	English [member]
Start Date	2022-04-01	2021-04-01
End Date	2022-06-30	2021-06-30
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 2
Reporting period start date	2022-04-01	2021-04-01
Reporting period end date	2022-06-30	2021-06-30
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	2022-04-01	2022-04-01
End Date	2022-06-30	2022-06-30
Auditors information [line items]
Details of auditors signing report [abstract]
Name of auditor signing report	Abdullah S. Al Msned	Abdullah M. Al Azem
Registration number of auditor	456	283
Details of audit firm [abstract]
Name of audit firm	AlKharashi & Co. Certified AccountantsAndauditors	Al Azem, Al Sudairy, Al Shaikh & PartnersCertified Public Accountantsmember firm Crow nternational
Registration number of audit firm	536/11/323	148/11/323
Contact number of audit firm	1010327044	112175000
Address of audit firm	P. O. Box 8306 Riyadh 11482	P.O 10504 Riyadh 11443

	English [member]
Start Date	2022-04-01
End Date	2022-06-30
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 statement of financial position of Allied Cooperative Insurance Group (ACIG) - a Saudi Joint Stock Company (the “Company”) as at 30 June 2022 and the related interim statements of income, comprehensive income, for the three-month and six-month periods then ended and changes in equity and cash flows for the six-month period then ended and other explanatory notes (the “interim condensed 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
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.
Key audit matters	We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” that is endorsed in the Kingdom of Saudi Arabia. A review of interim financial 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.
Auditors responsibilities for audit of financial statements	Our responsibility is to express a conclusion on these interim condensed financial statements based on our review
Date of signing audit report by auditor	2022-08-23

Start Date	2022-01-01	2021-01-01	2021-01-01
End Date	2022-06-30	2021-12-31	2021-06-30
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	4,612	5,411	5,076
Due from related parties, insurance/ takaful operations assets	1,985	1,985	1,985
Deferred policy acquisition costs	46,508	44,053	36,717
Reinsurers/ retakaful share of unearned premiums/ contributions	46,080	34,703	26,162
Prepayments and other assets, insurance/ takaful operations assets	64,131	57,950	65,568
Due from shareholders operations		31,249
Premiums/ insurance receivables/takaful contributions receivable, net	112,812	98,415	103,453
Reinsurers/ retakaful share of outstanding claims/ benefits, net	26,830	21,453	22,503
Time (Murabaha) deposits, insurance/ takaful operations assets	183,648	182,367
Available-for-sale investments, insurance/ takaful operations assets	0	0
Cash and cash equivalents, insurance/ takaful operations assets	135,867	52,973	188,339
Other assets, insurance/ takaful operations assets	10,327	8,814	7,468
Total insurance/ takaful operations assets	632,800	539,373	457,271
Shareholders assets [abstract]
Statutory deposit	43,650	30,000	30,000
Prepayments and other assets, shareholders assets	4,307	4,884	4,402
Time (Murabaha) deposits, shareholders assets	329
Available-for-sale investments, shareholders assets	47,817	50,721	51,298
Cash and cash equivalents, shareholders assets	67,285		8,823
Other assets, shareholders assets			3,051
Assets classified as held for sale/ distribution	1,955	1,871	61,738
Total shareholders assets	165,343	87,476	159,312
Total assets	798,143	626,849	616,583
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	337,123	301,744	281,945
Unearned commission income	1,125	1,261	1,244
Employees end of service benefits, insurance/ takaful operations liabilities	11,802	12,968	14,570
Surplus distribution payable	5,987	4,991	5,536
Reserve for insurance/ takaful operations			2,557
Reinsurers/ retakaful balance payable	46,793	24,749	26,343
Gross outstanding claims/ benefits including IBNR payable	141,066	115,470	101,506
Other technical reserves	33,065	37,525	1,995
Accrued expenses payable, insurance/ takaful operations liabilities	53,801	39,219	17,049
Other liabilities, insurance/ takaful operations	2,038	1,446	4,526
Total insurance/ takaful operations liabilities	632,800	539,373	457,271
Total insurance/ takaful operations liabilities and surplus (deficit)	632,800	539,373	457,271
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	7,481	19,258	11,759
Due to insurance/ takaful operations		31,249
Accrued expenses payable, shareholders liabilities	2,015	1,525	1,858
Other liabilities, shareholders liabilities	1,955	1,871	1,852
Total shareholders liabilities	11,451	53,903	15,469
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	291,000	141,000	141,000
Retained earnings (accumulated losses)	-142,792	-116,015	-6,322
Reserve of disposal group held for distribution/ sale	5,684	8,588	9,165
Total equity attributable to equity holders of company	153,892	33,573	143,843
Total shareholders liabilities and equity	165,343	87,476	159,312
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	798,143	626,849	616,583

Start Date	2022-04-01	2021-04-01	2022-01-01	2021-01-01
End Date	2022-06-30	2021-06-30	2022-06-30	2021-06-30
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	169,085	132,690	346,923	284,837
Excess of loss expense	466	466	932	1,757
Reinsurance/ retakaful premiums ceded	29,049	13,034	54,562	33,017
Net premiums/ contributions written	139,570	119,190	291,429	250,063
Changes in unearned premiums/ contributions	2,336	-156	23,998	18,708
Net premiums/ contributions earned	137,234	119,346	267,431	231,355
Reinsurance/ retakaful commissions	1,372	1,199	2,181	2,680
Investment income from insurance/ takaful operations, net	1,019	365	1,523	731
Fees and other income from insurance/ takaful operations	1,789	-4	1,789	274
Other non-operating income from insurance/ takaful operations		4		33
Total income from insurance/ takaful operations	141,414	120,910	272,924	235,073
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	109,033	101,244	238,330	195,407
Reinsurance/ retakaful share of gross claims/ benefits paid	11,598	8,525	22,358	17,794
Net claims/ benefits paid	97,435	92,719	215,972	177,613
Changes in outstanding claims/ benefits including IBNR	21,017	2,630	19,808	4,194
Changes in other technical reserves	-8,728	-2,854	-3,757	-7,155
Net claims/ benefits incurred	109,724	92,495	232,023	174,652
Policy acquisition costs	17,605	13,815	36,215	23,238
General and administrative expenses, insurance/ takaful operations	19,242	19,344	40,175	37,739
Other cost and expenses	1,370	440	2,369	1,036
Total cost and expenses	147,941	126,094	310,782	236,665
Surplus (deficit) for period from insurance/ takaful operations	-6,527	-5,184	-37,858	-1,592
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	-6,527	-5,184	-37,858	-1,592
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0	0	0
Policyholders share of accumulated surplus, at end of period	0	0	0	0

Start Date	2022-04-01	2021-04-01	2022-01-01	2021-01-01
End Date	2022-06-30	2021-06-30	2022-06-30	2021-06-30
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	-6,527	-5,184	-37,858	-1,592
Revenue [abstract]
Commission/ profit on deposits	180	91	312	193
Investment income	505	275	1,009	768
Total revenue	685	366	1,321	961
Expenses [abstract]
General and administrative expenses, shareholders operations	785	723	-328	1,182
Total expenses	785	723	-328	1,182
Income (loss) from continuing operations before zakat and income tax	-6,627	-5,541	-36,209	-1,813
Zakat expenses on continuing operations for period	-7,932	1,778	-9,432	3,078
Profit (loss) from continuing operations	1,305	-7,319	-26,777	-4,891
Profit (loss) for the period	1,305	-7,319	-26,777	-4,891
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	1,305	-7,319	-26,777	-4,891
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	0.04	-0.38	-0.82	-0.25
Basic earnings (loss) per share from discontinued operations	0	0	0	0
Total basic earnings (loss) per share	0.04	-0.38	-0.82	-0.25
Diluted earnings (loss) per share [abstract]
Diluted earnings (loss) per share from continuing operations	0.04	-0.38	-0.82	-0.25
Diluted earnings (loss) per share from discontinued operations	0	0	0	0
Total diluted earnings (loss) per share	0.04	-0.38	-0.82	-0.25
Weighted average number of equity shares outstanding	32512000	19458000	32512000	19458000

Start Date	2022-04-01	2021-04-01	2022-01-01	2021-01-01
End Date	2022-06-30	2021-06-30	2022-06-30	2021-06-30
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0	0	0
Total comprehensive income (loss) for period	0	0	0	0

Start Date	2022-04-01	2021-04-01	2022-01-01	2021-01-01
End Date	2022-06-30	2021-06-30	2022-06-30	2021-06-30
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	1,305	-7,319	-26,777	-4,891
Total comprehensive income (loss) for period	1,305	-7,319	-26,777	-4,891
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	1,305	-7,319	-26,777	-4,891
Total comprehensive income (loss), attributable to non-saudi shareholders of company	0	0	0	0

Start Date	2022-01-01	2021-01-01
End Date	2022-06-30	2021-06-30
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	0
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	2,636	2,496
Adjustments for allocated depreciation from shareholders operations	70
Adjustments for employees end of service benefits	721	781
Adjustments for allowance for doubtful receivables	2,369	1,036
Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities		-1,592
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	5,796	2,721
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-16,908	-5,851
Adjustments for decrease (increase) in prepayments and other assets	-6,181	-5,765
Adjustments for increase (decrease) in outstanding claims including IBNR	25,596	6,769
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	22,044	9,682
Adjustments for increase (decrease) in accrued expenses and other liabilities	17,633	-4,297
Adjustments for increase (decrease) in accrued commission income	-136	-182
Adjustments for increase (decrease) in accrued retroceded/ reinsurance premiums	-11,377	1,231
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	-5,377	-2,575
Adjustments for decrease (increase) in deferred policy acquisition costs	-2,455	-5,058
Adjustments for decrease (increase) in advances and other receivables	-2,051	-8,542
Adjustments for increase (decrease) in due to shareholders operations	31,249
Adjustments for movement in gross unearned premiums/ contributions	35,379	17,746
Adjustment for changes in other reserves	-4,460	-7,446
Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow	-1,892	-217
Total changes in operating assets and liabilities	81,064	-4,505
Net cash flows from (used in) insurance/ takaful operations	86,860	-1,784
Net cash flows from (used in) operating activities, insurance/ takaful operations	86,860	-1,784
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Proceeds from sales of investments, insurance/ takaful operations cash flow	-1,281
Proceeds from sales of property and equipment, insurance/ takaful operations cash flow	646
Purchase of property and equipment, insurance/ takaful operations cash flow	1,249	952
Other inflows (outflows) of cash classified as investing activities, insurance/ takaful operations cash flow	-2,082	119,331
Net cash flows from (used in) investing activities, insurance/ takaful operations	-3,966	118,379
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	-3
Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow	0	-984
Net cash flows from (used in) financing activities, insurance/ takaful operations	0	-981
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	82,894	115,614
Net increase (decrease) in cash and cash equivalents	82,894	115,614
Cash and cash equivalents at beginning of period	52,973	72,725
Cash and cash equivalents at end of period	135,867	188,339

Start Date	2022-01-01	2021-01-01
End Date	2022-06-30	2021-06-30
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	-36,209	-1,813
Net profit (loss) for period (before zakat expenses and income tax)	-36,209	-1,813
Adjustments to reconcile profit (loss) [abstract]
Adjustment for loss (income) from joint ventures and associates, shareholders cash flow		-2,034
Total adjustments to reconcile profit (loss)		-2,034
Changes in operating assets and liabilities [abstract]
Adjustments for increase (decrease) in accrued expenses and other liabilities, shareholders cash flow	-490	-959
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-1,783	-318
Adjustments for decrease (increase) in other assets	-31,249
Total changes in operating assets and liabilities	-33,522	-1,277
Net cash flows from (used in) operations	-69,731	-5,124
Net cash flows from (used in) operating activities	-69,731	-5,124
Cash flows from (used in) investing activities [abstract]
Purchase of available-for-sale investments		61,304
Other inflows (outflows) of cash	-12,984
Net cash flows from (used in) investing activities	-12,984	-61,304
Cash flows from (used in) financing activities [abstract]
Proceeds from issuing shares	150,000
Due to reinsurance/ retakaful operations	0	0
Payment of transaction costs	0	0
Payment of due to others	0	0
Proceeds from issuing other equity instruments	0
Payments to acquire or redeem entity's shares	0	0
Payments of other equity instruments		0
Proceeds from borrowings	0	0
Repayments of borrowings	0	0
Payments of finance lease liabilities	0	0
Dividends paid	0	0
Other inflows (outflows) of cash	0	0
Net cash flows from (used in) financing activities	150,000	0
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	67,285	-66,428
Net increase (decrease) in cash and cash equivalents	67,285	-66,428
Cash and cash equivalents at beginning of period		75,251
Cash and cash equivalents at end of period	67,285	8,823

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2022-04-01

End Date

2022-06-30

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 basis of preparation of financial statements [text block]

(a)(b) BASIS OF PREPARATION Statement of complianceThe interim condensed financial statements of the Company as at and for the three- month and six month periods ended 30 June 2022 have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34) as endorsed in Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants (“SOCPA”).Basis of preparation and measurementThe Company incurred loss for the six months period ended 30 June 2022 of SAR 29.7 million (30 June 2021: Loss for the six- months period ended was SAR 2.8 million) and, as of that date, the accumulated losses of the Company as at 30 June 2022 are 49% of its share capital (82%: 31 December 2021) and the solvency margin of the Company reached to -15 % (31 December 2021: -117%). The reason for these losses is primarily attributed to unexpected increase in the number of motor accidents and the average motor claims cost (including policy acquisition cost) across the Kingdom of Saudi Arabia. Owing to these factors, the Company has recorded premium deficiency reserve and claims incurred but not reported as at period end for motor line of business, amounting to SAR 30.8 million (31December 2021: SAR 35.7 million) and SAR 50 million (31 December 2021: SAR 53.1 million) respectively, along with its policy acquisition cost of SAR 29.2 million during the current period as compared to SAR 17.4 million during the compared period. Theseevents and conditions indicate material uncertainties on the Company’s ability to continue as going concern. Considering the above, various strategic options including capital restructuring were considered by the Board of Directors to ensure appropriateness of the Company’s going concern assumption as at year end. Amongst such strategic options, the Board of Directors approved a business plan for 2022 on 21 December 2021. The plan is based on the adjusted prices for motor line of business for improving the net premium written and control over expenses and loss ratios . Moreover, the Shareholders, in an extraordinary general assembly meeting held on 29 December 2021, resolved to increase the share capital by SAR 150 million (representing 15 million shares) by way of right issue to further strength its liquidity position. The above right issue process was completed in tranches during the six-month periods ended 30 June 2022 and the resulting total proceeds from the right issue was received on 7 March 2022 (Refer to Note 15).The above plan demonstrates that the Company will be able to continue as a going concern for foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS-(CONTINUED) FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 2022 2 (b) BASIS OF PREPARATION-(CONTINUED)Basis of preparation and measurement-(Continued)These interim condensed financial statements have been prepared under going concern basis and historical cost convention except for the measurement at fair value of investments held as fair value through other comprehensive income and employees’ defined benefit obligations which is recognized at the present value of future obligations 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, short term deposits, premiums and reinsurers’ receivable - net, reinsurers’ share of unearned premiums, deferred policy acquisition costs, deferred excess of loss premiums, prepayments and other assets, policyholders payable, reinsurers balances payable, accrued and other liabilities, unearned premiums, unearned reinsurance commission, outstanding claims, claims incurred but not reported, premium deficiency reserve, other technical reserves and Zakat and income tax payable. All other financial statement line items would generally be classified as non-current, unless stated otherwise. 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.The interim 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 interim statements of financial position, statements of income, comprehensive income and cash flows prepared for the insurance operations and shareholders operations as referred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of the respective operations.In preparing the Company-level financial 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 and transactions, if any, are eliminated in full. The accounting policies adopted for the insurance operations and shareholders’ operations are uniform for like transactions and events in similar circumstances.As per the by-laws of the Company, surplus arising from the Insurance Operations is distributed as follows: Transfer to Shareholders’ operationsTransfer to Policyholders’ operations 90%10%100% In case of deficit arising from the insurance operations, the entire deficit is allocated and transferred to the shareholders’ operations in full.In accordance with Article 70 of SAMA implementing regulations, the Company proposes to distribute, subject to the approval of SAMA, its annual netpolicyholders’ surplus directly to policyholders at a time, and according to criteria, as set by its Board of Directors.

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

1 ORGANIZATION AND PRINCIPAL ACTIVITIESAllied Cooperative Insurance Group (“the Company” or “ACIG”) is a Saudi Joint Stock Company incorporated in the Kingdom of Saudi Arabia under Commercial Registration No. 1010417178 dated Shabaan 9,1428H, corresponding to 22 August 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 4 April, 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 1 July 2009. The Company was listed on the Saudi Stock Exchange (Tadawul) on 27 August 2007.The Company has 3 registered branches as set out below: BranchBranch of ACIG Branch of ACIGBranch of ACIG Commercial RegistrationNumber205104367158550351504030204059 Place of issuanceAl KhobarKhamis MushaytJeddah Date12 Ramadan 1439 H12 Ramadan 1439 H12 Ramadan 1439 H

Disclosure of summary of significant accounting policies [abstract]

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

(c)d)e) 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 SAR has been rounded to the nearest thousands, except where otherwise indicated.Fiscal yearThe Company’s fiscal year is aligned with the calendar year i.e. it begins at 1 January and ends at 31 December.Critical accounting judgments, estimates and assumptionsThe 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. NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS-(CONTINUED) FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 20222 BASIS OF PREPARATION-(CONTINUED)e) Critical accounting judgments, estimates and assumptions-(Continued)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 2021.3 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 2021, 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 Company on the current period or prior periods and are expected to have an insignificant effect in future period.A STANDARDS ISSUED BUT NOT YET EFFECTIVE IFRS 9 - Financial InstrumentsThis standard was published on 24 July 2014 and has replaced IAS 39. The new standard addresses the following items related to financialinstruments: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 and interest on the principal amountoutstanding (“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 SPPIDebt financial 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, both debt and equity instrument 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 statement of income.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 statement of income.b) Impairment:The impairment model under IFRS 9 reflects expected credit losses, as opposed to incurred credit losses under IAS 39. Under the IFRS 9 approach, it is no longer necessary for a credit event to have occurred before credit losses are recognized. Instead, an entity always accounts for expected credit losses and changes in those expected credit losses. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition.c) Hedge Accounting:IFRS 9 introduces new requirements for hedge accounting that align hedge accounting more closely with Risk Management. The requirements establish a more principles-based approach to the general hedge accounting model. The amendments apply to all hedge accounting with the exception of portfolio fair value hedges of interest rate risk (commonly referred to as “fair value macro hedges”). For these, an entity may continue to apply the hedge accounting requirements currently in IAS 39. This exception was granted largely because the IASB is addressing macro hedge accounting as a separate project. IFRS 9 - Financial Instruments-"(Continued)" Effective date:The published effective date of IFRS 9 was 1 January 2018. However, amendments to IFRS 4 – Insurance Contracts: Applying IFRS 9 – Financial Instruments with IFRS 4 – Insurance Contracts, published on 12 September 2016, changes the existing IFRS 4 to allow entities issuing insurance contracts within the scope of IFRS 4 to mitigate certain effects of applying IFRS 9 before the IASB’s new insurance contract standard (IFRS 17 –Insurance Contracts) becomes effective. The amendments introduce two alternative options:1) Apply a temporary exemption from implementing IFRS 9 until the earlier of a. the effective date of a new insurance contract standard; orb. annual reporting periods beginning on or after 1 January 2021. On 17 March 2020, the International Accounting Standards Board (“IASB”) decided to extend the effective date of IFRS 17 and the IFRS 9 temporary exemption in IFRS 4 from 1 January 2021 to 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 year, 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 annual financial statements for the year ended31 December 2021.Impact assessmentOverall, 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.IFRS 17 - “Insurance Contracts”OverviewThis standard has been published on 18 May 2017, it establishes the principles for the recognition, measurement, presentation and disclosure ofinsurance contracts and supersedes IFRS 4 – Insurance contractsThe 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: IFRS 17 - “Insurance Contracts”-(Continued)Measurement-(Continued)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 and will be recognized as the entity provides services in the future. The CSM cannot be negative at inception; any net negative amount of the fulfilment cash flows at inception will be recorded in profit or loss immediately. At the end of each subsequent reporting period the carrying amount of a group of insurance contracts is 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 the quantity of the benefits provided and the expected coverage duration of the remaining contracts in the group.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 in addition to adjustment under general model;I. changes in the entity’s share of the fair value of underlying items; andII. changes in the effect of the time value of money and financial risks not relating to the underlying items.Effective dateThe Company intends to apply the Standard on its effective date i.e. 1 January 2023. Earlier application is permitted if both IFRS 15 – Revenue from Contractswith Customers and IFRS 9 – Financial Instruments have also been applied. The Company intends to apply this standard on its effective date.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 new standard. The Company has started its implementation process and has set up a project team, supervised by an IFRS executive management committee. Impact area Summary of Impact Financial impact The Company has ascertained the financial impact on reported balances of year 2018. As the Company's most ofinsurance contracts are short-termed and short tailed entitling for premium allocation approach (PAA) which is largely similar to current accounting practice, no significant impact is expected. The Company has also successfully finalized the reassessment of 2020 results as part of the 1st Dry-Run orchestrated by the regulator and submitted on 30 November 2021 to SAMA.Based on the conducted simulation, the financial impact of applying IFRS 17 compared to IFRS 4 was also not significant. The Company will solidify its view on the financial impact while completing the 2nd and 3rd dry-runs, planned before the end of 2022.Data impact IFRS 17 has additional data requirements (e.g. premium due date for initial recognition, premium receipt data forthe LFRC, RI contracts held breakdown in to 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 has carried out to ensure the required data is available. No major data deficiencies or shortfalls were reported during the completion of the 1st –dry-run simulation.IT systems impact Detailed assessment has been carried out of existing systems capabilities for IFRS 17 calculations, storage andreporting and whether new systems / calculation engines should be implemented.The tool has been implemented successfully and used for processing and extracting the simulated results for the 1st dry-run. In coordination with the Company’s appointed advisor and appointed actuary, the Steering Committee is actively working to close any identified gaps before the due date of the 2nd dry-run simulation.Process impact The Company has carried out an operational impact assessment exercise to assess the operational impact ofimplementing 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.No major process impact was reported during the completion of the 1st dry-run simulation.Impact on Reinsurancearrangements(RI) Further assessment has carried out to confirm measurement approach for reinsurance arrangements where RIgross premium ceded does not automatically qualify for PAAImpact on policies and controlframeworks The Company's policies and procedures needs updation to accommodate the changes in the Company's processesand systems related to IFRS 17 implementation. Detailed exercise for the purpose has been carried out after ascertaining financial and operational gaps assessment. The Company is currently in design phase of IFRS 17 implementation which requires developing and designing new processes and procedures for the business including any system developments required under IFRS 17 and detailed assessment of business requirements. Following are the main areas under design phase and status of the progress is as follows:Major areas of design phase Summary of progressGovernance and controlframework The Company has put in place a comprehensive IFRS 17 governance program which includes establishing oversightsteering committee for monitoring the progress of implementation and assigning roles and responsibilities to various stakeholders.Operational area The Company is in progress of designing operational aspects of the design phase which includes establishingcomprehensive data policy and data dictionary. Also the Company is finalizing architectural designs for various sub- systems. The Company has progressed through assessment of business requirements and currently working on vendor selection while finalizing various process needed for transition and assessment of new resources needed.Technical and financial area The Company has completed various policy papers encompassing various technical and financial matters after concluding on policy decisions required under the IFRS 17 standard. The policy decisions are taken after due deliberations among various stakeholders. Currently majority of policy papers have been approved by the Company's IFRS 17 project steering committee.Assurance plan The Company is working along with other stakeholders to finalize the assurance plan for transitional and post- implementation periods.The Company has started its implementation process and has set up a project team, supervised by Company's CEO. Furthermore, to assess financial and operational impact of IFRS 17, the Company has hired SHMA Consulting as their consultants.The effective interpretations/improvement/amendments do not have material impact on these financial statements of the Company.

Disclosure of notes forming part of accounts [abstract]

Disclosure of property and equipment [text block]

9 RIGHT OF USE ASSETS, NETSAR’000 30 June 2022 31 December 2021 Cost: (Unaudited) (Audited) At beginning of the period / year 10,091 10,073Additions 2,747 18As at end of period / year 12,838 10,091Accumulated amortizationAt beginning of the period / year (6,862) (4,851) Charge for the period / year (1,313) (2,011) As at end of period / year (8,175) (6,862)Net book value 4,663 3,229 10 LEASE LIABILITIESSAR’000 30 June 2022 31 December 2021 (Unaudited) (Audited) Liabilities:At beginning of the period / year 10,593 10,593Additions during the period 2,747 - finance costs 70 143As at end of period / year 13,410 10,593Payments:At beginning of the period / year (7,753) (5,619) Paid during the period / year (2,082) (2,134) As at end of period / year (9,835) (7,753)Total lease liabilities

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 30 June 2022 31 December 2021 (Unaudited) (Audited) Investment in Sukuk 20,000 20,000Quoted securities 12,390 11,508Unquoted securities 1,923 1,923Quoted local real estate fund 13,504 17,290 47,817 50,721 7 AVAILABLE-FOR-SALE INVESTMENTS (CONTINUED)b) Movements in available-for-sale investments are as follows:SAR’000 Investment inSukuk Quoted securities Unquoted securities Units in quoted localreal estate fund Total As at 01 January 2022 – (audited) 20,000 11,508 1,923 17,290 50,721Changes in fair value of investments - 882 - (3,786) (2,904)As at 30 June 2022– (unaudited) 20,000 12,390 1,923 13,504 47,817SAR’000 Investment inSukuk Quoted securities Unquoted securities Units in quoted local real estate fund Total As at 01 January 2021 –(audited) 20,000 11,177 1,923 16,159 49,259Changes in fair value of investments - 331 - 1,131 1,462 As at 31 December 2021 – (audited) 20,000 11,508 1,923 17,290 50,721

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 30 June 2022 (Unaudited) 31 December 2021 (Audited) 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 79,731 56,00927 1,82040,237 44,6465,693 6,447125,688 108,922(12,876) (10,507) 112,812 98,415 6.1 As at 30 June 2022, the movement in allowance for doubtful debts during the period / year was as follows:SAR’000 30 June 2022 (Unaudited) 31 December 2021 (Audited) Balance at the beginning of the period / yearProvided during the period / yearBalance at end of period / year 10,507 8,7232,369 1,784 12,876

Disclosure of cash and cash equivalents [text block]

CASH AND CASH EQUIVALENTSCash and cash equivalents included in the statement of cash flows comprise the following:SAR’000 Insurance operations 30 June 2022 (Unaudited) 31 December 2021 (Audited) Bank balances and cashDeposits maturing within 3 month from the acquisition dateShareholders’ operationsBank balances and cash5 TERM DEPOSITS 131,318 49,9284,549 3,045135,867 52,97367,285 -67,285 -203,152 52,973SAR’000 30 June 2022 (Unaudited) 31 December 2021 (Audited) Insurance operationsTerm depositsShareholders’ operationsTerm deposits 5.1 183,648 182,367183,648 182,3675.1 329 -329 -183,977 182,367 5.1 Term deposits are held with the commercial banks. These term deposits are denominated in Saudi Arabian Riyals and have been an original maturity of more than three months and less than twelve months. The carrying amounts of these term deposits reasonably approximate their fair values at the reporting date. These deposit earn commission at an average of 1.2 % per annum as at 30 June 2022 (31 December 2021: 1.07%) .

Disclosure of statutory deposit [text block]

STATUTORY DEPOSIT SAR’000 30 June 2022 31 December 2021 (Unaudited) (Audited) Shareholders’ operationsStatutory deposit 43,650 30,000As required by Saudi Arabian Insurance Regulations, the Company had deposited 15% of its paid up capital of SAR 291 million (Note15), 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 gross unearned premiums/ contributions [text block]

TECHNICAL RESERVES (INSURANCE OPERATIONS) 8.1 Net outstanding claims and reservesNet outstanding claims and reserves comprise of the following: SAR’000 30 June 2022 31 December 2021 (Unaudited) (Audited) Outstanding claims 47,287 34,605 47,287 34,605Claims incurred but not reported 93,779 80,865Premium deficiency reserve 30,882 35,727Other technical reserves 2,183 1,798 174,131 152,995Less: Reinsurers’ share of outstanding claims (16,991) (12,955)Reinsurers’ share of claims incurred but not reported (9,839) (8,498) (26,830) (21,453)Net outstanding claims and reserves 147,301 131,542 8 TECHNICAL RESERVES (INSURANCE OPERATIONS)-(CONTINUED)8.2 Movement in unearned premiumsMovement in unearned premiums comprise of the following:For the six-month periods ended June 30, 2021 (Unaudited)SAR’000Gross Reinsurance NetBalance as at the beginning of the period 301,744 (34,703) 267,041Premium written during the period 346,923 (55,494) 291,429Premium earned during the period (311,544) 44,117 (267,427)Balance as at the end of the period 337,123 (46,080) 291,043For the year ended December 31, 2021 (Audited)SAR’000Gross Reinsurance NetBalance as at the beginning of the year 264,469 (27,393) 237,076Premium written during the year 592,588 (78,531) 514,057Premium earned during the year (555,313) 71,221 (484,092) Balance as at the end of the year 301,744 (34,703) 267,041

Disclosure of zakat [text block]

ZAKAT AND INCOME TAX SAR’000 30 June 2022 (Unaudited) 31 December 2021 (Audited) Balance at the beginning of the period / year 16,888 8,630Provided/reversed during the period / year (9,432) 10,576Payments during the period / year - (2,318) Balance at the end of the period / year 7,456 16,888The 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 30 June 2022 (Unaudited) 31 December 2021 (Audited) Balance at the beginning of the period / year 25 25Balance at the end of the period / year 25 25Total zakat and income tax 7,481 16,913Status of assessmentsZakat and income tax returns have been filed with the Zakat, Tax and Custom Authority (the “ZATCA ”) for the years ended up to 31December 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 and 2010 amounting to total SAR1.86 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 December 2013 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 3.73 million. As at 30 June,2022, 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 deferred tax [text block]

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 resepctively and SAR 2.85 million and SAR 1.78 million for related penalties respectively. Management has filled an objection against the said assessments and is confident of receiving a favourable outcome. However, as required by the ZATCA regulation, the Company has paid the amount of the tax and was relieved from the penalties in accordance with ZATCA initiative to support the private sector.

Disclosure of classes of share capital [text block]

SHARE CAPITALAs at 30 June, 2022 , the authorized, subscribed and paid up share capital of the Company was SAR 291 million, divided into 29.1 million shares of SAR 10 each. (31 December 2021: SAR 141 million share capital dividend 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 20 September, 2021 the Capital Market authority (CMA) approved the said capital increase. The extra ordinary general meeting of shareholders was held on 29 December, 2021 (corresponding to Jumada Al-Awwal, 26, 1443H), to approve the aforementioned capital increase and procedures for the issuance of right shares.Following the Shareholders’ approval, on 01 January, 2022, the Company announced trading of 15 million right shares starting from 03 January 2022 (corresponding to Jumada Al-Awwal, 30, 1443H) to 10 January 2022 (corresponding to Jumada ath- Thaniyah 07, 1443) The closing date for the subscription of new shares was set at 13 January, 2022 (corresponding to Jumada ath- Thaniyah 09, 1443)Out of 15 Million right shares, 13.3 million shares consisting approximately 89 % of total right shares offer, were subscribed by the existing shareholders. Unsubscribed fraction of shares constituting 1.7 million were sold in market .The Company has fullfilled all the regulatory requirements pertaining to the capital increase during the six month periods ended 30 June 2022.16 LOSS PER SHARELoss 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 at year end.The basic and diluted loss per share is calculated as follows:SAR’000 30 June 2022 31 December (Unaudited) 2021 Net loss for the year (26,777) (4,891) Weighted average number of ordinary shares outstanding 32,512 19,458 Basic (loss) per share (SAR)

Disclosure of related party transactions [text block]

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: Related parties Nature of transaction Transactions for the three months period ended Balance receivable / (payable) as at 30 June 2022 30 June 2021 30 June 2022 31 December, 2021(Unaudited) (Unaudited) (Unaudited) (Audited)SAR’000Board of directors Premuim written - 145 - -Affiliates Premuim writtenClaims paid/ payment received ACIG Bahrain(Shareholder)Board and audit committee Claims paid on behalf of ACIG BahrainAttendance fees 143 138 - - The compensation of the key management personnel during the three month period are as follows;SAR’00031 June 2022 31 June 2021 (Unaudited) (Unaudited)Salaries and other allowances 969 2,738Employees’ terminal benefits 57 206 1,026 2,944

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 a centralized basis.

The segment information provided to the Company’s Board of Directors for the reportable segments for the Company’s total assets and liabilities at 30 June 2022 and 31 December 2021, its total revenues, expenses, and net income for the period then ended, are as follows:

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS-(CONTINUED)

_{FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 2022}

_{12 SEGMENTAL INFORMATION (CONTINUED)}

_{As at 30 June 2022 (Unaudited)}

_Assets

_MedicalMotor^General

^Accident

Others

SAR’000

Total - Insurance Operations

Shareholders’

Operations

Total

-	-	-	183,648	329	183,977
-	-	-	112,812	-	112,812
-	5,257	14,095	46,080	-	46,080
3,399	3,090	3,123	16,991	-	16,991
-	324	1,911	9,839	-	9,839
39,319	918	1,496	46,508	-	46,508

^{Cash and cash equivalents}^----135,86767,285203,152

Term deposits- Premiums and reinsurers’ receivable - net- Reinsurers’ share of unearned premiums26,728

Reinsurers’ share of outstanding claims7,379

_{Reinsurers’ share of claims incurred but not}

_reported^7,604

Deferred policy acquisition costs4,775

^{Available-for-sale investments}^-----47,81747,817

^{Unallocated assets}^----81,055_{49,912130,967}

Total assets	46,48642,7189,58920,625632,800	165,343798,143
Liabilities
Policyholders claim payable	----18,738	^-18,738
Reinsurers' balances payable Unearned premiums Unearned commission income	----46,793 89,305209,81620,78817,214337,123 --3987271,125	^-46,793 ^-337,123 ^-1,125
Outstanding claims	20,33710,4878,6667,79747,287	^-47,287
Claims incurred but not reported Premium deficiency reserves Other technical reserves Unallocated liabilities and equity	21,30150,0074,46818,00393,779 -30,882--30,882 2791,2592014442,183 ----54,890	^-93,779 ^-30,882 ^-2,183 ^165,343220,233

^{Total liabilities and insurance operations`}_131,222

_302,451

_34,521

_44,185

_632,800

_165,343

_798,143

surplus

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS-(CONTINUED)

_{FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 2022}

_{12 SEGMENTAL INFORMATION (CONTINUED)}

_{As at 31 December 2021 (Audited)}

_MedicalMotor^General

^Accident

Others

Total - Insurance Operations

Shareholders’

Operations

Total

				SAR’000
Assets

Cash and cash equivalents	-	-	-	-	52,973	-52,973
Term Deposits					182,367	-182,367
Premiums and reinsurers’ receivable - net	-	-	-	-	98,415	-98,415
Reinsurers’ share of unearned premiums	17,798	-	5,309	11,596	34,703	-34,703
Reinsurers’ share of outstanding claims	6,089	3,399	1,464	2,003	12,955	-12,955
Reinsurers’ share of claims Incurred but not	7,719	-	324	455	8,498	-8,498
Deferred policy acquisition costs	3,858	38,906	728	561	44,053	-44,053

^{Available-for-sale investments----}-50,72150,721

^{Unallocated assets----74,160}_{36,755110,915}

Total assets	35,46442,3057,82514,615508,124	87,476595,600
Liabilities
Policyholders claim payable	----20,789	^-20,789
Reinsurers' balances payable Unearned premiums Unearned commission income	----24,749 70,575200,68817,94412,537301,744 --3209411,261	^-24,749 ^-301,744 ^-1,261
Outstanding claims	17,6708,1497,5691,21734,605	^-34,605
Claims incurred but not reported Premium deficiency reserves Other technical reserves	22,67953,1284,46859080,865 -35,727--35,727 2791,303188281,798	^-80,865 ^-35,727 ^-1,798

Unallocated liabilities and equity^{----6,58687,476}94,062

Total liabilities and insurance operations`

surplus

111,203298,99530,48915,313

508,12487,476595,600

FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 2022

12 SEGMENTAL INFORMATION (CONTINUED)

For the three-month periods ended 30 June 2022

_Total

_MedicalMotor^General

^Accident

Others

REVENUES Gross premiums written	62,264	92,897	5,955	7,969	169,085	- 169,085
Reinsurance premiums ceded
-Local	-	-	71	432	503	- 503
-Foreign	(20,660)	-	(976)	(7,916)	(29,552)	- (29,552)
	(20,660)	-	(905)	(7,484)	(29,049)	- (29,049)
Excess of loss premiums
-Local	-	(230)	(3)	(89)	(322)	- (322)
-Foreign	-	65	(4)	(205)	(144)	- (144)
	-	(165)	(7)	(294)	(466)	- (466)
Net premiums written	41,604	92,732	5,043	191	139,570	- 139,570
Changes in unearned premiums, net	(7,143)	5,215	(485)	77	(2,336)	- (2,336)
Net premiums earned	34,461	97,947	4,558	268	137,234	- 137,234
Reinsurance commission income	-	-	267	1,105	1,372	- 1,372
Other underwriting income	747	-	-	-	747	- 747
TOTAL REVENUES	35,208	97,947	4,825	1,373	139,353	- 139,353
UNDERWRITING COSTS AND EXPENSES
Gross claims paid	32,408	75,324	1,129	172	109,033	- 109,033
Reinsurers’ share of claims paid	(11,316)	-	(171)	(111)	(11,598)	- (11,598)
Net claims paid	21,092	75,324	958	61	97,435	- 97,435
Changes in outstanding claims, net	2,019	3,613	(448)	(125)	5,059	- 5,059
Changes in claims incurred but not reported, net	795	15,163	-	-	15,958	- 15,958
Net claims incurred	23,906	94,100	510	(64)	118,452	- 118,452
Change in loss adjustment expenses	38	391	(12)	2	419	419
Changes in premium deficiency reserve	-	(9,163)	-	-	(9,163)	- (9,163)
Policy acquisition costs	3,201	13,713	332	359	17,605	- 17,605
Other underwriting expenses	-	16	-	-	16	- 16
TOTAL UNDERWRITING COSTS AND EXPENSES	27,145	99,057	830	297	127,329	- 127,329
NET UNDERWRITING INCOME/(LOSS)	8,063	(1,110)	3,995	1,076	12,024	- 12,024
Allowance for doubtful debts					(1,370)	- (1,370)
General and administrative expenses					(19,242)	(785) (20,027)
Commission income on deposits					1,019	180 1,199
Investment income					-	505 505
TOTAL OTHER OPERATING EXPENSES, NET					(19,593)	(100) (19,693)
Loss for the period						(7,669)
Zakat reversed for the period						7,932
Net Surplus						263
Profit transferred to shareholders						(263)

SAR’000

Insurance

Operations

Shareholders’

Operations

Total

OTHER OPERATING (EXPENSES) / INCOME

_NET_RESULT_AFTER_TRANSFER_OF_SURPLUS_TO

_SHAREHOLDERS^-

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS-(CONTINUED) FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 2022

12 SEGMENTAL INFORMATION

For the three-months period ended 30 June 2021

_Total

_MedicalMotor^General

^Accident

Others

Insurance

Operations

Shareholders’

Operations

Total

				SAR’000
REVENUES

Gross premiums written	34,481	90,848	2,620	4,741	132,690	- 132,690
Reinsurance premiums ceded
-Local	(36)	-	(20)	(284)	(340)	- (340)
-Foreign	(8,299)	-	(398)	(3,997)	(12,694)	- (12,694)
	(8,335)	-	(418)	(4,281)	(13,034)	- (13,034)
Excess of loss premiums
-Local	-	(140)	(1)	(45)	(186)	- (186)
-Foreign	-	(211)	(3)	(66)	(280)	- (280)
	-	(351)	(4)	(111)	(466)	- (466)
Net premiums written	26,146	90,497	2,198	349	119,190	- 119,190
Changes in unearned premiums, net	3,755	(4,585)	871	115	156	- 156
Net premiums earned	29,901	85,912	3,069	464	119,346	- 119,346
Reinsurance commission income	-	-	174	1,025	1,199	- 1,199
Other underwriting income	5	33	(42)	-	(4)	- (4)
TOTAL REVENUES	29,906	85,945	3,201	1,489	120,541	- 120,541
UNDERWRITING COSTS AND EXPENSES
Gross claims paid	28,901	71,797	539	7	101,244	- 101,244
Reinsurers’ share of claims paid	(8,518)	-	-	(7)	(8,525)	- (8,525)
Net claims paid	20,383	71,797	539	-	92,719	- 92,719
Changes in outstanding claims, net	2,641	972	204	257	4,074	- 4,074
Changes in claims incurred but not reported, net	(506)	(938)	-	-	(1,444)	- (1,444)
Net claims incurred	22,518	71,831	743	257	95,349	- 95,349
Change in other technical reserve	20	(17)	(9)	9	3	- 3
Changes in premium deficiency reserve	(2,159)	(750)	-	-	(2,909)	- (2,909)
Policy acquisition costs	2,468	10,768	189	390	13,815	- 13,815
Other underwriting expenses	(15)	67	-	-	52	- 52
TOTAL UNDERWRITING COSTS AND EXPENSES	22,832	81,899	923	656	106,310	- 106,310
NET UNDERWRITING INCOME	7,074	4,046	2,278	833	14,231	- 14,231
OTHER OPERATING (EXPENSES) / INCOME
Release of doubtful debts					(440)	- (440)
General and administrative expenses					(19,344)	(723) (20,067)
Commission income on deposits					365	91 ⁴⁵⁶
Investment income Other income					- 4	275 275 - 4
TOTAL OTHER OPERATING EXPENSES, NET					(19,415)	(357) (19,772)
Loss for the period						(5,541)
Zakat charge for the period						(1,778)
Net loss for the period						(7,319)

_{NET INCOME ATTRIBUTED TO THE}

_{INSURANCE OPERATIONS}^-

NET LOSS ATTRIBUTABLE TO THE

_SHAREHOLDERS^(7,319)

(A SAUDI JOINT STOCK COMPANY)

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS-(CONTINUED)

FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 2022

12 SEGMENTAL INFORMATION (CONTINUED)

For the six-month periods ended 30 June 2022 (Unaudited)

_Total

_MedicalMotor^General

^Accident

Others

SAR’000

Insurance

Operations

Shareholders’

Operations

Total

REVENUES Gross premiums written	121,102	199,851	12,801	13,169	346,923	-	346,923
Reinsurance premiums ceded
-Local	-	-	(26)	(611)	(637)	-	(637)
-Foreign	(40,069)	-	(2,267)	(11,589)	(53,925)	-	(53,925)
	(40,069)	-	(2,293)	(12,200)	(54,562)	-	(54,562)
Excess of loss premiums
-Local	-	(324)	(3)	(89)	(416)	-	(416)
-Foreign	-	(286)	(7)	(223)	(516)	-	(516)
	-	(610)	(10)	(312)	(932)	-	(932)
Net premiums written	81,033	199,241	10,498	657	291,429	-	291,429
Changes in unearned premiums, net	(16,943)	(3,913)	(3,381)	239	(23,998)	-	(23,998)
Net premiums earned	64,090	195,328	7,117	896	267,431	-	267,431
Reinsurance commission income	-	-	387	1,794	2,181	-	2,181
Other underwriting income	747	-	1,042	-	1,789	-	1,789
TOTAL REVENUES	64,837	195,328	8,546	2,690	271,401	-	271,401
UNDERWRITING COSTS AND EXPENSES
Gross claims paid	64,341	172,318	1,388	283	238,330	-	238,330
Reinsurers’ share of claims paid	(21,968)	-	(174)	(216)	(22,358)	-	(22,358)
Net claims paid	42,373	172,318	1,214	67	215,972	-	215,972
Changes in outstanding claims, net	3,511	5,951	(976)	(137)	8,349	-	8,349
Changes in claims incurred but not reported, net	(583)	12,042	-	-	11,459	-	11,459
Net claims incurred	45,301	190,311	238	(70)	235,780	-	235,780
Change in loss adjustment expenses	38	347	-	-	385		385
Changes in premium deficiency reserve	-	(4,844)	-	-	(4,844)	-	(4,844)
Policy acquisition costs	5,786	29,230	494	705	36,215	-	36,215
Other underwriting expenses	627	75	-	-	702	-	702
TOTAL UNDERWRITING COSTS AND EXPENSES	51,752	215,119	732	635	268,238	-	268,238
NET UNDERWRITING INCOME / (LOSS)	13,085	(19,791)	7,814	2,055	3,163	-	3,163
OTHER OPERATING (EXPENSES) / INCOME
Allowance for doubtful debts					(2,369)	-	(2,369)
General and administrative expenses					(40,175)	328	(39,847)
Commission income on deposits					1,523	312	1,835
Investment income Other income					- -	1,009 -	1,009 -
TOTAL OTHER OPERATING EXPENSES / INCOME					(41,021)	1,649	(39,372)
Loss for the period							(36,209)
Zakat reversal during the period							9,432
Net deficit							(26,777)
Loss transferred to shareholders							26,777

NET RESULT AFTER TRANSFER OF LOSS TO

_SHAREHOLDERS^-

12 SEGMENTAL INFORMATION

For the six-month periods ended 30 June 2021

_Total

_MedicalMotor^General

^Accident

Others

Insurance

Operations

Shareholders’

Operations

Total

				SAR’000
REVENUES

Gross premiums written	80,788	183,942	7,621	12,486	284,837	- 284,837
Reinsurance premiums ceded
-Local	(136)	-	(53)	(702)	(892)	- (892)
-Foreign	(19,546)	-	(1,929)	(10,650)	(32,125)	- (32,125)
	(19,682)	-	(1,982)	(11,352)	(33,017)	- (33,017)
Excess of loss premiums
-Local	-	(610)	(3)	(89)	(702)	- (702)
-Foreign	-	(916)	(5)	(134)	(1,055)	- (1,055)
	-	(1,526)	(8)	(223)	(1,757)	- (1,757)
Net premiums written	61,106	182,416	5,631	911	250,064	- 250,064
Changes in unearned premiums, net	(4,147)	(14,691)	233	(103)	(18,708)	- (18,708)
Net premiums earned	56,959	167,725	5,864	808	231,356	- 231,356
Reinsurance commission income	-	-	320	2,360	2,680	- 2,680
Other underwriting income	62	33	179	-	274	- 274
TOTAL REVENUES	57,021	167,758	6,363	3,168	234,310	- 234,310
UNDERWRITING COSTS AND EXPENSES
Gross claims paid	60,035	134,420	858	95	195,408	- 195,408
Reinsurers’ share of claims paid	(17,743)	-	(9)	(42)	(17,794)	- (17,794)
Net claims paid	42,292	134,420	849	53	177,614	- 177,614
Changes in outstanding claims, net	2,022	75	813	251	3,161	- 3,161
Changes in claims incurred but not reported, net	923	110	-	-	1,033	- 1,033
Net claims incurred	45,237	134,605	1,662	304	181,808	- 181,808
Change in other technical reserve	42	6	10	17	75	- 75
Changes in premium deficiency reserve	(3,065)	(4,455)	-	-	(7,520)	- (7,520)
Policy acquisition costs	4,713	17,424	382	719	23,238	- 23,238
Other underwriting expenses	(7)	296	-	-	289	- 289
TOTAL UNDERWRITING COSTS AND EXPENSES	46,920	147,876	2,054	1,040	197,890	- 197,890
NET UNDERWRITING INCOME	10,101	19,882	4,309	2,128	36,420	- 36,420
OTHER OPERATING (EXPENSES) / INCOME
Release of doubtful debts					(1,036)	- (1,036)
General and administrative expenses					(37,739)	(1,182) (38,921)
Commission income on deposits					731	193 ⁹²⁴
Investment income Other income					- 33	768 768 - 33
TOTAL OTHER OPERATING EXPENSES, NET					(38,011)	(221) (38,232)
Loss for the period						(1,812)
Zakat charge for the period						(3,078)
Net loss for the period						(4,890)
NET INCOME ATTRIBUTED TO THE
INSURANCE OPERATIONS						^-
NET LOSS ATTRIBUTABLE TO THE
SHAREHOLDERS						(4,890)

12 SEGMENTAL INFORMATION (CONTINUED)

For the three-month periods ended 30 June 2022 (Unaudited)

Total

_{Medical Motor}Properties and accident

SAR’000

Gross premiums written Individual	312	90,730	4,216	95,258
Micro enterprise	27,399	1,270	118	28,787
Small	14,606	600	1,138	16,344
Medium	8,884	297	3,489	12,670
Large	11,063	-	4,963	16,026
TOTAL GROSS PREMIUMS WRITTEN	62,264	92,897	13,924	169,085

For the three-months period ended 30 June 2021(Unaudited)

Total

_{Medical Motor}Properties and accident

SAR’000

Gross premiums written Individual	1,213	88,303	1,847	91,363
Micro enterprise	20,551	1,762	153	22,466
Small	11,189	737	760	12,686
Medium	1,245	46	3,701	4,992
Large	283	-	900	1,183
TOTAL GROSS PREMIUMS WRITTEN	34,481	90,848	7,361	132,690

For the six-months period ended 30 June 2022 (Unaudited)

Total

_{Medical Motor}Properties and accident

SAR’000

Gross premiums written

Individual	944	195,183	9,146	205,273
Micro enterprise	53,222	2,512	395	56,129
Small	25,377	1,511	2,126	29,014
Medium	11,870	492	7,148	19,510
Large	29,689	153	7,155	36,997
TOTAL GROSS PREMIUMS WRITTEN	121,102	199,851	25,970	346,923

For the six-months period ended 30 June 2021 (Unaudited)

Total

_{Medical Motor}Properties and accident

SAR’000

Gross premiums written Individual	-	179,731	4,322	184,053
Micro enterprise	39,691	3,045	624	43,360
Small	29,897	1,078	1,718	32,693
Medium	4,091	88	6,712	10,891
Large	7,109	-	6,731	13,840
TOTAL GROSS PREMIUMS WRITTEN	80,788	183,942	20,107	284,837

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 financial statements have been approved by the Board of Directors on 17 August, 2022 (Corresponding to Muharram 19, 1444 AH).

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

STATEMENT OF FINANCIAL POSITION 30 June 2022 (Unaudited) SAR ’000 31 December 2021 (Audited) Insurance operations Shareholders’operations Total Insurance operations Shareholders’operations Total ASSETSCash and cash equivalents 135,867 67,285 203,152 52,973 - 52,973Term deposits 183,648 329 183,977 182,367 - 182,367Premiums and reinsurers’ receivable, net 112,812 - 112,812 98,415 - 98,415Reinsurers’ share of unearned premiums 46,080 - 46,080 34,703 - 34,703Reinsurers’ share of outstanding claims 16,991 - 16,991 12,955 - 12,955Reinsurers’ share of claims incurred but not reported 9,839 - 9,839 8,498 - 8,498Deferred policy acquisition costs 46,508 - 46,508 44,053 - 44,053Due from a related party 1,985 - 1,985 1,985 - 1,985Due from shareholder's operation - - - 31,249 - 31,249Property and equipment, net 4,612 - 4,612 5,411 - 5,411Intangible assets, net 5,664 - 5,664 5,585 - 5,585Right-of-use asset, net 4,663 - 4,663 3,229 - 3,229Available-for-sale investments - 47,817 47,817 - 50,721 50,721Prepayments and other receivables 64,131 4,307 68,438 57,950 4,884 62,834Statutory deposit - 43,650 43,650 - 30,000 30,000Accrued commission on statutory deposit - 1,955 1,955 - 1,871 1,871TOTAL ASSETS 632,800 165,343 798,143 539,373 87,476 626,849LIABILITIES Policyholders claim payable 18,738 - 18,738 20,789 - 20,789Accrued and other payables 35,063 2,015 37,078 17,430 1,525 18,955Reinsurances’ balances payable 46,793 - 46,793 24,749 - 24,749Unearned commission income 1,125 - 1,125 1,261 - 1,261Unearned premiums 337,123 - 337,123 301,744 - 301,744Premium deficiency reserve 30,882 - 30,882 35,727 - 35,727Other technical reserve 2,183 - 2,183 1,798 - 1,798Outstanding claims 47,287 - 47,287 34,605 - 34,605Claims incurred but not reported 93,779 - 93,779 80,865 - 80,865Employees’ terminal benefits 11,802 - 11,802 12,968 - 12,968Lease liabilities 3,575 - 3,575 2,983 - 2,983Due to insurance operations - - - - 31,249 31,249Surplus distribution payable 5,987 - 5,987 5,991 - 5,991Zakat and income tax - 7,481 7,481 - 19,258 19,258Accrued commission on statutory deposit payable to - 1,955 1,955 - 1,871 1,871SAMA 634,337 11,451 645,788 540,910 53,903 594,813EQUITY Share capital - 291,000 291,000 - 141,000 141,000Accumulated losses - (142,792) (142,792) - (116,015) (116,015)Fair value reserve on investment - 5,684 5,684 - 8,588 8,588TOTAL SHAREHOLDER’S EQUITY - 153,892 153,892 - 33,573 33,573Re-measurement reserve of employees’ terminal benefits (1,537) - (1,537) (1,537) - (1,537)TOTAL EQUITY (1,537) 153,892 152,355 (1,537) 33,573 32,036TOTAL LIABILITIES AND EQUITY 632,800 165,343 798,143 539,373 87,476 626,849 SAR ’0 0 0 For the six months periods ended 30 June 202230 June, 2022 30 June, 2021 REVENUES Insurance operations Shareholders’operations Total Insurance operations Shareholders’operations Total Gross written Premium 346,923 - 346,923 284,837 - 284,837Reinsurance premiums ceded-Local (637) - (637) (892) - (892)-Foreign (53,925) - (53,925) (32,125) - (32,125)(54,562) - (54,562) (33,017) - (33,017)Excess of loss expensesOTHER OPERATING (EXPENSES) / INCOME SAR ’0 0 0 For the six months periods ended 30 June 202230 June, 2022 30 June, 2021 Insurance operations Shareholders’operations Total Insurance operations Shareholders’operations Total (Deficit)/ Surplus transferred to Shareholders 37,858 (37,858) - 1,592 (1,592) -Net result after transfer of surplus to shareholders Loss for the period - (26,777) (26,777) - (4,891) (4,891) Net result after transfer of surplus to shareholders - (26,777) (26,777) - (4,891) (4,891) Weighted average number of shares 32,512 32,512 32,512 19,458 19,458 19,458LOSS PER SHARE (EXPRESSED IN SAR PER SHARE) - (0.82) (0.82) - (0.25) (0.25)OTHER COMPREHENSIVE INCOME / (LOSS)ITEMS THAT ARE OR MAY BE RECLASSIFIED TO STATEMENTS OF INCOME IN SUBSEQUENT PERIODAvailable-for-sale investments:-Net change in fair value (2,904) (2,904) - 2,039 2,039 TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (29,681) (29,681) - (2,852) (2,852) SAR ’0 0 0 For the three months period ended 30 June 202230 June, 2022 30 June, 2021 REVENUES Insurance operations Shareholders’operations Total Insurance operations Shareholders’operations Total Gross written Premuim 169,085 - 169,085 132,690 - 132,690Reinsurance premiums ceded-Local 503 - 503 (340) - (340)-Foreign (29,552) - (29,552) (12,694) - (12,694)(29,049) - (29,049) (13,034) - (13,034)Excess of loss expensesOTHER OPERATING (EXPENSES) / INCOME SAR ’0 0 0 For the three months period ended 30 June 202230 June, 2022 30 June, 2021 Insurance operations Shareholders’operations Total Insurance operations Shareholders’operations Total (Deficit)/ Surplus transferred to Shareholders 6,527 (6,527) - 5,184 (5,184) -Net result after transfer of surplus to shareholders Loss for the period - 1,305 1,305 - (7,319) (7,319) Net result after transfer of surplus to shareholders - 1,305 1,305 - (7,319) (7,319) Weighted average number of shares 32,512 32,512 32,512 19,458 19,458 19,458EARNING /(LOSS) PER SHARE (EXPRESSED IN SAR PER SHARE) - 0.04 0.04 - (0.38) (0.38)OTHER COMPREHENSIVE INCOME / (LOSS)ITEMS THAT ARE OR MAY BE RECLASSIFIED TO STATEMENTS OF INCOME IN SUBSEQUENT PERIODAvailable-for-sale investments:-Net change in fair value - (4,750) (4,750) - (34) (34) TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE 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