)

(7,630)

(131,921)

(139,551)

Excess of loss expenses

- Local

(145)

(26)

(171)

- International

(2,245)

(582)

(882)

(3,709)

(2,245)

(727)

(908)

(3,880)

Net premiums written

92,199

102,080

21,636

215,915

SEGMENT INFORMATION (continued)

Three-months period ended 31 March 2019 (Unaudited) (SR '000)

Property &

Protection &

Shareholders'operations

Medical

Motor

casualty

savings

Total

Net premiums written

92,199

102,080

21,636

215,915

Movement in unearned premiums, net

8,955

(44,225)

(14,155)

(49,425)

Net premiums earned

101,154

57,855

7,481

166,490

Reinsurance commissions

717

4,622

5,339

Other underwriting income

2,663

Net revenues

101,154

61,235

12,103

174,492

Underwriting costs and expenses

Gross claims paid

120,473

46,385

21,444

188,302

Reinsurers' share of claims paid

(3,072)

(19,997)

(23,069)

Net claims paid

120,473

43,313

1,447

165,233

Movement in outstanding claims, net

(28,687)

(7,782)

1,761

(34,708)

Net claims incurred

91,786

35,531

3,208

130,525

Policy acquisition costs

5,925

5,468

5,162

16,555

Inspection and supervision fees

1,413

549

584

2,546

Total underwriting costs and expenses

99,124

41,548

8,954

149,626

Net underwriting income

2,030

19,687

3,149

24,866

Unallocated revenue

2,032

7,058

Unallocated expenses

(314)

(28,768)

Total income for the period

3,156

18	SEGMENT INFORMATION (Continued)

		Three-months period ended 31 March 2018 (Unaudited) (SR '000)
				Property &	Protection &	Shareholders'operations
Operating segment		Medical	Motor	casualty	savings	Shareholders'operations	Total

Revenues
Gross premiums written		145,022	60,865	164,759	-	-	370,646
Reinsurance premiums ceded				-
- Local		-	-	(32,597)	-	-	(32,597)
- International (includes premium ceded through local broker)		-	(117)	(118,739)	-	-	(118,856)
		-	(117)	(151,336)	-	-	(151,453)
Excess of loss expenses
- Local		-	(104)	(3)	-	-	(107)
- International		5,347	(432)	(760)	-	-	4,155
		5,347	(536)	(763)	-	-	4,048

Net premiums written		150,369	60,212	12,660	-	-	223,241
Movement in unearned premiums, net		(55,501)	(19,522)	(7,377)	-	-	(82,400)
Net premiums earned		94,868	40,690	5,283	-	-	140,841
Reinsurance commissions		-	26	10,460	-	-	10,486
Other underwriting income		-	955	-	-	-	955
Net revenues		94,868	41,671	15,743	-	-	152,282

Underwriting costs and expenses
Gross claims paid		56,291	28,401	25,758	-	-	110,450
Reinsurers' share of claims paid		-	(36)	(25,157)	-	-	(25,193)
Net claims paid		56,291	28,365	601	-	-	85,257
Movement in outstanding claims, net		24,151	(1,631)	(1,483)	-	-	21,037
Net claims incurred		80,442	26,734	(882)	-	-	106,294
Policy acquisition costs		4,826	4,846	5,778	-	-	15,450
Inspection and supervision fees		2,190	304	661			3,155
Total underwriting costs and expenses		87,458	31,884	5,557	-	-	124,899

Net underwriting income		7,410	9,787	10,186	-	-	27,383
Unallocated revenue						1,517	3,564
Unallocated expenses						(392)	(30,913)
Total income for the period							34

SEGMENT INFORMATION (Continued)

As at 31 March 2019 (Unaudited) (SR '000)

Property &

Protection &

Shareholders'operations

Operating segment

Medical

Motor

casualty

savings

Total

Assets

Reinsurers' share of outstanding claims and reserves

19,439

373,348

392,787

Reinsurers' share of claims incurred but not reported

4,478

36,814

41,292

Reinsurers' share of unearned premiums

14,728

118,714

133,442

Deferred policy acquisition costs

8,916

9,966

12,398

31,280

Segment assets

8,916

48,611

541,274

598,801

Unallocated assets

325,269

1,064,615

Total assets

1,663,416

Liabilities and equity

Outstanding claims and reserves

57,318

38,397

402,980

498,695

Claims incurred but not reported

47,772

28,756

39,630

116,158

Unearned premiums

159,367

161,260

139,439

460,066

Unearned reinsurance commission

1,518

10,743

12,261

Segment liabilities

264,457

229,931

592,792

1,087,180

Unallocated liabilities and surplus

14,215

255,933

Total equity

320,304

Total liabilities and equity

1,663,416

Unallocated assets at 31 March 2019 consists mainly of murabaha deposits of SR 525 million, premiums and reinsurers' receivable - net of SR 327 million, cash and cash equivalents of SR 116 million, and other assets of SR 96 million.

At 31 March 2019, the total premiums and reinsurers' receivable - net amounting to SR 327 million comprised mainly premiums receivable from Medical clients of SR 130 million while the remaining balance of SR 197 million consisted mainly of receivables from the following lines of business: (a) Motor and (b) Property & casualty.

18	SEGMENT INFORMATION (Continued)

		As at 31 December 2018 (Audited) (SR '000)
				Property &	Protection &	Shareholders'operations
Operating segment		Medical	Motor	casualty	savings	Shareholders'operations	Total

Assets
Reinsurers' share of outstanding claims and reserves		-	19,288	387,089	-	-	406,377
Reinsurers' share of claims incurred but not reported		-	2,285	28,364	-	-	30,649
Reinsurers' share of unearned premiums		-	14,059	32,741	-	-	46,800
Deferred policy acquisition costs		10,469	7,334	3,509	-	-	21,312
Segment assets		10,469	42,966	451,703	-	-	505,138
Unallocated assets						323,192	986,840
Total assets							1,491,978

Liabilities
Outstanding claims and reserves		82,825	47,496	415,697	-	-	546,018
Claims incurred but not reported		50,952	25,096	30,442	-	-	106,490
Unearned premiums		168,322	116,363	39,315	-	-	324,000
Unearned reinsurance commission		-	1,433	5,483	-	-	6,916
Segment liabilities		302,099	190,388	490,937	-	-	983,424
Unallocated liabilities and surplus						11,683	188,000
Total equity						319,768	320,554
Total liabilities							1,491,978

Unallocated assets at 31 December 2018 consist mainly of murabaha deposits SR 454 million, premiums and reinsurers' receivable - SR 258 million, cash and cash equivalents SR 176 million and other assets SR 99 million.


At 31 December 2018, the total premiums and reinsurance balances receivable amounting to SR 258 million comprised mainly of premiums receivable from Medical clients SR 99 million while the remaining balance SR 159 million consisted mainly of receivables from the following lines of business: (a) Motor and (b) Property & casualty.

19	SUPPLEMENTARY INFORMATION

19.1	Interim condensed statement of financial position
		Insurance Operations		Shareholders' Operations		Total
		31 March	31 December	31 March	31 December	31 March	31 December
		2019	2018	2019	2018	2019	2018
		(Unaudited)	(Audited)	(Unaudited)	(Audited)	(Unaudited)	(Audited)

ASSETS
Cash and cash equivalents		112,134,135	171,226,879	4,357,052	4,701,333	116,491,187	175,928,212
Murabaha deposits		239,217,160	168,805,161	285,671,073	285,088,564	524,888,233	453,893,725
Premiums and reinsurers' receivable - net		327,146,048	258,113,416	-	-	327,146,048	258,113,416
Reinsurers' share of unearned premiums		133,441,653	46,800,071	-	-	133,441,653	46,800,071
Reinsurers' share of outstanding claims and reserves		392,787,009	406,377,136	-	-	392,787,009	406,377,136
Reinsurers' share of claims incurred but not reported		41,291,640	30,649,486	-	-	41,291,640	30,649,486
Deferred policy acquisition costs		31,280,106	21,311,787	-	-	31,280,106	21,311,787
Deferred excess of loss premiums		2,638,375	464,904	-	-	2,638,375	464,904
Available for sale investment		1,923,080	7,399,990	-	-	1,923,080	7,399,990
Held-to-maturity investment		10,000,000	10,000,000	-	-	10,000,000	10,000,000
Prepayments and other assets		36,881,084	37,825,276	3,427,999	1,752,874	40,309,083	39,578,150
Property and equipment		6,536,420	6,576,102	-	-	6,536,420	6,576,102
Intangible assets		2,871,079	3,235,282	-	-	2,871,079	3,235,282
Statutory deposit		-	-	30,000,000	30,000,000	30,000,000	30,000,000
Accrued income from statutory deposit		-	-	1,812,552	1,649,511	1,812,552	1,649,511
TOTAL ASSETS		1,338,147,789	1,168,785,490	325,268,676	323,192,282	1,663,416,465	1,491,977,772

Above stated assets do not include "Due from insurance operations" amounting to SR 9,249,503 (31 December 2018: 9,044,027) to be consistent with total assets presented in the statement of financial position.

19	SUPPLEMENTARY INFORMATION (continued)

19.1	Interim condensed statement of financial position (continued)
		Insurance Operations		Shareholders' Operations		Total
		31 March	31 December	31 March	31 December	31 March	31 December
		2019	2018	2019	2018	2019	2018
		(Unaudited)	(Audited)	(Unaudited)	(Audited)	(Unaudited)	(Audited)

LIABILITIES
Policyholders claims payable		26,321,300	31,048,352	-	-	26,321,300	31,048,352
Accrued and other liabilities		77,971,521	67,671,620	-	-	77,971,521	67,671,620
Surplus distribution payable		3,365,007	7,729,845	-	-	3,365,007	7,729,845
Reinsurance balances payable		118,705,020	54,992,469	-	-	118,705,020	54,992,469
Unearned premiums		460,065,825	323,999,626	-	-	460,065,825	323,999,626
Unearned reinsurance commission		12,261,193	6,915,653	-	-	12,261,193	6,915,653
Outstanding claims and reserves		498,694,501	546,017,772	-	-	498,694,501	546,017,772
Claims incurred but not reported		116,157,551	106,490,126	-	-	116,157,551	106,490,126
Accounts payable		-	-	1,222,134	1,325,503	1,222,134	1,325,503
Employees' end-of-service benefits		15,356,368	14,876,000	-	-	15,356,368	14,876,000
Provision for zakat		-	-	11,179,880	8,707,630	11,179,880	8,707,630
Accrued commission income payable to SAMA		-	-	1,812,552	1,649,511	1,812,552	1,649,511
TOTAL LIABILITIES		1,328,898,286	1,159,741,463	14,214,566	11,682,644	1,343,112,852	1,171,424,107
EQUITY
Share capital		-	-	300,000,000	300,000,000	300,000,000	300,000,000
Statutory reserve		-	-	20,008,901	20,008,901	20,008,901	20,008,901
Retained earnings/(accumulated losses)		-	-	298,382	(241,220)	298,382	(241,220)
Fair value reserve for available-for-sale investment		-	-	-	789,654	-	789,654
Re-measurement reserve of end-of-service benefits		-	-	(3,670)	(3,670)	(3,670)	(3,670)
TOTAL EQUITY		-	-	320,303,613	320,553,665	320,303,613	320,553,665
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		1,328,898,286	1,159,741,463	334,518,179	332,236,309	1,663,416,465	1,491,977,772

Above stated liabilities do not include "Due to shareholders' operations" amounting to SR 9,249,503 (31 December 2018: 9,044,027) to be consistent with total liabilities presented in the statement of financial position.

19	SUPPLEMENTARY INFORMATION (continued)

19.2	Interim condensed statement of income	Three-months period ended 31 March (Unaudited) (SR '000)
		Insurance Operations		Shareholders' Operations		Total
		2019	2018	2019	2018	2019	2018

REVENUES
Gross premiums written		359,345,715	370,645,921	-	-	359,345,715	370,645,921
Reinsurance premiums ceded
- Local		(38,287,611)	(32,596,922)	-	-	(38,287,611)	(32,596,922)
- International (includes premium ceded through local broker)		(101,263,100)	(118,855,932)	-	-	(101,263,100)	(118,855,932)
		(139,550,711)	(151,452,854)	-	-	(139,550,711)	(151,452,854)
Excess of loss/ stop loss expenses
- Local		(171,477)	(107,251)	-	-	(171,477)	(107,251)
- International		(3,708,224)	4,155,415	-	-	(3,708,224)	4,155,415
		(3,879,701)	4,048,164	-	-	(3,879,701)	4,048,164

Net premiums written		215,915,303	223,241,231	-	-	215,915,303	223,241,231
Movement in unearned premiums, net		(49,424,617)	(82,399,987)	-	-	(49,424,617)	(82,399,987)
Net premiums earned		166,490,686	140,841,244	-	-	166,490,686	140,841,244
Reinsurance commissions		5,338,807	10,486,029	-	-	5,338,807	10,486,029
Other underwriting income		2,662,991	955,385	-	-	2,662,991	955,385
NET REVENUES		174,492,484	152,282,658	-	-	174,492,484	152,282,658
UNDERWRITING COSTS AND EXPENSES
Gross claims paid		188,301,528	110,450,472	-	-	188,301,528	110,450,472
Reinsurers' share of claims paid		(23,068,547)	(25,193,319)	-	-	(23,068,547)	(25,193,319)
						-	-
Net claims paid		165,232,981	85,257,153	-	-	165,232,981	85,257,153
Movement in outstanding claims, net		(34,707,876)	21,038,439	-	-	(34,707,876)	21,038,439
Net claims incurred		130,525,105	106,295,592	-	-	130,525,105	106,295,592
Policy acquisition costs		16,555,274	15,449,510	-	-	16,555,274	15,449,510
Inspection and supervision fees		2,546,320	3,154,850	-	-	2,546,320	3,154,850
TOTAL UNDERWRITING COSTS AND EXPENSES		149,626,699	124,899,952	-	-	149,626,699	124,899,952

NET UNDERWRITING INCOME		24,865,785	27,382,706	-	-	24,865,785	27,382,706

19	SUPPLEMENTARY INFORMATION (continued)

19.2	Interim condensed statement of income (continued)	Three-months period ended 31 March (Unaudited) (SR '000)
		Insurance Operations		Shareholders' Operations		Total
		2019	2018	2019	2018	2019	2018

OTHER INCOME/(EXPENSES)
Income from investments		1,398,439	975,882	-	-	1,398,439	975,882
Income from murabaha deposits		1,362,034	833,400	2,032,284	1,516,673	3,394,318	2,350,073
Other income		2,265,362	238,334	-	-	2,265,362	238,334
General and administrative expenses		(28,223,984)	(30,492,706)	(314,435)	(391,951)	(28,538,419)	(30,884,657)
Provision for doubtful debts		(229,855)	(28,471)	-	-	(229,855)	(28,471)
TOTAL OTHER INCOME/(EXPENSES)		(23,428,004)	(28,473,561)	1,717,849	1,124,722	(21,710,155)	(27,348,839)
Total income for the period		1,437,781	(1,090,855)	1,717,849	1,124,722	3,155,630	33,867
Total income attributed to shareholders		(1,294,003)	1,090,855	1,294,003	(1,090,855)	-	-
Total income for the period		143,778	-	3,011,852	33,867	3,155,630	33,867

19	SUPPLEMENTARY INFORMATION (continued)

19.3	Interim condensed statement of comprehensive income		Three-months period ended 31 March 2019 (Unaudited) (SR '000)
		Note	Insurance Operations		Shareholders' Operations		Total
			2019	2018	2019	2018	2019	2018


Total income for the period			143,778	-	3,011,852	33,867	3,155,630	33,867

Other comprehensive income / (loss) :
Items that may be reclassified to statement of insurance
operations' surplus in subsequent periods:

- Change in fair value of available-for-sale investments, net		-	-	(364,345)	-	-	-	(364,345)
- Transfer of fair value reserve on disposal of available-for-sale investment		-	(789,654)	-	-	-	(789,654)	-

Total comprehensive income for the period			(645,876)	(364,345)	3,011,852	33,867	2,365,976	(330,478)

19	SUPPLEMENTARY INFORMATION (continued)

19.4	Interim condensed statement of cash flows		Three-months period ended 31 March 2019 (Unaudited) (SR '000)
			Insurance Operations		Shareholders' Operations		Total
		Note	2019	2018	2019	2018	2019	2018
CASH FLOWS FROM OPERATING ACTIVITIES
Total income for the period before zakat			1,437,781	(1,090,855)	1,717,849	1,124,722	3,155,630	33,867
Adjustments for non-cash items:
Depreciation of property and equipment			556,416	561,545	-	-	556,416	561,545
Amortization of intangible assets			381,818	475,914	-	-	381,818	475,914
Provision for doubtful debts		6	(229,855)	28,471	-	-	(229,855)	28,471
Provision for employees' end-of-service benefits			541,667	750,000	-	-	541,667	750,000
Gain on disposal of available-for-sale investment		8a	(1,269,597)	(838,567)	-	-	(1,269,597)	(838,567)

Changes in operating assets and liabilities:
Premiums and reinsurers' receivable			(68,802,777)	(107,020,206)	-	-	(68,802,777)	(107,020,206)
Reinsurers' share of unearned premiums			(86,641,582)	(96,717,862)	-	-	(86,641,582)	(96,717,862)
Reinsurers' share of outstanding claims and reserves			13,590,127	6,108,115	-	-	13,590,127	6,108,115
Reinsurers' share of claims incurred but not reported			(10,642,154)	(544,552)	-	-	(10,642,154)	(544,552)
Deferred policy acquisition costs			(9,968,319)	(13,607,112)	-	-	(9,968,319)	(13,607,112)
Deferred excess of loss premiums			(2,173,471)	(1,241,601)	-	-	(2,173,471)	(1,241,601)
Prepayments and other assets			944,192	9,184,730	(1,675,125)	(1,176,072)	(730,933)	8,008,658
Policyholders claims payable			(4,727,052)	(3,522,468)	-	-	(4,727,052)	(3,522,468)
Accrued and other liabilities			10,299,901	(4,306,376)	-	-	10,299,901	(4,306,376)
Reinsurance balances payable			63,712,551	3,644,258	-	-	63,712,551	3,644,258
Unearned premiums			136,066,199	179,117,849	-	-	136,066,199	179,117,849
Unearned reinsurance commission			5,345,540	14,445,460	-	-	5,345,540	14,445,460
Outstanding claims and reserves			(47,323,271)	11,579,114	-	-	(47,323,271)	11,579,114
Claims incurred but not reported			9,667,425	3,895,763	-	-	9,667,425	3,895,763
Accounts payable			-	-	(103,369)	241,500	(103,369)	241,500
Cash from (used in) operating activities			10,765,539	901,620	(60,645)	190,150	10,704,894	1,091,770

Surplus paid to policy holders			(4,508,616)	(1,485,612)	-	-	(4,508,616)	(1,485,612)
Employees' end-of-service benefits paid			(61,299)	(319,246)	-	-	(61,299)	(319,246)
Net cash from (used in) operating activities			6,195,624	(903,238)	(60,645)	190,150	6,134,979	(713,088)

19	SUPPLEMENTARY INFORMATION (continued)

19.4	Interim condensed statement of cash flows (continued)		Three-months period ended 31 March 2019 (Unaudited) (SR '000)
			Insurance Operations		Shareholders' Operations		Total
		Note	2019	2018	2019	2018	2019	2018

CASH FLOWS FROM INVESTING ACTIVITIES
Additions of property and equipment			(516,734)	(225,150)	-	-	(516,734)	(225,150)
Additions of intangible assets			(17,615)	(152,475)	-	-	(17,615)	(152,475)
Proceed from disposal of available-for-sale investments		8a	5,956,853	1,037,825	-	-	5,956,853	1,037,825
(Decrease)/increase in murabaha deposits			(70,411,999)	54,194,839	(582,509)	45,734,399	(70,994,508)	99,929,238
Net cash (used in) from investing activities			(64,989,495)	54,855,039	(582,509)	45,734,399	(65,572,004)	100,589,438

CASH FLOWS FROM FINANCING ACTIVITY
Due to shareholders' operations, net			(298,873)	1,223	298,873	(1,223)	-	-
Net cash (used in) from financing activity			(298,873)	1,223	298,873	(1,223)	-	-

Net change in cash and cash equivalents			(59,092,744)	53,953,024	(344,281)	45,923,326	(59,437,025)	99,876,350
Cash and cash equivalents at the beginning of the period		4	171,226,879	85,821,687	4,701,333	3,259,157	175,928,212	89,080,844
Cash and cash equivalents at the end of the period		4	112,134,135	139,774,711	4,357,052	49,182,483	116,491,187	188,957,194

Supplemental non-cash information:
Change in fair value of available-for-sale investments		8a	-	(364,345)	-	-	-	(364,345)
Transfer of fair value reserve on disposal of available- for-sale investment		8a	(789,654)	-	-	-	(789,654)	-

20	COMPARATIVE FIGURES

Certain prior period figures have been reclassified to conform to current period presentation.

21	EVENTS AFTER THE REPORTING DATE

There are no subsequent events that require disclosure or amendments to the accompanying interim condensed financial statements.

[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

Held-to-maturity investment

As at 31 March 2019 and 31 December 2018, the Company’s investment in Islamic bonds (“Sukuk”), issued by a local bank having a credit rating of "AA", 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.