	English [member]
Start Date	2021-01-01	2020-01-01
End Date	2021-03-31	2020-03-31
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	2021-01-01	2020-01-01
Reporting period end date	2021-03-31	2020-03-31
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	2021-01-01	2021-01-01
End Date	2021-03-31	2021-03-31
Auditors information [line items]
Details of auditors signing report [abstract]
Name of auditor signing report	Ibrahim A. Al Bassam	Abdullah A. Al Azem
Registration number of auditor	337	335
Details of audit firm [abstract]
Name of audit firm	Al Bassam Ahmed Al-Bssam & Co.	Al Azem, Al Sudairy, Al Shaikh & PartnersCertified Public Accountants
Address of audit firm	P.O. Box 69658Riyadh 11557Kingdom of Saudi Arabia	P. O. Box 10504Riyadh 11443Kingdom of Saudi Arabia

	English [member]
Start Date	2021-01-01
End Date	2021-03-31
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 Co (the “Company”) as at 31 March 2021 and the related interim condensed statements of income and comprehensive income, interim condensed statements of changes in shareholders equity and cash flows for the three-month period then ended and other explanatory notes (the “interim condensed financial information”).
Contents of auditors report [abstract]
Nature of auditors opinion	Unmodified opinion
Auditors opinion	Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial information is not prepared, in all material respects, in accordance with IAS 34 as endorsed in the Kingdom of Saudi Arabia.
Basis of opinion	We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of interim financial information performed by the independent auditor of the entity”, that is endorsed in the Kingdom of Saudi Arabia. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi Arabia, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Responsibilities of management and those charged with governance for financial statements	Management is responsible for the preparation and presentation of this interim condensed financial information in accordance with International Accounting Standard 34 -"Interim Financial Reporting" (IAS 34) that is endorsed in the Kingdom of Saudi Arabia.
Auditors responsibilities for audit of financial statements	Our responsibility is to express a conclusion on this interim condensed financial information based on our review.
Date of signing audit report by auditor	2021-05-18

Start Date	2021-01-01	2020-01-01	2020-01-01
End Date	2021-03-31	2020-12-31	2020-03-31
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	5,373,665	4,833,267	4,300,457
Investments held-to-maturity, insurance/ takaful operations assets	20,265,574	20,422,907	10,282,744
Deferred policy acquisition costs	28,265,661	18,459,055	28,161,924
Reinsurers/ retakaful share of unearned premiums/ contributions	119,074,116	39,420,956	132,143,504
Prepayments and other assets, insurance/ takaful operations assets	57,471,414	55,507,591	42,090,045
Premiums/ insurance receivables/takaful contributions receivable, net	406,910,790	245,872,196	260,055,237
Reinsurers/ retakaful share of outstanding claims/ benefits, net	405,135,104	382,533,985	399,038,289
Time (Murabaha) deposits, insurance/ takaful operations assets	153,029,173	134,474,361	178,005,161
Deferred excess of loss premiums			2,850,367
Available-for-sale investments, insurance/ takaful operations assets	1,923,080	1,923,080	1,923,080
Cash and cash equivalents, insurance/ takaful operations assets	36,465,719	47,691,162	21,845,108
Other assets, insurance/ takaful operations assets	10,186,153	9,803,358	8,060,634
Total insurance/ takaful operations assets	1,244,100,449	960,941,918	1,088,756,550
Shareholders assets [abstract]
Investments held-to-maturity, shareholders assets	15,277,500	15,108,750
Statutory deposit	30,000,000	30,000,000	30,000,000
Prepayments and other assets, shareholders assets	4,431,432	2,802,309	4,467,954
Investments held at fair value through statement of income, shareholders assets	92,600,784	90,028,540	77,681,769
Time (Murabaha) deposits, shareholders assets	207,441,935	207,441,935	222,000,000
Accrued investment income	2,799,638	2,799,638	2,700,067
Cash and cash equivalents, shareholders assets	3,104,863	2,308,565	9,618,598
Total shareholders assets	355,656,152	350,489,737	346,468,388
Total assets	1,599,756,601	1,311,431,655	1,435,224,938
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	422,382,241	265,548,157	395,829,286
Unearned commission income	10,444,079	6,759,142	15,196,611
Employees end of service benefits, insurance/ takaful operations liabilities	19,398,136	18,705,950	15,494,529
Surplus distribution payable	5,577,137	5,577,137	143,644
Reinsurers/ retakaful balance payable	94,531,362	53,730,084	87,112,475
Gross outstanding claims/ benefits including IBNR payable	538,341,047	503,318,870	538,494,908
Accrued expenses payable, insurance/ takaful operations liabilities	137,080,990	64,916,997	53,144,815
Other liabilities, insurance/ takaful operations	16,099,759	21,607,449	15,920,911
Total insurance/ takaful operations liabilities	1,243,854,751	940,163,786	1,121,337,179
Total insurance/ takaful operations liabilities and surplus (deficit)	1,243,854,751	940,163,786	1,121,337,179
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	10,134,918	10,517,581	11,156,924
Accrued expenses payable, shareholders liabilities	2,799,639	2,799,639	2,700,067
Other liabilities, shareholders liabilities	1,660,922	1,445,922	1,563,338
Total shareholders liabilities	14,595,479	14,763,142	15,420,329
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	300,000,000	300,000,000	300,000,000
Statutory reserve	29,473,371	29,473,371	20,008,901
Retained earnings (accumulated losses)	11,783,364	26,981,720	-23,029,758
Other reserves	49,636	49,636	1,488,287
Total equity attributable to owners of parent	341,306,371	356,504,727	298,467,430
Total equity attributable to equity holders of company	341,306,371	356,504,727	298,467,430
Total shareholders liabilities and equity	355,901,850	371,267,869	313,887,759
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	1,599,756,601	1,311,431,655	1,435,224,938

Start Date	2021-01-01	2020-01-01
End Date	2021-03-31	2020-03-31
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	356,998,853	334,643,086
Excess of loss expense	5,967,806	4,908,994
Reinsurance/ retakaful premiums ceded	129,894,195	145,874,161
Net premiums/ contributions written	221,136,852	183,859,931
Changes in unearned premiums/ contributions	77,180,924	42,145,606
Net premiums/ contributions earned	143,955,928	141,714,325
Reinsurance/ retakaful commissions	4,707,150	6,613,154
Investment income from insurance/ takaful operations, net	633,588	1,179,913
Fees and other income from insurance/ takaful operations	1,509,270	2,169,453
Total income from insurance/ takaful operations	150,805,936	151,676,845
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	114,843,651	129,798,521
Reinsurance/ retakaful share of gross claims/ benefits paid	11,843,841	14,649,242
Net claims/ benefits paid	102,999,810	115,149,279
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	12,421,058	-5,415,890
Net claims/ benefits incurred	115,420,868	109,733,389
Policy acquisition costs	16,334,463	13,549,954
Supervision and inspection fees	2,918,547	2,440,538
General and administrative expenses, insurance/ takaful operations	33,973,775	26,130,256
Other cost and expenses	2,081,479	-1,613,732
Total cost and expenses	170,729,132	150,240,405
Surplus (deficit) for period from insurance/ takaful operations	-19,923,196	1,436,440
Net result for period from insurance/ takaful operations after shareholders appropriation	-19,923,196	1,436,440
Policyholders share of accumulated surplus, at start of period	19,923,196	-1,292,796
Policyholders share of accumulated surplus, at end of period	0	143,644

Start Date	2021-01-01	2020-01-01
End Date	2021-03-31	2020-03-31
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Revenue [abstract]
Commission/ profit on deposits	1,389,456	1,820,128
Investment income	1,073,665	189,832
Unrealised gain (loss) on investments held as fair value through statement of income	2,572,244	-12,989,832
Total revenue	5,035,365	-10,979,872
Expenses [abstract]
General and administrative expenses, shareholders operations	317,465	357,521
Total expenses	317,465	357,521
Income (loss) from continuing operations before zakat and income tax	4,717,900	-11,337,393
Profit (loss) from continuing operations	4,717,900	-11,337,393
Income (loss) from discontinued operations [abstract]
Zakat expenses on discontinued operations for period	-6,940	2,109,000
Income tax on discontinued operations for period	19,923,196	-1,292,796
Profit (loss) from discontinued operations	-19,916,256	-816,204
Profit (loss) for the period	-15,198,356	-12,153,597
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	-15,198,356	-12,153,597
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	-0.51	-0.41
Total basic earnings (loss) per share	-0.51	-0.41
Diluted earnings (loss) per share [abstract]
Diluted earnings (loss) per share from continuing operations	-0.51	-0.41
Total diluted earnings (loss) per share	-0.51	-0.41

Start Date	2021-01-01	2020-01-01
End Date	2021-03-31	2020-03-31
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	-19,923,196	1,436,440
Other comprehensive income [abstract]
Components of other comprehensive income that will be reclassified to profit or loss [abstract]
Available-for-sale financial assets [abstract]
Other comprehensive income, available-for-sale financial assets	0	143,644
Total other comprehensive income (loss), available-for-sale financial assets	0	143,644
Total other comprehensive income (loss), that will be reclassified to profit or loss	0	143,644
Total other comprehensive income (loss)	0	143,644
Total comprehensive income (loss) for period	-19,923,196	1,580,084

Start Date	2021-01-01	2020-01-01
End Date	2021-03-31	2020-03-31
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	-15,198,356	-12,153,597
Total comprehensive income (loss) for period	-15,198,356	-12,153,597
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	-15,198,356	-12,153,597

Start Date	2021-01-01	2020-01-01
End Date	2021-03-31	2020-03-31
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	-19,923,196	1,436,440
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	392,558	585,576
Adjustments for employees end of service benefits	983,752	840,000
Adjustments for allowance for doubtful receivables	2,081,479	-1,613,732
Amortization of intangible assets	473,474	438,343
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	3,931,263	250,187
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-163,120,073	-40,564,463
Adjustments for decrease (increase) in prepayments and other assets	-1,975,240	7,813,826
Adjustments for increase (decrease) in outstanding claims including IBNR	35,022,177	-12,471,269
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	40,801,278	-6,155,546
Adjustments for increase (decrease) in accrued expenses and other liabilities	66,656,303	2,590,344
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	-22,699,607	5,352,348
Adjustments for decrease (increase) in deferred policy acquisition costs	-9,806,606	-11,284,873
Adjustments for decrease (increase) in deferred excess of loss expense	0	-2,850,367
Adjustments for decrease (increase) in unearned commission income	3,684,937	8,482,453
Adjustments for movement in gross unearned premiums/ contributions	156,834,084	140,195,956
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	-79,653,160	-98,050,350
Reinsurance's share of claims incurred but not reported	98,488	1,703,032
Total changes in operating assets and liabilities	25,842,581	-5,238,909
Net cash flows from (used in) insurance/ takaful operations	9,850,648	-3,552,282
Employees' end-of-service benefits paid	-291,566	-427,759
Zakat paid	-375,723	0
Net cash flows from (used in) operating activities, insurance/ takaful operations	9,183,359	-3,980,041
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Time (Murabaha) deposits, insurance/ takaful operations cash flow	-18,554,812	-7,000,000
Purchase of available-for-sale investments, insurance/ takaful operations cash flow		0
Purchase of property and equipment, insurance/ takaful operations cash flow	932,956	850,415
Additions of intangible assets	-856,269	-872,379
Net cash flows from (used in) investing activities, insurance/ takaful operations	-20,344,037	-8,722,794
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for increase (decrease) in due to shareholders operations	-64,765	-3,397
Net cash flows from (used in) financing activities, insurance/ takaful operations	-64,765	-3,397
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-11,225,443	-12,706,232
Net increase (decrease) in cash and cash equivalents	-11,225,443	-12,706,232
Cash and cash equivalents at beginning of period	47,691,162	34,551,340
Cash and cash equivalents at end of period	36,465,719	21,845,108

Start Date	2021-01-01	2020-01-01
End Date	2021-03-31	2020-03-31
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	4,717,900	-11,337,393
Net profit (loss) for period (before zakat expenses and income tax)	4,717,900	-11,337,393
Adjustments to reconcile profit (loss) [abstract]
Adjustments for unrealised loss (gain) on investments held as fair value through statement of income, shareholders cash flow	-2,572,244	12,989,832
Total adjustments to reconcile profit (loss)	-2,572,244	12,989,832
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-1,629,123	-1,831,645
Adjustments for increase (decrease) in other liabilities	215,000	155,502
Total changes in operating assets and liabilities	-1,414,123	-1,676,143
Net cash flows from (used in) operations	731,533	-23,704
Net cash flows from (used in) operating activities	731,533	-23,704
Cash flows from (used in) investing activities [abstract]
Other inflows (outflows) of cash	0	0
Net cash flows from (used in) investing activities	0	0
Cash flows from (used in) financing activities [abstract]
Adjustments for decrease (increase) in due from shareholders operations	64,765	3,397
Net cash flows from (used in) financing activities	64,765	3,397
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	796,298	-20,307
Net increase (decrease) in cash and cash equivalents	796,298	-20,307
Cash and cash equivalents at beginning of period	2,308,565	9,638,905
Cash and cash equivalents at end of period	3,104,863	9,618,598

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2021-01-01

End Date

2021-03-31

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 and medical 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 Investment (“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 Central Bank (“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 financials information (interim condensed financial statements) of the Company as at and for the period ended 31 March 2021 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”), as endorsed in Kingdom of Saudi Arabia and other standards and pronouncements issued by Saudi Organisation for Certified Public Accountants (SOCPA), Law of Companies and the Company's by-laws.

BASIS OF PREPARATION (continued)

(a)

Basis of presentation and measurement (continued)

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, fair value through profit or loss 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 investments, 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.

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 18). 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 statement 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 18 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 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 2020.

(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 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.

BASIS OF PREPARATION (continued)

(c)

Critical accounting judgments, estimates and assumptions (continued)

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 period claims estimates are reassessed for adequacy and changes are made to the provision.

The provision for 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 investments

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 and fair value through profit or loss 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.

BASIS OF PREPARATION (continued)

(c)

Critical accounting judgments, estimates and assumptions (continued)

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, if any, 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.

vii)

Impact of Covid-19

On 11 March 2020, the World Health Organisation (“WHO”) declared the Coronavirus (“COVID-19”) outbreak as a pandemic in recognition of its rapid spread across the globe. This outbreak has also affected the GCC region including the Kingdom of Saudi Arabia. Governments all over the world took steps to contain the spread of the virus. Saudi Arabia in particular has implemented closure of borders, released social distancing guidelines and enforced country wide lockdowns and curfews.

In response to the spread of the Covid-19 virus in the GCC and other where the Company operates and its consequential disruption to the social and economic activities in those markets, the Company’s management has proactively assessed its impacts on its operations and has taken a series of proactive and preventative measures and processes to ensure:

- the health and safety of its employees and the wider community where it is operating.

- the continuity of its business throughout the Kingdom is protected and kept intact.

The major impact of Covid-19 pandemic is seen in medical and motor line of business as explained below. As with any estimate, the projections and likelihoods of occurrence are underpinned by significant judgment and rapidly evolving situation and uncertainties surrounding the duration and severity of the pandemic, and therefore, the actual outcomes may be different to those projected. The impact of such uncertain economic environment is judgmental, and the Company will continue to reassess its position and the related impact on a regular basis.

Medical technical reserve

Based on the management’s assessment, the management believes that the Government’s decision to assume the medical treatment costs for both Saudi citizens and expatriates has helped in reducing any unfavourable impact. During the lockdown, the Company saw a decline in medical reported claims (majorly elective and non-chronic treatment claims) which resulted in a drop in claims experience. However, subsequent to the lifting of lockdown since 21 June 2020, the Company is experiencing a surge in claims which is in line with the expectations of the Company’s management. The Company’s management has duly considered the impact of surge in claims in the current estimate of future contractual cash flows of the insurance contracts in force as at 31 March 2021 for its liability adequacy test. Based on the results, the Company has booked an amount of SR 3.41 million as a premium deficiency reserve.

BASIS OF PREPARATION (continued)

(c)

Critical accounting judgments, estimates and assumptions (continued)

vii)

Impact of Covid-19 (continued)

Motor technical reserves (continued)

In response to the Covid-19 pandemic, SAMA issued a circular 189 (the “circular”) dated 08 May 2020 to all insurance companies in the Kingdom of Saudi Arabia. Amongst other things, the circular instructed insurance companies to extend the period of validity of all existing retail motor insurance policies by further two months as well as providing a two-month additional coverage for all new retail motor policies written within one month of this circular.

The Management, in conjunction with its appointed actuary, deliberated on a variety of internal factors and concluded, that the Company considers the extension of two months in exiting motor policies as new policy and record a premium deficiency reserve based on the expected claims for the extended two months’ period.

For new policies written as per above circular, the premium is earned over the period of coverage i.e 14 month as per the Company accounting policy.

The Company has performed a liability adequacy test using current estimates of future cash flows under its insurance contracts at an aggregated (or “segmented”) level for motor line of business and recorded a Premium deficiency reserve amounting to SR 1.93 million as at 31 March 2021.

Financial assets

To cater for any potential impacts, the Covid-19 pandemic may have had on the financial assets of the Company, the Company has performed an assessment in accordance with its accounting policy, to determine whether there is an objective evidence that a financial asset or a group of financial assets has been impaired. For debt financial assets, these include factors such as, significant financial difficulties of issuers or debtors, default or delinquency in payments, probability that the issuer or debtor will enter bankruptcy or other financial reorganization, etc. In case of equities classified under available-for-sale, the Company has performed an assessment to determine whether there is a significant or prolonged decline in the fair value of financial assets below their cost.

Based on these assessments, the Company’s management believes that the Covid-19 pandemic has had no material effects on Company’s reported results for the three-month period ended 31 March 2021. The Company’s management continues to monitor the situation closely.

Credit risk management

The Company has strengthened its credit risk management policies to address the fast changing and evolving risks posed by the current circumstances. These include review of credit concentrations at the granular economic sector, region and counterparty level and the Company has taken appropriate action where required. Based on the review, the Company has identified the certain sectors such as government contracting, airlines, retail sector and hospitality industry as being impacted significantly by the Covid-19 pandemic and lower oil prices.

Disclosure of issued IFRS not yet adopted [text block]

3	SIGNIFICANT ACCOUNTING POLICIES

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/ Amendment			Description		Effective from periods beginning on or after the following date
IFRS 9			Financial Instruments (refer below)			1-Jan-23
IFRS 17			Insurance Contracts (refer below)			1-Jan-23

A.	IFRS 9 - Financial Instruments

This standard was published on 24 July 2014 and has replaced IAS 39. The new standard addresses the following items related to financial instruments:


a. Classification and measurement:
IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. A financial asset is measured at amortized cost if both:



i.	the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and

ii.	the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (“SPPI”).


The financial asset is measured at fair value through other comprehensive income, and realized gains or losses are recycled through profit or loss upon sale, if both conditions are met:


i.	the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and for sale;and

ii.	the contractual terms of cash flows are SPPI

Assets not meeting either of these categories are measured at fair value through profit or loss. Additionally, at initial recognition, an entity can use the option to designate a financial asset at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch.



For equity instruments that are not held for trading, an entity can also make an irrevocable election to present in other comprehensive income subsequent changes in the fair value of the instruments (including realized gains and losses), dividends being recognized in profit or loss.

3	SIGNIFICANT ACCOUNTING POLICIES (continued)

A.	IFRS 9 - Financial Instruments (continued)

a. Classification and measurement: - continued
Additionally, for financial liabilities that are designated as at fair value through profit or loss, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss.




b. Impairment:
The impairment model under IFRS 9 reflects expected credit losses, as opposed to incurred credit losses under IAS 39. Under the IFRS 9 approach, it is no longer necessary for a credit event to have occurred before credit losses are recognized. Instead, an entity always accounts for expected credit losses and changes in those expected credit losses. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition.





c. Hedge accounting:
IFRS 9 introduces new requirements for hedge accounting that align hedge accounting more closely with Risk Management. The requirements establish a more principles-based approach to the general hedge accounting model. The amendments apply to all hedge accounting with the exception of portfolio fair value hedges of interest rate risk (commonly referred to as “fair value macro hedges”). For these, an entity may continue to apply the hedge accounting requirements currently in IAS 39. This exception was granted largely because the IASB is addressing macro hedge accounting as a separate project.


Effective date
The published effective date of IFRS 9 was 1st January 2018. However, amendments to IFRS 4 – Insurance Contracts: Applying IFRS 9 – Financial Instruments with IFRS 4 – Insurance Contracts, published on 12th September, 2016, changes the existing IFRS 4 to allow entities issuing insurance contracts within the scope of IFRS 4 to mitigate certain effects of applying IFRS 9 before the IASB’s new insurance contract standard (IFRS 17 – Insurance Contracts) becomes effective. The amendments introduce two alternative options:

1.	apply a temporary exemption from implementing IFRS 9 until the earlier of

	a.	the effective date of a new insurance contract standard; or
	b.	annual reporting periods beginning on or after January 1, 2023. Additional disclosures related to financial assets are required during the deferral period. This option is only available to entities whose activities are predominately connected with insurance and have not applied IFRS 9 previously; or



2.	adopt IFRS 9 but, for designated financial assets, remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contract standard is implemented.


The Company has performed a detailed assessment as of reporting date:

1.	The carrying amount of the Company’s liabilities arising from contracts within the scope of IFRS 4 (including deposit components or embedded derivatives unbundled from insurance contracts) were compared to the total carrying amount of all its liabilities; and



2.	the total carrying amount of the Company’s liabilities connected with insurance were compared to the total carrying amount of all its liabilities. Based on these assessments the Company determined that it is eligible for the temporary exemption. Consequently, the Company has decided to defer the implementation of IFRS 9 until the effective date of the new insurance contracts standard. Disclosures related to financial assets required during the deferral period are included in the Company’s financial statements.


3	SIGNIFICANT ACCOUNTING POLICIES (continued)

A.	IFRS 9 - Financial Instruments (continued)

Impact assessment
As at 31 March 2021, the Company has total financial assets and insurance related assets amounting to SR 625 million (31 December 2020: SR 603 million) and SR 769 million (31 December 2020: SR 585 million), respectively. Currently, financial assets held at amortized cost consist of cash and cash equivalents and certain other receivables amounting to SR 530 million (31 December 2020: SR 461 million). Other financial assets consist of available for sale investments amounting to SR 1.9 million (31 December 2020: SR 1.9 million). The Company expect to use the FVOCI classification of these financial assets based on the business model of the Company for debt securities and strategic nature of equity investments. However, the Company is yet to perform a detailed assessment to determine whether the debt securities meet the SPPI test as required by IFRS 9. Investment in funds classified under available for sale investments will be at FVSI under IFRS 9. Other financial assets have a fair value of SR 92.6 million as at 31 March 2021 with a fair value change during the period of SR 2.6 million.


The Company financial assets have low credit risk as at 31 March 2021 and 31 December 2020. The above is based on high-level impact assessment of IFRS 9. This preliminary assessment is based on currently available information and may be subject to changes arising from further detailed analyses or additional reasonable and supportable information being made available to the Company in the future. Overall, the Company expects some effect of applying the impairment requirements of IFRS 9: However, the impact of the same is not expected to be significant. At present it is not possible to provide reasonable estimate of the effects of application of this new standard as the Company is yet to perform a detailed review.

B.	IFRS 17 - Insurance Contracts

Overview
This standard has been published in May, 2017. It establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 – Insurance contracts.


The new standard applies to insurance contracts issued, to all reinsurance contracts and to investment contracts with discretionary participating features, provided the entity also issues insurance contracts. It requires to separate the following components from insurance contracts:



i	embedded derivatives, if they meet certain specified criteria;
ii	distinct investment components; and
iii	any promise to transfer distinct goods or non-insurance services.

These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15).

Measurement
In contrast to the requirements in IFRS 4, which permitted insurers to continue to use the accounting policies for measurement purposes that existed prior to January 2015, IFRS 17 provides the following different measurement models:



The General Measurement Model (GMM) is based on the following “building blocks”:

a.	the fulfilment cash flows (FCF), which comprise:
		probability-weighted estimates of future cash flows,
		an adjustment to reflect the time value of money (i.e. discounting) and the financial risks associated with those future cash flows, and

		a risk adjustment for non-financial risk;

3	SIGNIFICANT ACCOUNTING POLICIES (continued)

B.	IFRS 17 - Insurance Contracts (continued)

Measurement - continued

b.	the Contractual Service Margin (CSM) - The CSM represents the unearned profit for a group of insurance contracts and will be recognized as the entity provides services in the future. The CSM cannot be negative at inception; any net negative amount of the fulfilment cash flows at inception will be recorded in profit or loss immediately.




At the end of each subsequent reporting period, the carrying amount of a group of insurance contracts is re-measured to be the sum of:


	the liability for remaining coverage, which comprises the FCF related to future services and the CSM of the group at that date; and

	the liability for incurred claims, which is measured as the FCF related to past services allocated to the group at that date.


The CSM is adjusted subsequently for changes in cash flows related to future services. Since the CSM cannot be negative, changes in future cash flows that are greater than the remaining CSM are recognized in profit or loss.


The effect of changes in discount rates will be reported in either profit or loss or other comprehensive income, determined by an accounting policy choice.


The Variable Fee Approach (VFA) is a mandatory model for measuring contracts with direct participation features (also referred to as ‘direct participating contracts’). This assessment of whether the contract meets these criteria is made at inception of the contract and not reassessed subsequently. For these contracts, in addition to the adjustment under GMM, the CSM is also adjusted for:

i.	the entity’s share of the changes in the fair value of underlying items,
ii.	the effect of changes in the time value of money and in financial risks not relating to the underlying items.

In addition, a simplified Premium Allocation Approach (PAA) is permitted for the measurement of the liability for remaining coverage if it provides a measurement that is not materially different from the General Measurement Model for the group of contracts or if the coverage period for each contract in the group is one year or less. With the PAA, the liability for remaining coverage corresponds to premiums received at initial recognition less insurance acquisition cash flows. The General Measurement Model remains applicable for the measurement of the liability for incurred claims. However, the entity is not required to adjust future cash flows for the time value of money and the effect of financial risk if those cash flows are expected to be paid/received in one year or less from the date the claims are incurred.


Effective date
The IASB issued an Exposure Draft Amendments to IFRS 17 proposing certain amendments to IFRS 17 during June 2019 and received comments from various stakeholders. The IASB is currently re-deliberating issues raised by stakeholders. For any proposed amendments to IFRS 17, the IASB will follow its normal due process for standard-setting. The effective date of IFRS 17 and the deferral of the IFRS 9 temporary exemption in IFRS 4 is currently 1 January 2021. Under the current exposure draft, it is proposed to amend the IFRS 17 effective date to reporting periods beginning on or after 1 January 2022. Further, on 17 March 2020, The (IASB) completed its discussions on the amendments to IFRS 17 and decided that the effective date of the Standard will be deferred to reporting periods beginning on or after 01 January 2023. Earlier application is permitted if both IFRS 15 – Revenue from Contracts with Customers and IFRS 9 – Financial Instruments have also been applied. The Company intends to apply the Standard on its effective date.

3	SIGNIFICANT ACCOUNTING POLICIES (continued)

B.	IFRS 17 - Insurance Contracts (continued)

Transition
Retrospective application is required. However, if full retrospective application for a group of insurance contracts is impracticable, then the entity is required to choose either a modified retrospective approach or a fair value approach.


Presentation and Disclosures
The Company expects that the new standard will result in a change to the accounting policies for insurance contracts and reinsurance, [and investment contracts with discretionary participating features, if applicable] together with amendments to presentation and disclosures.



Impact
The Company has performed an initial impact assessment of the application and implementation of IFRS 17. As of the date of the publication of these financial statements, the final financial impact of adopting the standard has yet to be fully assessed by the Company. The Company has undertaken an initial operational impact gap analysis and currently undergoing through detailed operational and financial impact assessment. Key gaps and their impact are as follows:





Impact Area				Summary of Impact
Financial Impact				The Company is in process to ascertain the financial impact on reported balances of year 2018. As the Company's most of insurance contracts are short-termed and short tailed entitling for premium allocation approach (PAA) which is largely similar to current account practice, no significant impact is expected.
Data impact				IFRS 17 has additional data requirements (e.g. premium due date for initial recognition, premium receipt data for the LFRC, RI contracts held break down into risk attaching or loss incurring for assessing contract boundaries, lower granularity to meet level of aggregation requirements and data for additional disclosures as per IFRS 17). Further extensive exercise will be carried out to ensure the required data is available.
IT systems impact				Detailed assessment needed of existing systems capabilities for IFRS 17 calculations, storage and reporting and whether new systems/calculation engines should be implemented.
Process impact				The company carried out an operational impact assessment exercise to assess the operational impact of implementing IFRS 17. Since, majority of the company’s contracts would be measured under the premium allocation approach, the process impact is expected to be moderate.
Impact on Reinsurance arrangements				Further assessment is needed to confirm measurement approach for reinsurance arrangements where RI gross premium ceded does not automatically qualify for PAA.
Impact on policies and control frameworks				The Company's policies and procedures needs update to accommodate the changes in the Company's processes and systems related to IFRS 17 implementation. Detailed exercise for the purpose shall be carried out after ascertaining financial and operational gaps assessment.


3	SIGNIFICANT ACCOUNTING POLICIES (continued)

B.	IFRS 17 - Insurance Contracts (continued)

Impact (continued)
The Company is currently in design phase of IFRS 17 implementation which requires developing and designing new processes and procedures for the business including any system developments required under IFRS 17 and detailed assessment of business requirements. Following are the main areas under design phase and status of the progress is as follows:




Major areas of design phase				Summary of progress
Governance and control framework				The Company has put in place a comprehensive IFRS 17 governance program which includes establishing oversight steering committee for monitoring the progress of implementation and assigning roles and responsibilities to various stakeholders.
Operational area				The Company is in progress of designing operational aspects of the design phase which includes establishing comprehensive data policy and data dictionary. Also the Company is finalizing architectural designs for various sub-systems. The Company has progressed through assessment of business requirements and currently working on vendor selection while finalizing various process needed for transition and assessment of new resources needed.
Technical and financial area				The Company has completed various policy papers encompassing various technical and financial matters after concluding on policy decisions required under the IFRS 17 standard. The policy decisions are taken after due deliberations among various stakeholders. Currently majority of policy papers have been approved by the Company's IFRS 17 project steering committee.
Assurance plan				The Company is working along with other stakeholders to finalize the assurance plan for transitional and post-implementation periods.

The Company has started its implementation process and has set up a project team, supervised by Company's CEO. Furthermore, to assess financial and operational impact of IFRS-17, the Company has hired Deloitte & Touche Advisory Saudi Limited (Deloitte) as their consultants.



The effective interpretations/improvement/amendments do not have material impact on these interim condensed financial statements of the company.

Disclosure of summary of significant accounting policies [abstract]

Disclosure of summary of significant accounting policies, general comment [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 2020. There are no new standards issued, however, there are number of amendments to standards which are effective from 1 January 2021 and has been explained in Company's annual Financial Statements, but they do not have a material effect on the Company’s Interim Condensed Financial Statements. The Company has not early adopted any standard (interpretation) or amendments that has been issued but which are not yet effective.

Disclosure of notes forming part of accounts [abstract]

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

8	INVESTMENTS

(c)	Held-to-maturity investment
As at 31 March 2021, the Company’s investment in Islamic bonds (“Sukuk”), issued by a local bank having a credit rating of "AA", amounted to SR 35 million (31 December 2020: SR 35 million) comprising of 35 Sukuk (31 December 2020: 35 Sukuk) denominated at Saudi Riyals 1 million each and a margin equivalent to 6 month SIBOR plus 195 basis points (31 December 2020: 6 month SIBOR plus 195 basis points), having maturity date of 27 May 2025.

		31 March	31 December
		2021	2020
		(Unaudited)	(Audited)
Beginning balance		35,531,657	10,192,936
Additions		-	25,000,000
Amortized during the period/year, net		11,417	338,721
Ending balance		35,543,074	35,531,657

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

8	INVESTMENTS

(a)	Available-for-sale investments

As at 31 March 2021 and 31 December 2020, Available-for-sale investment represents SR 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.

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
		2021	2020
		(Unaudited)	(Audited)

Policyholders		244,180,627	184,863,153
Brokers and agents		117,289,554	63,219,101
Related parties (note 16)		110,307,912	58,876,953
Receivables from reinsurers		11,923,977	13,622,811
		483,702,070	320,582,018
Less:
Provision for doubtful receivables - policyholders		(37,056,067)	(37,503,691)
Provision for doubtful receivables - brokers and agents		(15,678,245)	(14,945,722)
Provision for doubtful receivables - related parties (note 16)		(21,583,480)	(19,632,503)
Provision for doubtful receivables - receivables from reinsurers		(2,473,488)	(2,627,906)
		(76,791,280)	(74,709,822)
		406,910,790	245,872,196

The movement in the provision for doubtful receivables is as follows:		31 March	31 December
		2021	2020
		(Unaudited)	(Audited)

Beginning of the period/year		74,709,822	70,676,467
Provision made during the period/year		2,081,479	4,033,355
End of the period/year		76,791,301	74,709,822

Disclosure of cash and cash equivalents [text block]

4	CASH AND CASH EQUIVALENTS

Cash and cash equivalents included in the statement of cash flows comprise the following:

		31 March	31 December
		2021	2020
		(Unaudited)	(Audited)

Cash in banks		39,555,520	49,984,698
Cash on hand		15,062	15,029
		39,570,582	49,999,727

Cash in banks are placed with counterparties with sound credit ratings under Standard and Poor's and Moody’s ratings methodology.

Disclosure of zakat [text block]

9	PROVISION FOR ZAKAT

a)	Zakat payable
The movement in zakat payable during the period were as follows:		31 March	31 December
		2021	2020
		(Unaudited)	(Audited)

Balance at beginning of the period/year		10,517,581	9,047,924
Charge for the period/year		2,050,855	10,261,216
Prior year adjustment		(2,057,795)	-
Payments during the period/year		(375,723)	(8,791,559)
Balance at end of the period/year		10,134,918	10,517,581

b)	Status of assessments
The Company has filed its zakat return for the financial years up to and including the year 2020 with the General Authority of Zakat and Tax (the "GAZT") and received the final zakat certificate from the GAZT.


The Company has received final assessments for the years 2008 through 2018 with no additional zakat liability.

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 2021 (31 December 2020: SR 300 million) consisting of 30 million shares (31 December 2020: 30 million shares) of SR 10 each. Shareholding structure of the Company is as below:



		31 March 2021 (Unaudited)		31 December 2020 (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. 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]

18	SUPPLEMENTARY INFORMATION (continued)

18.2	Statement of income	Three-month period ended 31 March (Unaudited) (SR '000)
		Insurance Operations		Shareholders' Operations		Total
		2021	2020	2021	2020	2021	2020
REVENUES
Gross premiums written		356,998,853	334,643,086	-	-	356,998,853	334,643,086

Disclosure of earnings per share [text block]

11	BASIC AND DILUTED LOSS PER SHARE

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


The basic and diluted loss per share are as follows:		Three-month period ended 31 March
		2021	2020
		(Unaudited)	(Unaudited)

Total loss for the period attributable to the shareholders after zakat		(15,198,356)	(12,153,597)
Weighted average number of shares throughout the period (thousands)		30,000	30,000
Basic and diluted loss per share		(0.51)	(0.41)

There are no diluted potential shares during the three-month period ended 31 March 2021 and 2020.

Disclosure of related party transactions [text block]

16	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-month period ended 31 March		31 March	31 December
			2021	2020	2021	2020
			(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Amounts due to related parties are as follows:
ACE Insurance & Reinsurance Brokers Limited ("Broker") (Affiliate)		Premiums ceded through Broker	42,504,462	78,930,996
		Commission received	41,838	13,373,132	65,840,787	10,111,497

Saudi Arabian Insurance Company B.S.C (C) (Shareholder)		Premiums ceded	66,847	55,802
		Commission received	17,346	12,555	1,487,381	128,083

ACE Insurance Agents Limited ("Agent") (Affiliate)		Premiums received through Agent	-	2,312,233
		Commission expense	-	293,720	-	-

ACE Limited (Affiliate)					55,502	55,502
					67,383,670	10,295,082
Amounts due from related party are as follows (note 6):
ACE Insurance & Reinsurance Brokers Limited ("Broker") (Affiliate)		Premiums received through Broker, net	107,048,943	117,413,935
		Commission expense	9,291,696	10,467,687	110,307,912	58,876,953
		Provision for/(reversal) of doubtful debts	1,950,977	(1,465,602)	(21,583,480)	(19,632,503)
					88,724,432	39,244,450
					88,724,432	39,244,450



16	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 year ended 31 March is as follows:

			BOD members (Non-Executive)		Top Executives including the CEO and CFO
			Three-month period ended 31 March		Three-month period ended 31 March
			2021	2020	2021	2020
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)

Short-term benefits			166,500	215,000	2,674,184	2,213,496
Bonus			-	-	3,758,860	-
Employees' end-of-service benefits			-	-	211,766	179,004
			166,500	215,000	6,644,810	2,392,500

Disclosure of capital management [text block]

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.

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 2021 consists of paid-up share capital of SR 300 million, statutory reserves of SR 29.5 million and retained earnings of SR 11.8 million (31 December 2020: paid-up share capital of SR 300 million, statutory reserves of SR 29.5 million and retained earnings of SR 27 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

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.

COMMITMENTS

b. During 2020, the Company entered into an agreement for the construction of the commercial building on the land under deed No. 2/214 located at the Salahuddin AL-Ayyubi Road, Riyadh, Kingdom of Saudi Arabia.

The Company is committed to half of the incurred capital expenditure for the acquisition of land and construction of the building, and the transaction will be recognized as the development progresses and upon completion of the transfer of the underlying right and obligations.

The estimated commitment as at balance sheet date but not recognized in the financial statement are as follows:

31 March

31 December

2021

2020

(Unaudited)

(Audited)

Acquisition of the Land

12,663,500

Construction of the Building

38,000,000

50,663,500

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

14	FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transactions take place either:



- in the accessible principal market for the asset or liabliity, or
- in the accessible principal market, in the most advantagous accessible marketfor the asset or liability

The management assessed that cash and cash equivalent, accrual and other liabilities an dother financial assets and liabilities approximate their carrying amounts largely due to the short term maturities of these 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-month period ended 31 March 2021 and year ended 31 December 2020, 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.

14	FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

a) Carrying amounts and fair value
The following table summarizes the financial assets recorded at fair value as of 31 March 2021 and 31 December 2020 by level of the fair value hierarchy.


As at 31 March 2021 (Unaudited)
		Carrying value	Level 1	Level 2	Level 3	Total
Financial assets:
Available-for-sale investments		1,923,080	-	-	1,923,080	1,923,080
FVTPL investments		92,600,784	92,600,784	-	-	92,600,784
		94,523,864	92,600,784	-	1,923,080	94,523,864

As at 31 December 2020 (Audited)
		Carrying value	Level 1	Level 2	Level 3	Total
Financial assets:
Available-for-sale investments		1,923,080	-	-	1,923,080	1,923,080
FVTPL investments		90,028,540	90,028,540	-	-	90,028,540
		91,951,620	90,028,540	-	1,923,080	91,951,620

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 financial statements.


b) Measurement of Fair values
Available-for-sale investment represents unquoted securities amounted to SR 1.9 million in respect of the Company’s share in the capital of Najm. As at 31 March 2021 and 31 December 2020, the investment has not been measured at fair value in the absence of active market or other means of measuring their fair value reliably. However, the management believes that there is no major difference between the carrying value and fair value of the investment.

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

19 APPROVAL OF FINANCIAL STATEMENTS

The interim condensed financial statements was authorized for issue in accordance with a resolution of the Board of Directors on 21 Ramadan 1442H (corresponding to 3 May 2021).

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 1.1% to 3.4% (31 December 2020: 1.2% 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 2021 (Unaudited)			31 December 2020 (Audited)
		Gross	RI share	Net	Gross	RI share	Net
Outstanding claims at end of the period/year		419,769,874	(361,866,335)	57,903,539	387,537,289	(339,166,728)	48,370,561
Other reserves at end of the period/year		9,364,545	-	9,364,545	8,691,319	-	8,691,319
Outstanding claims and reserves at end of the period/year		429,134,419	(361,866,335)	67,268,084	396,228,608	(339,166,728)	57,061,880
Less: realizable value of salvage and subrogation at end of the period/year		(12,093,282)	-	(12,093,282)	(10,378,368)	-	(10,378,368)
Outstanding claims and reserves at end of the period/year		417,041,137	(361,866,335)	55,174,802	385,850,240	(339,166,728)	46,683,512
Claims incurred but not reported at end of the period/year		121,299,910	(43,268,769)	78,031,141	117,468,630	(43,367,257)	74,101,373
		538,341,047	(405,135,104)	133,205,943	503,318,870	(382,533,985)	120,784,885
Claims paid during the period/year		114,843,651	(11,843,841)	102,999,810	446,868,497	(78,890,405)	367,978,092

Outstanding claims and reserves at beginning of the period/year		(385,850,240)	339,166,728	(46,683,512)	(428,202,293)	364,623,633	(63,578,660)
Claims incurred but not reported at beginning of the period/year		(117,468,630)	43,367,257	(74,101,373)	(122,763,884)	41,470,036	(81,293,848)
		(503,318,870)	382,533,985	(120,784,885)	(550,966,177)	406,093,669	(144,872,508)
Claims incurred during the period/year		149,865,828	(34,444,960)	115,420,868	399,221,190	(55,330,721)	343,890,469

b)	Unearned premiums	31 March 2021 (Unaudited)			31 December 2020 (Audited)
		Gross	RI share	Net	Gross	RI share	Net
Unearned premiums at beginning of the period/year		265,548,157	(39,420,956)	226,127,201	255,633,330	(34,093,154)	221,540,176
Premiums written during the period/year		356,998,853	(129,894,195)	227,104,658	795,037,966	(224,754,424)	570,283,542
Excess of loss expenses during the period/year		-	(5,967,806)	(5,967,806)	-	(37,298,767)	(37,298,767)
Premiums earned during the period/year		(200,164,769)	56,208,841	(143,955,928)	(785,123,139)	256,725,389	(528,397,750)
Unearned premiums at end of the period/year		422,382,241	(119,074,116)	303,308,125	265,548,157	(39,420,956)	226,127,201

c)	Unearned reinsurance commission					31 March	31 December
Beginning of the period/year						6,759,142	6,714,158
Commission received during the period/year						8,392,087	31,102,465
Commission earned during the period/year						(4,707,150)	(31,057,481)
End of the period/year						10,444,079	6,759,142

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
		2021	2020
		(Unaudited)	(Audited)

Beginning of the period/year		18,459,055	16,877,051
Incurred during the period/year		26,141,069	59,818,818
Amortized during the period/year		(16,334,463)	(58,236,814)
End of the period/year		28,265,661	18,459,055

8	INVESTMENTS

(b)	Fair value through profit or loss investments	31 March	31 December
		2021	2020
		(Unaudited)	(Audited)

Beginning balance		90,028,540	90,671,601
Unrealized gain/(loss) from change in fair value		2,572,244	(643,061)
Ending balance		92,600,784	90,028,540

As at 31 March 2021 and 31 December 2020, fair value through profit or loss investments represents qouted equity intruments of Saudi Arabian Oil Company.

17	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. Accordingly, they are included in unallocated income and expenses.



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-month period ended 31 March 2021 (Unaudited) (SR '000)
							Property &			Protection &	Shareholders' operations
Operating segment			Medical			Motor	casualty			savings			Total
Revenues
Gross premiums written
- Individual			66			30,072	8			-	-		30,146
- Micro enterprise			3,370			1,546	3,037			-	-		7,953
- Small enterprises			16,813			3,929	2,772			-	-		23,514
- Medium enterprises			74,885			17,940	7,499			-	-		100,324
- Large enterprise			39,730			17,060	138,272			-	-		195,062
			134,864			70,547	151,588			-	-		356,999
Reinsurance premiums ceded
- Local			-			-	(42,821)			-	-		(42,821)
- International (includes premium ceded through local broker)			-			(224)	(86,849)			-	-		(87,073)
			-			(224)	(129,670)			-	-		(129,894)

Excess of loss expenses
- Local			-			(159)	(39)			-	-		(198)
- International			(4,153)			(622)	(995)			-	-		(5,770)
			(4,153)			(781)	(1,034)			-	-		(5,968)
Net premiums written			130,711			69,542	20,884			-	-		221,137
17		SEGMENT INFORMATION (continued)

				Three-month period ended 31 March 2021 (Unaudited) (SR '000)
								Property &	Protection &			Shareholders' operations
				Medical	Motor			casualty	savings					Total

Net premiums written				130,711	69,542			20,884	-			-		221,137
Movement in unearned premiums, net				(48,269)	(17,201)			(11,711)	-			-		(77,181)
Net premiums earned				82,442	52,341			9,173	-			-		143,956
Reinsurance commissions				-	400			4,307	-			-		4,707
Other underwriting income				300	167			380	-			-		847
Net revenues				82,742	52,908			13,860	-			-		149,510
Underwriting costs and expenses
Gross claims paid				64,555	40,519			9,770	-			-		114,844
Reinsurers' share of claims paid				-	(3,437)			(8,407)	-			-		(11,844)
Net claims paid				64,555	37,082			1,363	-			-		103,000
Movement in outstanding claims, IBNR and other reserves, net				13,276	(1,201)			346	-			-		12,421
Net claims incurred				77,831	35,881			1,709	-			-		115,421
Policy acquisition costs				4,468	6,653			5,213	-			-		16,334
Inspection and supervision fees				2,023	352			544	-			-		2,919
Total underwriting costs and expenses				84,322	42,886			7,466	-			-		134,674
Net underwriting income				(1,580)	10,022			6,394	-			-		14,836
Unallocated revenue												2,463		3,759
Unallocated expenses												2,255		(33,800)
Total loss for the period														(15,205)
Surplus attributed to the insurance operations														-
Total loss for the period attributable to the shareholders before zakat														(15,205)
Zakat														7
Total loss for the period attributable to the shareholders after zakat														(15,198)
17	SEGMENT INFORMATION (continued)

			Three-month period ended 31 March 2020 (Unaudited) (SR '000)
							Property &			Protection &	Shareholders' operations
Operating segment			Medical			Motor	casualty			savings			Total
Revenues
Gross premiums written
- Individual			283			31,549	136			-	-		31,968
- Micro enterprise			2,593			1,865	10,223			-	-		14,681
- Small enterprises			12,264			3,685	1,053			-	-		17,002
- Medium enterprises			42,147			17,250	10,202			-	-		69,599
- Large enterprise			39,180			11,729	150,484			-	-		201,393
			96,467			66,078	172,098			-	-		334,643
Reinsurance premiums ceded
- Local			-			-	(47,629)			-	-		(47,629)
- International (includes premium ceded through local broker)			-			(91)	(98,154)			-	-		(98,245)
			-			(91)	(145,783)			-	-		(145,874)

Excess of loss expenses
- Local			-			(136)	(31)			-	-		(167)
- International			(2,905)			(546)	(1,291)			-	-		(4,742)
			(2,905)			(682)	(1,322)			-	-		(4,909)
Net premiums written			93,562			65,305	24,993			-	-		183,860
17		SEGMENT INFORMATION (continued)

				Three-month period ended 31 March 2020 (Unaudited) (SR '000)
								Property &	Protection &			Shareholders' operations
				Medical	Motor			casualty	savings					Total

Net premiums written				93,562	65,305			24,993	-			-		183,860
Movement in unearned premiums, net				(16,143)	(6,723)			(19,280)	-			-		(42,146)
Net premiums earned				77,419	58,582			5,713	-			-		141,714
Reinsurance commissions				-	490			6,123	-			-		6,613
Other underwriting income				-	1,759			-	-			-		1,759
Net revenues				77,419	60,831			11,836	-			-		150,086

Underwriting costs and expenses
Gross claims paid				60,440	54,759			14,600	-			-		129,799
Reinsurers' share of claims paid				-	(1,401)			(13,249)	-			-		(14,650)
Net claims paid				60,440	53,358			1,351	-			-		115,149
Movement in outstanding claims, IBNR and other reserves, net				3,047	(6,530)			(1,933)	-			-		(5,416)
Net claims incurred				63,487	46,828			(582)	-			-		109,733
Policy acquisition costs				4,191	4,262			5,097	-			-		13,550
Inspection and supervision fees				1,446	329			666	-			-		2,441
Total underwriting costs and expenses				69,124	51,419			5,181	-			-		125,724
Net underwriting income				8,295	9,412			6,655	-			-		24,362
Unallocated revenue												2,010		3,601
Unallocated expenses												(13,347)		(37,864)
Total loss for the period														(9,901)
Surplus attributed to the insurance operations														(144)
Total loss for the period attributable to the shareholders before zakat														(10,045)
Zakat														(2,109)
Total loss for the period attributable to the shareholders after zakat														(12,154)
17	SEGMENT INFORMATION (Continued)

			As at 31 March 2021 (Unaudited) (SR '000)
							Property &			Protection &	Shareholders' operations
Operating segment			Medical			Motor	casualty			savings			Total

Assets
Reinsurers' share of outstanding claims			-			8,702	353,164			-	-		361,866
Reinsurers' share of claims incurred but not reported			-			7,487	35,782			-	-		43,269
Reinsurers' share of unearned premiums			-			4,255	114,819			-	-		119,074
Deferred policy acquisition costs			8,620			8,370	11,276			-	-		28,266
Segment assets			8,620			28,814	515,041			-	-		552,475
Unallocated assets											355,656		1,047,282
Total assets													1,599,757

Liabilities and equity
Outstanding claims and reserves			24,343			23,390	369,308			-	-		417,041
Claims incurred but not reported			38,091			42,930	40,279			-	-		121,300
Unearned premiums			173,854			112,648	135,880			-	-		422,382
Unearned reinsurance commission			-			684	9,760			-	-		10,444
Segment liabilities			236,288			179,652	555,227			-	-		971,167
Unallocated liabilities and surplus											14,595		287,284
Total equity											341,306		341,306
Total liabilities and equity													1,599,757

Unallocated assets at 31 March 2021 consists mainly of murabaha deposits of SR 360 million, premiums and reinsurers' receivable - net of SR 407 million, cash and cash equivalents of SR 39.6 million, Available-for-sale investment of SR 1.9 million, FVTPL investment of SR 92.6 million, Held-to-maturity investment of SR 35.5 million and other assets of SR 110.3 million.



Unallocated liabilities and surplus at 31 March 2021 consists mainly of accrued and other liabilities of SR 137 million, reinsurance balances payable of SR 94.5 million, employees' end-of-service benefits of SR 19.4 million and other liabilities of SR 36.3 million.


17		SEGMENT INFORMATION (Continued)

				As at 31 December 2020 (Audited) (SR '000)
								Property &	Protection &			Shareholders' operations
Operating segment				Medical	Motor			casualty	savings					Total

Assets
Reinsurers' share of outstanding claims				-	6,873			332,294	-			-		339,167
Reinsurers' share of claims incurred but not reported				-	3,166			40,201	-			-		43,367
Reinsurers' share of unearned premiums				-	6,544			32,877	-			-		39,421
Deferred policy acquisition costs				8,052	6,453			3,954	-			-		18,459
Segment assets				8,052	23,036			409,326	-			-		440,414
Unallocated assets												350,490		871,018
Total assets														1,311,432

Liabilities
Outstanding claims and reserves				16,531	20,724			348,595	-			-		385,850
Claims incurred but not reported				32,628	40,646			44,195	-			-		117,469
Unearned premiums				125,585	97,741			42,222	-			-		265,548
Unearned reinsurance commission				-	1,019			5,740	-			-		6,759
Segment liabilities				174,744	160,130			440,752	-			-		775,626
Unallocated liabilities and surplus												14,763		179,301
Total equity												356,455		356,505
Total liabilities														1,311,432

Unallocated assets at 31 December 2020 consists mainly of murabaha deposits of SR 342 million, premiums and reinsurers' receivable - net of SR 246 million, cash and cash equivalents of SR 50 million, Available-for-sale investment of SR 1.9 million, FVTPL investment of SR 90 million, Held-to-maturity investment of SR 35 million and other assets of SR 106 million.



Unallocated liabilities and surplus at 31 December 2020 consists mainly of accrued and other liabilities of SR 64.9 million, reinsurance balances payable of SR 53.7 million, employees' end-of-service benefits of SR 18.7 million and other liabilities of SR 41.9 million.

18				SUPPLEMENTARY INFORMATION

18.1				Statement of financial position
							Insurance Operations											Shareholders' Operations								Total
							31 March					31 December						31 March				31 December				31 March			31 December
							2021					2020						2021				2020				2021			2020
							(Unaudited)					(Audited)						(Unaudited)				(Audited)				(Unaudited)			(Audited)

ASSETS
Cash and cash equivalents								36,465,719					47,691,162						3,104,863				2,308,565				39,570,582			49,999,727
Murabaha deposits								153,029,173					134,474,361						207,441,935				207,441,935				360,471,108			341,916,296
Premiums and reinsurers' receivable - net								406,910,790					245,872,196						-				-				406,910,790			245,872,196
Reinsurers' share of unearned premiums								119,074,116					39,420,956						-				-				119,074,116			39,420,956
Reinsurers' share of outstanding claims and reserves								361,866,335					339,166,728						-				-				361,866,335			339,166,728
Reinsurers' share of claims incurred but not reported								43,268,769					43,367,257						-				-				43,268,769			43,367,257
Deferred policy acquisition costs								28,265,661					18,459,055						-				-				28,265,661			18,459,055
Available for sale investment								1,923,080					1,923,080						-				-				1,923,080			1,923,080
Fair value through profit or loss investments								-					-						92,600,784				90,028,540				92,600,784			90,028,540
Held-to-maturity investment								20,265,574					20,422,907						15,277,500				15,108,750				35,543,074			35,531,657
Prepayments and other assets								57,471,414					55,507,591						4,431,432				2,802,309				61,902,846			58,309,900
Property and equipment								5,373,665					4,833,267						-				-				5,373,665			4,833,267
Intangible assets								10,186,153					9,803,358						-				-				10,186,153			9,803,358
Statutory deposit								-					-						30,000,000				30,000,000				30,000,000			30,000,000
Accrued income from statutory deposit								-					-						2,799,638				2,799,638				2,799,638			2,799,638
TOTAL ASSETS								1,244,100,449					960,941,918						355,656,152				350,489,737				1,599,756,601			1,311,431,655

Above stated assets do not include "Due from insurance operations" amounting to SR 245,698 (31 December 2020: 20,778,132) to be consistent with total assets presented in the statement of financial position.

18	SUPPLEMENTARY INFORMATION (continued)

18.1	Statement of financial position (continued)
							Insurance Operations											Shareholders' Operations								Total
							31 March				31 December							31 March				31 December				31 March			31 December
							2021				2020							2021				2020				2021			2020
							(Unaudited)				(Audited)							(Unaudited)				(Audited)				(Unaudited)			(Audited)

LIABILITIES
Policyholders' claims payable							16,099,759				21,607,449							-				-				16,099,759			21,607,449
Accrued and other liabilities							137,080,990				64,916,997							-				-				137,080,990			64,916,997
Surplus distribution payable							5,577,137				5,577,137							-				-				5,577,137			5,577,137
Reinsurance balances payable							94,531,362				53,730,084							-				-				94,531,362			53,730,084
Unearned premiums							422,382,241				265,548,157							-				-				422,382,241			265,548,157
Unearned reinsurance commission							10,444,079				6,759,142							-				-				10,444,079			6,759,142
Outstanding claims and reserves							417,041,137				385,850,240							-				-				417,041,137			385,850,240
Claims incurred but not reported							121,299,910				117,468,630							-				-				121,299,910			117,468,630
Accounts payable							-				-							1,660,922				1,445,922				1,660,922			1,445,922
Employees' end-of-service benefits							19,398,136				18,705,950							-				-				19,398,136			18,705,950
Provision for zakat							-				-							10,134,918				10,517,581				10,134,918			10,517,581
Accrued commission income payable to SAMA							-				-							2,799,639				2,799,639				2,799,639			2,799,639
TOTAL LIABILITIES							1,243,854,751				940,163,786							14,595,479				14,763,142				1,258,450,230			954,926,928
EQUITY
Share capital							-				-							300,000,000				300,000,000				300,000,000			300,000,000
Statutory reserve							-				-							29,473,371				29,473,371				29,473,371			29,473,371
Retained earnings							-				-							11,783,364				26,981,720				11,783,364			26,981,720
Re-measurement reserve of end-of-service benefits							-				-							49,636				49,636				49,636			49,636
TOTAL EQUITY							-				-							341,306,371				356,504,727				341,306,371			356,504,727
TOTAL LIABILITIES AND EQUITY							1,243,854,751				940,163,786							355,901,850				371,267,869				1,599,756,601			1,311,431,655

Above stated liabilities do not include "Due to shareholders' operations" amounting to SR 245,698 (31 December 2020: 20,778,132) to be consistent with total liabilities presented in the statement of financial position.

18			SUPPLEMENTARY INFORMATION (continued)

18.2			Statement of income		Three-month period ended 31 March (Unaudited) (SR '000)
					Insurance Operations											Shareholders' Operations									Total
					2021					2020					2021					2020				2021				2020
REVENUES
Gross premiums written					356,998,853					334,643,086					-					-				356,998,853				334,643,086
Reinsurance premiums ceded
- Local					(42,821,416)					(47,629,077)					-					-				(42,821,416)				(47,629,077)
- International (includes premium ceded through local broker)					(87,072,779)					(98,245,084)					-					-				(87,072,779)				(98,245,084)
					(129,894,195)					(145,874,161)					-					-				(129,894,195)				(145,874,161)
Excess of loss
- Local					(197,994)					(166,731)					-					-				(197,994)				(166,731)
- International					(5,769,812)					(4,742,263)					-					-				(5,769,812)				(4,742,263)
					(5,967,806)					(4,908,994)					-					-				(5,967,806)				(4,908,994)
Net premiums written					221,136,852					183,859,931					-					-				221,136,852				183,859,931
Movement in unearned premiums, net					(77,180,924)					(42,145,606)					-					-				(77,180,924)				(42,145,606)
Net premiums earned					143,955,928					141,714,325					-					-				143,955,928				141,714,325
Reinsurance commissions					4,707,150					6,613,154					-					-				4,707,150				6,613,154
Other underwriting income					846,573					1,758,115					-					-				846,573				1,758,115
NET REVENUES					149,509,651					150,085,594					-					-				149,509,651				150,085,594
UNDERWRITING COSTS AND EXPENSES
Gross claims paid					114,843,651					129,798,521					-					-				114,843,651				129,798,521
Reinsurers' share of claims paid					(11,843,841)					(14,649,242)					-					-				(11,843,841)				(14,649,242)
Net claims paid					102,999,810					115,149,279					-					-				102,999,810				115,149,279
Movement in outstanding claims, IBNR and other reserves, net					12,421,058					(5,415,890)					-					-				12,421,058				(5,415,890)
Net claims incurred					115,420,868					109,733,389					-					-				115,420,868				109,733,389
Policy acquisition costs					16,334,463					13,549,954					-					-				16,334,463				13,549,954
Inspection and supervision fees					2,918,547					2,440,538					-					-				2,918,547				2,440,538
TOTAL UNDERWRITING COSTS AND EXPENSES					134,673,878					125,723,881					-					-				134,673,878				125,723,881

NET UNDERWRITING INCOME					14,835,773					24,361,713					-					-				14,835,773				24,361,713
18		SUPPLEMENTARY INFORMATION (continued)

18.2		Statement of income (continued)				Three-month period ended 31 March (Unaudited) (SR '000)
					Insurance Operations									Shareholders' Operations									Total
					2021				2020		2021						2020				2021		2020

OTHER INCOME/(EXPENSES)
Income from investments					147,500				89,808		1,073,665						189,832				1,221,165		279,640
Unrealised gain/(loss) on fair value through profit or loss investments						-				-			2,572,244					(12,989,832)				2,572,244		(12,989,832)
Income from murabaha deposits						486,088				1,090,105			1,389,456					1,820,128				1,875,544		2,910,233
Other income					662,697				411,338		-						-				662,697		411,338
General and administrative expenses						(33,973,775)				(26,130,256)			(317,465)					(357,521)				(34,291,240)		(26,487,777)
(Provision)/reversal for doubtful debts						(2,081,479)				1,613,732			-					-				(2,081,479)		1,613,732
TOTAL OTHER INCOME/(EXPENSES)						(34,758,969)				(22,925,273)			4,717,900					(11,337,393)				(30,041,069)		(34,262,666)
Total (loss)/income for the period						(19,923,196)				1,436,440			4,717,900					(11,337,393)				(15,205,296)		(9,900,953)
Total (loss)/income for the period attributable to the shareholders before zakat						19,923,196				(1,292,796)			(19,923,196)					1,292,796				-		-
Total (loss)/income for the period before zakat						-				143,644			(15,205,296)					(10,044,597)				(15,205,296)		(9,900,953)
Zakat charge for the period					-				-		6,940						(2,109,000)				6,940		(2,109,000)
Total (loss)/income for the period after zakat						-				143,644			(15,198,356)					(12,153,597)				(15,198,356)		(12,009,953)

18		SUPPLEMENTARY INFORMATION (continued)

18.3		Statement of comprehensive income			Three-month period ended 31 March (Unaudited) (SR '000)
					Insurance Operations				Shareholders' Operations				Total
					2021		2020		2021		2020		2021		2020

Total income/(loss) for the period					-		143,644		(15,198,356)		(12,153,597)		(15,198,356)		(12,009,953)

Other comprehensive income:

Items that may be reclassified to statement of insurance
operations' surplus in subsequent period:					-		-		-		-		-		-

Total comprehensive income/(loss) for the period					-		143,644		(15,198,356)		(12,153,597)		(15,198,356)		(12,009,953)
18	SUPPLEMENTARY INFORMATION (continued)

18.4	Statement of cash flows		Note	Three-month period ended 31 March (Unaudited) (SR '000)
				Insurance Operations				Shareholders' Operations				Total
				2021		2020		2021		2020		2021		2020

CASH FLOWS FROM OPERATING ACTIVITIES
Total (loss)/income for the period before zakat				(19,923,196)		1,436,440		4,717,900		(11,337,393)		(15,205,296)		(9,900,953)
Adjustments for non-cash items:
Depreciation of property and equipment				392,558		585,576		-		-		392,558		585,576
Amortization of intangible assets				473,474		438,343		-		-		473,474		438,343
Provision/(reversal) for doubtful debts			6	2,081,479		(1,613,732)		-		-		2,081,479		(1,613,732)
Provision for employees' end-of-service benefits				983,752		840,000		-		-		983,752		840,000
Unrealized (gain)/loss from change in fair value of FVTPL investment			8b	-		-		(2,572,244)		12,989,832		(2,572,244)		12,989,832
Changes in operating assets and liabilities:
Premiums and reinsurers' receivable				(163,120,073)		(40,564,463)		-		-		(163,120,073)		(40,564,463)
Reinsurers' share of unearned premiums				(79,653,160)		(98,050,350)		-		-		(79,653,160)		(98,050,350)
Reinsurers' share of outstanding claims				(22,699,607)		5,352,348		-		-		(22,699,607)		5,352,348
Reinsurers' share of claims incurred but not reported				98,488		1,703,032		-		-		98,488		1,703,032
Deferred policy acquisition costs				(9,806,606)		(11,284,873)		-		-		(9,806,606)		(11,284,873)
Deferred excess of loss premiums				-		(2,850,367)		-		-		-		(2,850,367)
Prepayments and other assets				(1,975,240)		7,813,826		(1,629,123)		(1,831,645)		(3,604,363)		5,982,181
Policyholders claims payable				(5,507,690)		(7,410,740)		-		-		(5,507,690)		(7,410,740)
Accrued and other liabilities				72,163,993		10,001,084		-		-		72,163,993		10,001,084
Reinsurance balances payable				40,801,278		(6,155,546)		-		-		40,801,278		(6,155,546)
Unearned premiums				156,834,084		140,195,956		-		-		156,834,084		140,195,956
Unearned reinsurance commission				3,684,937		8,482,453		-		-		3,684,937		8,482,453
Outstanding claims and reserves				31,190,897		(9,204,426)		-		-		31,190,897		(9,204,426)
Claims incurred but not reported				3,831,280		(3,266,843)		-		-		3,831,280		(3,266,843)
Accounts payable				-		-		215,000		155,502		215,000		155,502
Cash from/(used in) operating activities				9,850,648		(3,552,282)		731,533		(23,704)		10,582,181		(3,575,986)

18	SUPPLEMENTARY INFORMATION (continued)

18.4	Statement of cash flows (continued)	Note	Three-month period ended 31 March (Unaudited) (SR '000)
			Insurance Operations		Shareholders' Operations		Total
			2021	2020	2021	2020	2021	2020


Employees' end-of-service benefits paid			(291,566)	(427,759)	-	-	(291,566)	(427,759)
Zakat paid			(375,723)	-	-	-	(375,723)	-
Net cash from/(used in) operating activities			9,183,359	(3,980,041)	731,533	(23,704)	9,914,892	(4,003,745)

CASH FLOWS FROM INVESTING ACTIVITIES
Additions of property and equipment			(932,956)	(850,415)	-	-	(932,956)	(850,415)
Additions of intangible assets			(856,269)	(872,379)	-	-	(856,269)	(872,379)
Additions in murabaha deposits			(45,000,000)	(62,000,000)	-	-	(45,000,000)	(62,000,000)
Proceed on disposal of murabaha deposits			26,445,188	55,000,000	-	-	26,445,188	55,000,000
Net cash used in investing activities			(20,344,037)	(8,722,794)	-	-	(20,344,037)	(8,722,794)

CASH FLOWS FROM FINANCING ACTIVITY
Due to shareholders' operations, net			(64,765)	(3,397)	64,765	3,397	-	-
Net cash used in financing activity			(64,765)	(3,397)	64,765	3,397	-	-

Net change in cash and cash equivalents			(11,225,443)	(12,706,232)	796,298	(20,307)	(10,429,145)	(12,726,539)
Cash and cash equivalents at the beginning of the period		4	47,691,162	34,551,340	2,308,565	9,638,905	49,999,727	44,190,245
Cash and cash equivalents at the end of the period		4	36,465,719	21,845,108	3,104,863	9,618,598	39,570,582	31,463,706

[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