	English [member]
Start Date	2018-01-01	2017-01-01
End Date	2018-03-31	2017-03-31
Filing information [line items]
Disclosure of entity information [abstract]
Name of reporting entity	Gulf Union Cooperative Insurance Co.
Company symbol code\| ISIN code	8120 \| SA000A0MR898
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	2018-01-01	2017-01-01
Reporting period end date	2018-03-31	2017-03-31
Description of nature of financial statements	Standalone
Status of financial statements	Reviewed
Description of presentation currency	Saudi Arabia, Riyals
Level of rounding used in financial statements	Actuals

	Primary auditor [member]	Primary auditor [member]	Second primary auditor [member]	Second primary auditor [member]
	English [member]		English [member]
Start Date	2018-01-01	2018-01-01	2018-01-01	2018-01-01
End Date	2018-03-31	2018-03-31	2018-03-31	2018-03-31
Auditors information [line items]
Details of auditors signing report [abstract]
Name of auditor signing report	Abdullah Hamad Al Fozan		Abdullah M. Al Basri
Registration number of auditor	348		171
Details of audit firm [abstract]
Name of audit firm	KPMG Al Fozan & Partners		Aldar Audit Bureau Abdullah Al Basri & Co
Registration number of audit firm	46		1010443881
Contact number of audit firm	138877241		138961983
Address of audit firm	P. O. Box 4803, Al Khobar 31952Kingdom of Saudi Arabia		PO BOX 2195, Riyad 11451Kingdom of Saudi Arabi

	English [member]
Start Date	2018-01-01
End Date	2018-03-31
Auditors report [line items]
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 as at March 31, 2018 of Gulf Union Cooperative Insurance Company are not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ as modified by SAMA for the accounting of zakat and income tax.
Emphasis of matter	We draw attention to the following: - Note 1 of the interim condensed financial statements, which describes the conditions of the acquisition agreement that has been signed between the Company and Al Ahlia Cooperative Insurance Company on May 10, 2018. - Notes 4 and 12 to the accompanying interim condensed financial information; the Company has an outstanding net receivable of SR14.76 million from Gulf Union Insurance and Projects Management Holding Company B.S.C. (c.) (GUIPMC), a major shareholder of the Company. The net receivable has not been settled till the date of statement of financial position. GUIPMC is considering sale of its shareholding in the Company to settle the net balance and has received necessary approval of the regulators for sale of such shares. GUIPMC is in the process of deciding appropriate course of action for the sale of shares. Accordingly, the Company’s management believes that such amount will be collected in the due course.
Responsibilities of management and those charged with governance for financial statements	We have reviewed the accompanying interim condensed statement of financial position of Gulf Union Cooperative Insurance Company (A Saudi Joint Stock Company) (the “Company”), as at March 31, 2018, the interim condensed statements of income, comprehensive income, changes in equity and cash flows for the three months period then ended, and notes to the interim condensed financial information. Management is responsible for the preparation and presentation of this interim condensed financial information in accordance with IAS 34, ‘Interim Financial Reporting’ as modified by the Saudi Arabian Monetary Authority (“SAMA”) for the accounting of zakat and income tax. Our responsibility is to express a conclusion on this interim condensed financial information based on our review.
Auditors responsibilities for audit of financial statements	We conducted our review in accordance with the 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.
Date of signing audit report by auditor	2018-05-15

Start Date	2018-01-01	2017-01-01	2017-01-01	Note No.
End Date	2018-03-31	2017-12-31	2017-03-31
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	5,280,950	3,591,038	3,899,276
Due from related parties, insurance/ takaful operations assets	29,072,126	29,072,126	29,072,126	12b,(i)
Deferred policy acquisition costs	8,055,727	9,544,276	15,598,227
Reinsurers/ retakaful share of unearned premiums/ contributions	52,030,345	46,791,671	88,568,505	8.2
Prepayments and other assets, insurance/ takaful operations assets	12,993,741	11,905,375	16,478,506
Due from shareholders operations	0	2,558,064
Premiums/ insurance receivables/takaful contributions receivable, net	94,178,651	72,905,330	97,936,662	6,12
Reinsurers/ retakaful share of outstanding claims/ benefits, net	62,342,064	55,755,038	44,279,050	8.1
Time (Murabaha) deposits, insurance/ takaful operations assets	54,206,042	32,381,214	123,364,947	5
Deferred excess of loss premiums	2,414,870	0
Available-for-sale investments, insurance/ takaful operations assets	22,691,282	7,037,883	6,972,852	7
Cash and cash equivalents, insurance/ takaful operations assets	2,801,815	57,209,916	12,217,397	5
Long-term deposits	35,511,875	35,210,439	35,201,947
Computer software	3,343,589	3,729,812	4,916,748
Reinsurance share of claims incurred but not reported	30,132,280	31,272,933	20,604,749	8.1
Total insurance/ takaful operations assets	415,055,357	398,965,115	499,110,992
Shareholders assets [abstract]
Due from related parties	2,359,192	2,359,192	2,359,192	12b,(i)
Statutory deposit	33,000,000	33,000,000	33,000,000
Prepayments and other assets, shareholders assets	87,254	22,452	616,852
Time (Murabaha) deposits, shareholders assets	38,115,420	37,514,450	26,175,141	5
Available-for-sale investments, shareholders assets	55,467,647	47,137,434	41,006,526	7
Due from insurance/ takaful operations assets	1,544,126	0	603,255
Cash and cash equivalents, shareholders assets	53,018,803	61,094,630	57,513,308	5
Accured commission on statuary deposit	2,594,771	2,416,771	0
Total shareholders assets	186,187,213	183,544,929	161,274,274
Total assets	601,242,570	582,510,044	660,385,266
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	132,055,558	132,002,714	215,261,185	8.2
Unearned commission income	9,012,979	7,403,897	17,291,708
Employees end of service benefits, insurance/ takaful operations liabilities	11,451,659	11,846,468	12,049,239
Technical reserve for insurance/takaful operations	2,908,418	4,220,267	3,993,255	8.1
Due to shareholders operations	1,544,126	0	603,255
Due to related parties, insurance/ takaful operations liabilities	14,309,980	14,309,980	14,309,980	4,12b,(ii)
Reinsurers/ retakaful balance payable	25,230,786	20,910,766	78,344,947
Gross outstanding claims/ benefits including IBNR payable	92,574,308	88,621,497	67,911,120	8.1
Other technical reserves	3,244,171	3,954,557	2,055,683	8.1
Accrued expenses payable, insurance/ takaful operations liabilities	17,894,010	13,257,622	7,435,228
Accounts payable	29,436,840	25,338,614	26,297,232
Claims incurred but not reported	63,970,701	65,580,237	43,023,618	8.1
Total insurance/ takaful operations liabilities	403,633,536	387,446,619	488,576,450
Insurance/ takaful operations surplus (deficit) [abstract]
Surplus (deficit) from insurance/ takaful fund	11,375,150	10,770,493	10,193,189
Fair value reserves on investments	-294,948	406,384	341,353
Resever for actuarial gain or losses	341,619	341,619	0
Total insurance/ takaful operations surplus (deficit)	11,421,821	11,518,496	10,534,542
Total insurance/ takaful operations liabilities and surplus (deficit)	415,055,357	398,965,115	499,110,992
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	7,461,667	5,103,031		13
Due to insurance/ takaful operations	0	2,558,064	0
Due to related parties, shareholders liabilities	2,359,192	2,359,192	2,359,192	4,12b,(ii)
Accrued expenses payable, shareholders liabilities	3,214,312	3,213,748	6,423,340
Returen on statutory deposit	2,594,771	2,416,771	0
Total shareholders liabilities	15,629,942	15,650,806	8,782,532
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	150,000,000	150,000,000	220,000,000	1,14
Statutory reserve	4,998,634	4,377,360	0
Fair value reserve on investments, shareholders equity	-71,388	371,832	294,981
Retained earnings (accumulated losses)	15,630,025	13,144,931	-67,803,239
Total equity attributable to equity holders of company	170,557,271	167,894,123	152,491,742
Total shareholders liabilities and equity	186,187,213	183,544,929	161,274,274
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	601,242,570	582,510,044	660,385,266

Start Date	2018-01-01	2017-01-01	Note No.
End Date	2018-03-31	2017-03-31
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	80,233,649	160,693,547	8.2,12
Excess of loss expense	914,917	1,069,010	8.2
Reinsurance/ retakaful premiums ceded	35,677,255	68,598,217	8.2
Net premiums/ contributions written	43,641,477	91,026,320
Changes in unearned premiums/ contributions	-5,185,830	48,448,281
Net premiums/ contributions earned	48,827,307	42,578,039
Reinsurance/ retakaful commissions	5,157,795	7,461,956
Investment income from insurance/ takaful operations, net	1,227,256	1,053,146
Fees and other income from insurance/ takaful operations	983,823	4,618,586
Total income from insurance/ takaful operations	56,196,181	55,711,727
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	49,228,233	39,956,324
Reinsurance/ retakaful share of gross claims/ benefits paid	18,632,742	17,454,029
Net claims/ benefits paid	30,595,491	22,502,295
Changes in outstanding claims/ benefits including IBNR	-468,883	1,497,174
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	-2,634,215	2,040,645
Changes in other technical reserves	-1,311,849	229,218
Changes in reserve for takaful activities	-710,386	40,098
Net claims/ benefits incurred	25,470,158	26,309,430
Policy acquisition costs	5,561,929	5,286,619
General and administrative expenses, insurance/ takaful operations	18,099,724	8,036,536
Other underwriting expenses	565,449
Other cost and expenses	846,000
Operating and administrative salaries		8,862,788
Reversal for Doubtful debts	-405,719
Total cost and expenses	50,137,541	48,495,373
Surplus (deficit) for period from insurance/ takaful operations	6,058,640	7,216,354
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	5,452,776	6,494,719
Net result for period from insurance/ takaful operations after shareholders appropriation	605,864	721,635
Policyholders share of accumulated surplus, at start of period	10,770,493	9,471,554
Surplus dirtibuted during the period	-1,207
Policyholders share of accumulated surplus, at end of period	11,375,150	10,193,189

Start Date	2018-01-01	2017-01-01	Note No.
End Date	2018-03-31	2017-03-31
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	5,452,776	6,494,719
Revenue [abstract]
Investment income	768,663	664,339
Total revenue	768,663	664,339
Expenses [abstract]
General and administrative expenses, shareholders operations	756,435	578,939
Total expenses	756,435	578,939
Income (loss) from continuing operations before zakat and income tax	5,465,004	6,580,119
Profit (loss) from continuing operations	5,465,004	6,580,119
Profit (loss) for the period	5,465,004	6,580,119
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company		6,580,119
Profit (loss), attributable to non-saudi shareholders of company		0
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	0.36	0.43	16
Total basic earnings (loss) per share	0.36	0.43
Weighted average number of equity shares outstanding	15000000	22000000

Start Date	2018-01-01	2017-01-01
End Date	2018-03-31	2017-03-31
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	605,864	721,635
Total comprehensive income (loss) for period	605,864	721,635

Start Date	2018-01-01	2017-01-01
End Date	2018-03-31	2017-03-31
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	5,465,004	6,580,119
Total comprehensive income (loss) for period	5,465,004	6,580,119
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	5,465,004	6,580,119
Total comprehensive income (loss), attributable to non-saudi shareholders of company	0	0

Start Date	2018-01-01	2017-01-01	Note No.
End Date	2018-03-31	2017-03-31
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	605,864	721,635
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	684,790	600,916
Adjustments for allocated depreciation from shareholders operations	420,912	236,692
Allowance for doubtful debts	-405,719	2,673,719
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	699,983	3,511,327
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-20,867,602	-17,666,798
Adjustments for decrease (increase) in prepayments and other assets	-1,088,366	-1,496,378
Adjustments for increase (decrease) in outstanding claims including IBNR	2,343,275	4,137,620
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	4,320,020	34,142,065
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	-6,587,026	1,200,781
Adjustments for decrease (increase) in deferred policy acquisition costs	1,488,549	-5,631,792
Adjustments for decrease (increase) in deferred excess of loss expense	-2,414,870	-3,002,284
Adjustments for decrease (increase) in unearned commission income	1,609,082	5,389,426
Adjustments for movement in gross unearned premiums/ contributions	52,844	81,372,828
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	-5,238,674	-32,924,547
Adjustment for changes in other technical reserves	-1,311,849	229,218
Adjustment for changes in other reserves	-710,386	40,098
Adjustments for increase (decrease) in trade accounts payable	4,098,226	4,125,044
Reinsurers share of claims incurred but not reported	1,140,653	-1,800,582
Accrued and Other Liabilities	4,636,388	-2,907,202
Total changes in operating assets and liabilities	-18,529,736	65,207,497
Net cash flows from (used in) insurance/ takaful operations	-17,223,889	69,440,459
End of Service indemnities paid	-815,721
Surplus Paid to Policy Holders	-1,207
Net cash flows from (used in) operating activities, insurance/ takaful operations	-18,040,817	69,440,459
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Purchase of available-for-sale investments, insurance/ takaful operations cash flow	16,354,731
Purchase of property and equipment, insurance/ takaful operations cash flow	1,988,479	270,068
Net cash flows from (used in) investing activities, insurance/ takaful operations	-18,343,210	-270,068
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for decrease (increase) in due from shareholders operations	0	0
Adjustments for increase (decrease) in due to shareholders operations	4,102,190	2,253,419
Due to related party, insurance/ takaful operations cash flow	0	0
Surplus paid to policyholders	0	0
Payments to acquire or redeem treasury shares	0	0
Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow	0	0
Short term deposits	-21,824,828	-70,253,012
Long term deposits	-301,436	0
Net cash flows from (used in) financing activities, insurance/ takaful operations	-18,024,074	-67,999,593
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-54,408,101	1,170,798
Net increase (decrease) in cash and cash equivalents	-54,408,101	1,170,798
Cash and cash equivalents at beginning of period	57,209,916	11,046,599	5
Cash and cash equivalents at end of period	2,801,815	12,217,397	5

Start Date	2018-01-01	2017-01-01	Note No.
End Date	2018-03-31	2017-03-31
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	5,465,004	6,580,119
Commission Income	-768,663	-664,339
Net profit (loss) for period (before zakat expenses and income tax)	4,696,341	5,915,780
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-64,802	-396,492
Accrued and other Liabilities	564	-45,964
Total changes in operating assets and liabilities	-64,238	-442,456
Net cash flows from (used in) operations	4,632,103	5,473,324
Net cash flows from (used in) operating activities	4,632,103	5,473,324
Cash flows from (used in) investing activities [abstract]
Purchase of investments held at fair value through statement of income	8,773,433	-2,581,760
Commission Income received	768,663	664,339
Net cash flows from (used in) investing activities	-8,004,770	3,246,099
Cash flows from (used in) financing activities [abstract]
Due to reinsurance/ retakaful operations	4,102,190	2,253,419
Short Term Deposits	600,970	-11,724,943
Net cash flows from (used in) financing activities	-4,703,160	9,471,524
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-8,075,827	18,190,947
Net increase (decrease) in cash and cash equivalents	-8,075,827	18,190,947
Cash and cash equivalents at beginning of period	61,094,630	39,322,361	5
Cash and cash equivalents at end of period	53,018,803	57,513,308	5

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2018-01-01

End Date

2018-03-31

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]

Gulf Union Cooperative Insurance Company (a Joint Stock Company incorporated in Kingdom of Saudi Arabia) (“the Company”) registered on 13 Sha’aban, 1428H (August 26, 2007) under Commercial Registration no. 2050056228. The registered address of the Company's head office is as follows:

Gulf Union Cooperative Insurance Company

Head Office

Al-Moajil Commercial Centre, Prince Mohammed Street crossing Dhahran Street

P.O. Box 5719

Dammam 31432, Saudi Arabia

The purpose of the Company is to transact cooperative insurance operations and all related activities. Its principal lines of business include medical, motor, marine, fire and engineering insurance.

On Jamad Al-Thani 2, 1424H , corresponding to (July 31, 2003G), the Law on the Supervision of Cooperative Insurance Companies (“Insurance Law”) was promulgated by Royal Decree Number (M/32). On Shaban 29, 1428 H, corresponding to September 11, 2007, the Saudi Arabian Monetary Authority (“SAMA”), as the principal authority responsible for the application and administration of the Insurance Law and its Implementing Regulations, granted the Company a license to transact insurance activities in the Kingdom of Saudi Arabia. The Company received from SAMA on 27 Jumada II, 1435H (April 27, 2014), the approval of its request to change its license of transacting insurance and reinsurance business to insurance business.

The Company is required to distribute 10% of the net surplus from insurance operations to policyholders and the remaining 90% to be allocated to the shareholders’ of the Company in accordance with the Insurance Law and Implementation Regulations issued by the Saudi Arabian Monetary Authority (“SAMA”). Any deficit arising on insurance operations is transferred to the shareholders’ operations in full.

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

BASIS OF PREPARATION

(a) Basis of presentation

The interim condensed financial information of the Company has been prepared in accordance with ‘International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as modified by SAMA for the accounting of zakat and income tax’, which requires, adoption of all IFRSs as issued by the International Accounting Standards Board (“IASB”) except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax. As per the SAMA Circular no. 381000074519 dated April 11, 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), the zakat and income tax are to be accrued on a quarterly basis through shareholders equity under retained earnings.

The interim condensed financial information is prepared under the going concern basis and the historical cost convention, except for the measurement at fair value of available-for-sale investments and end-of-service indemnities. 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 current: cash and cash equivalents, short term deposits, premiums and reinsurers’ receivable - net, Premiums receivable - related parties, net, deferred excess of loss premiums, prepaid expenses and other assets, due from related parties, net, accrued income on statutory deposit, policyholders claims payable, accrued and other liabilities, reinsurers' balances payable, zakat and income tax. The following balances would generally be classified as non-current: investments, long term deposits, property and equipment, intangible assets, statutory deposit, reinsurers’ share of unearned premiums, reinsurers’ share of outstanding claims, reinsurers’ share of claims incurred but not reported, deferred policy acquisition costs, unearned premiums, unearned reinsurance commission, outstanding claims, claims incurred but not reported, additional premium reserves, other technical reserves, due to a related party, end-of-service indemnities, accrued commission income payable to SAMA.

As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the financial information accordingly. Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors, (refer Note 17).

The interim condensed statement of financial position, statements of income, comprehensive income and cash flows of the insurance operations and shareholders operations are presented on pages 24 to 30 of the financial information have been provided as supplementary financial information and to comply with the requirements of the guidelines issued by SAMA implementing regulations. SAMA implementing regulations requires the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders operations. Accordingly, the interim condensed statements of financial position, statements of income, comprehensive income and cash flows prepared for the insurance operations and shareholders operations as referred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of the respective operations.

In preparing these Company-level financial information in compliance with IFRS, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperation balances, transactions and unrealised gains or losses, if any, are eliminated in full during amalgamation. The accounting policies adopted for the insurance operations and shareholders operations are uniform for like transactions and events in similar circumstances.

The inclusion of separate information of the insurance operations with the financial information of the Company in the interim condensed statement of financial position, the statement of income, statement of comprehensive income, cash flows as well as certain relevant notes to the financial information represents additional supplementary information required as required by the implementing regulations.

The interim condensed financial information do not include all of the information required for full annual financial information and should be read in conjunction with the annual financial information as of and for the year ended December 31, 2017.

These interim condensed financial information are expressed in Saudi Arabian Riyals (SAR).

(b) Critical accounting judgments, estimates and assumptions

The preparation of interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these interim condensed financial information, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that applied to the annual financial information as at and for the year ended December 31, 2017.

(c) Seasonality of operations

There are no seasonal changes that may affect insurance operations of the Company.

Disclosure of accounting framework used in preparation of financial statements [text block]

The accounting policies, estimates and assumptions used in the preparation of these interim condensed financial information are consistent with those used in the preparation of the annual financial information for the year ended December 31, 2017

Disclosure of statement of compliance [text block]

Disclosure of new standards and amendments in standards [text block]

a) New International Financial Reporting Standards (IFRS), International Financial Reporting and Interpretations Committee’s interpretations (IFRIC) and amendments thereof, adopted by the Company

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

Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2) effective for annual period on or after January 1, 2018.

Transfers of Investment Property (Amendments to IAS 40) effective for annual period on or after January 1, 2018.

Annual Improvements to IFRSs 2014–2016 Cycle – various standards (Amendments to IFRS 1 and IAS 28) effective for annual period on or after January 1, 2018.

IFRIC 22 Foreign Currency Transactions and Advance Consideration effective for annual period on or after January 1, 2018.

b) Standards, interpretations and amendments to published standards that will be effective for the periods commencing after January 1, 2019 and have not been early adopted by the Company

The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s interim condensed financial information are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.

The Company’s management decided not to choose the early adoption of the following new and amended standards and interpretations issued which will become effective for the period commencing after January 1, 2019;

The implementation of IFRS 9 is expected to result in a significant portion of financial assets currently classified as available-for-sale being re-classified as at fair value through profit or loss or fair value through other comprehensive income (OCI). Credit allowances for financial assets carried at amortized cost and debt securities measured at fair value, with changes in fair value recognized in OCI, are expected to increase due to the introduction of the expected credit loss methodology. The Company will avail of the exemptions available to insurers and is considering deferring the implementation of IFRS 9 until a later date, but no later than January 1, 2021. The impact of the adoption of IFRS 9 on the Company’s financial information will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. At the date of publication of these financial information, it was not practicable to quantify what the potential impact would be on the financial statements once IFRS 9 will be adopted.

IFRS 16 – “Leases”, applicable for the period beginning on or after 1 January 2019. The new standard eliminates the current dual accounting model for lessees under IAS 17, which distinguishes between on-balance sheet finance leases and off-balance sheet operating leases. Instead, IFRS 16 proposes on-balance sheet accounting model. The management believes that the adoption of IFRS 16 will not have a material impact on the Company’s financial information.

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

IFRIC 23 Uncertainty over Income Tax Treatments effective for annual period on or after January 1, 2019.

Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) effective for annual period on or after January 1, 2019.

Plan Amendments, Curtailment or Settlement (Amendments to IAS 19) effective for annual period on or after January 1, 2019.

Annual Improvements to IFRSs 2015–2017 Cycle (Amendments to IFRS 3, IFRS 11, IAS 12 and IAS 23) effective for annual period on or after January 1, 2019.

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) effective for annual period on or after to be determined.

Disclosure of other general disclosures about reporting entity [text block]

Changes in share capital

Initially, the share capital of the Company was SR 220 million. On 16 Jumada I 1438H (February 13, 2017), the Company applied its application to SAMA for the approval of decrease in its share capital in order to absorb the accumulated losses by Saudi Riyal 70 million. On 19 Jumada I 1438H (February 16, 2017), the Company received SAMA’s approval to decrease its share capital by Saudi Riyals 70 million and on 27 Rajab 1438H (April 24, 2017), the Company received the approval from CMA. The Shareholders approved reduction in share capital in their extra ordinary general assembly meeting held on Shaban 22, 1438 H (corresponding to May 18 2017). Following which other necessary approvals were obtained and the Company reduced its share capital by Saudi Riyals 70 million. There is no effect on the Company’s financial obligation due to such reduction in share capital.

The issued and paid up share capital of the Company is Saudi Riyals 150 million at March 31, 2018 (December 31, 2017: Saudi Riyals 150 million) consisting of 15 million (December 31 2017: 15 million) shares of Saudi Riyals 10 each.

Possible merger

The Company’s Board of Directors in their meeting held on 1 Jumada II 1438H (February 28, 2017), resolved to sign a non-binding memorandum of understanding for a possible merger with Al Ahlia Cooperative Insurance Company (Al Ahlia), a joint stock company registered in Saudi Arabia. Further, on 1 Jumada II 1438H (February 28, 2017), the Company entered into a non-binding memorandum of understanding with Al Ahlia Cooperative Insurance Company to start the discussions and studies on proposed merger. On Ramadan 25, 1438H (June 20, 2017) the Company signed a new non-binding memorandum of understanding with Al Ahlia Cooperative Insurance Company to formalize the potential terms of merger and agreed to conduct financial, legal and technical due diligence of respective companies.

Subsequent to the three months period ended March 31, 2018, the Board of Directors of the Company and Al Ahlia reached an acquisition agreement on 24 Sha’aban 1439H (corresponding to May 10, 2018), regarding the conditions for acquisition of Al Ahlia (“the transaction”). The Company will acquire 100% share capital of Al Ahlia by share exchange of one for every 1.74035 shares of Al Ahlia at par value of SR 10 each. Accordingly, the Company will issue 9,193,548 new shares according to the closing price of the Company’s share of SR 15.41 on Sha'ban 23, 1439H (corresponding to May 9, 2018), which will constitute 38% of the total post-increase number of shares of the Company. Once the transaction will be approved by the shareholders in the extraordinary general meetings (EGMs) of the Company and Al Ahlia, shares of Al Ahlia will be delisted from Tadawul and it will be a wholly owned subsidiary of the Company till delisting of Al Ahlia Commercial Registration.

The transaction is subject to approval of shareholders EGMs of each company, approval of the Saudi Arabian Monetary Authority, approval of offering document by Capital Market Authority and approval of Tadawul for listing new shares of the Company and certain other legal requirements.

Shareholding percentage

The shareholding percentage of the Company at March 31, 2018 and December 31, 2017 was as follows:

	March 31, 2018	December 31, 2017
Shareholding percentage subject to Zakat	96%	96%
Shareholding percentage subject to income tax	4%	4%
	100%	100%

Disclosure of summary of significant accounting policies [abstract]

Disclosure of summary of significant accounting policies, general comment [text block]

ASSETS AND LIABILITIES PURCHASE AGREEMENT AND COMMENCEMENT OF ACTIVITIES

The Company started its insurance operations on December 29, 2008. The Company’s shareholders approved on December 21, 2008 for the Company to enter into an agreement whereby it acquired the insurance portfolio and net assets of Gulf Union Insurance and Risk Management Company E.C. (“GUIRMC”), a related party, with effect from December 29, 2008 for a consideration of Saudi Riyals 65.7 million based on SAMA’s instructions. Under the initial instructions received from SAMA, the excess of the purchase consideration over the identifiable net assets acquired, which amounted to Saudi Riyals 47.1 million, was recorded as goodwill with a corresponding liability of the same amount. Any adjustment to such goodwill and settlement of related liability can only be made upon the receipt of final approval from SAMA.

During December 2015, the Company received a letter from SAMA (the “Letter”), providing clarification on the payments to be made by the Company to GUIRMC, against the insurance portfolio and net assets transferred from GUIRMC to the Company. SAMA reduced the Company’s liability, initially recorded against the goodwill of Saudi Riyals 47.1 million, to 50% of the net profits made by the Company during the years ended December 31, 2009 and 2010, amounting to Saudi Riyals 8.46 million. Accordingly, the Company reversed the remaining liability of Saudi Riyals 38.6 million against the initially recorded amount of goodwill. This resulted in a goodwill balance of Saudi Riyals 8.46 million, which was considered impaired by the Company at December 31, 2015 and has been charged to the statement of comprehensive income for the year ended December 31, 2015.

Further, the Company had initially recorded a liability of Saudi Riyals 18.64 million, against the net assets transferred from GUIRMC in 2008. SAMA instructed the Company to reduce the said liability to Saudi Riyals 8.21 million, as certain of the assets transferred were not collected by the Company till December 31, 2015. Accordingly, the Company has adjusted the balance due to GUIRMC.

SAMA has instructed the Company that the payments with respect to the goodwill amounting to Saudi Riyals 8.46 million and the balance due to GUIRMC against transfer of the net assets amounting to Saudi Riyals 8.21 million (Saudi Riyals 16.67 million in total) should only be made upon fulfilment of the following conditions:

The Company has completed the rights-issue, as explained in Note 1, and the cash raised is held by the Company;

All balances due from Gulf Union Insurance and Projects Management Holding Company B.S.C. (c.) (GUIPMC ) have been received by the Company in full and in cash. Also see Note 12(b) (ii); and

The Company has obtained specific no objection from SAMA for the aforementioned payments to be made.

Further, the Company also made certain adjustments, as of December 31, 2015, to the amounts receivable from GUIPMC based on SAMA's instructions which resulted in an increase in the balance from Saudi Riyals 22.29 million to Saudi Riyals 31.43 million. Also see Note 12 (b) (ii).

The above balance of Saudi Riyal 16.67 million is presented in supplementary information in note 17 under insurance operations’ liability amounting to Saudi Riyals 14.31 million and in shareholders’ liabilities amounting to Saudi Riyals 2.36 million.

Disclosure of notes forming part of accounts [abstract]

Disclosure of transfer of portfolio [text block]

COMPARATIVE FIGURES

Certain comparative amounts have been reclassified to conform with the current year’s presentation.

APPROVAL OF THE CONDENSED INTERIM FINANCIAL STATEMENTS

These condensed interim financial information have been approved by the Board of Directors on 28 Shaban 1439H corresponding to 14 May 2018G.

Disclosure of investments [text block]

INVESTMENTS

	Insurance operations
	March 31, 2018	December 31, 2017
	(Unaudited)	(Audited)
Available for sale	22,691,282	7,037,883

	Shareholders’ operations
	March 31, 2018	December 31, 2017
	(Unaudited)	(Audited)
Available for sale	28,153,030	24,072,736
Held to maturity	27,314,617	23,064,698
	55,467,647	47,137,434

Total investments	78,158,929	54,175,317

Movement in the investment balance is as follows:

	Insurance operations
	March 31, 2018	December 31, 2017
	(Unaudited)	(Audited)
Opening balance	7,037,883	6,946,407
Purchases	16,354,731	-
Changes in fair value of investments	(701,332)	91,476
	22,691,282	7,037,883

	Shareholders’ operations
	March 31, 2018	December 31, 2017
	(Unaudited)	(Audited)
Opening balance	47,137,434	43,459,264
Purchases	74,924,346	299,190,057
Disposals	(66,150,913)	(295,707,929)
Changes in fair value of investments	(443,220)	196,042
	55,467,647	47,137,434

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

PREMIUMS AND REINSURERS’ RECEIVABLE - NET

Receivables comprise amounts due from the following:

	March 31, 2018 (Unaudited)	December 31, 2017 (Audited)

Policyholders	110,921,423	89,045,527
Receivables from reinsurers	18,530,336	25,346,765
	129,451,759	114,392,292
Provision for doubtful receivables
Provision against insurance receivables	(35,406,797)	(36,881,211)
Provision against reinsurance receivables	(6,151,499)	(5,273,055)
	(41,558,296)	(42,154,266)
Premiums and reinsurers’ receivable – net	87,893,463	72,238,026

Disclosure of cash and cash equivalents [text block]

CASH AND CASH EQUIVALENTS

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

	Insurance operations
	March 31, 2018	December 31, 2017
	(Unaudited)	(Audited)
Bank balances and cash in hand	2,801,815	57,209,916

	Shareholders’ operations
	March 31, 2018	December 31, 2017
	(Unaudited)	(Audited)
Bank balances and cash in hand	3,018,803	894,630
Deposits maturing within 3 months from the acquisition date	50,000,000	60,200,000
	53,018,803	61,094,630

Total cash and cash equivalents	55,820,618	118,304,546

Disclosure of zakat [text block]

ZAKAT AND INCOME TAX

Status of assessments

The Company had filed Zakat and income tax returns with the General Authority of Zakat and Tax (“GAZT”) up to 2017.

The Company has obtained Zakat and income tax certificates from the GAZT for the years through 2016. Zakat and income tax assessments for the years through 2016 have not yet been raised by the GAZT.

Disclosure of classes of share capital [text block]

SHARE CAPITAL

The authorized, issued and paid up capital of the Company was SAR 150 million at March 31, 2018 (December 31, 2017: SAR 150 million ) consisting of 15 million shares (December 31, 2017: 15 million shares) of SAR 10 each.

Shareholding structure of the Company is as below. The shareholders of the Company are subject to zakat and income tax.

	March 31, 2018 (Unaudited)
	Authorized and issued		Paid up
	No. of Shares	SAR
Gulf Union Insurance and Projects Management Holding Company B.S.C. (c.)	3,523,500	35,235,000	35,235,000
Others	11,476,500	114,765,000	114,765,000
	15,000,000	150,000,000	150,000,000

	December 31, 2017 (Audited)
	Authorized and issued		Paid up
	No. of Shares	SAR
Gulf Union Insurance and Projects Management Holding Company B.S.C. (c.)	3,523,500	35,235,000	35,235,000
Others	11,476,500	114,765,000	114,765,000
	15,000,000	150,000,000	150,000,000

Disclosure of technical reserve for insurance/takaful/reinsurance/retakaful operations [text block]

TECHNICAL RESERVES

8.1 Net outstanding claims and reserves

Net outstanding claims and reserves comprise of the following:

	March 31, 2018	December 31, 2017
	(Unaudited)	(Audited)
Outstanding claims	93,390,675	89,300,928
Less: Realizable value of salvage and subrogation	(816,367)	(679,431)
	92,574,308	88,621,497
Claims incurred but not reported	63,970,701	65,580,237
Premium deficiency reserve	2,908,418	4,220,267
Other technical reserves	3,244,171	3,954,557
	162,697,598	162,376,558
Less:
Reinsurers’ share of outstanding claims	62,342,064	55,755,038
Reinsurers’ share of claims Incurred but not reported	30,132,280	31,272,933
	92,474,344	87,027,971
Net outstanding claims and reserves	70,223,254	75,348,587

8.2 Movement in unearned premiums

Movement in unearned premiums comprise of the following:

	March 31, 2018 (Unaudited)
	Gross	Reinsurance	Net
Balance as at the beginning of the period	132,002,714	(46,791,671)	85,211,043
Premium written during the period	80,233,649	(36,592,172)	43,641,477
Premium earned during the period	(80,180,805)	31,353,498	(48,827,307)
Balance as at the end of the period	132,055,558	(52,030,345)	80,025,213

	December 31, 2017 (Audited)
	Gross	Reinsurance	Net
Balance as at the beginning of the period	133,888,357	(55,643,958)	78,244,399
Premium written during the period	359,627,378	(143,477,360)	216,150,018
Premium earned during the period	(361,513,021)	152,329,647	(209,183,374)
Balance as at the end of the period	132,002,714	(46,791,671)	85,211,043

Disclosure of earnings per share [text block]

BASIC AND DILUTED EARNINGS PER SHARE

Earnings per share for the period ended March 31, 2018 and 2017 is calculated by dividing the net income for the period attributable to the equity holders by 15 million shares

Disclosure of related party transactions [text block]

RELATED PARTY TRANSACTIONS AND BALANCES

Related parties represent major shareholders, directors and key management personnel of the Company, and companies of which they are principal owners and any other entities controlled, jointly controlled or significantly influenced by them. Pricing policies and terms of these transactions are approved by the Company’s management and Board of Directors. The following are the details of the major related party transactions during the period and the related balances:

Nature of transactions	Transactions for the period ended		Balance receivable / (payable) as at
	March 31, 2018	March 31, 2017	March 31, 2018	December 31, 2017
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Major shareholders
Insurance premium written	7,170,750	10,470,895	6,285,188	667,304
Claims paid	(2,661,050)	(1,958,257)	(26,614)	(42,608)

Others
Rent charged	(41,025)	(218,512)	-	-
Services	(116,400)	(73,480)	-	-

The compensation of key management personnel during the period is as follows:

March 31, 2018

(Unaudited)

March 31, 2017

(Unaudited)

Salaries and other allowances

(2,001,333)

(1,002,938)

Meeting fees of Board of Directors and Board Committees

(48,605)

(10,500)

a) Premium receivable - related parties, net

	March 31, 2018 (Unaudited)	December 31, 2017 (Audited)
Premium receivable from related parties	7,200,602	1,392,467
Less: provision for doubtful debts	(915,414)	(725,163)
	6,285,188	667,304

b) Due from and to a related party

i) Due from a related party

The Company had a net balance receivable from GUIPMC, a shareholder of the Company holding 23.5% of the shares of the Company, amounting to Saudi Riyals 22.29 million as it was under dispute till June 2015. Upon resolution of the dispute and certain adjustments as required in SAMA’s Letter (as mentioned in Note 4), this net balance receivable was reduced to SR14.76 million (receivable of Saudi Riyals 31.43 million and payable of Saudi Riyals 16.67 million).

GUIPMC had earlier confirmed that the balance will be settled by 30 June 2017 however, the amounts have not been settled till balance sheet date. GUIPMC is considering sale of their shareholding in the Company, to settle the net balance. GUIPMC has received necessary approval of the regulators to proceed with sale of its shareholding in the Company and is in the process of deciding appropriate course of action for sale of such shares. Accordingly, the Company’s management believes that such amount will be collected in due course.

The above receivable balance of Saudi Riyals 31.43 million is presented in supplementary financial information in note 17 under insurance operations’ assets amounting to Saudi Riyals 29.07 million and in shareholders’ assets amounting to Saudi Riyals 2.36 million.

ii) Due to a related party - Insurance operations

Due to a related party mainly includes balances payable to GUIRMC in relation to portfolio transfer.

Disclosure of entity's operating segments [text block]

OPERATING SEGMENTS

Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the Company’s Board of Directors in their function as chief operating decision maker in order to allocate resources to the segments and to assess its performance.

Transactions between the operating segments are on normal commercial terms and conditions. The revenue from external parties reported to the Board is measured in a manner consistent with that in the interim condensed statement of income. Segment assets and liabilities comprise operating assets and liabilities.

There have been no changes to the basis of segmentation or the measurement basis for the segment profit or loss since December 31, 2017

Segment assets do not include cash and cash equivalents, short term deposits, premiums and reinsurers’ receivable - net, Premiums receivable - related parties, net, Prepaid expenses and other assets, investments, due from related parties, net, long term deposits, property and equipment, intangible assets - computer software, statutory deposit, accrued income on statutory deposit. Accordingly, they are included in unallocated assets. Segment liabilities do not include policyholders claims payable, accrued and other liabilities, accumulated surplus from insurance operations, zakat and income tax, due to a related party, end-of-service indemnities, reserve for actuarial gains or losses, accrued commission income payable to SAMA. Accordingly, they are included in unallocated liabilities.

These unallocated assets and liabilities are not reported to chief operating decision maker under related segments and are monitored on a centralized basis.

The segment information provided to the Company’s Board of Directors for the reportable segments for the Company’s total assets and liabilities at March 31, 2018 and December 31, 2017, its total revenues, expenses, and net income for the the three-month periods then ended, are as follows:

11.

	As at March 31, 2018 (Unaudited)
	Insurance operations
	Medical	Motor	Marine	Property	Engineering	General accident	Total - Insurance operations	Shareholders’ operations	Total
Assets
Reinsurers’ share of unearned premiums	10,936,546	22,576,646	4,145,936	8,156,478	3,275,060	2,939,679	52,030,345	-	52,030,345
Reinsurers’ share of outstanding claims	1,526,565	13,403,917	25,472,370	10,147,418	4,455,214	7,336,580	62,342,064	-	62,342,064
Reinsurers’ share of claims Incurred but not reported	4,282,074	13,775,353	2,294,622	3,016,038	3,583,148	3,181,045	30,132,280	-	30,132,280
Deferred policy acquisition costs	3,185,775	3,889,477	121,779	411,961	188,148	258,587	8,055,727	-	8,055,727
Deferred excess of loss premiums	711,556	1,662,039	41,275	-	-	-	2,414,870	-	2,414,870
Unallocated assets	-	-	-	-	-	-	260,080,071	186,187,213	446,267,284
Total assets	20,642,516	55,307,432	32,075,982	21,731,895	11,501,570	13,715,891	415,055,357	186,187,213	601,242,570

Liabilities and shareholders’ equity
Unearned premiums	51,882,230	56,011,652	5,275,604	9,432,048	4,422,914	5,031,110	132,055,558	-	132,055,558
Unearned reinsurance commission	-	4,010,950	958,078	1,962,149	1,144,496	937,306	9,012,979	-	9,012,979
Outstanding claims	4,997,817	29,593,811	27,185,226	13,504,110	5,257,572	12,035,772	92,574,308	-	92,574,308
Claims incurred but not reported	14,427,814	31,284,466	4,278,343	3,897,297	4,432,405	5,650,376	63,970,701	-	63,970,701
Additional premium reserves	-	2,908,418	-	-	-	-	2,908,418	-	2,908,418
Other technical reserves	2,310,794	471,481	178,710	106,494	70,612	106,080	3,244,171	-	3,244,171
Unallocated liabilities	-	-	-	-	-	-	111,289,222	186,187,213	297,476,435
Total liabilities and shareholders’ equity	73,618,655	124,280,778	37,875,961	28,902,098	15,327,999	23,760,644	415,055,357	186,187,213	601,242,570

Total assets of shareholders’ operation and total liabilities of insurance operations include, Due from insurance operations and Due to shareholders’ operations amounting SR 1,544,126 respectively. These Interoperation balances have been eliminated in full during preparation of Company level Statement of Financial Position (Refer Note 2a).

11.

	As at December 31, 2017 (Audited)
	Insurance operations
	Medical	Motor	Marine	Property	Engineering	General accident	Total - Insurance operations	Shareholders’ operations	Total
Assets
Reinsurers’ share of unearned premiums	12,466,098	20,427,591	4,505,142	4,703,555	2,793,472	1,895,813	46,791,671	-	46,791,671
Reinsurers’ share of outstanding claims	2,642,060	12,631,489	18,712,655	10,410,518	4,214,969	7,143,347	55,755,038	-	55,755,038
Reinsurers’ share of claims Incurred but not reported	4,087,687	15,207,965	2,368,358	1,867,645	2,924,908	4,816,370	31,272,933	-	31,272,933
Deferred policy acquisition costs	4,620,871	4,096,746	318,769	214,513	120,092	173,285	9,544,276	-	9,544,276
Unallocated assets	-	-	-	-	-	-	255,601,197	183,544,929	439,146,126
Total assets	23,816,716	52,363,791	25,904,924	17,196,231	10,053,441	14,028,815	398,965,115	183,544,929	582,510,044

Liabilities and shareholders’ equity
Unearned premiums	-	3,432,257	1,110,904	1,244,547	944,662	671,527	7,403,897	-	7,403,897
Unearned reinsurance commission	62,361,464	50,827,308	6,353,698	5,749,419	3,518,011	3,192,814	132,002,714	-	132,002,714
Outstanding claims	8,806,868	28,416,753	20,394,765	13,871,112	5,394,265	11,737,734	88,621,497	-	88,621,497
Claims incurred but not reported	13,822,726	33,530,683	4,024,161	2,559,988	3,647,262	7,995,417	65,580,237	-	65,580,237
Additional premium reserves	-	4,127,820	-	-	92,447	-	4,220,267	-	4,220,267
Other technical reserves	2,475,614	1,298,208	-	144,731	36,004	-	3,954,557	-	3,954,557
Unallocated liabilities	-	-	-	-	-	-	97,181,946	183,544,929	280,726,875
	87,466,672	121,633,029	31,883,528	23,569,797	13,632,651	23,597,492	398,965,115	183,544,929	582,510,044

Total assets of Insurance operation and total liabilities of shareholders’ operations include, Due from shareholders’ operations and Due to insurance operations amounting SR 2,558,064 respectively. These Interoperation balances have been eliminated in full during preparation of Company level Statement of Financial Position (Refer Note 2a).

	Medical	Motor	Marine	Property	Engineering	General accident	Total
REVENUES
Gross premiums written	23,283,414	35,032,749	5,298,977	7,950,642	2,957,211	5,710,656	80,233,649
Reinsurance premiums ceded – local	-	(1,476,839)	(144,606)	(492,187)	(191,787)	(163,797)	(2,469,216)
Reinsurance premiums ceded – foreign	(5,147,902)	(12,536,460)	(3,966,216)	(6,670,537)	(1,900,467)	(2,986,457)	(33,208,039)
Fee income from insurance	1,950	474,252	12,305	5,340	2,385	10,870	507,102
Excess of loss expenses	(58,444)	(663,973)	(192,500)	-	-	-	(914,917)
Net premiums written	18,079,018	20,829,729	1,007,960	793,258	867,342	2,571,272	44,148,579
Changes in unearned premiums, net	8,949,682	(3,035,289)	718,888	(229,707)	(423,316)	(794,428)	5,185,830
Net premiums earned	27,028,700	17,794,440	1,726,848	563,551	444,026	1,776,844	49,334,409
Reinsurance commission	-	2,323,222	1,121,496	884,287	539,717	289,073	5,157,795
TOTAL REVENUE	27,028,700	20,117,662	2,848,344	1,447,838	983,743	2,065,917	54,492,204

UNDERWRITING COSTS AND EXPENSES
Gross claims paid and loss adjustment expenses	(21,242,593)	(25,208,570)	(1,820,042)	(355,650)	(497,917)	(103,461)	(49,228,233)
Expenses incurred related to claims	(846,000)	-	-	-	-	-	(846,000)
Reinsurers’ share of claims paid	6,370,886	10,057,043	1,558,557	215,816	376,866	53,574	18,632,742
Net claims paid	(15,717,707)	(15,151,527)	(261,485)	(139,834)	(121,051)	(49,887)	(31,441,491)
Changes in outstanding claims, net	2,693,555	(404,630)	(30,746)	103,903	376,938	(104,805)	2,634,215
Changes in IBNR, net	(410,701)	813,605	(327,918)	(188,916)	(126,903)	709,716	468,883
Net claims incurred	(13,434,853)	(14,742,552)	(620,149)	(224,847)	128,984	555,024	(28,338,393)
Additional premium reserves	-	1,311,849	-	-	-	-	1,311,849
Other technical reserves	164,824	826,723	(178,710)	38,237	(34,608)	(106,080)	710,386
Policy acquisition costs	(2,569,074)	(2,233,221)	(301,813)	(199,008)	(149,017)	(109,796)	(5,561,929)
Other underwriting expenses	(164,094)	(246,896)	(37,345)	(56,032)	(20,841)	(40,241)	(565,449)
TOTAL UNDERWRITING COSTS AND EXPENSES	(16,003,197)	(15,084,097)	(1,138,017)	(441,650)	(75,482)	298,907	(32,443,536)
NET UNDERWRITING INCOME	11,025,503	5,033,565	1,710,327	1,006,188	908,261	2,364,824	22,048,668

For the three-month period ended March 31, 2018 (Unaudited) (continued)

NET UNDERWRITING INCOME							22,048,668
OTHER OPERATING (EXPENSES)/ INCOME
General and administrative expenses							(18,856,159)
Reversal of doubtful debts							405,719
Commission income on deposits/sukuk							1,227,256
Dividend and realized gain on investments							768,663
Other income							476,721
TOTAL OTHER OPERATING EXPENSES							(15,977,800)

NET SURPLUS							6,070,868

Surplus transferred to Shareholders							(605,864)

NET RESULT AFTER TRANSFER OF SURPLUS TO SHAREHOLDERS							5,452,776

11.

For the three-month period ended March 31, 2017 (Unaudited)

	Medical	Motor	Marine	Property	Engineering	General accident	Total
REVENUES
Gross premiums written	26,500,878	104,043,264	8,864,204	9,420,495	4,246,826	7,617,880	160,693,547
Reinsurance premiums ceded - local	-	(5,410,210)	(349,695)	(735,451)	(395,899)	(432,760)	(7,324,015)
Reinsurance premiums ceded – foreign	(4,917,362)	(36,222,545)	(6,003,215)	(7,571,126)	(2,630,625)	(3,929,329)	(61,274,202)
Fee income from insurance	500	3,580,086	19,890	7,845	2,885	13,145	3,624,351
Excess of loss expenses	(192,500)	(412,223)	(300,654)	(163,633)	-	-	(1,069,010)
Net premiums written	21,391,516	65,578,372	2,230,530	958,130	1,223,187	3,268,936	94,650,671
Changes in unearned premiums, net	(7,961,691)	(38,551,731)	(155,337)	(113,946)	(491,994)	(1,173,582)	(48,448,281)
Net premiums earned	13,429,825	27,026,641	2,075,193	844,184	731,193	2,095,354	46,202,390
Reinsurance commission	-	3,396,166	1,904,204	1,153,881	582,897	424,808	7,461,956
TOTAL REVENUE	13,429,825	30,422,807	3,979,397	1,998,065	1,314,090	2,520,162	53,664,346

UNDERWRITING COSTS AND EXPENSES

Gross claims paid and loss adjustment expenses	(5,518,464)	(28,606,221)	(1,372,923)	(3,435,028)	(142,535)	(433,401)	(39,508,572)
Expenses incurred related to claims	(447,752)	-	-	-	-	-	(447,752)
Reinsurers’ share of claims paid	1,408,666	11,266,410	1,103,218	3,315,146	121,784	238,805	17,454,029
Net claims paid	(4,557,550)	(17,339,811)	(269,705)	(119,882)	(20,751)	(194,596)	(22,502,295)
Changes in outstanding claims, net	(815,946)	(591,069)	(173,130)	313,916	(150,547)	(623,869)	(2,040,645)
Changes in IBNR, net	957,050	(1,924,041)	153,715	51,950	(66,170)	(669,678)	(1,497,174)
Net claims incurred	(4,416,446)	(19,854,921)	(289,120)	245,984	(237,468)	(1,488,143)	(26,040,114)
Additional premium reserves	-	(288,551)	-	-	59,333	-	(229,218)
Other technical reserves	(40,098)	-	-	-	-	-	(40,098)
Policy acquisition costs	(1,021,201)	(2,796,863)	(360,608)	(337,844)	(137,604)	(191,281)	(4,845,401)
Other underwriting expenses	(72,764)	(285,673)	(24,338)	(25,866)	(11,661)	(20,916)	(441,218)
TOTAL UNDERWRITING COSTS AND EXPENSES	(5,550,509)	(23,226,008)	(674,066)	(117,726)	(327,400)	(1,700,340)	(31,596,049)
NET UNDERWRITING INCOME	7,879,316	7,196,799	3,305,331	1,880,339	986,690	819,822	22,068,297

For the three-month period ended March 31, 2017 (Unaudited) (continued)

NET UNDERWRITING INCOME							22,068,297
OTHER OPERATING (EXPENSES)/ INCOME
General and administrative expenses							(14,804,482)
Allowance for doubtful debts							(2,673,781)
Commission income on deposits/sukuk							780,624
Dividend and realized gain on investments							936,861
Other income							994,235
TOTAL OTHER OPERATING EXPENSES							(14,766,543)

NET SURPLUS							7,301,754

Surplus transferred to Shareholders							(721,635)

NET RESULT AFTER TRANSFER OF SURPLUS TO SHAREHOLDERS							6,494,719

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 shares.

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]

CONTINGENCIES AND COMMITMENTS

i) The Company, in common with significant majority of insurers, is subject to litigation in the normal course of its business. The Company, based on independent legal advice, does not believe that the outcome of these cases will have a material impact on the Company’s financial performance.

ii) As at March 31, 2018 the Company does not have any capital commitments (December 31, 2017: Nil).

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

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 transaction takes place either:

- in the accessible principal market for the asset or liability, or

- in the absence of a principal market, in the most advantages accessible market for the asset or liability

The fair values of on-balance sheet financial instruments are not significantly different from their carrying amounts included in the interim condensed financial information.

Determination of fair value and fair value hierarchy

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

Level 1: quoted prices in active markets for the same or identical instrument that an entity can access at the measurement date;

Level 2: quoted prices in active markets for similar assets and liabilities or other valuation techniques for which all significant inputs are based on observable market data; and

Level 3: valuation techniques for which any significant input is not based on observable market data.

a. Carrying amounts and fair value

		Fair value
	Carrying value	Level 1	Level 2	Level 3	Total
March 31, 2018 (Unaudited)

Financial assets measured at fair value
*Available-for-sale investments*
Mutual funds	30,830,754	25,695,749	5,135,005	-	30,830,754
Equity investments	20,013,558	18,090,480	-	1,923,078	20,013,558
Total investments	50,844,312	43,786,229	5,135,005	1,923,078	50,844,312

Financial assets not measured at fair value
Short term deposits	92,321,462	-	92,321,462	-	92,321,462
Long term deposits	35,511,875	-	35,511,875	-	35,511,875
*Held-to-maturity investments*
Sukuk and bonds	27,314,617	-	27,314,617	-	27,314,617
Total investments	155,147,954	-	155,147,954	-	155,147,954

		Fair value
	Carrying value	Level 1	Level 2	Level 3	Total
December 31, 2017 (Audited)

Financial assets measured at fair value
*Available-for-sale investments*
Mutual funds	26,434,284	21,536,423	4,897,861	-	26,434,284
Equity investments	4,676,335	2,753,257	-	1,923,078	4,676,335
Total investments	31,110,619	24,289,680	4,897,861	1,923,078	31,110,619

Financial assets not measured at fair value
Short term deposits	69,895,664	-	69,895,664	-	69,895,664
Long term deposits	35,210,439	-	35,210,439	-	35,210,439
*Held-to-maturity investments*
Sukuk and bonds	23,064,698	-	23,064,698	-	23,064,698
Total investments	128,170,801	-	128,170,801	-	128,170,801

Level 3 investments comprise of equity investment of 192,308 shares of Najm for Insurance Services (Najm) (2016: 192,308 shares), where cost approximates their fair value.

Financial liabilities that are not measured at fair value are designated as level 2.

b. Measurement of fair values

The following table shows the valuation techniques used in measuring Level 2 and Level 3 fair values at March 31, 2018 and December 31, 2017, as well as the significant unobservable inputs used.

Mutual funds

The fair value is estimated based on the valuation of the underlying assets, valuation happens on daily basis to produce the unit price that is then used to calculate the market value for the units held by the investors.

Sukuk and bonds

The fair values are based on broker quotes. Similar contracts are traded in an active market and the quotes reflect the actual transactions in similar instruments.

Short term deposits and long term deposits

A net present value calculated using discount rate derived from quoted yields of securities with similar maturity and credit rating that are traded in active market, adjusted by an illiquid factor.

Transfer between Level 1, Level 2 and level 3

There were no transfers between Levels during the three months period ended March 31, 2018 and no transfers in either direction during the twelve months period ended December 31, 2017.

Reconciliation of Level 3 fair values

There is no change in fair value measurements for the investment categorized within Level 3 of the fair value hierarchy.

[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