	English [member]
Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Filing information [line items]
Disclosure of entity information [abstract]
Name of reporting entity	CHUBB Arabia Cooperative Insurance Co.
Company symbol code\| ISIN code	8240 \| SA12A0540O17
Sector\| Industry group	Financials \| Insurance
Disclosure of document information [abstract]
Whether entity wants to report opening statement of financial position	No
Period covered by financial statements	Quarter 1
Reporting period start date	2019-01-01	2018-01-01
Reporting period end date	2019-03-31	2018-03-31
Description of nature of financial statements	Standalone
Status of financial statements	Reviewed
Description of presentation currency	Saudi Arabia, Riyals
Level of rounding used in financial statements	Thousands

	Primary auditor [member]	Second primary auditor [member]
	English [member]	English [member]
Start Date	2019-01-01	2019-01-01
End Date	2019-03-31	2019-03-31
Auditors information [line items]
Details of auditors signing report [abstract]
Name of auditor signing report	Waleed G. Tawfiq	Ibrahim Ahmed Al Bassam
Registration number of auditor	437	337
Details of audit firm [abstract]
Name of audit firm	Ernst & Young & Co.	PKF Al Bassam & Al Nemer Allied Accountant
Registration number of audit firm	45	520/11/323
Contact number of audit firm	013 849 9500	013 893 3378
Address of audit firm	15th Floor, Adeer Tower, Al Khobar 31952 P.O. Box 3795, Saudi Arabia	P. O. Box 4636, Al Khobar 31952, 3rd Floor Al Dewan Commercial Center, KSA

	English [member]
Start Date	2019-01-01
End Date	2019-03-31
Auditors report [line items]
Disclosures of auditors report [text block]	We have reviewed the accompanying interim statement of financial position of CHUBB Arabia Cooperative Insurance Company, a Saudi Joint Stock Company (the “Company”) as at 31 March 2019, and the related interim statements of income and comprehensive income, changes in shareholders’ equity and cash flows for the three-month period then ended, and a summary of significant accounting policies and other explanatory notes.
Contents of auditors report [abstract]
Nature of auditors opinion	Unmodified opinion
Basis of opinion	We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, as endorsed in the Kingdom of Saudi Arabia. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing as 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 fair presentation of these interim condensed financial statements in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as modified by the Saudi Arabian Monetary Authority (“SAMA”) for the accounting of zakat and income tax. Our responsibility is to express a conclusion on these interim condensed financial statements based on our review.
Auditors responsibilities for audit of financial statements	Based 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 as modified by SAMA for the accounting of zakat and income tax.
Date of signing audit report by auditor	2019-05-14

Start Date	2019-01-01	2018-01-01	2018-01-01
End Date	2019-03-31	2018-12-31	2018-03-31
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	1,123	1,107	997
Due from related parties, insurance/ takaful operations assets			83
Deferred policy acquisition costs	7,725	4,305	10,024
Reinsurers/ retakaful share of unearned premiums/ contributions	65,174	51,630	62,738
Prepayments and other assets, insurance/ takaful operations assets	5,066	3,824	8,123
Due from shareholders operations		3,421
Premiums/ insurance receivables/takaful contributions receivable, net	111,731	71,743	111,897
Reinsurers/ retakaful share of outstanding claims/ benefits, net	71,834	75,330	113,067
Deferred excess of loss premiums	934		1,102
Available-for-sale investments, insurance/ takaful operations assets	34,424	36,028	28,771
Cash and cash equivalents, insurance/ takaful operations assets	36,736	73,043	91,800
Other assets, insurance/ takaful operations assets	2,966
Total insurance/ takaful operations assets	337,713	320,431	428,602
Shareholders assets [abstract]
Goodwill	43,775	43,775	43,775
Statutory deposit	20,000	20,000	20,000
Prepayments and other assets, shareholders assets	12,188	11,874	11,265
Time (Murabaha) deposits, shareholders assets	117,190	79,468	59,846
Available-for-sale investments, shareholders assets	46,589	48,670	48,683
Other receivables, net	1,359	1,243	911
Due from insurance/ takaful operations assets	11,498	45,034	42,880
Cash and cash equivalents, shareholders assets	73,160	68,468	56,652
Total shareholders assets	325,759	318,532	284,012
Total assets	663,472	638,963	712,614
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	115,536	77,265	119,171
Unearned commission income	10,650	7,110	9,826
Employees end of service benefits, insurance/ takaful operations liabilities	7,511	7,174	6,604
Surplus distribution payable	7,518	6,764	6,402
Reserve for insurance/ takaful operations	1,839	339	2,120
Technical reserve for insurance/takaful operations	3,689	4,043	2,293
Due to shareholders operations	11,498	45,034	42,880
Due to related parties, insurance/ takaful operations liabilities	2,133
Reinsurers/ retakaful balance payable	44,323	37,892	51,292
Gross outstanding claims/ benefits including IBNR payable	104,276	111,442	159,819
Other technical reserves	-899	-899	-158
Accrued expenses payable, insurance/ takaful operations liabilities	21,025	17,570	21,034
Other liabilities, insurance/ takaful operations	8,614	6,697	7,319
Total insurance/ takaful operations liabilities	337,713	320,431	428,602
Total insurance/ takaful operations liabilities and surplus (deficit)	337,713	320,431	428,602
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	16,046	14,754	12,089
Income tax payable	4,038	3,381	3,243
Due to insurance/ takaful operations		3,421
Accrued expenses payable, shareholders liabilities	3,561	2,664	2,318
Other liabilities, shareholders liabilities	1,359	1,243	911
Total shareholders liabilities	25,004	25,463	18,561
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	200,000	200,000	200,000
Statutory reserve	30,135	28,208	21,437
Retained earnings (accumulated losses)	70,620	64,861	44,014
Total equity attributable to equity holders of company	300,755	293,069	265,451
Total shareholders liabilities and equity	325,759	318,532	284,012
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	663,472	638,963	712,614

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of insurance/ takaful operations [abstract]
Statement of insurance/ takaful operations and accumulated surplus (deficit) [abstract]
Income from insurance/ takaful operations [abstract]
Net premiums/ contributions earned [abstract]
Net premiums/ contributions written [abstract]
Gross premiums/ contributions written	93,041	98,867
Excess of loss expense	934	1,102
Reinsurance/ retakaful premiums ceded	45,655	46,307
Net premiums/ contributions written	46,452	51,458
Changes in unearned premiums/ contributions	38,270	44,885
Reinsurance/ retakaful share of unearned premiums/ contributions	-13,544	-18,481
Net premiums/ contributions earned	21,726	25,054
Reinsurance/ retakaful commissions	5,583	5,060
Investment income from insurance/ takaful operations, net	982	168
Fees and other income from insurance/ takaful operations	409	555
Total income from insurance/ takaful operations	28,700	30,837
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	13,205	14,353
Reinsurance/ retakaful share of gross claims/ benefits paid	4,701	4,342
Net claims/ benefits paid	8,504	10,011
Changes in outstanding claims/ benefits including IBNR	-7,165	-4,910
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	3,496	3,045
Net claims/ benefits incurred	4,835	8,146
Policy acquisition costs	3,963	4,598
Supervision and inspection fees	447	485
Depreciation/ amortisation, insurance/ takaful operations	382	106
General and administrative expenses, insurance/ takaful operations	6,749	6,602
Other underwriting expenses	397	429
Other cost and expenses	2,064	-1,202
Total cost and expenses	18,837	19,164
Surplus (deficit) for period from insurance/ takaful operations	9,863	11,673
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	8,877	10,506
Net result for period from insurance/ takaful operations after shareholders appropriation	986	1,167
Policyholders share of accumulated surplus, at end of period	986	1,167

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	8,877	10,506
Revenue [abstract]
Investment income	324	227
Income from murabaha/ time deposits	1,281	500
Realised gain (loss) on investments held as fair value through statement of income	46
Unrealised gain (loss) on investments held as fair value through statement of income	422	430
Total revenue	2,073	1,157
Expenses [abstract]
General and administrative expenses, shareholders operations	285	373
Board of directors' remuneration	754	572
Other expenses	276	78
Total expenses	1,315	1,023
Income (loss) from continuing operations before zakat and income tax	9,635	10,640
Profit (loss) from continuing operations	9,635	10,640
Profit (loss) for the period	9,635	10,640
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	6,744	9,576
Profit (loss), attributable to non-saudi shareholders of company	2,891	1,064
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	0.48	0.53
Total basic earnings (loss) per share	0.48	0.53
Weighted average number of equity shares outstanding	20000000	20000000

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	986	1,167
Total comprehensive income (loss) for period	986	1,167

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	9,635	10,640
Total comprehensive income (loss) for period	9,635	10,640
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	6,744	9,576
Total comprehensive income (loss), attributable to non-saudi shareholders of company	2,891	1,064

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of cash flows, indirect method [abstract]
Statement of cash flows, insurance/ takaful operations [abstract]
Cash flows from (used in) operating activities, insurance/ takaful operations [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	986	1,167
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	382	106
Adjustments for employees end of service benefits	337	691
Adjustments for allowance for doubtful receivables	918	192
Adjustments for (gains) losses on disposal of property and equipment, net		-24
Adjustments for (gains) losses on disposal of available-for-sale investments	-36
Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities	-305	337
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	1,296	1,302
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-40,906	-46,827
Adjustments for decrease (increase) in prepayments and other assets	-1,242	-2,176
Adjustments for increase (decrease) in outstanding claims including IBNR	-7,165	-4,910
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	6,431	21,476
Adjustments for increase (decrease) in accrued expenses and other liabilities	5,372	6,224
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	3,496	3,045
Adjustments for decrease (increase) in deferred policy acquisition costs	-3,420	-5,112
Adjustments for decrease (increase) in unearned commission income	3,539	3,600
Adjustments for movement in gross unearned premiums/ contributions	38,270	44,886
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	-13,544	-18,481
Adjustment for changes in other technical reserves	-354	-712
Adjustment for changes in other reserves	1,500	-297
Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow	-934	-1,101
Total changes in operating assets and liabilities	-8,957	-385
Net cash flows from (used in) insurance/ takaful operations	-6,675	2,084
Other inflows (outflows) of cash classified as operating activities, insurance/ takaful operations cash flow	-232	-204
Net cash flows from (used in) operating activities, insurance/ takaful operations	-6,907	1,880
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Purchase of investments, insurance/ takaful operations cash flow	2,449
Purchase of available-for-sale investments, insurance/ takaful operations cash flow	-4,413
Proceeds from sales of property and equipment, insurance/ takaful operations cash flow		47
Purchase of property and equipment, insurance/ takaful operations cash flow	127	141
Net cash flows from (used in) investing activities, insurance/ takaful operations	1,837	-94
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for decrease (increase) in due from shareholders operations	-33,536	3,520
Adjustments for increase (decrease) in due to shareholders operations	3,421
Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow	-1,122
Net cash flows from (used in) financing activities, insurance/ takaful operations	-31,237	3,520
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-36,307	5,306
Net increase (decrease) in cash and cash equivalents	-36,307	5,306
Cash and cash equivalents at beginning of period	73,043	86,494
Cash and cash equivalents at end of period	36,736	91,800

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of cash flows, indirect method [abstract]
Statement of cash flows [abstract]
Cash flows from (used in) operating activities [abstract]
Net profit (loss) for period [abstract]
Income (loss) from continuing operations before zakat and income tax	9,635	10,640
Net profit (loss) for period (before zakat expenses and income tax)	9,635	10,640
Adjustments to reconcile profit (loss) [abstract]
Adjustments for unrealised loss (gain) on investments held as fair value through statement of income, shareholders cash flow	-422	-430
Adjustments for realised loss (gain) on available-for-sale investments, shareholders cash flow	-46
Total adjustments to reconcile profit (loss)	-468	-430
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-315	-5,885
Adjustments for decrease (increase) in other assets	898	418
Total changes in operating assets and liabilities	583	-5,467
Net cash flows from (used in) operations	9,750	4,743
Net cash flows from (used in) operating activities	9,750	4,743
Cash flows from (used in) investing activities [abstract]
Purchase of investments	3,177
Proceeds from sales of investments	5,726
Purchase of term deposits investments	37,722
Other inflows (outflows) of cash		-1
Net cash flows from (used in) investing activities	-35,173	-1
Cash flows from (used in) financing activities [abstract]
Due to reinsurance/ retakaful operations	-33,536	3,520
Other inflows (outflows) of cash	-3,421
Net cash flows from (used in) financing activities	30,115	-3,520
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	4,692	1,222
Net increase (decrease) in cash and cash equivalents	4,692	1,222
Cash and cash equivalents at beginning of period	68,468	55,430
Cash and cash equivalents at end of period	73,160	56,652

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2019-01-01

End Date

2019-03-31

Notes forming part of accounts [line items]

Disclosure of notes and other explanatory information [text block]

Disclosure of general information about reporting entity [abstract]

Disclosure of general information about reporting entity [text block]

We have reviewed the accompanying interim statement of financial position of CHUBB Arabia Cooperative Insurance Company, a Saudi Joint Stock Company (the “Company”) as at 31 March 2019, and the related interim statements of income and comprehensive income, changes in shareholders’ equity and cash flows for the three-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and fair presentation of these interim condensed financial statements in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as modified by the Saudi Arabian Monetary Authority (“SAMA”) for the accounting of zakat and income tax. Our responsibility is to express a conclusion on these interim condensed financial statements based on our review.

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

These interim condensed financial information for the three-month period ended March 31, 2019 of the Company has been prepared in accordance with ‘International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as modified by SAMA for the accounting of zakat and income tax’, which requires, adoption of all IFRSs as issued by the International Accounting Standards Board (“IASB”), except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax. As per the SAMA Circular no. 381000074519 dated April 11, 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), zakat and income tax are to be accrued on a quarterly basis through shareholders equity under retained earnings.

ii. These interim financial statements is prepared under the going concern basis and the historical cost convention, except for the measurement at fair value of investments in held for trading and investments available for sale. The Company’s interim statement of financial position is presented in order of liquidity and is not presented using a current/non-current classification. Except for property and equipment, right of use asset, intangible assets, statutory deposit, statutory deposit commission payable, end-of-service indemnities and engineering related unearned premiums, unearned reinsurance commission, deferred policy acquisition cost, outstanding claims, claims incurred but not reported and technical reserves, all other assets and liabilities are short-term nature, unless, stated otherwise.

iii. As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations. Accordingly, assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. Similarly, in the past, the Company’s interim condensed and annual financial statements presented separately the statement of financial position, statements of income, comprehensive income and cash flows for the insurance operations and shareholders operations. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors.

iv. The interim statement of financial position, interim statements of income, comprehensive income and cash flows of the insurance operations and shareholders operations which are presented on pages 31 to 36 of the financial statements have been provided only as supplementary financial information and to comply with the requirements of the guidelines issued by SAMA implementing regulations. SAMA implementing regulations requires the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders’ operations. Accordingly, the interim statements of financial position, statement of income and statements of comprehensive income 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.

vi. The interim condensed financial statements do not include all the information, and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements as at 31 December 2018. The interim condensed financial statements include all adjustments comprising mainly of normal recurring accruals considered necessary by the Company’s management to present a fair statement of the financial position, results of operations and cash flows.

vii. These interim condensed financial statements are expressed in Saudi Arabian Riyals (SR).

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

The Company has applied, for the first time, IFRS 16 Leases that requires restatement of previous financial statements unless modified retrospective approach is adopted. As required by IAS 34, the nature and effect of these changes are disclosed below. Several other amendments and interpretations apply for the first time in 2019, however do not have an impact on the interim condensed financial statements of the Company.

The date of initial application of IFRS 16 for the Company is 1 January 2019. The Company has opted to apply IFRS 16 using the modified retrospective approach. Hence, restatement of the comparative information is not required.

IFRS 16 – Leases, applicable for the period beginning on or after 1 January 2019 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model except for short term leases and leases of low value assets.

Impact of the new definition of a lease

The Company adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application of 1 January 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application. The Company elected to use the transition practical expedient allowing the standard to be applied only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application. The Company also elected to use the recognition exemptions for lease contracts that, at the commencement date, have a lease term of 12 months or less and do not contain a purchase option (‘short-term leases’), and lease contracts for which the underlying asset is of low value (‘low-value assets’).

The change in definition of a lease mainly relates to the concept of control. IFRS 16 determines whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration.

The effect of adoption IFRS 16 as at 1 January 2019 (increase/(decrease)) is as follows:

Assets					SR
Right-of-use assets					3,235,499
Total assets					3,235,499
Liabilities
Lease Liability					3,235,499
Total liabilities					3,235,499
Total adjustment on equity:
Retained earnings					-

The application of IFRS 16 to leases previously classified as operating leases under IAS 17 resulted in the recognition of right-of-use assets and leases liabilities. It resulted in a decrease in other expense and an increase in depreciation and amortisation expense and in interest expense.

Nature of the effect of adoption of IFRS 16

The Company has lease contracts mainly for rented properties. Before the adoption of IFRS 16, the Company classified each of its leases (as lessee) at the inception date as either a finance lease or an operating lease. A lease was classified as a finance lease if it transferred substantially all of the risks and rewards incidental to ownership of the leased asset to the Company, otherwise it was classified as an operating lease. In an operating lease, the leased property was not capitalised and the lease payments were recognised as rent expense in profit or loss on a straight-line basis over the lease term. Any prepaid rent and accrued rent were recognised under prepayments and accrued and other liabilities, respectively. Upon adoption of IFRS 16, the Company applied a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The standard provides specific transition requirements and practical expedients, which has been applied by the Company.

In case of leases previously accounted for as operating leases, the Company recognised right-of-use assets and lease liabilities for those leases previously classified as operating leases, except for short-term leases and leases of low-value assets. The right-of-use assets for most leases were recognised based on the carrying amount as if the standard had always been applied, apart from the use of incremental borrowing rate at the date of initial application. The right-of-use asset was recognised based on the amount equal to the lease liabilities, adjusted for any related prepaid and accrued lease payments previously recognised. Lease liabilities were recognised based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial application.

Set out below are the new accounting policies of the Company upon adoption of IFRS 16, which have been applied from the date of initial application:

Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases of rented properties (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value (i.e., below SR 18,750). Lease payments on short term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Significant judgement in determining the lease term of contracts with renewal options

The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

Amounts to be recognised in the interim condensed statement of financial position and interim condensed statement of income mainly relate to the carrying amounts of the Company’s right-of-use assets and lease liabilities along with the related movements during the period ended 31 March 2019 are set out below:

Interim condensed statement of financial position and statement of income	SR
Right-of-use assets	2,965,874
Lease liability	2,133,525
Depreciation	269,625
Interest cost	20,253

The Company has also adopted the following amendments and revisions to existing standards, which were issued by the International Accounting Standards Board (IASB):

Standard	Description
IFRIC 23	Uncertainty over Income Tax Treatments
Amendments to IAS 28	Long-term interests in associates and joint ventures
IAS 19	Amendments to IAS 19 – Plan amendment, curtailment of settlement.
IFRS 3, IFRS 11, IAS 12 and IAS 23	Annual Improvements to IFRS 2015-2017 cycle
IAS 40	Transfers of investment property – Amendments to IAS 40
IFRIC 22	Foreign Currency Transactions and Advances Consideration
IFRS 1 and IAS 28	Annual Improvements to IFRS 2014-2016 cycle
IFRS 4	Amendments to IFRS 4 applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
IFRS 2	Amendments to IFRS 2 – Classification and Measurement of Share-based Payment Transactions

The adoption of the relevant new and amended standards and interpretations applicable to the Company did not have any significant impact on these interim condensed financial statements except for the application of IFRS 16 which is detailed above.

Standards issued but not yet effective

Standards issued but not yet effective up to the date of issuance of the Company’s interim condensed financial statements are listed below. The listing is of standards and interpretations issued, which the Company reasonably expects to be applicable at a future date. The Company intends to adopt these standards when they become effective.

*Standard/* *Interpretation*	*Description*	*Effective from periods beginning on or after the following date*
IFRS 3	Definition of a business – Amendments to IFRS 3	1 January 2020
IAS 1 and IAS 8	Definition of Material – Amendments to IAS 1 and IAS 8	1 January 2020
IFRS 17	Insurance Contracts	1 January 2021
IFRS 9	Financial Instruments	1 January 2021

IFRS 17 – Insurance Contracts

IFRS 17 - “Insurance Contracts”, applicable for the period beginning on or after 1 January 2022, and will supersede IFRS 4 “Insurance Contracts”. Earlier adoption permitted if both IFRS 15 'Revenue from Contracts with Customers' and IFRS 9 'Financial Instruments' have also been applied. The Company is currently in the process of performing an initial gap assessment and expects a material impact on measurement and disclosure of insurance and reinsurance 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.

IFRS 9 - Financial Instrument

Implementation of IFRS 9 is expected to result in a significant portion of financial assets currently classified as available-for-sale being re-classified as at fair value through profit or loss or fair value through other comprehensive income (OCI). Credit allowances for financial assets carried at amortized cost and debt securities measured at fair value, with changes in fair value recognized in OCI, are expected to increase due to the introduction of the expected credit loss methodology. Upon implementation of the revised standard IFRS 4 ‘Insurance Contracts’, more assets may be classified as at fair value through profit or loss under the fair value option. The Company has chosen to defer the implementation of IFRS 9 until 1 January 2021.

Risk Management

The Company’s activities expose it to variety of financial risks: market risk (including commission rate risk, currency risk, fair value interest rate risk and price risk), credit risk and liquidity risk.

The interim condensed financial statements do not include all financial risk management information and disclosures required in the annual financial statements and therefore should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2018. There have been no changes in the risk management department or in any risk management policies since the year end.

Seasonality

Due to the seasonality of the operations, results can vary on a quarterly basis.

Use of estimates in the preparation of interim condensed financial statements

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

In preparing these condensed financial information, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that applied to the annual financial information as at and for the year ended 31 December 2018.

Disclosure of summary of significant accounting policies [abstract]

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

STATUTORY DEPOSIT

The statutory deposit represents 10% of the paid-up share capital, which is maintained in accordance with the Law on Supervision of Cooperative Insurance Companies in the Kingdom of Saudi Arabia. SAMA is entitled to the earnings of this statutory deposit and it cannot be withdrawn without its consent.

In accordance with the instruction received from the Saudi Arabian Monetary Agency (SAMA) vide their circular dated March 1, 2016, the Company has disclosed the commission due on statutory deposit as at March 31, 2019 as an asset and a liability in these interim condensed financial statements.

SHARE CAPITAL

The authorised, issued and paid-up share capital is SR 200 million at March 31, 2019 consisting of 20 million shares (December 31, 2018: SR 200 million consisting of 20 million shares) of SR 10 each.

CONTINGENCIES

Legal proceedings

The Company operates in the insurance industry and is subject to legal proceedings in the normal course of business relating to policyholders insurance claims. While it is not practicable to forecast or determine the final results of all pending or threatened legal proceedings, management does not believe that such proceedings (including litigations) will have a material impact on the Company’s results or financial position.

ZAKAT AND INCOME TAX

a) Zakat

Charge for the period/year

The zakat charge relating to Saudi shareholders’ and principal elements of zakat base are as following:

	*March* *31, 2019* SR	December 31, 2018 SR
	*(Unaudited)*	(Audited)


Equity	140,000,000	140,000,000
Opening provisions and other adjustments	10,269,860	9,143,156
Book value of long term assets, net of related financing	(2,138,405)	(2,127,933)
	148,131,455	147,015,223
Zakatable income for the period /year	9,440,001	31,502,162
Zakat base	157,571,456	178,517,385
	*March* *31, 2019* SR	March 31, 2018 SR
	*(Unaudited)*	(Unaudited)


Charge and provision for the period	1,291,966	1,222,433

The difference between the financial results and adjusted profit is mainly due to adjustments for certain costs based on relevant regulations.

b) Income tax

Charge for the period
Income tax relating to the non‑Saudi shareholders’ consists of:

March

31, 2019

March

31, 2018

(Unaudited)

(Unaudited)

Charge and provision for the period

657,492

738,334

Income tax has been provided for based on the estimated taxable profit at the rate of 20% per annum.

The differences between the financial results and taxable income are mainly due to adjustments for certain costs/claims based on the relevant fiscal regulations.

c) Movement in the provision for zakat and income tax during the period/year

The movement in zakat and income tax provision is as follows:

	*March 31,* *2019* SR	December 31, 2018 SR
	*(Unaudited)*	(Audited)

At the beginning of the period/year	18,134,513	13,371,168
Provision for the period/year	1,949,458	8,196,066
Paid during the period/year	-	(3,432,721)

At the end of the period/year	20,083,971	18,134,513

The following is the shareholding percentage in the interim condensed financial statements as at the end of the period/year:

	*March* *31, 2019* %	December 31, 2018 %

	*(Unaudited)*	(Audited)

Shareholding subject to zakat	70.00	70.00
Shareholding subject to income tax	30.00	30.00

d) Zakat and income tax assessments

In 2015, the General Authority of Zakat and Tax (“the GAZT”) raised final assessments for the years ended December 31, 2009 to 2012 and assessed additional income tax, zakat and withholding tax liability amounting to SR 13.79 million and delay fines of SR 4.4 million. The management has filed an appeal against these assessments. However, the Company has paid SR 14.9 million for income tax, withholding tax and delay fines and also furnished a bank guarantee of SR 3.3 million in favor of GAZT for zakat liability for above mentioned years.

The Company has also received assessments for the years 2013 to 2015 where the GAZT had requested for an additional zakat and income tax liability and delay fine of SR 6.2 million. The management has filed an appeal against the assessment and submitted a bank guarantee amounting to SR 6.2 million to cover the additional income tax, zakat and delay fine liability.

Zakat and income tax assessments have not been raised by the GAZT for the years 2016 or 2017.

Zakat and income tax has been computed based on the Company's understanding and interpretation of the zakat and income tax regulations enforced in the Kingdom of Saudi Arabia. The GAZT continues to issue circulars to clarify certain zakat and tax regulations which are usually enforced on all open years. The zakat regulations in Saudi Arabia are subject to different interpretations and new zakat regulations have been issued by the GAZT dated 1 Jumada II 1438H (corresponding to 28 February 2017). The zakat and income tax liability as computed by the Company could be different from zakat and tax liability as assessed by the GAZT for years for which assessments have not yet been raised by the GAZT.

Description of accounting policy for cash and cash equivalents [text block]

4. CASH AND CASH EQUIVALENTS

	*Insurance operations*		*Shareholders’ operations*
	*March* *31, 2019* SR	December 31, 2018 SR	*March* *31, 2019* SR	December 31, 2018 SR
	*(Unaudited)*	(Audited)	*(Unaudited)*	(Audited)

Cash in hand	20,000	-	-	-
Cash at banks - Current accounts	10,208,601	8,298,585	6,612,408	1,523,906
- Time deposits	26,507,744	64,744,141	66,547,441	66,943,687
	36,736,345	73,042,726	73,159,849	68,467,593

Deposits are placed with local banks with maturities of less than three-months and earn financial income at an average rate of 2.5% to 4.10% per annum (December 31, 2018: 2.0% to 2.80% per annum).

[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