| 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 ACTIVITIESAllied Cooperative Insurance Group (“the Company”) is a Saudi Joint Stock Company registered in the Kingdom of Saudi Arabia under Commercial Registration No. 4030171999 dated 9 Shabaan 1428H, corresponding to 22 August 2007.The registered office address of the Company was situated at Al Malka District District, P. O. Box 40523, Riyadh 11511, Kingdom of Saudi Arabia. However, as per the Board of Directors resolution dated 30 January 2018, the registered office address of the Company has been changed to Al Heteen District P.O. Box 40523 Riyadh 11511, Kingdom of Saudi Arabia. The legal formalities to change the registered office address of the Company have been completed during the period ended 30 September 2018 and accordingly new Commercial Registration No. 1010417178 has been obtained.The activities of the Company are to transact cooperative insurance operations and related activities in the Kingdom of Saudi Arabia. On 4 April 2009, the Company received a license from the Saudi Arabian Monetary Authority (“SAMA”) to engage in insurance in Saudi Arabia. The Company commenced its commercial operations on 1 July 2009. The Company was listed on the Saudi Stock Exchange (Tadawul) on 27 August 2007. There are 3 registered branches as set out below:Branch Commercial Registration Number Place of issuance DateBranch of ACIG 2051043671 Al Khobar 12 Ramadan 1439 HBranch of ACIG 5855035150 Khamis Mushayt 12 Ramadan 1439 HBranch of ACIG 4030204059 Jeddah 12 Ramadan 1439 HThe Board of Directors on 7 March 2017 approved the study of a possibility of merger with Malath Cooperative Insurance Company (Malath). During the quarter ended 31 March 2018, the Board approved to extend the previously announced period by six months to sign a non-binding memorandum of understanding to conduct the technical, financial and legal studies necessary for the merger process and to present the results of the studies to the Board of Directors of the two companies. However, on 12 July 2018, the Board of Directors of ACIG decided not to continue the merger due to the failure to reach a preliminary agreement with Malath regarding the methodology used in evaluating the two companies. | 1 |
| Disclosure of basis of preparation of financial statements [text block] | 1. BASIS OF PREPARATIONStatement of ComplianceThe interim condensed financial information of the Company as at and for the period ended 30 June 2019 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) as endorsed in the Kingdom of Saudi Arabia.The financial statements of the Company as at and for the period and year ended 31 March 2019 and 31 December 2018, respectively, were prepared in compliance with the IAS 34 and the International Financial Reporting Standards (“IFRS”) respectively, as modified by SAMA for the accounting of zakat and income tax (relating to the application of IAS 12 – “Income Taxes” and IFRIC 21 – “Levies” so far as these relate to zakat and income tax) and the Banking Control Law and the Regulations for Companies in the Kingdom of Saudi Arabia.SAMA instructed the Insurance Companies in the Kingdom of Saudi Arabia to account for the zakat and income taxes in the statement of income. This aligns with the IFRS and its interpretations as issued by the International Accounting Standards Board (“IASB”). 2. BASIS OF PREPARATION – (continued)Statement of Compliance – (continued)Accordingly, the Company changed its accounting treatment for zakat and income tax by retrospectively adjusting the impact in line with International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors.The accounting policies used in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2018, except for the change in the accounting for zakat and income tax as explained below:Change in the accounting for zakat and income tax:As mentioned above, the basis of preparation has been changed for the period ended 30 June 2019 as a result of the issuance of latest instructions from SAMA. Previously, zakat and income tax were recognized in the statement of changes in equity as per the SAMA circular no 381000074519 dated 11 April 2017. With the latest instructions issued by SAMA, the zakat and income tax shall be recognized in the statement of income. The Company has accounted for this change in the accounting for zakat and income tax retrospectively. The change has resulted in reduction of reported income of the Company for the period ended 30 June 2018 by SR 3.5 million. The change has had no impact on the statement of cash flows for the period ended 30 June 2018.As at and for the six – months period ended June 30, 2018Financial Statement impact Account Before the restatement for the six-month period ended June 30, 2018 Effect of restatement As restated as at and for the six-month period ended June 30, 2018Statement of changes in equity Accrued zakat and income tax 3,511 (3,511) -Statement of changes in equity Accrued zakat and income tax 35 (35) -Statement of income Zakat charge for the period - 3,511 3,511Statement of income Income tax charge for the period - 35 35Statement of income Earnings per share 0.27 (0.18) 0.09As at and for the three – months period ended June 30, 2018Financial Statement impact Account Before the restatement for the six-month period ended June 30, 2018 Effect of restatement As restated as at and for the six-month period ended June 30, 2018Statement of changes in equity Accrued zakat and income tax 3,036 (3,036) -Statement of changes in equity Accrued zakat and income tax 35 (35) -Statement of income Zakat charge for the period - 3,036 3,036Statement of income Income tax charge for the period - 35 35Statement of income Earnings per share 0.15 (0.157) (0.007)The Company follows a fiscal year ending 31 December.The interim condensed financial information are expressed in Saudi Riyals, being the functional currency of the Company and have been rounded off to the nearest thousand, unless otherwise specified. 2. BASIS OF PREPARATION – (continued)Basis of presentationThe preparation of interim condensed financial information in conformity with International Financial Reporting Standards (“IFRS”) requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the interim condensed financial information 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.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. The Company’s interim 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, term deposits, premiums and reinsurers’ receivable - net, reinsurers’ share of unearned premium, reinsurers’ share of outstanding claims, reinsurers’ share of claims incurred but not reported, deferred policy acquisitions cost, due from related parties, prepaid expenses and other assets, policyholders claim payable, accrued and other liabilities, unearned premiums, unearned reinsurance commission, outstanding claims, claims incurred but not reported, other technical reserves, surplus distribution payable and Zakat and income tax. The following balances would generally be classified as non-current: end-of-service indemnities, investments, statutory deposit, accrued income on statutory deposit and property and equipment.As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the financial information accordingly. Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors.The interim statement of financial position, statements of income and statement of comprehensive income and cash flows of the insurance operations and shareholders operations which are presented on Note No. 16 of the interim condensed 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 statements of financial position, statements of income, comprehensive income and cash flows prepared for the insurance operations and shareholders operations as referred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of the respective operations.In preparing the Company-level financial information in compliance with IFRS, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperation balances, transactions and 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 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.As per the by-laws of the Company, surplus arising from the Insurance Operations is distributed as follows:Transfer to Shareholders’ operations 90%Transfer to Policyholders’ operations 10% 100%In case of deficit, the whole deficit will be transferred to Shareholders’ operations. | 2 |
| Disclosure of new standards and amendments in standards [text block] | BASIS OF PREPARATION – (continued)New IFRS, International Financial Reporting and Interpretations Committee’s interpretations (IFRIC) and amendments thereof, adopted by the Company The Company has adopted the following amendments and revisions to existing standards, which were issued by the International Accounting Standards Board (IASB):Standard/Interpretation Description Effective date IFRS 16 Leases 1 January 2019IFRS 16 ‘Leases’ replaces IAS 17 ‘Leases’ along with three Interpretations (IFRIC 4 ‘Determining whether an Arrangement contains a Lease’, SIC 15 ‘Operating Leases-Incentives’ and SIC 27 ‘Evaluating the Substance of Transactions Involving the Legal Form of a Lease’). The new Standard has been applied using the modified retrospective approach, with the cumulative effect of adopting IFRS 16 being recognised in equity as an adjustment to the opening balance of retained earnings for the current period. Prior periods have not been restated.For contracts in place at the date of initial application, the Company has elected to apply the definition of a lease from IAS 17 and IFRIC 4 and has not applied IFRS 16 to arrangements that were previously not identified as lease under IAS 17 and IFRIC 4.The Company has elected not to include initial direct costs in the measurement of the right-of-use asset for operating leases in existence at the date of initial application of IFRS 16, being 1 January 2019. At this date, the Company has also elected to measure the right-of-use assets at an amount equal to the lease liability adjusted for any prepaid or accrued lease payments that existed at the date of transition.Instead of performing an impairment review on the right-of-use assets at the date of initial application, the Company has relied on its historic assessment as to whether leases were onerous immediately before the date of initial application of IFRS 16.On transition, for leases previously accounted for as operating leases with a remaining lease term of less than 12 months and for leases of low-value assets the Company has applied the optional exemptions to not recognise right-of-use assets but to account for the lease expense on a straight line basis over the remaining lease term.For those leases previously classified as finance leases, the right-of-use asset and lease liability are measured at the date of initial application at the same amounts as under IAS 17 immediately before the date of initial application.On transition to IFRS 16 the weighted average incremental borrowing rate applied to lease liabilities recognised under IFRS 16 was 4%.The Company has benefited from the use of hindsight for determining lease term when considering options to extend and terminate leases.The following is a reconciliation of total operating lease commitments at 31 December 2018 to the lease liabilities recognised at 1 January 2019: SRTotal operating lease commitments as at 31 December 2018 14,258,600Discounted using the lessee's incremental borrowing rate at date of initial application (2,543,765)Less: short-term leases recognised on a straight-line basis as expenses (1,729,600)Total lease liabilities recognised under IFRS 16 at 1 January 2019 9,985,235IFRS 17- “Insurance Contracts”, applicable for the period beginning on or after 1 January 2022, and will supersede IFRS 4 “Insurance Contracts”. Earlier adoption is permitted if both IFRS 15 “Revenue form Contracts with Customers” and IFRS 9 “Financial Instruments” have also been applied. The Company has decided not to early adopt this new standard.IFRS 9 – “Financial Instruments”, in July 2014, the IASB published IFRS 9 Financial Instruments which will replace IAS 39 Financial Instruments: Recognition and Measurement. The standard incorporates new classification and measurements requirements for financial assets, the introduction of an expected credit loss impairment model which will replace the incurred loss model of IAS 39, and new hedge accounting requirements. Under IFRS 9, all financial assets will be measured at either amortised cost or fair value. The basis of classification will depend on the business model and the contractual cash flow characteristics of the financial assets. The standard retains most of IAS 39’s requirements for financial liabilities except for those designated at fair value through profit or loss whereby that part of the fair value changes attributable to own credit is to be recognised in other comprehensive income instead of the income statement. The hedge accounting requirements are more closely aligned with risk management practices and follow a more principle based approach. In September 2016, the IASB published amendments to IFRS 4 Insurance Contracts that address the accounting consequences of the application of IFRS 9 to insurers prior to the publication of the forthcoming accounting standard for insurance contracts. The amendments introduce two options for insurers: the deferral approach and the overlay approach. The deferral approach provides an entity, if eligible, with a temporary exemption from applying IFRS 9 until the earlier of the effective date of a new insurance contract standard or 2022.The overlay approach allows an entity to remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contracts standard is applied. The Company has decided to defer the implementation of IFRS 9.The Company believes that IFRS 9 would have an impact on the classification of financial instruments required to be measured mandatorily at fair value. At present it is not possible to provide a reasonable estimate of the effects of application of this new standard as the Company is yet to perform a detailed review. | 2 |
| Disclosure of issued IFRS not yet adopted [text block] | Standards issued but not yet effectiveStandards issued but not yet effective up to the date of issuance of the Company’s interim condensed financial information are listed below. The listing is of standards and interpretations issued, which the Company reasonably expects to be applicable at a future date. The Company intends to adopt these standards when they are effective. | 2 |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of investments in available-for-sale investments [text block] | 6. AVAILABLE-FOR-SALE INVESTMENTSShareholders’ operations 30 June2019(Unaudited) SR’000 31 December 2018(Audited)SR’000 Investment in sukuk 25,000 25,000Quoted securities - 20,712Unquoted securities 1,923 1,923Units in quoted local real estate fund 10,734 10,099 37,657 57,734As at 30 June 2019 – (Unaudited) Balance at the beginning of the period Net movement during the period Change in fair value for the period Balance at the end of the period SR’000 SR’000 SR’000 SR’000Investment in Najm for Insurance Services Company 1,923 - - 1,923Investment in sukuk 25,000 - - 25,000Units in quoted local real estate fund 10,099 - 635 10,734Quoted securities 20,712 (22,286) 1,574 - 57,734 (22,286) 2,209 37,657 Balance at the beginning of the year Net movement during the year Change in fair value for the year Balance at the end of the yearAs at 31 December 2018 – (Audited) SR’000 SR’000 SR’000 SR’000Investment in Najm for Insurance Services Company 1,923 - - 1,923Units in quoted local real estate fund - 9,992 107 10,099Investment in sukuk 25,000 - - 25,000Quoted securities 16,800 6,728 (2,816) 20,712 43,723 16,720 (2,709) 57,7346. AVAILABLE-FOR-SALE INVESTMENTS – (continued)Investment in Najm for Insurance Services Company is classified under level 3. Investments in mutual funds and GACA Sukuk are classified under level 2. There is no movement in levels of investments. | 6 |
| Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] | 1. PREMIUMS AND REINSURERES’ RECEIVABLE, NET 30 June2019(Unaudited) SR’000 31 December 2018(Audited)SR’000 Due from policyholders 81,441 75,050Due from policyholders – related parties 3,029 3,752Due from Brokers and agents 27,034 22,590Receivables from reinsurers 7,471 5,891Provision for doubtful debts (13,060) (13,305) 105,915 93,978Movement in provision for doubtful debts is as follows: 30 June2019(Unaudited) SR’000 31 December 2018(Audited)SR’000 Balance at the beginning of the period / year 13,305 5,806(Release)/Provisions made during the period / year (245) 7,499Balance at the end of the period / year 13,060 13,305 | 5 |
| Disclosure of cash and cash equivalents [text block] | 3. CASH AND CASH EQUIVALENTS 30 June2019(Unaudited) SR’000 31 December 2018(Audited)SR’000Insurance operations Cash in hand and at banks 75,750 83,409 75,750 83,409 Shareholders’ operations Cash in hand and at banks 30,966 10,086 30,966 10,086Cash at banks are placed with counterparties who have good credit ratings.The carrying amounts disclosed above reasonably approximate fair value at the statement of interim financial position date.4. TERM DEPOSITS 30 June2019(Unaudited) SR’000 31 December 2018(Audited)SR’000Insurance Operations Term deposits 135,513 138,256Shareholders’ Operations Term deposits 54,738 48,983The term deposits are held with the commercial banks. These term deposits are denominated in Saudi Arabian Riyals and have been an original maturity of more than three months and less than twelve months. The carrying amounts of these term deposits reasonably approximate their fair values at the reporting date. | 3 |
| Disclosure of statutory deposit [text block] | 1. STATUTORY DEPOSIT 30 June2019 31 December 2018 (Unaudited) (Audited)Shareholders’ Operations SR’000 SR’000 Statutory deposit 20,000 20,000 As required by Saudi Arabian Insurance Regulations, the Company deposited 10% of its paid up capital, amounting to SR 20 million in a bank designated by the Saudi Arabian Monetary Authority (SAMA). The Company cannot withdraw this deposit without SAMA’s approval. | 7 |
| Disclosure of gross unearned premiums/ contributions [text block] | 8. UNEARNED PREMIUMS, NET 30 June2019(Unaudited) SR’000 31 December 2018(Audited)SR’000 Unearned premiums 258,366 252,007Reinsurance share of unearned premiums (25,236) (22,738) 233,130 229,269 | 8 |
| Disclosure of gross outstanding claims/ benefits [text block] | 1. TECHNICAL RESERVES, NET 30 June2019(Unaudited) SR’000 31 December 2018(Audited)SR’000 Outstanding claims 43,761 42,419Claims incurred but not reported 56,622 55,769Additional premium deficiency reserves 1,797 2,020Other technical reserves 1,810 1,796 103,990 102,004Less: Reinsurers’ share of outstanding claims (12,282) (10,543)Less: Reinsurers’ share of claims incurred but not reported (6,611) (6,004) 85,097 85,457 | 9 |
| Disclosure of zakat [text block] | Zakat and Income TaxThe Zakat and income tax payable by the Company has been calculated based on the best estimates of the management.The movement in the Zakat payable is as follows: 30 June2019(Unaudited) SR’000 31 December 2018(Audited)SR’000 Balance at the beginning of the period / year 5,111 2,103Charge for the current period / year 2,183 5,764Paid during the period / year (2,029) (2,781)Balance at the end of the period / year 5,265 5,086Balance at the end of the period / year for income tax - 25Total Zakat and income tax payable 5,265 5,111The differences between the financial and the zakatable results are mainly due to certain adjustments in accordance with the relevant fiscal regulations.Zakat base has been computed based on the Company’s understanding of the Zakat regulations enforced in the Kingdom of Saudi Arabia. The Zakat regulations in Saudi Arabia are subject to different interpretations, and the assessments to be raised by the GAZT could be different from the declarations filed by the Company.Income TaxForeign shareholder, being Islamic Development Bank (IDB) is exempted from income tax.Status of assessment:Zakat and income tax returns have been filed with the General Authority of Zakat and Tax (“GAZT”) for the years ended up to 31 December 2017. Final certificate has been received from GAZT for the year ended 31 December 2008. However, GAZT has raised an additional assessment in respect of the returns filed for the years ended 31 December 2008, 2009 and 2010 amounting to SR 1.86 million which has been paid. The major difference of additional assessment relates to disallowance of a portion of pre incorporation expenses and withholding tax. The Company has filed an objection against this additional assessment with the preliminary tax objection Committee subsequent to the year end, as adverse decision was received from the preliminary Tax Objection Committee, upon which the Company filed appeal with the Higher Objection Committee. The high appeal committee issued its decision in favour of the Company with respect to Zakat and rejected the appeal related to withholding tax. The Company has referred the matter to the board of grievance. In this regard, the Company has issued a letter of guarantee amounting to SAR 1.83 million in favour of GAZT (see contingency and commitment notes). And they have paid the amount of tax SAR 1.3 million. The company has raised an objection for unfavourable assessment raised by GAZT for the years 31 December 2013 till 2015 with the amount of SAR 4.98 million. The objection is currently under review by GAZT. | 10 |
| Disclosure of classes of share capital [text block] | 1. SHARE CAPITALThe authorized, issued and paid up share capital of the Company is SR 200 million at period end consisting of 20 million shares of SR 10 each. 30 June 2019 31 December 2018 (Unaudited) (Audited) % holding SR’000 % holding SR’000 Founding shareholders 40 80,000 40 80,000General public 60 120,000 60 120,000Balance at the end of the period / year 100 200,000 100 200,000 | 11 |
| Disclosure of statutory reserve [text block] | 1. STATUTORY RESERVEAs required by Saudi Arabian Insurance Regulations, 20% of the net shareholders’ income shall be set aside as a statutory reserve until this reserve amounts to 100% of paid capital. No appropriation has been made as the Company has accumulated losses at the end of the period. | 13 |
| Disclosure of earnings per share [text block] | 1. BASIC AND DILUTED EARNINGS PER SHAREEarnings per share for the period has been calculated by dividing the net income for the period by the weighted average number of issued and outstanding shares for the period. | 12 |
| Disclosure of related party transactions [text block] |
1. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
Major related party transactions during the period and the related balances at the end of the period / year are as follows:
Related party | Nature of transaction | Amount of transactions Six-months period ended | Closing balance Receivable / (Payable) | | | | 30 June 2019 | 30 June 2018 |
| 30 June 2019 | 31 December 2018 |
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| (Unaudited) | (Unaudited) |
| (Unaudited) | (Audited) |
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| SR’000 | SR’000 |
| SR’000 | SR’000 |
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| Abiat (Affiliate) | Premiums written | | |
| | |
| Claims paid | | |
| | | Fuji Saudi Arabia (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | GEEC (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Mayar Holding (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Saudi Drip (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Taya Feed Mill Factory (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Taya Real Estate (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Taya Holding (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | GCP Co. (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Al Huda Charity Trust (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Saudi Wings Co. (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Taya Agriculture Co. (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Bakri and sons Holding Co. (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Saudi Drip Irrigation system Co. (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Red sea Marine services Co. (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | Solaiman A.El Khereiji consultant (SAK) (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | M/s Arabian Gulf Co. For Maintenance & Contracting (Affiliate) |
Premiums written | | |
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| Claims paid | | |
| | | Abdullah Al Rayes EST (Affiliate) |
Premiums written | | |
| | |
| Claims paid | | |
| | | M/s Edama Co Medical |
Premiums written | | |
| | |
| Claims paid | | |
| | | M/s Nama Real Estate |
Premiums written | | |
| | |
| Claims paid | | |
| | | M/s Valie Real Estate |
Premiums written | | |
| | |
| Claims paid | | |
| | | Mr. Hesham Mohammed Abdullah Al Shareef and family | Premiums written | | |
| | |
| Claims paid | | |
| | | ACIG Bahrain (Shareholder) |
Claims paid on behalf of ACIG Bahrain | | |
| | | Board and audit committee |
Meetings fee | | |
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| Key management personnel | Short term benefits | | |
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| Long term benefits | | |
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| 14 |
| Disclosure of entity's operating segments [text block] | 1. SEGMENTAL INFORMATION
Consistent with the Company’s internal reporting process, operating segments have been approved by the management in respect of the Company’s activities, assets and liabilities as stated below.
Segment results do not include general and administrative expenses, provision for doubtful debts and other income.
Segment assets do not include cash and cash equivalents, investments, prepayments and other receivables, and property and equipment, net.
Segment liabilities do not include reinsurance payables, accrued expenses and other liabilities, due to shareholders’ operations and employees’ terminal benefits.
15. SEGMENTAL INFORMATION - (continued)
For three-months period ended 30 June 2019 (Unaudited) | | | | | | |
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| | | Revenue |
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| Gross premiums written | 37,297 | 88,407 | 1,559 | 3,289 | 130,552 | Less: Premiums ceded |
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| - Local | (734) | - | (32) | (450) | (1,216) | - Foreign | (6,582) | - | (211) | (2,442) | (9,235) | Less: Excess of loss premium |
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| - Local | - | (109) | (55) | (62) | (226) | - Foreign | - | (164) | (9) | (93) | (266) | Net written premiums | | | | | | Changes in net unearned premiums | 764 | 3,626 | 1,048 | 20 | 5,458 | Net premiums earned | | | | | | Other underwriting Income | - | 676 | - | - | 676 | Reinsurance commission earned | - | 2 | 166 | 829 | 997 | Total revenues | | | | | | Underwriting Costs and expenses |
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| Gross claims paid and loss adjustment expenses | 36,337 | 74,042 | 637 | 217 | 111,233 | Less: Reinsurers’ share | | | | | | Net claims paid | 28,795 | 74,042 | 574 | 52 | 103,463 | Changes in outstanding claims, net | (3,694) | (2,290) | 118 | (159) | (6,025) | Changes in incurred but not reported, net | (9) | 1,030 | - | - | 1,021 | Change in unallocated loss adjustment expense | | | | | | Net claims incurred | 25,070 | 72,776 | 692 | (107) | 98,431 | Change in premium deficiency reserves | (183) | - | - | - | (183) | Policy acquisition cost | 2,577 | 1,867 | 237 | 392 | 5,073 | Other underwriting expense | 390 | 1,712 | - | - | 2,102 | Total underwriting costs and expenses | | | | | | Net underwriting income | 2,891 | 16,083 | 1,537 | 806 | 21,317 | General and administrative expenses |
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| (21,229) | Realized gain on available for sale investments |
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| 656 | Release of doubtful debts |
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| 363 | Investment income |
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| 1,620 | Other income |
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| 3 | Total other operating expenses |
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| | Net Surplus |
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| | Surplus transferred to Shareholders’ |
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| | Net result after transfer of surplus to shareholders’ |
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15. SEGMENTAL INFORMATION - (continued)
For three-months period ended 30 June 2018 (Unaudited) | | | | | | Revenue | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | Gross premiums written | 38,395 | 71,164 | 1,548 | 3,011 | 114,118 | Less: Premiums ceded |
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| - Local | (764) | - | (21) | (340) | (1,125) | - Foreign | (5,571) | (84) | (448) | (2,265) | (8,368) | Less: Excess of loss premium |
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| - Local | - | (540) | (231) | (35) | (806) | - Foreign |
| (810) | (9) | (53) | (872) | Net written premiums | | | | | | Changes in net unearned premiums | (5,513) | 3,716 | 1,329 | 4 | (464) | Net premiums earned | | | | | | Other underwriting Income | - | 2,544 | - | - | 2,544 | Reinsurance commission earned | - | - | 171 | 516 | 687 | Total revenues | | | | | | Underwriting Costs and expenses |
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| Gross claims paid and loss adjustment expenses | 25,458 | 50,242 | 232 | 53 | 75,985 | Less: Reinsurers’ share | | | | | | Net claims paid | 16,922 | 46,673 | 232 | 1 | 63,828 | Changes in outstanding claims, net | 2,037 | 696 | 332 | 60 | 3,125 | Changes in incurred but not reported, net | | | | | | Net claims incurred | 20,251 | 49,119 | 564 | 61 | 69,995 | Policy acquisition cost | 2,472 | 4,022 | 227 | 199 | 6,920 | Other underwriting expense | 345 | 347 | - | - | 692 | Total underwriting costs and expenses | | | | | | Net underwriting income | 3,479 | 22,502 | 1,548 | 578 | 28,107 | General and administrative expenses |
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| (22,815) | Realized gain on available for sale investments |
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| 500 | Allowance for doubtful debts |
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| (576) | Investment income |
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|
| 1,132 | Impairment on available for sale investments |
|
|
|
| | Total other operating expenses |
|
|
|
| | Net Surplus |
|
|
|
| | Surplus transferred to Shareholders |
|
|
|
| | Net result after transfer of surplus to shareholders |
|
|
|
| |
15. SEGMENTAL INFORMATION - (continued)
For six-months period ended 30 June 2019 (Unaudited) | | | | | | |
|
|
| | | Revenue |
|
|
|
|
| Gross premiums written | 72,035 | 185,992 | 4,943 | 11,975 | 274,945 | Less: Premiums ceded |
|
|
|
|
| - Local | (1,413) | - | (107) | (968) | (2,488) | - Foreign | (12,486) | - | (1,955) | (9,739) | (24,180) | Less: Excess of loss premium |
|
|
|
|
| - Local | - | (633) | (253) | (115) | (1,001) | - Foreign | - | (951) | (17) | (172) | (1,140) | Net written premiums | | | | | | Changes in net unearned premiums | 5,356 | (10,678) | 1,812 | (351) | (3,861) | Net premiums earned | | | | | | Other underwriting Income | - | 1,098 | - | - | 1,098 | Reinsurance commission earned | - | 6 | 318 | 1,548 | 1,872 | Total revenues | | | | | | Underwriting Costs and expenses |
|
|
|
|
| Gross claims paid and loss adjustment expenses | 69,370 | 134,501 | 756 | 293 | 204,920 | Less: Reinsurers’ share | | | | | | Net claims paid | 53,894 | 132,926 | 634 | 69 | 187,523 | Changes in outstanding claims, net | (1,898) | 1,295 | 230 | (23) | (396) | Changes in incurred but not reported, net | 1,478 | (1,231) | - | - | 247 | Change in unallocated loss adjustment expense | | | | | | Net claims incurred | 53,473 | 133,004 | 864 | 46 | 187,387 | Change in premium deficiency reserves | (223) | - | - | - | (223) | Policy acquisition cost | 5,245 | 5,732 | 472 | 649 | 12,098 | Other underwriting expense | 780 | 2,920 | - | - | 3,700 | Total underwriting costs and expenses | | | | | | Net underwriting income | 4,217 | 33,178 | 3,405 | 1,483 | 42,283 | General and administrative expenses |
|
|
|
| (41,768) | Realized gain on available for sale investments |
|
|
|
| 2,209 | Release of doubtful debts |
|
|
|
| 245 | Other income |
|
|
|
| 3 | Investment income |
|
|
|
| 3,142 | Total other operating expenses |
|
|
|
| | Net Surplus |
|
|
|
| | Surplus transferred to Shareholders’ |
|
|
|
| | Net result after transfer of surplus to shareholders’ |
|
|
|
| |
15. SEGMENTAL INFORMATION - (continued)
For six-months period ended 30 June 2018 (Unaudited) | | | | | | Revenue |
|
|
|
|
| Gross premiums written | 79,946 | 140,538 | 4,938 | 4,659 | 230,081 | Less: Premiums ceded |
|
|
|
|
| - Local | (1,653) | - | (31) | (498) | (2,182) | - Foreign | (11,668) | (84) | (1,958) | (3,305) | (17,015) | Less: Excess of loss premium |
|
|
|
|
| - Local | - | (1,080) | (462) | (70) | (1,612) | - Foreign | - | (1,620) | (17) | (106) | (1,743) | Net written premiums | | | | | | Changes in net unearned premiums | (17,495) | 4,347 | 2,020 | (179) | (11,307) | Net premiums earned | | | | | | Other underwriting Income | 2,416 | 5,083 | - | - | 7,499 | Reinsurance commission earned | - | 4 | 295 | 958 | 1,257 | Total revenues | | | | | | Underwriting Costs and expenses |
|
|
|
|
| Gross claims paid and loss adjustment expenses | 48,773 | 101,911 | 263 | 367 | 151,314 | Less: Reinsurers’ share | | | | | | Net claims paid | 33,076 | 98,157 | 251 | 41 | 131,525 | Changes in outstanding claims, net | 4,991 | (1,258) | 635 | (4) | 4,364 | Changes in incurred but not reported, net | | | | | | Net claims incurred | 39,397 | 99,136 | 886 | 37 | 139,456 | Policy acquisition cost | 4,762 | 8,543 | 452 | 361 | 14,118 | Other underwriting expense | 415 | 576 | - | - | 991 | Total underwriting costs and expenses | | | | | | Net underwriting income | 6,972 | 38,933 | 3,447 | 1,061 | 50,413 | General and administrative expenses |
|
|
|
| (43,433) | Realized gain on available for sale investments |
|
|
|
| 1,076 | Allowance for doubtful debts |
|
|
|
| (1,237) | Investment income |
|
|
|
| 2,165 | Impairment on available for sale investments |
|
|
|
| (2,797) | Other income |
|
|
|
| 6 | Total other operating expenses |
|
|
|
| | Net Surplus |
|
|
|
| | Surplus transferred to Shareholders’ |
|
|
|
| | Net result after transfer of surplus to shareholders’ |
|
|
|
| |
15. SEGMENTAL INFORMATION - (continued)
As at 30 June 2019 (Unaudited) | | | | | Total – Insurance operation | | | | | |
| | |
|
| Assets |
|
|
|
|
|
|
| Cash and cash equivalents | - | - | - | - | 75,750 | 30,966 | 106,716 | Premiums and reinsurers’ receivable - net | - | - | - | - | 105,915 | - | 105,915 | Reinsurers’ share of unearned premiums | 12,263 | - | 2,605 | 10,368 | 25,236 | - | 25,236 | Reinsurers’ share of outstanding claims | 3,792 | 3,888 | 4,047 | 555 | 12,282 | - | 12,282 | Reinsurers’ share of claims Incurred but not reported | 4,099 |
| 1,054 | 1,458 | 6,611 | - | 6,611 | Deferred policy acquisition costs | 4,197 | 8,648 | 859 | 517 | 14,221 | - | 14,221 | Investments | - | - | - | - | 135,513 | 54,738 | 190,251 | Unallocated assets | - | - | - | - | 61,382 | 64,093 | 125,475 | Total Assets | | | | | | | | Liabilities |
|
|
|
|
|
|
| Policyholders claims payable | - | - | - | - | 7,090 | - | 7,090 | Reinsurers' balances payable | - | - | - | - | 17,305 | - | 17,305 | Unearned premiums | 59,090 | 175,187 | 12,834 | 11,255 | 258,366 | - | 258,366 | Unearned reinsurance commission | - | - | 388 | 1,074 | 1,462 | - | 1,462 | Outstanding claims | 16,277 | 19,837 | 6,940 | 707 | 43,761 | - | 43,761 | Claims incurred but not reported | 17,160 | 35,567 | 2,322 | 1,573 | 56,622 | - | 56,622 | Other technical reserves | 1,797 | - | - | - | 1,797 | - | 1,797 | Loss Adjustment Expenses Reserve | 167 | 1,385 | 201 | 57 | 1,810 | - | 1,810 | Unallocated liabilities |
|
|
|
| 48,697 | 149,797 | 198,494 | Total liabilities | | | | | | | |
|
|
|
|
|
|
|
|
15. SEGMENTAL INFORMATION - (continued)
As at 31 December 2018 | | | | | Total – Insurance operation | | | | | |
| | |
|
| Assets |
|
|
|
|
|
|
| Cash and cash equivalents | - | - | - | - | 83,409 | 10,086 | 93,495 | Premiums and reinsurers’ receivable - net | - | - | - | - | 93,978 | - | 93,978 | Reinsurers’ share of unearned premiums | 9,074 | 29 | 2,701 | 10,934 | 22,738 | - | 22,738 | Reinsurers’ share of outstanding claims | 4,120 | 2,869 | 3,027 | 527 | 10,543 | - | 10,543 | Reinsurers’ share of claims Incurred but not reported | 3,492 | - | 1,054 | 1,458 | 6,004 | - | 6,004 | Deferred policy acquisition costs | 4,824 | 5,874 | 964 | 388 | 12,050 | - | 12,050 | Investments | - | - | - | - | 138,256 | 48,983 | 187,239 | Unallocated assets | - | - | - | - | 40,447 | 85,722 | 126,169 | Total Assets | | | | | | | | Liabilities |
|
|
|
|
|
|
| Policyholders claims payable | - | - | - | - | 8,741 | - | 8,741 | Reinsurers' balances payable | - | - | - | - | 11,505 | - | 11,505 | Unearned premiums | 61,257 | 164,538 | 14,742 | 11,470 | 252,007 | - | 252,007 | Unearned reinsurance commission | - | 6 | 356 | 904 | 1,266 | - | 1,266 | Outstanding claims | 18,504 | 17,523 | 5,690 | 702 | 42,419 | - | 42,419 | Claims incurred but not reported | 15,075 | 36,798 | 2,323 | 1,573 | 55,769 | - | 55,769 | Other technical reserves | 2,188 | 1,371 | 201 | 56 | 3,816 | - | 3,816 | Unallocated liabilities | - | - | - | - | 31,902 | 144,791 | 176,693 | Total liabilities | | | | | | | |
|
|
|
|
|
|
|
|
15. SEGMENTAL INFORMATION - (continued)
Gross written premium – For the six months period ended 30 June 2019 | | | | | | Retail | 5,657 | 178,688 | 2,432 | - | 186,777 | Very Small | 6,927 | 735 | 680 | - | 8,342 | Small | 20,034 | 2,790 | 4,514 | - | 27,338 | Medium | 13,469 | 2,426 | 1,215 | - | 17,110 | Large | 25,948 | 1,353 | 8,077 | - | 35,378 | Total | | | | | |
|
|
|
|
|
| Gross written premium – For the six months period ended 30 June 2018 | | | | | | Retail | 1 | 133,532 | 2,489 | - | 136,022 | Very Small | 1,874 | 892 | 630 | - | 3,396 | Small | 16,194 | 3,730 | 2,911 | - | 22,835 | Medium | 14,092 | 600 | 580 | - | 15,272 | Large | 47,785 | 1,784 | 2,987 | - | 52,556 | Total | | | | | |
15. SEGMENTAL INFORMATION - (continued)
Gross written premium – For three months period ended 30 June 2019 | | | | | | Retail | 2,565 | 84,461 | 1,113 | - | 88,139 | Very Small | 2,106 | 258 | - | - | 2,364 | Small | 9,985 | 1,726 | 1,157 | - | 12,868 | Medium | 8,759 | 1,365 | 368 | - | 10,492 | Large | 13,882 | 597 | 2,210 | - | 16,689 | Total | | | | | |
|
|
|
|
|
| Gross written premium – For three months period ended 30 June 2018 | | | | | | Retail | - | 67,199 | 870 | - | 68,069 | Very Small | 1,060 | 712 | 20 | - | 1,792 | Small | 10,038 | 2,637 | 730 | - | 13,405 | Medium | 6,449 | 562 | 208 | - | 7,219 | Large | 20,848 | 54 | 2,731 | - | 23,633 | Total | | | | | |
[MY1]Other income amounting SR3 [MY2]Other income amounting to SR 3 | |
| Disclosure of commitments and contingencies, general [text block] | 17. CONTINGENT LIABILITYAs at 30 June 2019, the Company has a letter of guarantee amounting to SR 1.83 million (31 December 2018: SR 1.83 million) in favor of GAZT (See Note 10). A margin of SR 1.83 million (31 December 2017: SR 1.83 million) being deposited with a bank for this purpose and is included in prepayments and other receivables in the interim statement of financial position. The Company has paid the assessment amount and requested for releasing of above mentioned guarantee amount. | 17 |
| Disclosure of comparative figures [text block] | 18. COMPARATIVE FIGURESCertain of the prior year amounts have been reclassified to conform to the presentation in the current year. | 18 |
| Disclosure of board of director's approval of the financial statements [text block] | 19. APPROVAL OF INTERIM CONDENSED FINANCIAL INFORMATIONThese interim condensed financial information have been approved by the board of directors on 30 July 2019 corresponding to 27 Dhul Qadah 1440H. | 19 |
| Disclosure of other notes relevant to understanding of financial statements [text block] | SUPPLEMENTARY INFORMATION,
| | 31 December 2018 (Audited) | Interim statement of financial position | | | | | | | |
|
|
| | |
| Assets |
|
|
|
|
|
| Cash and cash equivalents | 75,750 | 30,966 | 106,716 | 83,409 | 10,086 | 93,495 | Term deposits | 135,513 | 54,738 | 190,251 | 138,256 | 48,983 | 187,239 | Premiums and reinsurers’ receivable – net | 105,915 | - | 105,915 | 93,978 | - | 93,978 | Reinsurers’ share of unearned premium | 25,236 | - | 25,236 | 22,738 | - | 22,738 | Reinsurers’ share of outstanding claims | 12,282 | - | 12,282 | 10,543 | - | 10,543 | Reinsurers’ share of claims Incurred but not reported | 6,611 | - | 6,611 | 6,004 | - | 6,004 | Deferred policy acquisition cost | 14,221 | - | 14,221 | 12,050 | - | 12,050 | Due from related party | 2,395 | - | 2,395 | 2,391 | - | 2,391 | Prepaid expenses and other receivables | 40,816 | 4,919 | 45,735 | 28,047 | 6,602 | 34,649 | Property and equipment, net | 4,462 | - | 4,462 | 5,445 | - | 5,445 | Intangible assets, net | 5,091 | - | 5,091 | 4,564 | - | 4,564 | Right of use asset, net | 8,618 | - | 8,618 | - | - | - | Available for sale Investments | - | 37,657 | 37,657 | - | 57,734 | 57,734 | Accrued income on statutory deposit | - | 1,517 | 1,517 | - | 1,386 | 1,386 | Statutory deposit | | | | | | | TOTAL ASSETS | | | | | | |
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
| Policyholders claims payable | 7,090 | - | 7,090 | 8,741 | - | 8,741 | Accrued and other payables | 23,729 | 20 | 23,749 | 17,016 | 286 | 17,302 | Reinsurers' balances payable | 17,305 | - | 17,305 | 11,505 | - | 11,505 | Unearned premiums | 258,366 | - | 258,366 | 252,007 | - | 252,007 | Unearned reinsurance commission income | 1,462 | - | 1,462 | 1,266 | - | 1,266 | Other technical reserves | 3,607 | - | 3,607 | 3,816 | - | 3,816 | Outstanding claims | 43,761 | - | 43,761 | 42,419 | - | 42,419 | Claims incurred but not reported | 56,622 | - | 56,622 | 55,769 | - | 55,769 | Lease Liability | 8,670 | - | 8,670 | - | - | - | Employees’ terminal benefits | 10,756 | - | 10,756 | 9,789 | - | 9,789 | Surplus distribution payable | 5,902 | - | 5,902 | 5,457 | - | 5,457 | Accrued zakat and income tax | - | 5,265 | 5,265 | - | 5,111 | 5,111 | Accrued commission on statutory deposit payable to SAMA | | | | | | | TOTAL LIABILITIES | | | | | | |
16. SUPPLEMENTARY INFORMATION (continued)
| | 31 December 2018 (Audited) |
| | | | | | | |
|
|
| | |
| EQUITY |
|
|
|
|
|
| Share capital | - | 200,000 | 200,000 | - | 200,000 | 200,000 | Accumulated losses | - | (57,747) | (57,747) | - | (61,233) | (61,233) | Fair value reserve on investments | | | | | | | Total shareholders’ equity | - | 142,995 | 142,995 | - | 138,008 | 138,008 | Actuarial Reserve For Employee Benefits | (360) | - | (360) | (360) | - | (360) | Total equity | | | | | | | TOTAL LIABILITIES AND EQUITY | | | | | | |
16. SUPPLEMENTARY INFORMATION (continued) Interim statement of income | | | For three-months period ended 30 June (Unaudited) | | | | | Shareholders’ operations (Restated) | | Revenue | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | Gross premiums written | 130,552 | - | 130,552
(1,216) (9,235) | 114,118 | - | 114,118 | Less: Premiums ceded |
|
|
|
|
|
| - Local | (1,216) | - | (1,216) | (1,126) | - | (1,126) | - Foreign | (9,235) | - | (9,235) | (8,367) | - | (8,367) | Less: Excess of loss premium |
|
|
|
|
|
| - Local | (226) | - | (226) | (806) | - | (806) | - Foreign | (266) | - | (266) | (872) | - | (872) | Net written premiums | | | | | | | Changes in net unearned premiums | 5,458 | - | 5,458 | (464) | - | (464) | Net premiums earned | | | | | | | Other underwriting Income | 676 | - | 676 | 2,544 | - | 2,544 | Reinsurance commission earned | 997 | - | 997 | 687 | - | 687 | Total revenues | | | | | | | Underwriting Costs and expenses |
|
|
|
|
|
| Gross claims paid | 111,233 | - | 111,233 | 75,985 | - | 75,985 | Less: Reinsurers’ share | | | | | | | Net claims and other benefits paid | 103,463 | - | 103,463 | 63,828 | - | 63,828 | Changes in outstanding claims, net | (6,025) | - | (6,025) | 3,125 | - | 3,125 | Changes in incurred but not reported, net | 1,021 | - | 1,021 | 3,042 | - | 3,042 | Change in unallocated loss adjustment expense, net | | | | | | | Net claims and other benefits incurred | 98,431 | - | 98,431 | 69,995 | - | 69,995 | Change in premium deficiency reserve | (183) | - | (183) |
| - |
| Policy acquisition cost | 5,073 | - | 5,073 | 6,920 | - | 6,920 | Other underwriting expense | 2,102 | - | 2,102 | 692 | - | 692 | Total underwriting costs and expenses | | | | | | | Net underwriting (loss)/income | 21,317 | - | 21,317 | 28,107 | - | 28,107 | General and administrative expenses | (20,406) | (823) | (21,229) | (22,314) | (501) | (22,815) | Realized gain on available for sale investments | - | 656 | 656 | - | 500 | 500 | Provision of doubtful debts | 363 | - | 363 | (576) | - | (576) | Investment income | 1,192 | 428 | 1,620 | 936 | 196 | 1,132 | Impairment on available for sale investments | - | - | - | - | (2,797) | (2,797) | Other income | | | | | | | Total other operating (expenses) / income | (18,848) | 261 | (18,587) | (21,954) | (2,602) | (24,556) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | For three-months period ended 30 June (Unaudited) | | | | | Shareholders’ operations (Restated) | | |
|
|
| | |
| Net Surplus | 2,469 | 261 | 2,730 | 6,153 | (2,602) | 3,551 | Zakat charge for the period | - | (1,200) | (1,200) | - | (3,036) | (3,036) | Income tax charge for the period | - | - | - | - | (35) | (35) | Surplus transferred to shareholder operations | | | | | | | Net result after transfer of surplus to shareholders | 247 | 1,283 | 1,530 | 615 | (135) | 480 |
|
|
|
|
|
|
| Earnings per share (Expressed in SAR per share) |
|
|
|
|
|
| Basic EPS | | | | | | |
|
|
|
|
|
|
| Interim statement of comprehensive income |
|
|
|
|
|
|
| | | | | | |
| SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | Shareholders’ absorption of deficit/ (Surplus transferred to Shareholders) | 247 | 1,283 | 1,530 | 615 | (135) | 480 |
|
|
|
|
|
|
| Other comprehensive income/(loss) |
|
|
|
|
|
| Items that are or may be reclassified to consolidated statement of income in subsequent periods: |
|
|
|
|
|
| Impairment on available for sale investments | - | - | - | - | 2,797 | 2,797 | Net change in fair value of available for sale investments | | | | | | | TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | | | | | | |
16. SUPPLEMENTARY INFORMATION (continued)
16. SUPPLEMENTARY INFORMATION (continued) Interim statement of income | | | For six-months period ended 30 June (Unaudited) | | | | | Shareholders’ operations (Restated) | | Revenue | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | Gross premiums written | 274,945 | - | 274,945 | 230,081 | - | 230,081 | Less: Premiums ceded |
|
|
|
|
|
| - Local | (2,488) | - | (2,488) | (2,182) | - | (2,182) | - Foreign | (24,180) | - | (24,180) | (17,015) | - | (17,015) | Less: Excess of loss premium |
|
|
|
|
|
| - Local | (1,001) | - | (1,001) | (1,612) | - | (1,612) | - Foreign | (1,140) | - | (1,140) | (1,743) | - | (1,743) | Net written premiums | | | | | | | Changes in net unearned premiums | (3,861) | - | (3,861) | (11,307) | - | (11,307) | Net premiums earned | | | | | | | Other underwriting Income | 1,098 | - | 1,098 | 7,499 | - | 7,499 | Reinsurance commission earned | 1,872 | - | 1,872 | 1,257 | - | 1,257 | Total revenues | | | | | | | Underwriting Costs and expenses |
|
|
|
|
|
| Gross claims paid | 204,920 | - | 204,920 | 151,314 | - | 151,314 | Less: Reinsurers’ share | | | | | | | Net claims and other benefits paid | 187,523 | - | 187,523 | 131,525 | - | 131,525 | Changes in outstanding claims, net | (396) | - | (396) | 4,364 | - | 4,364 | Changes in incurred but not reported, net | 247 | - | 247 | 3,567 | - | 3,567 | Change in unallocated loss adjustment expense, net | | | | | | | Net claims and other benefits incurred | 187,387 | - | 187,387 | 139,456 | - | 139,456 | Change in premium deficiency reserve | (223) | - | (223) | - | - | - | Policy acquisition cost | 12,098 | - | 12,098 | 14,118 | - | 14,118 | Other underwriting expense | 3,700 | - | 3,700 | 991 | - | 991 | Total underwriting costs and expenses | | | | | | | Net underwriting (loss)/income | 42,283 | - | 42,283 | 50,413 | - | 50,413 | General and administrative expenses | (40,453) | (1,315) | (41,768) | (42,452) | (981) | (43,433) | Realized gain on available for sale investments | - | 2,209 | 2,209 | - | 1076 | 1076 | Provision of doubtful debts | 245 | - | 245 | (1,237) |
| (1,237) | Investment income | 2,376 | 766 | 3,142 | 1,790 | 375 | 2,165 | Impairment on available for sale investments | - | - | - |
| (2,797) | (2,797) | Other income | | | | | | | Total other operating (expenses) / income | (37,829) | 1,660 | (36,169) | (41,893) | (2,327) | (44,220) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16. SUPPLEMENTARY INFORMATION (continued)
| | | For six-months period ended 30 June (Unaudited) | | | | | Shareholders’ operations (Restated) | | |
|
|
| | |
| Net Surplus | 4,454 | 1,660 | 6,114 | 8,520 | (2,327) | 6,193 | Zakat charge for the period | - | (2,183) | (2,183) | - | (3,511) | (3,511) | Income tax charge for the period | - | - | - | - | (35) | (35) | Surplus transferred to shareholder operations | | | | | | | Net result after transfer of surplus to shareholders | 445 | 3,486 | 3,931 | 852 | 1,795 | 2,647 |
|
|
|
|
|
|
| Earnings per share (Expressed in SAR per share) |
|
|
|
|
|
| Basic EPS | | | | | | |
|
|
|
|
|
|
| Interim statement of comprehensive income |
|
|
|
|
|
|
| | | | | Shareholders’ operations (Restated) | |
| SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | Shareholders’ absorption of deficit/ (Surplus transferred to Shareholders) | 445 | 3,486 | 3,931 | 852 | 1,795 | 2,647 |
|
|
|
|
|
|
| Other comprehensive income/(loss) |
|
|
|
|
|
| Items that are or may be reclassified to consolidated statement of income in subsequent periods: |
|
|
|
|
|
| Impairment on available for sale investments | - | - | - | - | 2,797 | 2,797 | Net change in fair value of available for sale investments | | | | | | | TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | | | | | | |
16. SUPPLEMENTARY INFORMATION (continued)
Interim statement of cash flow | | | For six-months period ended 30 June (Unaudited) | | | | | | | |
|
|
| | |
|
| SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
| Net profit for the period | 445 | 5,669 | 6,114 | 852 | 5,341 | 6,193 | Adjustments for non-cash items: |
|
|
|
|
|
| Depreciation | 1,541 | - | 1,541 | 1,185 | - | 1,185 | Employees’ terminal benefits | 1,232 | - | 1,232 | 1,118 | - | 1,118 | Allowance for/(Reversal of) doubtful debts | (245) | - | (245) | 1,237 | - | 1,237 | Impairment on available for sale investments | - | - | - | - | 2,797 | 2,797 | Realized (gain) on available for sale investments | - | (2,209) | (2,209) | - | (1,076) | (1,076) |
|
|
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
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| Premiums and reinsurers’ receivable | (11,692) | - | (11,692) | (25,783) | - | (25,783) | Reinsurers’ share of unearned premiums | (2,498) | - | (2,498) | 4,769 | - | 4,769 | Reinsurers’ share of outstanding claims | (1,739) | - | (1,739) | 6,063 | - | 6,063 | Reinsurers’ share of claims Incurred but not reported | (607) | - | (607) | 73 | - | 73 | Deferred policy acquisition cost | (2,171) | - | (2,171) | 2,717 | - | 2,717 | Prepayments and other receivables | (12,769) | 1,683 | (11,086) | 4,670 | (456) | 4,214 | Increase in right of use asset | (8,618) | - | (8,618) |
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| Increase in lease liability | 8,670 | - | 8,670 |
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| Policyholders claim payable | (1,651) | - | (1,651) | 4,452 | - | 4,452 | Due to related party | (4) | - | (4) | 442 |
| 442 | Reinsurance payable | 5,800 | - | 5,800 | (7,194) | - | (7,194) | Unearned commission income | 196 | - | 196 | (221) | - | (221) | Unearned premiums | 6,359 | - | 6,359 | 6,539 | - | 6,539 | Outstanding claims | 1,342 | - | 1,342 | 693 | - | 693 | Claims incurred but not reported and other reserves | 644 | - | 644 | 3,493 | - | 3,493 | Accrued and other payables | | | | | | |
| (9,052) | 4,877 | (4,175) | 10,664 | 7,055 | 17,719 | End-of-service indemnities paid | (265) | - | (265) | (258) | - | (258) | Zakat and income tax paid | | | | | | | Net cash (used in) /generated from operating activities | | | | | | |
16. SUPPLEMENTARY INFORMATION (continued)
| | | For six-months period ended 31 June (Unaudited) | | | | | | | |
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| SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | SR ‘000 | CASH FLOWS FROM INVESTING ACTIVITIES |
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| Purchase of property and equipment | (111) | - | (111) | (887) | - | (887) | Proceed from sale of property and equipment | - | - | - | 2 | - | 2 | Purchase of Intangible | (974) | - | (974) | - | - | - | Increase in term deposits | 2,743 | (5,755) | (3,012) | - | - | - | Purchases of available for sale investments | - | - | - | - | (7,128) | (7,128) | Proceed from sale of available for sale investments | - | 23,787 | 23,787 | - | 1,189 | 1,189 | Sale/(Purchase) of investment | - | - | - | 12,617 | (12,617) | - | Net cash generated from/(used in) investing activities | | | | | | |
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| Net (decrease) / increase in cash and cash equivalents | (7,659) | 20,880 | 13,221 | 22,138 | (14,282) | 7,856 | Cash and cash equivalents at the beginning of the period | 83,409 | 10,086 | 93,495 | 44,283 | 33,315 | 77,598 | Cash and cash equivalents at the end of the period | | | | | | |
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