	English [member]
Start Date	2021-07-01	2020-07-01
End Date	2021-09-30	2020-09-30
Filing information [line items]
Disclosure of entity information [abstract]
Name of reporting entity	Allied Cooperative Insurance Group
Company symbol code\| ISIN code	8150 \| SA000A0SR838
Sector\| Industry group	Financials \| Insurance
Disclosure of document information [abstract]
Whether entity wants to report opening statement of financial position	No
Period covered by financial statements	Quarter 3
Reporting period start date	2021-07-01	2020-07-01
Reporting period end date	2021-09-30	2020-09-30
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	Thousands

	Primary auditor [member]	Second primary auditor [member]
	English [member]	English [member]
Start Date	2021-07-01	2021-07-01
End Date	2021-09-30	2021-09-30
Auditors information [line items]
Details of auditors signing report [abstract]
Name of auditor signing report	Maher Al-Khatieb	Abdullah M. AlAzem
Registration number of auditor	514	335
Details of audit firm [abstract]
Name of audit firm	Dr. Mohamed Al-Amri & Co.Certified Public Accountants	Al Azem, Al Sudairy, Al Shaikh & PartnersCertified Public Accountantsmember firm Crow nternational
Registration number of audit firm	(323/11/66)	148/11/323
Contact number of audit firm	12 283 0112	112175000
Address of audit firm	P. O. Box 784Jeddah 21421Kingdom of Saudi Arabia	P.O 10504 Riyadh 11443

	English [member]
Start Date	2021-07-01
End Date	2021-09-30
Auditors report [line items]
Disclosures of auditors report [text block]	To the Shareholders ofAllied Cooperative Insurance Group (ACIG)(A Saudi Joint Stock Company)INTRODUCTIONWe have reviewed the accompanying interim condensed statement of financial position of Allied Cooperative Insurance Group (ACIG) - a Saudi Joint Stock Company (the “Company”) as at September 30, 2021 and the related interim condensed statements of income and comprehensive income for the three-month and nine-month periods then ended and interim condensed changes in equity and cash flows for the nine-month period then ended and other explanatory notes (the “interim condensed financial statements”).
Contents of auditors report [abstract]
Nature of auditors opinion	Unmodified opinion
Auditors opinion	CONCLUSIONBased on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ as endorsed in the Kingdom of Saudi Arabia.
Basis of opinion	CONCLUSIONBased on our review, nothing has come to our attention that causes us to believe that the accompanying interimcondensed financial statements are not prepared, in all material respects, in accordance with IAS 34, ‘InterimFinancial Reporting’ as endorsed in the Kingdom of Saudi Arabia.
Key audit matters	SCOPE OF REVIEWWe 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 statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing that are endorsed in the Kingdom of Saudi Arabia and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Responsibilities of management and those charged with governance for financial statements	Management is responsible for the preparation and presentation of these interim condensed financial statements in accordance with International Accounting Standard 34 – “Interim Financial Reporting” (IAS 34), as endorsed in the Kingdom of Saudi Arabia. Our responsibility is to express a conclusion on these interim condensed financial statements based on our review.
Date of signing audit report by auditor	2021-11-11

Start Date	2021-01-01	2020-01-01	2020-01-01
End Date	2021-09-30	2020-12-31	2020-09-30
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	5,267	5,314	1,529
Due from related parties, insurance/ takaful operations assets	1,985	1,985	1,985
Deferred policy acquisition costs	38,669	31,659	22,520
Reinsurers/ retakaful share of unearned premiums/ contributions	34,388	27,393	28,349
Prepayments and other assets, insurance/ takaful operations assets	71,303	63,115	53,704
Premiums/ insurance receivables/takaful contributions receivable, net	129,396	98,638	110,927
Reinsurers/ retakaful share of outstanding claims/ benefits, net	13,427	11,908	18,176
Time (Murabaha) deposits, insurance/ takaful operations assets		119,331
Cash and cash equivalents, insurance/ takaful operations assets	181,598	69,686	207,468
Reinsurers/ retakaful share of mathematical reserves	9,097	8,020	12,486
Other assets, insurance/ takaful operations assets	8,611	9,973
Total insurance/ takaful operations assets	493,741	447,022	457,144
Shareholders assets [abstract]
Statutory deposit	30,000	30,000	30,000
Prepayments and other assets, shareholders assets	4,618	4,084	3,723
Available-for-sale investments, shareholders assets	49,785	49,259	49,245
Other receivables, net	1,863	1,794
Cash and cash equivalents, shareholders assets	44,051	75,251	80,127
Assets classified as held for sale/ distribution			1,794
Total shareholders assets	130,317	160,388	164,889
Total assets	624,058	607,410	622,033
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	302,475	264,469	249,282
Unearned commission income	1,512	1,426	1,714
Employees end of service benefits, insurance/ takaful operations liabilities	13,383	14,006	13,334
Surplus distribution payable	5,991	6,409
Reinsurers/ retakaful balance payable	24,071	16,661	19,001
Gross outstanding claims/ benefits including IBNR payable	100,759	94,737	92,635
Other technical reserves	4,426	11,998	17,837
Accrued expenses payable, insurance/ takaful operations liabilities	16,273	23,264	19,385
Other liabilities, insurance/ takaful operations	24,851	14,052	37,845
Total insurance/ takaful operations liabilities	493,741	447,022	451,033
Insurance/ takaful operations surplus (deficit) [abstract]
Surplus (deficit) from insurance/ takaful fund			6,942
Total insurance/ takaful operations surplus (deficit)			6,942
Total insurance/ takaful operations liabilities and surplus (deficit)	493,741	447,022	457,975
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	13,758	11,000	10,000
Due to insurance/ takaful operations	994	899
Accrued expenses payable, shareholders liabilities			450
Other liabilities, shareholders liabilities	1,863	1,794	963
Total shareholders liabilities	16,615	13,693	11,413
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	141,000	141,000	141,000
Retained earnings (accumulated losses)	-34,950	-1,431	4,533
Reserve of disposal group held for distribution/ sale	7,652	7,126	7,112
Total equity attributable to equity holders of company	113,702	146,695	152,645
Total shareholders liabilities and equity	130,317	160,388	164,058
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	624,058	607,410	622,033

Start Date	2021-07-01	2020-07-01	2021-01-01	2020-01-01
End Date	2021-09-30	2020-09-30	2021-09-30	2020-09-30
Statement of insurance/ takaful operations [abstract]
Statement of insurance/ takaful operations and accumulated surplus (deficit) [abstract]
Income from insurance/ takaful operations [abstract]
Net premiums/ contributions earned [abstract]
Net premiums/ contributions written [abstract]
Gross premiums/ contributions written	161,344	108,247	446,181	376,455
Excess of loss expense	1,291	1,417	3,048	3,801
Reinsurance/ retakaful premiums ceded	23,524	12,729	56,541	49,639
Net premiums/ contributions written	136,529	94,101	386,592	323,015
Changes in unearned premiums/ contributions	12,304	-16,607	31,012	-12,104
Net premiums/ contributions earned	124,225	110,708	355,580	335,119
Reinsurance/ retakaful commissions	666	913	3,346	3,223
Other non-operating income from insurance/ takaful operations	10	954	284	5,887
Other extraordinary gain (loss), insurance/ takaful operations	91	9	124	9
Total income from insurance/ takaful operations	124,992	112,584	359,334	344,238
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	112,371	91,298	307,778	278,353
Reinsurance/ retakaful share of gross claims/ benefits paid	9,835	8,694	27,629	26,418
Net claims/ benefits paid	102,536	82,604	280,149	251,935
Changes in outstanding claims/ benefits including IBNR	-769	662	3,425	-5,137
Changes in other technical reserves	-135	3,415	-7,655	13,920
Changes in other reserves	9	25	85	-107
Net claims/ benefits incurred	101,641	86,706	276,004	260,611
Policy acquisition costs	30,385	6,590	53,623	19,487
General and administrative expenses, insurance/ takaful operations	19,480	19,317	57,225	58,339
Selling and marketing expenses, insurance/ takaful operations	382	848	1,418	-5,009
Other underwriting expenses	106	1,107	395	2,906
Realised gain (loss) on available-for-sale investments	398	527	1,129	1,689
Total cost and expenses	151,596	114,041	387,536	334,645
Surplus (deficit) for period from insurance/ takaful operations	-26,604	-1,457	-28,202	9,593
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	-26,604	-1,311	-28,202	8,634
Net result for period from insurance/ takaful operations after shareholders appropriation	0	-146	0	959
Policyholders share of accumulated surplus, at end of period	0	-146	0	959

Start Date	2021-07-01	2020-07-01	2021-01-01	2020-01-01
End Date	2021-09-30	2020-09-30	2021-09-30	2020-09-30
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	-26,604	-1,311	-28,202	8,634
Revenue [abstract]
Commission/ profit on deposits	104	125	297	384
Investment income	496	484	1,264	1,572
Total revenue	600	609	1,561	1,956
Expenses [abstract]
General and administrative expenses, shareholders operations	625	751	1,801	2,080
Total expenses	625	751	1,801	2,080
Income (loss) from continuing operations before zakat and income tax	-26,629	-1,453	-28,442	8,510
Zakat expenses on continuing operations for period	2,000	1,500	5,077	3,463
Profit (loss) from continuing operations	-28,629	-2,953	-33,519	5,047
Income (loss) from discontinued operations [abstract]
Income (loss) from discontinued operations	0	0
Gain (loss) on disposal of discontinued operations	0	0
Other incidental incomes (expenses) resulting from discontinued operations	0	0
Profit (loss) from discontinued operations before zakat and income tax	0	0
Profit (loss) from discontinued operations	0	0
Profit (loss) for the period	-28,629	-2,953	-33,519	5,047
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	-28,629	-2,953	-33,519	5,047
Profit (loss), attributable to non-saudi shareholders of company	0	0	0	0
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	-2.03	-0.21	-2.38	0.36
Basic earnings (loss) per share from discontinued operations	0	0	0	0
Total basic earnings (loss) per share	-2.03	-0.21	-2.38	0.36
Diluted earnings (loss) per share [abstract]
Diluted earnings (loss) per share from continuing operations	-2.03	-0.21	-2.38	0.36
Diluted earnings (loss) per share from discontinued operations	0	0	0	0
Total diluted earnings (loss) per share	-2.03	-0.21	-2.38	0.36
Weighted average number of equity shares outstanding	14100000	14100000	14100000	14100000

Start Date	2021-07-01	2020-07-01	2021-01-01	2020-01-01
End Date	2021-09-30	2020-09-30	2021-09-30	2020-09-30
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	-146	0	959
Total comprehensive income (loss) for period	0	-146	0	959

Start Date	2021-07-01	2020-07-01	2021-01-01	2020-01-01
End Date	2021-09-30	2020-09-30	2021-09-30	2020-09-30
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	-28,629	-2,953	-33,519	5,047
Other comprehensive income [abstract]
Total other comprehensive income (loss)				0
Total comprehensive income (loss) for period	-28,629	-2,953	-33,519	5,047
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	-28,629	-2,953	-33,519	5,047
Total comprehensive income (loss), attributable to non-saudi shareholders of company	0	0	0	0

Start Date	2021-01-01	2020-01-01
End Date	2021-09-30	2020-09-30
Statement of cash flows, indirect method [abstract]
Statement of cash flows, insurance/ takaful operations [abstract]
Cash flows from (used in) operating activities, insurance/ takaful operations [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	959
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	726	732
Adjustments for allocated depreciation from shareholders operations	1,312	1,667
Adjustments for employees end of service benefits	-623	-203
Adjustments for allowance for doubtful receivables	1,418	-5,009
Adjustments for (gains) losses on disposal of property and equipment, net		489
Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities	1,623	1,902
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	4,456	-422
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-32,176	-17,778
Adjustments for decrease (increase) in prepayments and other assets	-8,188	-2,174
Adjustments for increase (decrease) in outstanding claims including IBNR	6,022	-5,888
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	7,410	9,242
Adjustments for increase (decrease) in retrocession balance payable	-2,129	2,505
Adjustments for increase (decrease) in accrued expenses and other liabilities	-7,409	31,238
Adjustments for increase (decrease) in accrued retroceded/ reinsurance premiums	-2,258
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	-2,596	-1,861
Adjustments for decrease (increase) in deferred policy acquisition costs	-7,010
Adjustments for decrease (increase) in unearned commission income	86	2,531
Adjustments for movement in gross unearned premiums/ contributions	38,006	375
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	-6,995	-7,026
Adjustment for changes in other reserves	-7,572	9,069
Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow	17,201	-12,549
Total changes in operating assets and liabilities	-7,608	7,684
Net cash flows from (used in) insurance/ takaful operations	-3,152	8,221
Net cash flows from (used in) operating activities, insurance/ takaful operations	-3,152	8,221
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Proceeds from sales of investments, insurance/ takaful operations cash flow	119,331	138,920
Purchase of property and equipment, insurance/ takaful operations cash flow	1,215	494
Other inflows (outflows) of cash classified as investing activities, insurance/ takaful operations cash flow	-3,052	-4,499
Net cash flows from (used in) investing activities, insurance/ takaful operations	115,064	133,927
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	0	0
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
Net cash flows from (used in) financing activities, insurance/ takaful operations	0	0
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	111,912	142,148
Net increase (decrease) in cash and cash equivalents	111,912	142,148
Cash and cash equivalents at beginning of period	69,686	65,320
Cash and cash equivalents at end of period	181,598	207,468

Start Date	2021-01-01	2020-01-01
End Date	2021-09-30	2020-09-30
Statement of cash flows, indirect method [abstract]
Statement of cash flows [abstract]
Cash flows from (used in) operating activities [abstract]
Net profit (loss) for period [abstract]
Income (loss) from continuing operations before zakat and income tax	-28,442	8,510
Net profit (loss) for period (before zakat expenses and income tax)	-28,442	8,510
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-603	488
Adjustments for increase (decrease) in other liabilities	164	249
Total changes in operating assets and liabilities	-439	737
Net cash flows from (used in) operations	-28,881	9,247
Zakat expenses	2,319	1,942
Net cash flows from (used in) operating activities	-31,200	7,305
Cash flows from (used in) investing activities [abstract]
Purchase of shares under long-term incentive plan (LTIP)	0
Proceeds from disposal of shares under long-term incentive plan (LTIP)	0
Purchase of investments	0
Purchase of investments held at fair value through statement of income	0
Proceeds from sales of investments	0
Proceeds from investments held at fair value through statement of income	0
Purchase of available-for-sale investments	0
Proceeds from disposal of available-for-sale investments	0
Purchase of held-to-maturity investments	0
Proceeds from disposal of held-to-maturity investments	0
Purchase of term deposits investments	0
Acquistion of murabaha/ time deposits	0
Proceeds from redemption of term deposits investments	0	55,663
Amount paid for statutory deposit	0
Proceeds from disposal of property and equipment	0	5,000
Cash flows from losing control of subsidiaries or other businesses	0
Cash flows used in obtaining control of subsidiaries or other businesses	0
Other cash receipts from sales of equity or debt instruments of other entities	0
Other cash payments to acquire equity or debt instruments of other entities	0
Proceeds from sales of other long-term assets	0
Purchase of other long-term assets	0
Net cash flows from (used in) investing activities	0	60,663
Cash flows from (used in) financing activities [abstract]
Due to reinsurance/ retakaful operations	0	0
Payment of transaction costs	0
Payment of due to others	0	0
Proceeds from issuing other equity instruments	0	0
Payments to acquire or redeem entity's shares	0
Payments of other equity instruments		0
Proceeds from borrowings	0
Repayments of borrowings	0	0
Payments of finance lease liabilities		0
Dividends paid	0
Other inflows (outflows) of cash	0	0
Net cash flows from (used in) financing activities	0	0
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-31,200	67,968
Net increase (decrease) in cash and cash equivalents	-31,200	67,968
Cash and cash equivalents at beginning of period	75,251	12,159
Cash and cash equivalents at end of period	44,051	80,127

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2021-07-01

End Date

2021-09-30

Notes forming part of accounts [line items]

Disclosure of notes and other explanatory information [text block]

Disclosure of general information about reporting entity [abstract]

Disclosure of general information about reporting entity [text block]

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 20211 ORGANIZATION AND PRINCIPAL ACTIVITIESAllied Cooperative Insurance Group (“the Company” or “ACIG”) is a Saudi Joint Stock Company incorporated in theKingdom of Saudi Arabia under Commercial Registration No. 1010417178 dated Shabaan 9,1428H, corresponding to August22, 2007. The registered office of the Company is situated at Hteen district, Prince Turki bin Abdulaziz Road, Riyadh.The activities of the Company are to transact cooperative insurance operations and related activities in the Kingdom of Saudi Arabia. On April 4, 2009, the Company received a license from the Saudi Central Bank (“SAMA”) to engage in insurance in Saudi Arabia. The Company commenced its commercial operations on July 1, 2009. The Company was listed on the Saudi Stock Exchange (Tadawul) on August 27, 2007The Company has 3 registered branches as set out below: BranchBranch of ACIG Branch of ACIG Branch of ACIG Commercial RegistrationNumber205104367158550351504030204059 Place of issuanceAl Khobar Khamis Mushayt Jeddah Date12 Ramadan 1439 H12 Ramadan 1439 H12 Ramadan 1439 H

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

2 BASIS OF PREPARATION (a) Statement of complianceThe interim condensed financial statements of the Company as at and for the three and nine-month periods ended September30, 2021 have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS34) as endorsed in Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization forChartered and Professional Accountants (“SOCPA”).These interim condensed financial statements are prepared under the going concern basis and the historical cost convention, except for the measurement at fair value of available-for-sale investments, employees’ terminal benefits which are recognized at the present value of future obligation using the projected unit credit method. The Company’s 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: employees’ terminal benefits, available-for-sale investments, statutory deposit, accrued income on statutory deposit, property and equipment, intangible assets and right of use assets.The Company presents its statement of financial position in order of liquidity. As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the financial statements accordingly (note 18). Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors.8 (a) Statement of compliance (Continued)The interim condensed statement of financial position, statements of income, comprehensive income and cash flows of the insurance operations and shareholders’ operations which are presented in note 18 of the interim condensed financial statements have been provided as supplementary financial information to comply with the requirements of the guidelines issued by SAMA implementing regulations and is not required under IFRSs. SAMA implementing regulations requires the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders’ operations. Accordingly, the 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 interim condensed financial statements in compliance with IFRS, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Inter- operation 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 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 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.

Disclosure of critical accounting judgements, estimates and assumptions, general [text block]

(d) Significant accounting estimates and judgementsThe preparation of condensed interim financial statements 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 this interim condensed financial information, the significant judgments made by the management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements for the year ended 31 December 2020. However, the Company has reviewed the key sources of estimation uncertainties disclosed in the last annual financial statements against the backdrop of the COVID-19 pandemic. For further details, please see note 21 to these interim condensed financial statements. Management will continue to assess the situation, and reflect any required changes in future reporting periods. (d) Significant accounting estimates and judgements (Continued)Impact of Covid-19 on the medical technical reserves and financial assetsFinancial assetsTo cater for any potential impacts, the Covid-19 pandemic may have had on its financial assets, the Company has performed an assessment in accordance with its accounting policy, to determine whether there is an objective evidence that a financial asset or a group of financial assets has been impaired. For debt financial assets, these include factors such as, significant financial difficulties of issuers or debtors, default or delinquency in payments, probability that the issuer or debtor will enter bankruptcy or other financial reorganization, etc. In case of equities classified under available-for-sale, the Company has performed an assessment to determine whether there is a significant or prolonged decline in the fair value of financial assets below their cost.Based on these assessments, the Company’s management believes that the Covid-19 pandemic has had no material effects on Company’s reported results for the three and nine months periods ended September 30, 2021. The Company’s management continues to monitor the situation closelyCredit risk managementThe Company has strengthened its credit risk management policies to address the fast changing and evolving risks posed by the current circumstances. These include review of credit concentrations at the granular economic sector, region and counterparty level and the Company has taken appropriate action where required. Based on the review, the Company has identified the certain sectors such as government contracting, airlines, retail sector and hospitality industry as beingimpacted significantly by the Covid-19 pandemic.

Disclosure of functional and presentation currency [text block]

(b) Functional and presentation currencyThese interim condensed financial statements have been presented in Saudi Arabian Riyals (SAR), which is also the functional currency of the Company. All financial information presented in Saudi Arabian Riyal has been rounded to the nearest thousands, except where otherwise indicated(c) Fiscal yearThe Company’s fiscal year is aligned with the calendar year i.e. it begins at 1 January and ends at 31 December.

Disclosure of summary of significant accounting policies [abstract]

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

3 SIGNIFICANT ACCOUNTING POLICIESThe accounting policies, estimates and assumptions used in the preparation of the interim condensed financial information are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended 31 December 2020, except for the new standards and adoption of the amendments to existing standards which have had either insignificant effect or no financial impact on the interim condensed financial information of the Companyon the current period or prior periods and are expected to have an insignificant effect in future period.A. Standards issued but not yet effectiveThe Company has chosen not to early adopt the following new standards which have been issued but not yet effective forthe Company’s accounting year beginning on 1 January 2021 and is currently assessing their impact. NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 20213 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)A Standards issued but not yet effective (Continued)IFRS 17 - “Insurance Contracts”OverviewThis standard has been published on 18 May 2017, it establishes the principles for the recognition, measurement, presentationand disclosure of insurance contracts and supersedes IFRS 4 – Insurance contracts.The new standard applies to insurance contracts issued, to all reinsurance contracts and to investment contracts with discretionary participating features provided the entity also issues insurance contracts. It requires to separate the following components from insurance contracts:A) embedded derivatives, if they meet certain specified criteria; B) distinct investment components; andC) any promise to transfer distinct goods or non-insurance services.These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15).MeasurementIn contrast to the requirements in IFRS 4, which permitted insurers to continue to use the accounting policies for measurement purposes that existed prior to January 2015, IFRS 17 provides the following different measurement models.The General model is based on the following “building blocks”:A) the fulfilment cash flows (FCF), which comprise- probability-weighted estimates of future cash flows- an adjustment to reflect the time value of money (i.e. discounting) and the financial risks associated with those future cash flows.- and a risk adjustment for non-financial risk;B)the Contractual Service Margin (CSM). The CSM represents the unearned profit for a group of insurance contracts andwill be recognized as the entity provides services in the future. The CSM cannot be negative at inception; any net negative amount of the fulfilment cash flows at inception will be recorded in profit or loss immediately. At the end of each subsequent reporting period the carrying amount of a group of insurance contracts is remeasured to be the sum of:- the liability for remaining coverage, which comprises the FCF related to future services and the CSM of the group at that date;- and the liability for incurred claims, which is measured as the FCF related to past services allocated to the group at that date.The CSM is adjusted subsequently for changes in cash flows related to future services but the CSM cannot be negative, so changes in future cash flows that are greater than the remaining CSM are recognized in profit or loss. Interest is also accreted on the CSM at rates locked in at initial recognition of a contract (i.e. discount rate used at inception to determine the present value of the estimated cash flows). Moreover, the CSM will be released into profit or loss based on coverage units, reflecting NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 20213 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)A Standards issued but not yet effective (Continued)IFRS 17 - “Insurance Contracts” (Continued)The Variable Fee Approach (VFA) is a mandatory model for measuring contracts with direct participation features (also referred to as ‘direct participating contracts’). This assessment of whether the contract meets these criteria is made at inception of the contract and not reassessed subsequently. For these contracts, the CSM is also adjusted for in addition to adjustment under general model;A) changes in the entity’s share of the fair value of underlying items; andB) changes in the effect of the time value of money and financial risks not relating to the underlying items.In addition, a simplified Premium Allocation Approach (PAA) is permitted for the measurement of the liability for the remaining coverage if it provides a measurement that is not materially different from the general model or if the coverage period for each contract in the group is one year or less. With the PAA, the liability for remaining coverage corresponds to premiums received at initial recognition less insurance acquisition cash flows. The general model remains applicable for the measurement of incurred claims. However, the entity is not required to adjust future cash flows for the time value of money and the effect of financial risk if those cash flows are expected to be paid/received in one year or less from the date the claims areincurred.Effective dateThe Company intends to apply the Standard on its effective date i.e. January 1,2023. The IASB issued an Exposure Draft Amendments to IFRS 17 proposing certain amendments to IFRS 17 during June 2019 and received comments from various stakeholders. On March 17, 2020, the IASB completed its discussions on the amendments to IFRS 17 Insurance Contracts that were proposed for public consultation in June 2019. It decided that the effective date of the Standard will be deferred to annual reporting periods beginning on or after January 1, 2023. Subsequently, the IASB has also issued the amendments to IFRS 17 in the second quarter of 2020. Earlier application is permitted if both IFRS 15 – Revenue from Contracts with Customers andIFRS 9 – Financial Instruments have also been applied.TransitionRetrospective application is required. However, if full retrospective application for a group of insurance contracts is impracticable, then the entity is required to choose either a modified retrospective approach or a fair value approach.Presentation and DisclosuresThe Company expects that the new standard will result in a change to the accounting policies for insurance contracts together with amendments to presentation and disclosures.Impact:The Company is currently assessing the impact of the application and implementation of IFRS 17. As of the date of the publication of these financial statements, the financial impact of adopting the standard has yet to be fully assessed by the Company. The Company expects a material impact on measurement and disclosure of insurance and cession that will affect both the statement of income and the statement of financial position. The Company has decided not to early adopt this newstandard.The Company has started its implementation process and has set up a project team, supervised by an IFRS executive management committee. NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 20213 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)A Standards issued but not yet effective (Continued) Impa ct – ( co ntinued): Impact Area Summary of Impact Financial impactData impactIT systems impactProcess impact As per the analysis on underwriting year 2018, the financial impact was observed to be minor in proportion to the overall equity as the Company's insurance contracts are mostly short-termed and short tailed entitling for premium allocation approach (PAA) which is largely similar to current account practice.IFRS 17 has additional data requirements (e.g. premium due date for initial recognition, premium receipt data for the LFRC, RI contracts held break down into risk attaching or loss incurring for assessing contract boundaries, lower granularity to meet level of aggregation requirements and data for additional disclosures as per IFRS 17). Further extensive exercise is being carried out to ensure the required data is made available.The Company has identified the need for IFRS-17 accounting engine. A solution vendor is expected to be finalized by the end of 2021.The Company carried out an operational impact assessment exercise to assess the operational impact of implementing IFRS 17. Since, majority of the Company’s contracts would be measured under the premium allocation approach, the process impact is expected to be moderate. Impact on Reinsurance arrangementsImpact on policies and control frameworks Further assessment is being done to confirm measurement approach for reinsurance arrangements where RI gross premium ceded does not automatically qualify for PAA.The Company's policies and procedures needs update to accommodate the changes in the Company's processes and systems related to IFRS 17 implementation. Detailed exercise for the purpose is being carried out as part of Phase III of SAMA implementation guidelines. The Company is currently in design phase of IFRS 17 implementation which requires developing and designing new processes and procedures for the business including any system developments required under IFRS 17 and detailed assessment of business requirements. Following are the main areas under design phase and status of the progress is as follows: NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 20213 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)A Standards issued but not yet effective (Continued) Impact (Continued):Major areas of design phase Summary of progress Governance and control frameworkOperational areaIT systems impactTechnical and financial areaAssurance planIFRS 9 - “Financial instruments" The Company has put in place a comprehensive IFRS 17 governance program which includes establishing oversight steering committee for monitoring the progress of implementation and assigning roles and responsibilities to various stakeholders.The Company is in progress of designing operational aspects of the design phase which includes establishing comprehensive data policy and data dictionary. Also the Company is finalizing architectural designs for various sub-systems. The Company has progressed through assessment of business requirements and currently working on vendor selection while finalizing various process needed for transition and assessment of new resources needed.The Company has identified the need for IFRS-17 accounting engine. A solution vendor is expected to be finalized by the end of 2021.The Company has completed various policy papers encompassing various technical and financial matters after concluding on policy decisions required under the IFRS 17 standard. The policy decisions are taken after due deliberations among various stakeholders. Currently policy papers are in approval process by the Company's IFRS 17 project steering committee.The Company carried out an operational impact assessment exercise to assess the operational impact of implementing IFRS 17. Since, majority of the Company’s contracts would be measured under the premium allocation approach, the process impact is expected to be moderate.The Company is working along with other stakeholders to finalize the assurance plan for transitional and post-implementation periods. This standard was published on 24 July 2014 and has replaced IAS 39. The new standard addresses the following items related to financial instruments: NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 20213 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)A Standards issued but not yet effective (Continued)IFRS 9 - “Financial instruments" (Continued)a) Classification and measurement:IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss. A financial asset is measured at amortized cost if both:- the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal andinterest on the principal amount outstanding (“SPPI”).The financial asset is measured at fair value through other comprehensive income and realized gains or losses would be recycled through profit or loss upon sale, if both conditions are met:- the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows and for sale; and- the contractual terms of cash flows are SPPI,Assets not meeting either of these categories are measured at fair value through profit or loss. Additionally, at initial recognition, an entity can use the option to designate a financial asset at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch.For equity instruments that are not held for trading, an entity can also make an irrevocable election to present in other comprehensive income subsequent changes in the fair value of the instruments (including realized gains and losses), dividends being recognized in profit or loss. Additionally, for financial liabilities that are designated as at fair value through profit or loss, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss.b) Impairment:The impairment model under IFRS 9 reflects expected credit losses, as opposed to incurred credit losses under IAS 39. Under the IFRS 9 approach, it is no longer necessary for a credit event to have occurred before credit losses are recognized. Instead, an entity always accounts for expected credit losses and changes in those expected credit losses. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition.c) Hedge accounting:hedge accounting with the exception of portfolio fair value hedges of interest rate risk (commonly referred to as “fair value macro hedges”). For these, an entity may continue to apply the hedge accounting requirements currently in IAS 39. This exception was granted largely because the IASB is addressing macro hedge accounting as a separate project. 3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)A Standards issued but not yet effective (Continued)IFRS 9 - “Financial instruments"(Continued)Effective dateThe published effective date of IFRS 9 was 1 January 2018. However, amendments to IFRS 4 – Insurance Contracts: ApplyingIFRS 9 – Financial Instruments with IFRS 4 – Insurance Contracts, published on 12 September 2016, changes the existing IFRS4 to allow entities issuing insurance contracts within the scope of IFRS 4 to mitigate certain effects of applying IFRS 9 before the IASB’s new insurance contract standard (IFRS 17 – Insurance Contracts) becomes effective. The amendments introduce two alternative options:1 Apply a temporary exemption from implementing IFRS 9 until the earlier of:a) the effective date of a new insurance contract standard; orb) annual reporting periods beginning on or after 1 January 2023. Additional disclosures related to financial assets are required during the deferral period. This option is only available to entities whose activities are predominately connected with insurance and have not applied IFRS 9 previously; or2 Adopt IFRS 9 but, for designated financial assets, remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contract standard is implemented. During the interim period, additional disclosures are required.The Company has performed a detailed assessment beginning 1 January 2017: (1) The carrying amount of the Company’s liabilities arising from contracts within the scope of IFRS 4 (including deposit components or embedded derivatives unbundled from insurance contracts) were compared to the total carrying amount of all its liabilities; and (2) the total carrying amount of the Company’s liabilities connected with insurance were compared to the total carrying amount of all its liabilities. Based on these assessments the Company determined that it is eligible for the temporary exemption. Consequently, the Company has decided to defer the implementation of IFRS 9 until the effective date of the new insurance contracts standard. Disclosures related to financial assets required during the deferral period are included in the Company’s financial statements.Impact assessment Overall, the Company expects some impact of applying the impairment requirements of IFRS 9 on the financial statements of the Company. However, the impact of the same is not expected to be significant. At present it is not possible to provide reasonable estimate of the effects of application of this new standard as the Company is yet to perform a detailed review.

Disclosure of notes forming part of accounts [abstract]

Disclosure of property and equipment [text block]

9 RIGHT OF USE ASSETS, NETSAR’000 September 30,2021 December 31,2020 (Unaudited) (Audited)Cost:At beginning of the period / year 10,073 9,985Additions 18 88As at end of period / year 10,091 10,073Accumulated amortizationAt beginning of the period / year (4,851) (2,758)Charge for the period / year (1,509) (2,093)As at end of period / year (6,360) (4,851)Net book value 3,731 5,222 10 LEASE LIABILITIESSAR’000 September 30,2021 December 31,2020 (Unaudited) (Audited)Liabilities:At beginning of the period / year 10,593 10,306Finance cost 114 287As at end of period / year 10,707 10,593Payments:At beginning of the period / year (5,619) (3,184)Paid during the period / year (2,129) (2,435)As at end of period / year (7,748) (5,619)Total lease liabilities

Disclosure of reinsurers/ retakaful share of unearned premium/ contributions, net [text block]

8 TECHNICAL RESERVES (INSURANCE OPERATIONS) 8.1 Net outstanding claims and reservesNet outstanding claims and reserves comprise of the following: SAR’000September 30,2021 December 31, 2020(Unaudited) (Audited) Outstanding claims 28,939 26,094 28,939 26,094Claims incurred but not reported 71,820 68,643Premium deficiency reserve 1,860 9,516Other technical reserves 2,566 2,482 105,185 106,735Less: Reinsurers’ share of outstanding claims (13,427) (11,908)Reinsurers’ share of claims incurred but not reported (9,097) (8,020) (22,524) (19,928)Net outstanding claims and reserves 82,661 86,807 8 TECHNICAL RESERVES (INSURANCE OPERATIONS) (CONTINUED)8.2 Movement in unearned premiumsMovement in unearned premiums comprise of the following:For the nine month period ended September 30, 2021 (Unaudited)SAR’000Gross Reinsurance NetBalance as at the beginning of the period 264,469 (27,393) 237,076Premium written during the period 446,181 (59,589) 386,592Premium earned during the period (408,175) 52,594 (355,581) Balance as at the end of the period 302,475 (34,388) 268,087 For the year ended December 31, 2020 (Audited)SAR’000Gross Reinsurance NetBalance as at the beginning of the year 254,360 (21,323) 233,037Premium written during the year 515,117 (65,657) 449,460Premium earned during the year (505,008) 59,587 (445,421) Balance as at the end of the year 264,469 (27,393) 237,076

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

AVAILABLE-FOR-SALE INVESTMENTS All available-for-sale investments are in shareholders’ operations and comprise the following :a) Investment securities are classified as follows: SAR’000 September 30,2021 December 31,2020 (Unaudited) (Audited)Investment in sukuk 20,000 20,000Quoted securities 11,496 11,177Unquoted securities 1,923 1,923Quoted local real estate fund 16,366 16,15949,785 49,259 7 AVAILABLE-FOR-SALE INVESTMENTS (CONTINUED)b) Movements in available-for-sale investments are as follows:SAR’000 Investment in sukuk Quoted securities Unquoted securities Units in quoted localreal estate fund Total As at January 01, 2021 – (audited) 20,000 11,177 1,923 16,159 49,259Changes in fair value of investments - 319 - 207 526 As at September 30, 2021– (unaudited) 20,000 11,496 1,923 16,366 49,785 SAR’000 Investment in sukuk Quoted securities Unquoted securities Units in quoted local real estate fund Total As at January 01, 2020 – (audited) 25,000 11,256 1,923 12,927 51,106Disposals during the period (5,000) - - - (5,000)Changes in fair value of investments - (79) - 3,232 3,153 As at December 31, 2020 – (audited) 20,000 11,177 1,923 16,159 49,259

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

PREMIUM AND REINSURERS' RECEIVABLE, NETReceivables comprise amounts due from the following:SAR’000 September 30,2021 December 31,2020 Due from policyholdersDue from policyholders – related parties – (note 13)Due from brokers and agentsReceivables from reinsurersLess: Allowance for doubtful debts (note 6.1)Premium and reinsurers’ receivable – net (Unaudited) (Audited)66,206 78,8421,878 1,88164,613 21,3096,840 5,329139,537 107,361(10,141) (8,723) 129,396 98,638 6.1 As at September 30, 2021, the movement in allowance for doubtful debts during the period / year was as follows :SAR’000 September 30,2021 December 31,2020 Balance at the beginning of the period / yearProvided / (released) during the period / yearBalance at end of period / year (Unaudited) (Audited)8,723 13,0771,418 (4,354) 10,141 8,723

Disclosure of cash and cash equivalents [text block]

4 CASH AND CASH EQUIVALENTSCash and cash equivalents included in the interim condensed statement of cash flows comprise the following:SAR’000Insurance operationsBank balances and cashDeposits maturing within 3 month from the acquisition dateShareholders’ operationsBank balances and cashDeposits maturing within 3 month from the acquisition date4.1 These deposits earn commission at an average rate of 1.12% per annum as at September 30, 2021 ( December 31, 2020:1.08%). 5 TERM DEPOSITS SAR’000Shareholders’ operationsSeptember 30, 2021 December 31,2020(Unaudited) (Audited) Insurance operationsTerm depositsShareholders’ OperationsTerm deposits 5.1 - 119,331- 119,3315.1 - -- -- 119,331 5.1 The term deposits were held with the commercial banks. These term deposits are denominated in Saudi Arabian Riyals having 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.

Disclosure of statutory deposit [text block]

11 STATUTORY DEPOSIT SAR’000September 30,2021 December 31, 2020(Unaudited) (Audited) Shareholders’ operationsStatutory deposit 30,000 30,000As required by Saudi Arabian Insurance Regulations, the Company had deposited 15% of its initial pre-reduction paid up capital of SAR 200 million (Note 15), in a bank designated by the Saudi Central Bank (SAMA). The Company cannot withdraw this deposit without SAMA’s approval and commission accruing on this deposit is payable to SAMA.

Disclosure of zakat [text block]

ZAKAT AND INCOME TAX SAR’000 September 30,2021 December 31,2020 (Unaudited) (Audited)Balance at the beginning of the period / year 10,975 8,453Provided during the period / year 5,077 4,463Payments during the period / year (2,319) (1,941)Balance at the end of the period / year 13,733 10,975The 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 ZATCA could be different from the declarations filed by the Company.Income tax:SAR’000 September 30,2021 December 31,2020 (Unaudited) (Audited)Balance at the beginning of the period / year 25 25Balance at the end of the period / year 25 25Total zakat and income tax 13,758 11,000Status of assessmentsZakat and income tax returns have been filed with the Zakat, Tax and Custom Authority (the “ZATCA ”) for the years ended up to 31 December 2020. Final certificate has been received from the ZATCA for the year ended 31 December 2020. However, the ZATCA has raised an additional assessment in respect of the returns filed for the years ended 31 December 2008, 2009 and2010 amounting to total SAR 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, an adverse decision was received from the Preliminary Tax Objection Committee, upon which the Company filed appeal with the Higher Objection Committee. The Higher Objection 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 for the case of the withholding tax and raised a letter of guarantee in the amount of 1.83 million and also paid the amount of tax SAR 1.27 million.The Company has raised an objection for an unfavourable assessment raised by the ZATCA for the years ended 31 December2013 till 2015 with the amount of SAR 4.98 million. The objection is currently under study by the ZATCA. The Company received a claim from the ZATCA for an amount of SAR 5.18 million representing withholding tax, the Company raised an objection against the claim with the General Secretariat of Tax Committee (GSTC) which has been also rejected and now is under appeal with the Appeal Committee for Tax Violation and Disputes.During 2020, the ZATCA issued an assessment for the years 2016 to 2018 claiming additional liability of SAR 7.83 million. The Company has raised an objection against such assessments which has been rejected by the ZATCA. The Company raised the objection to the GSTC and it is currently under study by the committee.During 2021, the ZATCA issued an assessment for the years 2019 to 2020 claiming additional liability of SAR 3.734 million. As at September 30, 2021, the Company is still in the process of decising whether an objection against such assessments needs to be made or not.Income tax:Islamic Development Bank (IDB) being a foreign shareholder, is exempted from income tax.

Disclosure of income tax [text block]

17 VALUE ADDED TAX (VAT)On September 28, 2020, the Company received from ZATCA VAT assessments for the years ended December 31, 2018 and 2019 claiming additional liability of SAR 1.78 million and SAR 1.98 million for VAT and SAR 2.85 million and SAR1.78 million for related penalties respectively. Management has filled an objection against the said assessments and is confident of receiving a favourable outcome.

Disclosure of earnings per share [text block]

16 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. The Company have reduced its share capital by offsetting with accumulated loss (note 15), as result the weighted average number of ordinary shares issued and outstanding in the prioryear has been restated to 14.1 million and accordingly earning per share is restated.A) The weighted average number of shares has been retrospectively adjusted for prior period to reflect the reduction in sharecapital as required by IAS 33 ‘’Earning per share” as follows:SAR’000 September 30,2021 September 30,2020 (Unaudited) (Unaudited) Issued and outstanding ordinary shares as at January, 01 20,000 20,000 Effect of reduction of share capital (5,900) (5,900) Weighted average number of ordinary shares outstanding 14,100 14,100 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 202116 EARNINGS PER SHARE (CONTINUED)B) The basic and diluted income per share is calculated as follows:SAR’000 September 30,2021 September 30,2020 (Unaudited) (Unaudited)Net (loss)/profit for the period (33,519) 6,006 Weighted average number of ordinary shares outstanding 14,100 14,100 Basic (loss)/ earnings per share (SAR) (2.38) 0.43

Disclosure of related party transactions [text block]

13 RELATED PARTY TRANSACTIONS AND BALANCESRelated 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 followingare the details of the major related party transactions during the period and the related balances:Transactions for the nine month Related parties Nature of transaction period ended Balance receivable / (payable) as atSeptember 30, September 30, September 30, December 31,2021 2020 2021 2020(Unaudited) (Unaudited) (Unaudited) (Audited)SAR’000 Board of directors Premuim written 145 - - -Affiliates Premuim written 305 172 1,878 1,881Claims paid/ paymentreceived - - (187) (811) ACIG Bahrain Claims paid on behalf of - - 1,985 1,985 (Shareholder) ACIG Bahrain Board and audit committee Attendance fees 2,835 - - - The compensation of the key management personnel during the nine month period ended September 30, 2021SAR’000September 30,2021 September 30, 2020(Unaudited) (Unaudited)Salaries and other allowances 4,465 4,632Employees’ terminal benefits 320 351 4,785 4,98329

Disclosure of entity's operating segments [text block]

_{12 SEGMENTAL INFORMATION}

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 income statement. Segment assets and liabilities comprise operating assets and liabilities.

Segment results do not include general and administrative expenses, allowance for doubtful debts and other income. Segment assets do not include cash and cash equivalents, term deposits, available-for-sale investments, prepayments and other receivables, due from a related party property and equipment, net, intangible assets and right of use assets, net. Segment liabilities do not include reinsurance payables, accrued expenses and other liabilities, due to shareholders’ operations and employees’ terminal benefits.

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

The segment information provided to the Company’s Board of Directors for the reportable segments for the Company’s total assets and liabilities at September 30, 2021 and December 31 2020, its total revenues, expenses, and net income for the period then ended, are as follows:

ALLIED COOPERATIVE INSURANCE GROUP (ACIG) (A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

_{12 SEGMENTAL INFORMATION (CONTINUED)}

_{As at September 30, 2021 (Unaudited)}

_MedicalMotor^General

^Accident

Others

Total - Insurance Operations

Shareholders’

Operations

Total

_Assets

SAR’000

Cash and cash equivalents----181,598_{44,051225,649}

Term deposits-----_--

Premiums and reinsurers’ receivable - net----129,396_-129,396

Reinsurers’ share of unearned premiums18,980-3,05912,34934,388_-34,388

Reinsurers’ share of outstanding claims6,6813,3992,58276413,426_-13,426

^{Reinsurers’ share of claims Incurred but}^{7,759-6157239,097}_-9,097

Deferred policy acquisition costs

Investments

Unallocated assets

4,514

32,844

676

635

38,669

87,167

-38,669

49,78549,785

36,480123,647

Total assets

37,934

36,243

6,932

14,471

493,741

130,316

624,057

Liabilities

Policyholders claim payable	-	-	-	-	22,956	^-22,956
Reinsurers' balances payable	-	-	-	-	24,071	^-24,071
Unearned premiums	77,553	196,587	14,919	13,416	302,475	^-302,475
Unearned reinsurance commission	-	-	326	1,186	1,512	^-1,512
Outstanding claims	20,216	378	7,434	911	28,939	^-28,939
Claims incurred but not reported	23,728	43,998	3,296	798	71,820	^-71,820
Premium deficiency reserves	1,363	497	-	-	1,860	^-1,860
Loss adjustment expenses reserve	402	1,814	309	41	2,566	^-2,566
Unallocated liabilities and equity	-	-	-	-	37,542	130,316_167,858

Total liabilities and insurance operations` surplus

123,262243,27426,28416,352

493,741130,316624,057

_{FOR THE THREE AND NINE MONTH PERIOD ENDED SEPTEMBER 30, 2021}

_{12 SEGMENTAL INFORMATION (CONTINUED)}

_{As at December 31, 2020 (Audited)}

_MedicalMotor^General

^Accident

Others

Total - Insurance Operations

Shareholders’

Operations

Total

_Assets

SAR’000

Cash and cash equivalents----144,937_-_144,937

Term deposits----119,331_-_119,331

Premiums and reinsurers’ receivable - net----98,638_-_98,638

Reinsurers’ share of unearned premiums13,733-5,0858,57527,393-_27,393

Reinsurers’ share of outstanding claims	4,564	3,399	2,592	1,353	11,908	-	11,908
Reinsurers’ share of claims Incurred but not	6,683	-	614	723	8,020	-	8,020
Deferred policy acquisition costs	3,637	26,943	672	407	31,659	-	31,659
Unallocated assets	-	-	-	-	5,136	160,388	165,524
Total assets	28,617	30,342	8,963	11,058	447,022	160,388	607,410
Liabilities
Policyholders claim payable	-	-	-	-	10,142	-	10,142
Reinsurers' balances payable	-	-	-	-	16,661	-	16,661
Unearned premiums	65,369	172,480	17,261	9,359	264,469	-	264,469
Unearned reinsurance commission	-	-	467	959	1,426	-	1,426
Outstanding claims	15,226	1,983	8,466	419	26,094	-	26,094
Claims incurred but not reported	22,292	42,258	3,296	797	68,643	-	68,643
Premium deficiency reserves	5,060	4,456	-	-	9,516	-	9,516
Other technical reserves	356	1,776	309	41	2,482	-	2,482
Unallocated liabilities and equity	-	-	-	-	47,589	160,388	207,977
Total liabilities and insurance operations` surplus	108,303	222,953	29,799	11,575	447,022	160,388	607,410

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

12 SEGMENTAL INFORMATION

For the three month period ended September 30, 2021 (Unaudited)

_Total

_REVENUES

MedicalMotor^Generalaccident

Others

SAR’000

insurance operations

Shareholders’

operations

Total

^{Gross premiums written}45,109100,0183,79612,421161,344-161,344

Re-insurance premiums ceded

^-Local(16)-(3)(470)(489)-(489)

^-Foreign(11,097)-(793)(11,145)(23,035)-(23,035) (11,113)-(796)(11,615)(23,524)-(23,524)

Excess of loss premiums

^-Local-(471)1(116)(586)-(586)

^-Foreign-(705)3(3)(705)-(705)

-(1,176)4(119)(1,291)-(1,291)

^{Net premiums written}33,99698,8423,004687136,529-136,529

^{Changes in unearned premiums, net}(2,791)(9,414)83(182)(12,304)-(12,304)

^{Net premiums earned}31,20589,4283,087505124,225-124,225

Re-insurance commission income_{--200466666-666}

Other underwriting income_4-6-10-10

TOTAL REVENUES^{31,20989,4283,293971124,901-124,901}

UNDERWRITING COSTS AND EXPENSES

^{Gross claims paid}31,16879,4481,312443112,371-112,371

^{Reinsurers’ share of claims paid}(9,635)-(70)(130)(9,835)-(9,835)

^{Net claims paid}21,53379,4481,242313102,536-102,536

^{Changes in outstanding claims, net}852(2,377)(813)(193)(2,531)-(2,531)

Changes in incurred but not reported claims, net_{(563)2,325--1,762-1,762}

Change in loss adjustment expenses_{532(10)(18)9-9}

Net claims incurred21,82779,428419102101,776-101,776

Changes in premium deficiency reserve_{(630)495--(135)-(135)}

^{Policy acquisition costs}2,62527,23219833030,385-30,385

Other underwriting expenses_{2104--106-106}

_EXPENSES

23,824107,259617432132,132-132,132

^{NET UNDERWRITING ( LOSS) /INCOME}7,385 (17,831) 2,676 539 (7,231) - (7,231)

OTHER OPERATING (EXPENSES) / INCOME

^{Allowance for doubtful debts}(382) - (382) ^{General and administrative expenses}^(19,480)(625) ^(20,105)^{Commission income on deposits}398 104 502

Realized gain on available-for-sale investments _{- 496 496}

Investment income ^{- - -}

Other income ^{91 - 91}

TOTAL OTHER OPERATING EXPENSES, NET _{- - - - (19,373) (25) (19,398)}

Net deficit (26,604) (25) (26,629)

Surplus transferred to shareholders 26,629

NET RESULT AFTER TRANSFER OF

SURPLUS TO SHAREHOLDERS _-

ALLIED COOPERATIVE INSURANCE GROUP (ACIG) (A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

12 SEGMENTAL INFORMATION

For the three month period ended September 30, 2020 (Unaudited)

_Total

_REVENUES

_MedicalMotor^General

^Accident

Others

SAR’000

Insurance

Operations

Shareholders’

Operations

Total

^{Gross premiums written}34,23864,4503,5366,023108,247-108,247

Re-insurance premiums ceded

^-Local(714)-(8)(392)(1,114)-(1,114)

^-Foreign(6,428)-(77)(5,110)(11,615)-(11,615) (7,142)-(85)(5,502)(12,729)-(12,729)

Excess of loss premiums

^-Local-(783)658(46)(171)-(171)

^-Foreign-(1,175)(2)(69)(1,246)-(1,246)

-(1,958) 656(115)(1,417)-(1,417) ^{Net premiums written}27,096 62,4924,107406 94,101- 94,101

^{Changes in unearned premiums, net}_{(5,409)22,987(1,010)3916,607-16,607}

^{Net premiums earned}21,68785,4793,097445110,708-110,708

Re-insurance commission income_{--166747913-913}

Other underwriting income_{528278148-954-954}

TOTAL REVENUES22,21585,7573,4111,192112,575-112,575

UNDERWRITING COSTS AND EXPENSES

^{Gross claims paid}29,01961,53132042891,298-91,298

^{Reinsurers’ share of claims paid}(8,412)-(28)(254)(8,694)-(8,694) ^{Net claims paid}20,60761,531 292174 82,604- 82,604

^{Changes in outstanding claims, net}4141,900670343,018-3,018

Changes in incurred but not reported claims, net_{895(3,251)--(2,356)-(2,356)}Change in loss adjustment expenses_916--25-25

Net claims incurred21,92560,19696220883,291-83,291

Changes in premium deficiency reserve_{4,081(666)--3,415-3,415}

^{Policy acquisition costs}1,9394,1641843036,590-6,590

^{Other underwriting expenses}301,077--1,107-1,107

_{TOTAL UNDERWRITING COSTS AND}

_EXPENSES

27,97564,7711,14651194,403

_94,403

^{NET UNDERWRITING INCOME}(5,760) 20,986 2,265 681 18,172 - 18,172

OTHER OPERATING (EXPENSES) / INCOME

^{Allowance for doubtful debts}(848) - (848) ^{General and administrative expenses}(19,317) (751) (20,068) ^{Commission income on deposits}527 125 652

Investment income - 484 484

Other income ^{9 - 9}

TOTAL OTHER OPERATING EXPENSES,

NET ^{- - - - (19,629) (142) (19,771)}

Net deficit (3,099)

Surplus transferred to shareholders 2,953

NET RESULT AFTER TRANSFER OF

^{SURPLUS TO SHAREHOLDERS}₍₁₄₆₎

ALLIED COOPERATIVE INSURANCE GROUP (ACIG) (A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

12 SEGMENTAL INFORMATION

_{For the nine month period ended September 30, 2021 (Unaudited)}

_MedicalMotor^General

^Accident

Others

Insurance

_Operations

Shareholders’

Operations

Total

_REVENUES

SAR’000

^{Gross premiums written}125,895283,95911,41724,910446,181-446,181

Re-insurance premiums ceded

^-Local(152)-(55)(1,174)(1,381)-(1,381)

^-Foreign(30,643)-(2,722)(21,795)(55,160)-(55,160) (30,795)-(2,777)(22,969)(56,541)-(56,541)

Excess of loss premiums

^-Local-(1,081)(2)(205)(1,288)-(1,288)

^-Foreign-(1,621)(2)(137)(1,760)-(1,760)

-(2,702)(4)(342)(3,048)-(3,048)

^{Net premiums written}95,100281,2578,6361,599386,592-386,592

^{Changes in unearned premiums, net}(6,938)(24,106)314(282)(31,012)-(31,012)

^{Net premiums earned}88,162257,1518,9501,317355,580-355,580

Re-insurance commission income_{--5202,8263,346-3,346}

Other underwriting income_{6633185-284-284}

TOTAL REVENUES ^{88,228257,1849,6554,143359,210-359,210}

UNDERWRITING COSTS AND EXPENSES

^{Gross claims paid}91,204213,8682,169537307,778-307,778

^{Reinsurers’ share of claims paid}(27,378)-(79)(172)(27,629)-(27,629)

^{Net claims paid}63,826213,8682,090365280,149-280,149

^{Changes in outstanding claims, net}414(488)67034630-630

Changes in incurred but not reported claims, net_{8951,900--2,795-2,795}

Change in loss adjustment expenses_4738--85-85

Net claims incurred65,182215,3182,760399283,659-283,659

Changes in premium deficiency reserve_{(3,695)(3,960)--(7,655)-(7,655)}

^{Policy acquisition costs}7,33844,6575791,04953,623-53,623

^{Other underwriting expenses}(6)401--395-395

_{TOTAL UNDERWRITING COSTS AND}

_EXPENSES

68,819256,4163,3391,448330,022-330,022

^{NET UNDERWRITING INCOME}19,409 768 6,316 2,695 29,188 - 29,188

OTHER OPERATING (EXPENSES) / INCOME

^{Allowance for doubtful debts}(1,418) - (1,418) ^{General and administrative expenses}(57,229) (1,797) (59,026) ^{Commission income on deposits}1,426 - 1,426

Investment income ^{- 1,264 1,264}

Other income ^{124 - 124}

_{TOTAL OTHER OPERATING EXPENSES, NET}

----(57,097)(533)(57,630)

Net deficit(27,909)(533)(28,442)

Surplus transferred to shareholders28,442

NET RESULT AFTER TRANSFER OF

^{SURPLUS TO SHAREHOLDERS}_-

ALLIED COOPERATIVE INSURANCE GROUP (ACIG) (A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

12 SEGMENTAL INFORMATION

For the nine month period ended September 30, 2020 (Unaudited)

_Total

_REVENUES

_MedicalMotor^General

^Accident

Others

SAR’000

Insurance

Operations

Shareholders’

Operations

Total

^{Gross premiums written}88,494246,30114,71826,942376,455-376,455

Re-insurance premiums ceded

^-Local(1,842)-(80)(1,089)(3,011)-(3,011)

^-Foreign(16,580)-(6,017)(24,031)(46,628)-(46,628) (18,422)-(6,097)(25,120)(49,639)-(49,639)

Excess of loss premiums

^-Local-(1,269)(274)(139)(1,682)-(1,682)

^-Foreign-(1,904)(8)(207)(2,119)-(2,119)

- (3,173) (282) (346)(3,801)-(3,801) ^{Net premiums written}70,072243,1288,3391,476323,015-323,015

^{Changes in unearned premiums, net}_{1,10312,619(1,448)(170)12,104-12,104}

^{Net premiums earned}71,175255,7476,8911,306335,119-335,119

Re-insurance commission income_{--6012,6223,223-3,223}

^{Other underwriting income}2,0101,7292,148-5,887-5,887

TOTAL REVENUES73,185257,4769,6403,928344,229-344,229

UNDERWRITING COSTS AND EXPENSES

^{Gross claims paid}91,017185,4721,377487278,353-278,353

^{Reinsurers’ share of claims paid}(26,083)- (46)(289)(26,418)-(26,418) ^{Net claims paid}64,934185,4721,331198 251,935- 251,935

^{Changes in outstanding claims, net}(880)(5,945)9504(5,871)-(5,871) Changes in incurred but not reported claims, net_{3,210(2,476)- -734-734}

^{Change in loss adjustment expenses}_{20(127)--(107)-(107)}

Net claims incurred67,284176,9242,281202246,691-246,691

Changes in premium deficiency reserve_{4,3519,569--13,920-13,920}

^{Policy acquisition costs}6,29211,5505751,07019,487-19,487

^{Other underwriting expenses}2502,656--2,906-2,906

_{TOTAL UNDERWRITING COSTS AND}

_EXPENSES

78,177200,6992,8561,272283,004-283,004

^{NET UNDERWRITING INCOME}(4,992)56,7776,7842,65661,225-61,225

5,009	-	5,009
(58,339)	(2,080)	(60,419)
1,689	384	2,073
-	1,572	1,572
9	-	9
----(51,632)	(124)	(51,756)
		6,006
		(5,047)
		959

OTHER OPERATING (EXPENSES) / INCOME Allowance for doubtful debts

^{General and administrative expenses}

Commission income on deposits

Investment income

Other income

TOTAL OTHER OPERATING EXPENSES,

Net surplus

Surplus transferred to shareholders

NETRESULTAFTERTRANSFEROF SURPLUS TO SHAREHOLDERS

ALLIED COOPERATIVE INSURANCE GROUP (ACIG) (A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021

_{12 SEGMENTAL INFORMATION (CONTINUED)}

For the three month period ended September 30, 2021 (Unaudited)

Total

_MedicalMotorProperties and accident

_SAR’000

Gross premiums written Retail	2,484	97,203	2,619	102,306
Micro enterprise	9,271	2,178	169	11,618
Small	16,842	138	1,959	18,939
Medium	14,439	323	8,819	23,581
Large	2,071	175	2,654	4,900
TOTAL GROSS PREMIUMS WRITTEN	45,107	100,017	16,220	161,344

For the three month period ended September 30, 2020 (Unaudited)

Total

_MedicalMotorProperties and accident

_SAR’000

Gross premiums written Retail	1,089	61,921	3,017	66,027
Micro enterprise	11,708	2,436	101	14,245
Small	14,294	(1,012)	954	14,236
Medium	2,219	634	1,893	4,746
Large	4,928	471	3,594	8,993
TOTAL GROSS PREMIUMS WRITTEN	34,238	64,450	9,559	108,247

_{For the nine month period ended September 30, 2021 (Unaudited)}

Total

_MedicalMotorProperties and accident

SAR’000

Gross premiums written Retail	2,484	276,934	6,941	286,359
Micro enterprise	48,962	5,223	793	54,978
Small	46,739	1,216	3,677	51,632
Medium	18,530	411	15,528	34,469
Large	9,180	175	9,388	18,743
TOTAL GROSS PREMIUMS WRITTEN	125,895	283,959	36,327	446,181

For the nine month period ended September 30, 2020 (Unaudited)

Total

Operating segments_MedicalMotor^{Properties and}accident

_SAR’000

Gross premiums written Retail	5,272	240,764	7,241	253,277
Micro enterprise	20,659	3,144	101	23,904
Small	34,042	1,268	1,887	37,197
Medium	10,645	1,125	4,949	16,719
Large	17,876	-	27,482	45,358
TOTAL GROSS PREMIUMS WRITTEN	88,494	246,301	41,660	376,455

Disclosure of capital management [text block]

15 SHARE CAPITALAs at September 30, 2021 and December 31, 2020, the authorized, subscribed and paid up share capital of the Company was SAR 141 million, divided into 14.1 million shares of SAR 10 each.On January 16, 2020, the Company’s Board of Directors had recommended to reduce the Company’s share capital from SR200 million to SR 141 million – represented by 5.9 million share - by off-setting with accumulated losses. In an extra- ordinary general meeting held on Muharram 21, 1441H corresponding to August 26, 2020, the shareholders of the Company approved the above recommendation and required changes in the Company by-law relating to the reduction. Accordingly, the share capital and accumulated losses have been reduced to SAR 141 million.The capital reduction is through the reduction of 1 share for every 3.3898 shares held by the shareholders. The purpose of capital reduction is to restructure the capital position of the Company in order to comply with the Companies Law. There is no impact of reduction in capital on the Company’s financial obligations.On Jamad Al-Awwal 21, 1441H corresponding to January 16, 2020, the Board of Directors had recommended an increased in the Company’s capital through right issue with a total value of SR 150 million. On Safar 14, 1442H corresponding to October 1, 2020, the Company obtained approval from SAMA. On Safar 27, 1443H ,corresponding to September 20,2021 the Capital Market authority (CMA) approved the said capital increase. As at the date of the these intreim condensed financial statements, the company is currently in the process of completing the remaining the remaining regulatory andlegal formalities underlying suhc increase.

Disclosure of comparative figures [text block]

COMPARATIVE FIGURESCertain prior period figures have been reclassified to conform to current period presentation (if applicable).

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

APPROVAL OF THE FINANCIAL STATEMENTSThese interim condensed financial statements have been approved by the Board of Directors on November 2, 2021 corresponding to Rabi Al Awwal 27, 1443H.

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

ALLIED COOPERATIVE INSURANCE GROUP (ACIG) (A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021

₁₈^{SUPPLEMANTARY INFORMATION}

_{INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION}

SAR ’000

_{September 30, 2021 (Unaudited)}

December 31, 2020 (Audited)

Insurance operations

_{Shareholders’}

_operations^Total

Insurance operations

_{Shareholders’}

_operations^Total

ASSETS Cash and cash equivalents	181,598	44,051	225,649	69,686	75,251	144,937
Term deposits	-	-	-	119,331	-	119,331
Premiums and reinsurers’ receivable, net	129,396	-	129,396	98,638	-	98,638
Reinsurers’ share of unearned premiums	34,388	-	34,388	27,393	-	27,393
Reinsurers’ share of outstanding claims	13,427	-	13,427	11,908	-	11,908
^{Reinsurers’ share of claims incurred but not} _reported	9,097	-	9,097	8,020	-	8,020
Deferred policy acquisition costs	38,669	-	38,669	31,659	-	31,659
Due from a related party	1,985	-	1,985	1,985	-	1,985
Property and equipment, net	5,267	-	5,267	5,314	-	5,314
Intangible assets, net	4,880	-	4,880	4,751	-	4,751
Right-of-use asset, net	3,731	-	3,731	5,222	-	5,222
Available-for-sale investments	-	49,785	49,785	-	49,259	49,259
Prepayments and other receivables	71,303	4,618	75,921	63,115	4,084	67,199
Statutory deposit	-	30,000	30,000	-	30,000	30,000
Accrued commission on statutory deposit	-	1,863	1,863	-	1,794	1,794

^{TOTAL ASSETS} 493,741 130,317 624,058 447,022 160,388 607,410

Policyholders claim payable	22,956	-	22,956	10,142	-	10,142
Accrued and other payables	16,273	994	17,267	23,264	899	24,163
Reinsurances’ balances payable	24,071	-	24,071	16,661	-	16,661
Unearned commission income	1,512	-	1,512	1,426	-	1,426
Unearned premiums	302,475	-	302,475	264,469	-	264,469
Premium deficiency reserve	1,860	-	1,860	9,516	-	9,516
Other technical reserve	2,566	-	2,566	2,482	-	2,482
Outstanding claims	28,939	-	28,939	26,094	-	26,094
Claims incurred but not reported	71,820	-	71,820	68,643	-	68,643
Employees’ terminal benefits	13,383	-	13,383	14,006	-	14,006
Lease liabilities	2,959	-	2,959	4,974	-	4,974
Surplus distribution payable	5,991	-	5,991	6,409	-	6,409
Accrued zakat and income tax	-	13,758	13,758	-	11,000	11,000
Accrued commission on statutory deposit payable to SAMA	-	1,863	1,863	-	1,794	1,794
	494,805	16,615	511,420	448,086	13,693	461,779
EQUITY
Share capital	-	141,000	141,000	-	141,000	141,000
Accumulated losses	-	(34,950)	(34,950)	-	(1,431)	(1,431)
Fair value reserve on investments	-	7,652	7,652	-	7,126	7,126
TOTAL SHAREHOLDER’S EQUITY	-	113,702	113,702	-	146,695	146,695
^{Re-measurement reserve of employees’ terminal} benefits	(1,064)		(1,064)	(1,064)	-	(1,064)
TOTAL EQUITY	(1,064)	113,702	112,638	(1,064)	146,695	145,631

^{TOTAL LIABILITIES AND EQUITY} 493,741 130,317 624,058 447,022 160,388 607,410

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

18 SUPPLEMANTARY INFORMATION (CONTINUED) INTERIM CONDENSED STATEMENT OF INCOME0

SAR ’000

For the three month period ended September 30

September 30, 2021 (Unaudited)September 30, 2020 (Unaudited)

_REVENUES

Insurance operations

_{Shareholders’}

_operations^Total

Insurance operations

_{Shareholders’}

_operations^Total

Gross premiums written161,344-161,344108,247-108,247

Reinsurance premiums ceded

^-Local^(489)-(489)^(1,114)-(1,114)

^-Foreign^{(23,035)-(23,035)}^(11,615)-(11,615)

^{(23,524)-(23,524)}(12,729)-_(12,729)

Excess of loss expenses

-Local	(586)	-(586)	(171)	^-(171)
-Foreign	(705)	-(705)	(1,246)	^-(1,246)
	(1,291)	-(1,291)	(1,417)	-(1,417)
Net written premiums	136,529	-136,529	94,101	94,101
Changes in unearned premiums, net	(12,304)	-(12,304)	16,607	^-16,607
Net premiums earned	124,225	-124,225	110,708	^-110,708
Re-insurance commissions earned	666	-666	913	^-913
Other underwriting income	10	-10	954	954
NET REVENUES	124,901	-124,901	112,575	-112,575
UNDERWRITING COSTS AND EXPENSES
Gross claims paid	112,371	-112,371	91,298	^-91,298
Reinsurers’ share of claims paid	(9,835)	-(9,835)	(8,694)	^-(8,694)
Net claims and other benefits paid	102,536	-102,536	82,604	^-82,604
Changes in outstanding claims, net	(2,531)	-(2,531)	3,018	^-3,018
Changes in incurred but not reported claims, net	1,762	-1,762	(2,356)	^-(2,356)
Changes in loss adjustment expenses	9	-9	25	25
Net claims incurred	101,776	-101,776	83,291	-83,291
Change in premium deficiency reserve	(135)	-(135)	3,415	^-3,415
Policy acquisition costs	30,385	-30,385	6,590	^-6,590
Other underwriting expenses	106	-106	1,107	^-1,107
TOTAL UNDERWRITING COSTS AND	132,132	^-132,132	94,403	^-94,403
NET UNDERWRITING INCOME / (LOSS)	(7,231)	-(7,231)	18,172	^-18,172
OTHER OPERATING (EXPENSES) / INCOME
Allowance for doubtful debts	(382)	-(382)	(848)	^-(848)
General and administrative expenses	(19,480)	(625)(20,105)	(19,317)	⁽⁷⁵¹⁾(20,068)
Commission income on deposits	398	104502	527	¹²⁵652
Investment income	-	496496	-	⁴⁸⁴484
Other income	91	-91	9	^-9
TOTAL OTHER OPERATING LOSS	(19,373)	(25)(19,398)	(19,629)	(142)(19,771)
NET LOSS FOR THE PERIOD	(26,604)	(25)(26,629)	(1,457)	(142)(1,599)
Zakat Charge for the period	-	(2,000)(2,000)	-	(1,500)(1,500)
NET DEFICIT	(26,604)	(2,025)(28,629)	(1,457)	(1,642)(3,099)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

18 SUPPLEMANTARY INFORMATION (CONTINUED) INTERIM CONDENSED STATEMENT OF INCOME0

SAR ’000

For the three month period ended September 30

September 30, 2021 (Unaudited)September 30, 2020 (Unaudited)

Insurance operations

Shareholders’

operations

_TotalInsuranceShareholders’_Totaloperations operations

(Deficit)/ Surplus transferred to Shareholders	-(26,604)	(26,604)	1,311	(1,311)	-
Net result after transfer of surplus to shareholders	-(28,629)	(28,629)	(146)	(2,953)	(3,099)
Loss for the period	-(28,629)	(28,629)	(146)	(2,953)	(3,099)
Weighted average number of shares	-14,100	14,100	14,100	14,100	14,100
LOSS PER SHARE (EXPRESSED IN SAR PER SHARE)-restated 2020	-(2.03)	(2.03)	(0.01)	(0.21)	(0.21)

OTHER COMPREHENSIVE INCOME / (LOSS)

ITEMS THAT WILL NOT BE RECLASSIFIED TO STATEMENT OF INCOME IN SUBSEQUENT PERIODS

- Actuarial gains / (losses) on employees’ terminal

_benefits

^-^{(28,629)(28,629)}^(146)(2,953)(3,099)

^---^---

ITEMS

THATARE

MAY

RECLASSIFIED

STATEMENTS

INCOME IN SUBSEQUENT PERIOD

-(1,513)

(1,513)

4,040

-(30,142)

(30,142)

(146)

1,087

941

Available-for-sale investments:

-Net change in fair value

TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

18 SUPPLEMANTARY INFORMATION (CONTINUED) INTERIM CONDENSED STATEMENT OF INCOME0

SAR ’000

For the nine month period ended September 30

September 30, 2021 (Unaudited)September 30, 2020 (Unaudited)

_REVENUES

Insurance operations

_{Shareholders’}

_operations^Total

Insurance operations

_{Shareholders’}

_operations^Total

Gross premiums written446,181-446,181376,455-376,455

Reinsurance premiums ceded

^-Local^{(1,381)-(1,381)}^(3,011)-(3,011)

^-Foreign^{(55,160)-(55,160)}^(46,628)-(46,628)

^{(56,541)-(56,541)}(49,639)-_(49,639)

Excess of loss expenses

^-Local^{(1,288)-(1,288)}^(1,682)-(1,682)

^-Foreign^{(1,760)-(1,760)}^(2,119)-(2,119)

(3,048)-(3,048) (3,801)- (3,801) ^{Net written premiums}^{386,592-386,592}323,015323,015

^{Changes in unearned premiums, net}(31,012)-(31,012)12,104-_12,104

^{Net premiums earned}^{355,580-355,580}^335,119-335,119

^{Re-insurance commissions earned}^3,346-3,346^3,223-3,223

^{Other underwriting income}^284-284^5,8875,887

NET REVENUES^{359,210-359,210}^{344,229-344,229}

UNDERWRITING COSTS AND EXPENSES

^{Gross claims paid}^{307,778-307,778}^278,353-278,353

^{Reinsurers’ share of claims paid}^{(27,629)-(27,629)}^(26,418)-(26,418)

^{Net claims and other benefits paid}^{280,149-280,149}^251,935-251,935

Changes in outstanding claims, net ^630-630^(5,871)-^{(5,871) Changes in incurred but not reported claims, net}^2,795-2,795^734-734

^{Changes in loss adjustment expenses}^85-85⁽¹⁰⁷⁾(107)

Net claims incurred^{283,659-283,659}^{246,691-246,691}

Change in premium deficiency reserve^{(7,655)-(7,655)}^13,920-13,920

Policy acquisition costs^{53,623-53,623}^19,487-19,487

Other underwriting expenses³⁹⁵³⁹⁵^2,906-2,906

TOTAL UNDERWRITING COSTS AND _330,022^-_330,022^283,004-_283,004

^{NET UNDERWRITING INCOME/ (LOSS)}29,188-29,18861,225-61,225

OTHER OPERATING (EXPENSES)/ INCOME

(Allowance for ) / release of doubtful debts_{(1,418)-(1,418)}_5,009-_5,009

^{General and administrative expenses}^{(57,225)(1,801)(59,026)}^{(58,339)(2,080)}(60,419) ^{Commission income on deposits}^{1,1292971,426}^1,6893842,073

^{Investment income}^-1,2641,264-1,572_1,572

^{Other income}1241249-₉

TOTAL OTHER OPERATING (EXPENSES)/ INCOME

(57,390)(240)(57,630)(51,632)(124)(51,756)

^{NET INCOME FOR THE PERIOD}(28,202)(240)(28,442)9,593(124)9,469

^{Zakat Charge for the period}-(5,077)(5,077)-(3,463)(3,463)

NET SURPLUS^{(28,202)(5,317)(33,519)}^{9,593(3,587)6,006}

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

18 SUPPLEMANTARY INFORMATION (CONTINUED) INTERIM CONDENSED STATEMENT OF INCOME0

SAR ’000

For the nine month period ended September 30

September 30, 2021 (Unaudited)September 30, 2020 (Unaudited)

Insurance operations

Shareholders’

operations

_TotalInsuranceShareholders’_Totaloperations operations

(Deficit)/ Surplus transferred to Shareholders	-(28,202)	(28,202)	(8,634)	8,634	-
Net result after transfer of surplus to shareholders	-(33,519)	(33,519)	959	5,047	6,006
(Loss)/ income for the period	-(33,519)	(33,519)	959	5,047	6,006
Weighted average number of shares	14,100	14,100	14,100	14,100	14,100
LOSS PER SHARE (EXPRESSED IN SAR PER SHARE)-Restated 2020	(2.38)	(2.38)	0.07	0.36	0.43

-_-

OTHER COMPREHENSIVE INCOME / (LOSS)

ITEMS THAT WILL NOT BE RECLASSIFIED TO STATEMENT OF INCOME IN SUBSEQUENT PERIODS

- Actuarial gains / (losses) on employees’ terminal

_benefits

^{(33,519)(33,519)}^9595,0476,006

^---^---

ITEMS

THATARE

MAY

RECLASSIFIED

STATEMENTS

INCOME IN SUBSEQUENT PERIOD

526

3,139

-(32,993)

(32,993)

959

8,186

9,145

Available-for-sale investments:

-Net change in fair value

TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD

ALLIED COOPERATIVE INSURANCE GROUP (ACIG) (A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

18	SUPPLEMANTARY INFORMATION (Continued)
	INTERIM CONDENSED STATEMENT OF CASH FLOWS

Insurance operations

_{Shareholders’}

_operations^Total

SAR ’000

Insurance operations

_{Shareholders’}

_operations^Total

_{For the nine month period ended September 30, 2021}For the nine month period ended September 30, 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Total (loss) / income for the period

UnauditedUnaudited

_-(28,442)^(28,442)959^8,5109,469

Adjustments for non-cash items: Depreciation of property and equipment	1,312	-	1,312	1,667	-	1,667
Amortization of Right of use assets	1,509	-	1,509	1,665	-	1,665
Finance cost of lease liability	114	-	114	237	-	237
Amortization of intangible assets	726	-	726	732	-	732
Provision for employees’ terminal benefits	-	-	-	1,526	-	1,526
(Allowance for) / Release of doubtful debts	1,418	-	1,418	(5,009)	-	(5,009)
Loss on sale of property and equipment	-	-	-	489	-	489
Realized gain on available-for-sale investment	-	-	-	-	-	-
	5,079	(28,442)	(23,363)	2,266	8,510	10,776
Changes in operating assets and liabilities:
Premiums and reinsurers’ receivable	(32,176)	-	(32,176)	(17,778)	-	(17,778)
Reinsurers’ share of unearned premiums	(6,995)	-	(6,995)	(7,026)	-	(7,026)
Reinsurers’ share of outstanding claims	(1,519)	-	(1,519)	(90)	-	(90)
Reinsurers’ share of claims Incurred but not reported	(1,077)	-	(1,077)	(1,771)	-	(1,771)
Deferred policy acquisition costs	(7,010)	-	(7,010)	(8,363)	-	(8,363)
Due from related party	-	-	-	(225)	-	(225)
Prepayments and other receivables	(8,188)	(603)	(8,791)	(7,434)	488	(6,946)
Policyholders claim payables	12,814	-	12,814	31,238	-	31,238
Accrued and other payables	(7,409)	164	(7,245)	9,242	249	9,491
Reinsurers' balances payable	7,410	-	7,410	2,531	-	2,531
Unearned commission income	86	-	86	375	-	375
Unearned premiums	38,006	-	38,006	(5,078)	-	(5,078)
Premium deficiency reserve	(7,656)	-	(7,656)	13,920	-	13,920
Other technical reserves	84	-	84	(107)	-	(107)
Outstanding claims	2,845	-	2,845	(5,781)	-	(5,781)
Claims incurred but not reported	3,177	-	3,177	2,505	-	2,505
	-	-	-		-	-
	_(2,529)	_(28,881)	_(31,410)	8,424	9,247	17,671

End-of-service indemnities paid(623)(623)(203)-(203)

Zakat and income tax paid	-	(2,319)	(2,319)	-	(1,942)	(1,942)
Net cash from / (used in) operating activities	(3,152)	(31,200)	(34,352)	8,221	7,305	15,526
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(1,215)	-	(1,215)	(494)	-	(494)
Proceed from sale of property and equipment	-	-	-	407	-	407
Purchase of Intangible assets	(905)	-	(905)	(474)	-	(474)
Right of use assets	(18)	-	(18)	(2,174)	-	(2,174)
Payment of lease liability	(2,129)	-	(2,129)	(2,258)	-	(2,258)
Maturity / (placement) of term deposits	119,331	-	119,331	138,920	55,663	194,583
Proceed from sale of available-for-sale investment	-	-	-		5,000	5,000
Net cash (used in) / generated from investing activities	115,064	-	115,064	133,927	60,663	194,590
Net change in cash and cash equivalents	111,912	(31,200)	80,712	142,148	67,968	210,116
Cash and cash equivalents, beginning of the period	69,686	75,251	144,937	65,320	12,159	77,479

^{Cash and cash equivalents, end of the period} 181,598 44,051 225,649 207,468 80,127 287,595

ALLIED COOPERATIVE INSURANCE GROUP (ACIG) (A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

19^{FAIR VALUES 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 financial statement

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 amount and fair value}

The following table shows the carrying amount and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial instruments measured at fair value. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is not

_{considered to reasonably approximate fair value.}

Shareholders' operations

SAR’000s

Carrying

ValueLevel 1Level 2Level 3_Total

September 30, 2021 (Unaudited) Financial assets measured at fair value

Available-for-sales investments

Debt instrument	20,000	-	-20,000	20,000
Equities	11,496	11,496	--	11,496
Others	16,366	16,366	-	16,366
	47,862	27,862	-20,000	47,862

The fair value of unquoted securities at level 3 is not materially different than its cost price.

investment in Najm amounting to SR 1,923,000 is excluded from above table because it is carried at cost and its fair value was not determined.

Shareholders' operations

SAR’000s	Value	Level 1	Level 2	Level 3	Total
December 31, 2020 (Audited)
Financial assets measured at fair value
Available-for-sales investments
Debt instrument	20,000	-		-^20,000	20,000
Equities	11,177	11,177		--	11,177
Others	16,159	16,159		-	16,159
	47,336	27,336		-20,000	47,336

ALLIED COOPERATIVE INSURANCE GROUP (ACIG) (A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

_{FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2021}

₂₀COMPARATIVE FIGURES

_{Certain prior period figures have been reclassified to conform to current period presentation (if applicable).}

21IMPACT OF COVID-19

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

In response to the spread of the Covid-19 virus in the GCC and other territories (to be tailored based on company’s operations) where the Company operates and its consequential disruption to the social and economic activities in those markets, the Company’s management has proactively assessed its impacts on its operations and has taken a series of proactive and

_{preventative measures and processes to ensure:}

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

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

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

_{Medical technical reserves}

Based on the management’s assessment, the management believes that the Government’s decision to assume the medical treatment costs for both Saudi citizens and expatriates has helped in reducing any unfavourable impact. During the lockdown, the Company saw a decline in medical reported claims (majorly elective and non-chronic treatment claims) which resulted in a drop in claims experience. However, subsequent to the lifting of lockdown since 21 June 2020, the Company is experiencing a surge in claims which is in line with the expectations of the Company’s management. The Company’s management has duly considered the impact of surge in claims in the current estimate of future contractual cash flows of the insurance contracts in force as at September 30, 2021 for its liability adequacy test. Based on the results, the Company has booked an amount of SAR 1.95 million (December 31, 2020: SR 5.06 million) as a premium deficiency reserve.

Motor technical reserves

In response to the Covid-19 pandemic, SAMA issued a circular 189 (the “circular”) dated May 8, 2020 to all insurance companies in the Kingdom of Saudi Arabia. Amongst other things, the circular instructed insurance companies to extend the period of validity of all existing retail motor insurance policies by further two months as well as providing a two-month additional coverage for all new retail motor policies written within one month of this circular

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

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

Company accounting policy. There is no significant impact of two-month extension in earned premium as of September 30,

_{2021 as no material amounts of premium have been written during the one-month period.}

[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