| 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] |
General
AXA Cooperative Insurance Company (a Joint Stock Company incorporated in Kingdom of Saudi Arabia), “the Company”, was formed pursuant to Royal Decree No. M/36 dated 27 Jumada II 1429H. (1 July 2008) (Date of inception). The Company was incorporated vide Ministerial Order number Q/192, dated 10 Jumada II 1430H, (3 June 2009) (date of incorporation). The Company is registered in the Kingdom of Saudi Arabia under commercial registration number 1010271203 issued in Riyadh on Rajab 20, 1430H (13 July 2009). The Company’s registered address is P.O. Box 753, Riyadh 11421, Kingdom of Saudi Arabia.
The purpose of the Company is to transact cooperative insurance operations and all related activities including reinsurance activities. Its principal lines of business include health, motor, marine, property, engineering, accident and liability and protection insurance.
The principal activities of the Company are to engage in cooperative insurance operations and related activities including reinsurance activities in accordance with the Law on Supervision of Cooperative Insurance (the “Law”), the Company’s by-laws and other regulations promulgated in the Kingdom of Saudi Arabia. The Company obtained licence from the Saudi Central Bank (“SAMA”) to practice general and health insurance and reinsurance business in the Kingdom of Saudi Arabia vide licence number TMN/25/20101, dated Safar 11, 1431H (corresponding to 26 January 2010). The Company has commenced insurance operations on 4 Rabi’ I 1431H (corresponding to 18 February 2010) after obtaining full product approval for certain products and temporary approval for the remaining products. During 2016, the Company obtained approval for the remaining products.
The Company has been notified by its shareholder AXA Mediterranean Holding S.A. ("AXA Med") that the AXA Group has decided to sell its insurance operations in the Gulf region. Accordingly, AXA Med has entered into a share purchase agreement with Gulf Insurance Group K.S.C.P ("GIG") dated 14/04/1442H (corresponding to 29 November 2020) to sell its insurance operations in the Gulf region, which includes the sale of its 18% shareholding in the Company at a price of Saudi Riyals 24.23 per share (being USD 6.46 per share converted into Saudi Riyals at a rate of SAR 3.75 per USD 1). As part of the overall transaction in the Gulf region, GIG will also acquire 100% of the share capital of AXA Insurance (Gulf) B.S.C in Bahrain (which is a 50:50 joint venture between the AXA Group and Yusuf Bin Ahmed Kanoo Company W.L.L), which owns 32% of the share capital of the Company at an equivalent value of SAR 24.23 per share.
Upon completion of the overall transaction, GIG will directly and indirectly own 50% of the shareholding of the Company.
Completion of the overall transaction is subject to certain conditions and regulatory approvals.
The change in shareholding is not expected to have any impact on the continuity of the Company insurance services for its customers and partners in the Kingdom of Saudi Arabia. The Company will continue to announce any material developments as they occur. | 1 |
| Disclosure of basis of preparation of financial statements [text block] |
2 Basis of preparation
Basis of presentation
The interim condensed financial information of the Company has been prepared in accordance with ‘International Accounting Standard 34 - Interim Financial Reporting (“IAS 34”), as endorsed in the Kingdom of Saudi Arabia .
2 Basis of preparation (continued)
(a) Basis of presentation (continued)
The Company’s interim condensed statement of financial position is not presented using a current/non-current classification. However, the following balances would generally be classified as non-current: long-term deposits, deferred policy acquisition costs, investments, right-of-use assets, property and equipment, intangible assets, goodwill, statutory deposit and employee benefit obligations. All other financial statements line items would generally be classified as current.
As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for insurance operations and shareholders’ operations and presents the financial information accordingly. Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors.
The interim condensed statements of financial position, income, comprehensive income and cash flows of the insurance operations and shareholders operations which are presented on pages 34 to 41 of the financial information have been provided as supplementary financial information and to comply with the requirements of the guidelines issued by SAMA implementing regulations. SAMA implementing regulations requires the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders operations. Accordingly, the interim condensed statements of financial position, 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’s interim condensed financial information in compliance with IFRS that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by SOCPA, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperation balances, transactions and unrealized gains or losses, if any, are eliminated in full during amalgamation. The accounting policies adopted for the insurance operations and shareholders operations are uniform for like transactions and events in similar circumstances.
Critical accounting judgments, estimates and assumptions
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 this interim condensed financial information, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that applied to the annual financial statements as at and for the year ended 31 December 2020.
(1) Impact of Covid-19
On 11 March 2020, the World Health Organization (“WHO”) declared the Covid-19 outbreak as a pandemic in recognition of its rapid spread globally. This outbreak has also affected the GCC region including the Kingdom of Saudi Arabia. Governments all over the world have taken steps to contain the spread of Covid-19. The Kingdom of Saudi Arabia has implemented closure of borders, released social distancing guidelines and enforced country-wide lockdowns and curfews. In response to the spread of Covid-19 in the Kingdom of Saudi Arabia and its consequential disruption to social and economic activities, the Company’s management has assessed its impact on the Company’s operations and has taken a series of proactive and preventive measures to ensure: 2 Basis of preparation (continued)
(b) Critical accounting judgments, estimates and assumptions
The following accounting judgments and estimates are critical in preparation of this condensed financial information:
Motor technical reserves
In response to the Covid-19 pandemic, SAMA issued circular 189 (the “Circular”) dated 8 May 2020 to all insurance companies in the Kingdom of Saudi Arabia. Amongst other things, the Circular instructed insurance companies to extend the period of validity of all existing retail motor insurance policies by two months as well as providing two months of additional coverage for all new retail motor insurance policies written within one month of the date of the Circular without additional consideration from the policyholders.
The management, in conjunction with its appointed actuary, deliberated on a variety of internal factors and concluded that the two months extension as per the Circular in existing retail motor policies is a modification of those policies and, accordingly, the earning patterns for those retail motor policies impacted by the Circular have been amended to reflect the additional two months of coverage period. As a result, the Company has experienced a decline of Saudi Riyals 5.9 million in its net earned premiums for the three-month period ended 31 March 2021. Furthermore, the management performed a liability adequacy test using current estimates of future cash flows under its motor insurance contracts at a segmented level and concluded that the existing level of reserves were sufficient.
Health technical reserves
Based on managements’ assessment, the management believes that the Kingdom of Saudi Arabia’s governments’ decision to assume the medical treatment costs for both Saudi Arabian citizens and expatriates has helped in reducing any unfavorable impact of the Covid-19 pandemic. During the year ended 31 December 2020, the Company experienced a decline in medical reported claims (majorly elective and non-chronic treatment claims) which resulted in a decline in claims experience. However, subsequent to the easing of curfew protocols in the Kingdom of Saudi Arabia on 21 June 2020, the Company has experienced an increase in claims which is in line with the expectations of the Company’s management. The Company’s management has duly considered the impact of the increase in claims in the current estimate of future contractual cashflows of the insurance contracts in force as at 31 March 2021 for its liability adequacy test. Based on the results of management’s assessment, the existing technical reserves of the Company were sufficient and, accordingly, no additional amount was recorded in the Health technical reserves of the Company for the three month period ended 31 March 2021.
Other financial assets
To cater for any potential impact that the Covid-19 pandemic may have had on the financial assets of the Company, the Company has performed an assessment, in accordance with its accounting policy, for held-to-maturity investments and financial assets designated as loans and receivables, to determine whether there is objective evidence that a financial asset or group of financial assets is impaired. These include factors such as significant financial difficulties of issuers or debtors, default or delinquency in payments, probability that the issuer or debtor will enter bankruptcy or other financial reorganization etc.
For available-for-sale investments, the Company has performed an assessment to determine whether there is a significant decline in the fair value of available-for-sale investments to below cost along with other qualitative factors such as the prolonged decline in the fair value of available-for-sale equity investments and / or occurrence of credit default events in case of available-for-sale debt investments.
Based on these assessments, the Company believes that the Covid-19 pandemic has had no material effect on the Company’s reported results for the three-month period ended 31 March 2021. The Company continues to monitor the situation closely.
Basis of preparation (continued)
(b) Critical accounting judgments, estimates and assumptions (continued)
Liability arising from claims under insurance contracts
The estimation of the ultimate liability arising from claims made under insurance contracts is the Company’s most critical accounting estimate. There are several sources of uncertainty that need to be considered in the estimate of the liability that the Company will ultimately pay for such claims. Estimates are made at the end of the reporting period both for the expected ultimate cost of claim reported and for the expected ultimate costs of claims incurred but not reported (“IBNR”). Liabilities for unpaid reported claims are estimated using the input of assessments for individual cases reported to the Company. At the end of each reporting period, prior period claims estimates are reassessed for adequacy and changes are made to the provision.
The provision for claims incurred but not reported is an estimation of claims which are expected to be reported subsequent to the date of interim condensed statement of financial position, for which the insured event has occurred prior to the date of interim condensed statement of financial position. The primary technique adopted by management in estimating the cost of notified and IBNR claims, is that of using the past claims settlement trends to predict future claims settlement trends. A range of methods such as Chain Ladder Method, Bornhuetter-Ferguson Method and Expected Loss Ratio Method are used by the actuaries to determine these provisions. The actuary also uses a segmentation approach including analyzing cost per member per year for the medical line of business. Underlying these methods are a number of explicit or implicit assumptions relating to the expected settlement amount and settlement patterns of claims.
Impairment of premiums and reinsurance balances receivable and goodwill
An estimate of the uncollectible amount of premium receivable, if any, is made when collection of the full amount of the receivables as per the original terms of the insurance policy is no longer probable. For individually significant amounts, this estimation is performed on an individual basis. Amounts which are not individually significant, but which are past due, are assessed collectively and an allowance applied according to the length of time past due and Company’s past experience.
The recoverable amount of goodwill is estimated based on the present value of the future cash flows expected to be derived from the asset. In case the, recoverable amount is less than carrying value, the difference is charged to interim condensed statement of income as impairment loss.
Impairment of available-for-sale investments
The Company treats available-for-sale investments as impaired when there has been a significant or prolonged decline in the fair value below its cost or where other objective evidence of impairment exists. The determination of what is “significant” or “prolonged” requires considerable judgment. In addition, the Company evaluates other factors, including normal volatility in share price for quoted investments and the future cash flows and the discount factors for unquoted investments.
Seasonality of operations
There are no seasonal changes that may affect the insurance operations of the Company. | 2 |
| Disclosure of accounting framework used in preparation of financial statements [text block] |
3 Significant accounting policies
The accounting policies, estimates and assumptions used in the preparation of these interim condensed financial information are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2020 except as explained below:
3.1New standards, amendments and interpretations not yet applied by the Company
IFRS 9, ‘Financial Instruments’
In July 2014, the IASB published IFRS 9 which will replace IAS 39, ‘Financial Instruments: Recognition and Measurement’. The standard incorporates new classification and measurements requirements for financial assets, the introduction of an expected credit loss impairment model which will replace the incurred loss model of IAS 39, and new hedge accounting requirements. Under IFRS 9, all financial assets will be measured at either amortised cost or fair value. The basis of classification will depend on the business model and the contractual cash flow characteristics of the financial assets. The standard retains most of IAS 39’s requirements for financial liabilities except for those designated at fair value through profit or loss whereby that part of the fair value changes attributable to own credit is to be recognised in the interim condensed statement of comprehensive income instead of the interim condensed statement of income. The hedge accounting requirements are more closely aligned with risk management practices and follow a more principle based approach.
In September 2016, the IASB published amendments to IFRS 4, ‘Insurance Contracts’ that address the accounting consequences of the application of IFRS 9 to insurers prior to the publication of the forthcoming accounting standard for insurance contracts. The amendments introduce two options for insurers: the deferral approach and the overlay approach. The deferral approach provides an entity, if eligible, with a temporary exemption from applying IFRS 9 until the earlier of the effective date of a new insurance contract standard or 2022.The overlay approach allows an entity to remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contracts standard is applied.
The Company is eligible and have chosen to apply the deferral approach under the amendments to IFRS 4. The impact of the adoption of IFRS 9 on the Company’s financial information will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. As such, it is not possible to fully assess the effect of the adoption of IFRS 9.
For detailed impact assessment of IFRS 9 adoption, reference to the annual financial statements for the year ended 31 December 2020 should be made.
IFRS 17, ‘Insurance Contracts’
Applicable for the period beginning on or after 1 January 2023, and will supersede IFRS 4. Earlier adoption is permitted if IFRS 9 has also been applied. The Company expects a material impact on measurement and disclosure of insurance and reinsurance that will affect the interim condensed statements of financial position, income and comprehensive income. The Company has decided not to early adopt this new standard.
For detailed impact assessment of IFRS 17 adoption, reference to the annual financial statements for the year ended 31 December 2020 should be made. | 3 |
| Disclosure of new standards and amendments in standards [text block] |
3.1New standards, amendments and interpretations not yet applied by the Company
IFRS 9, ‘Financial Instruments’
In July 2014, the IASB published IFRS 9 which will replace IAS 39, ‘Financial Instruments: Recognition and Measurement’. The standard incorporates new classification and measurements requirements for financial assets, the introduction of an expected credit loss impairment model which will replace the incurred loss model of IAS 39, and new hedge accounting requirements. Under IFRS 9, all financial assets will be measured at either amortised cost or fair value. The basis of classification will depend on the business model and the contractual cash flow characteristics of the financial assets. The standard retains most of IAS 39’s requirements for financial liabilities except for those designated at fair value through profit or loss whereby that part of the fair value changes attributable to own credit is to be recognised in the interim condensed statement of comprehensive income instead of the interim condensed statement of income. The hedge accounting requirements are more closely aligned with risk management practices and follow a more principle based approach.
In September 2016, the IASB published amendments to IFRS 4, ‘Insurance Contracts’ that address the accounting consequences of the application of IFRS 9 to insurers prior to the publication of the forthcoming accounting standard for insurance contracts. The amendments introduce two options for insurers: the deferral approach and the overlay approach. The deferral approach provides an entity, if eligible, with a temporary exemption from applying IFRS 9 until the earlier of the effective date of a new insurance contract standard or 2022.The overlay approach allows an entity to remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contracts standard is applied.
The Company is eligible and have chosen to apply the deferral approach under the amendments to IFRS 4. The impact of the adoption of IFRS 9 on the Company’s financial information will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. As such, it is not possible to fully assess the effect of the adoption of IFRS 9.
For detailed impact assessment of IFRS 9 adoption, reference to the annual financial statements for the year ended 31 December 2020 should be made.
IFRS 17, ‘Insurance Contracts’
Applicable for the period beginning on or after 1 January 2023, and will supersede IFRS 4. Earlier adoption is permitted if IFRS 9 has also been applied. The Company expects a material impact on measurement and disclosure of insurance and reinsurance that will affect the interim condensed statements of financial position, income and comprehensive income. The Company has decided not to early adopt this new standard.
For detailed impact assessment of IFRS 17 adoption, reference to the annual financial statements for the year ended 31 December 2020 should be made. | 3 |
| Disclosure of critical accounting judgements, estimates and assumptions, general [text block] |
Critical accounting judgments, estimates and assumptions
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 this interim condensed financial information, the significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that applied to the annual financial statements as at and for the year ended 31 December 2020.
(1) Impact of Covid-19
On 11 March 2020, the World Health Organization (“WHO”) declared the Covid-19 outbreak as a pandemic in recognition of its rapid spread globally. This outbreak has also affected the GCC region including the Kingdom of Saudi Arabia. Governments all over the world have taken steps to contain the spread of Covid-19. The Kingdom of Saudi Arabia has implemented closure of borders, released social distancing guidelines and enforced country-wide lockdowns and curfews. In response to the spread of Covid-19 in the Kingdom of Saudi Arabia and its consequential disruption to social and economic activities, the Company’s management has assessed its impact on the Company’s operations and has taken a series of proactive and preventive measures to ensure: 2 Basis of preparation (continued)
(b) Critical accounting judgments, estimates and assumptions
The following accounting judgments and estimates are critical in preparation of this condensed financial information:
Motor technical reserves
In response to the Covid-19 pandemic, SAMA issued circular 189 (the “Circular”) dated 8 May 2020 to all insurance companies in the Kingdom of Saudi Arabia. Amongst other things, the Circular instructed insurance companies to extend the period of validity of all existing retail motor insurance policies by two months as well as providing two months of additional coverage for all new retail motor insurance policies written within one month of the date of the Circular without additional consideration from the policyholders.
The management, in conjunction with its appointed actuary, deliberated on a variety of internal factors and concluded that the two months extension as per the Circular in existing retail motor policies is a modification of those policies and, accordingly, the earning patterns for those retail motor policies impacted by the Circular have been amended to reflect the additional two months of coverage period. As a result, the Company has experienced a decline of Saudi Riyals 5.9 million in its net earned premiums for the three-month period ended 31 March 2021. Furthermore, the management performed a liability adequacy test using current estimates of future cash flows under its motor insurance contracts at a segmented level and concluded that the existing level of reserves were sufficient.
Health technical reserves
Based on managements’ assessment, the management believes that the Kingdom of Saudi Arabia’s governments’ decision to assume the medical treatment costs for both Saudi Arabian citizens and expatriates has helped in reducing any unfavorable impact of the Covid-19 pandemic. During the year ended 31 December 2020, the Company experienced a decline in medical reported claims (majorly elective and non-chronic treatment claims) which resulted in a decline in claims experience. However, subsequent to the easing of curfew protocols in the Kingdom of Saudi Arabia on 21 June 2020, the Company has experienced an increase in claims which is in line with the expectations of the Company’s management. The Company’s management has duly considered the impact of the increase in claims in the current estimate of future contractual cashflows of the insurance contracts in force as at 31 March 2021 for its liability adequacy test. Based on the results of management’s assessment, the existing technical reserves of the Company were sufficient and, accordingly, no additional amount was recorded in the Health technical reserves of the Company for the three month period ended 31 March 2021.
Other financial assets
To cater for any potential impact that the Covid-19 pandemic may have had on the financial assets of the Company, the Company has performed an assessment, in accordance with its accounting policy, for held-to-maturity investments and financial assets designated as loans and receivables, to determine whether there is objective evidence that a financial asset or group of financial assets is impaired. These include factors such as significant financial difficulties of issuers or debtors, default or delinquency in payments, probability that the issuer or debtor will enter bankruptcy or other financial reorganization etc.
For available-for-sale investments, the Company has performed an assessment to determine whether there is a significant decline in the fair value of available-for-sale investments to below cost along with other qualitative factors such as the prolonged decline in the fair value of available-for-sale equity investments and / or occurrence of credit default events in case of available-for-sale debt investments.
Based on these assessments, the Company believes that the Covid-19 pandemic has had no material effect on the Company’s reported results for the three-month period ended 31 March 2021. The Company continues to monitor the situation closely.
Basis of preparation (continued)
(b) Critical accounting judgments, estimates and assumptions (continued)
Liability arising from claims under insurance contracts
The estimation of the ultimate liability arising from claims made under insurance contracts is the Company’s most critical accounting estimate. There are several sources of uncertainty that need to be considered in the estimate of the liability that the Company will ultimately pay for such claims. Estimates are made at the end of the reporting period both for the expected ultimate cost of claim reported and for the expected ultimate costs of claims incurred but not reported (“IBNR”). Liabilities for unpaid reported claims are estimated using the input of assessments for individual cases reported to the Company. At the end of each reporting period, prior period claims estimates are reassessed for adequacy and changes are made to the provision.
The provision for claims incurred but not reported is an estimation of claims which are expected to be reported subsequent to the date of interim condensed statement of financial position, for which the insured event has occurred prior to the date of interim condensed statement of financial position. The primary technique adopted by management in estimating the cost of notified and IBNR claims, is that of using the past claims settlement trends to predict future claims settlement trends. A range of methods such as Chain Ladder Method, Bornhuetter-Ferguson Method and Expected Loss Ratio Method are used by the actuaries to determine these provisions. The actuary also uses a segmentation approach including analyzing cost per member per year for the medical line of business. Underlying these methods are a number of explicit or implicit assumptions relating to the expected settlement amount and settlement patterns of claims.
Impairment of premiums and reinsurance balances receivable and goodwill
An estimate of the uncollectible amount of premium receivable, if any, is made when collection of the full amount of the receivables as per the original terms of the insurance policy is no longer probable. For individually significant amounts, this estimation is performed on an individual basis. Amounts which are not individually significant, but which are past due, are assessed collectively and an allowance applied according to the length of time past due and Company’s past experience.
The recoverable amount of goodwill is estimated based on the present value of the future cash flows expected to be derived from the asset. In case the, recoverable amount is less than carrying value, the difference is charged to interim condensed statement of income as impairment loss.
Impairment of available-for-sale investments
The Company treats available-for-sale investments as impaired when there has been a significant or prolonged decline in the fair value below its cost or where other objective evidence of impairment exists. The determination of what is “significant” or “prolonged” requires considerable judgment. In addition, the Company evaluates other factors, including normal volatility in share price for quoted investments and the future cash flows and the discount factors for unquoted investments. | 2 |
| Disclosure of summary of significant accounting policies [abstract] | | |
| Disclosure of summary of significant accounting policies, general comment [text block] |
3 Significant accounting policies
The accounting policies, estimates and assumptions used in the preparation of these interim condensed financial information are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2020 except as explained below: | 3 |
| Description of accounting policy for segment reporting [text block] |
12 Segmental information
Operating segments for the purpose of segmental information 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 of Directors is measured in a manner consistent with that in the interim condensed statement of income. Segment assets and liabilities comprise operating assets and liabilities.
Segment assets do not include cash and cash equivalents, short-term deposits, premiums and reinsurers’ balances receivable - net, investments, prepaid expenses and other assets, long-term deposits, property and equipment, intangible assets, due from shareholders’ / insurance operations, goodwill, statutory deposit and accrued income on statutory deposit. Accordingly, they are included in unallocated assets. Segment liabilities do not include claims payable, accrued expenses and other liabilities, surplus distribution payable, reinsurers' balances payable, advance premiums, due to related party, employee benefit obligations, zakat and income tax, due to shareholders’ / insurance operations, and accrued income payable to SAMA. Accordingly, they are included in unallocated liabilities.
12 Segmental information (continued)
These unallocated assets and liabilities are not reported to chief operating decision maker under related segments and are monitored on a centralized basis.
For management purposes, the Company is organized into business units based on their products and services and has the following reportable segments:
Motor; Property and casualty; Health; and Protection.
Segment performance is evaluated based on profit or loss which, in certain respects, is measured differently from profit or loss in the interim condensed financial information.
Where intersegment transaction were to occur, transfer prices between operating segments are set on an arm’s length basis in a manner similar to transactions with third parties. Segment income, expense and results will then include those transfers between operating segments which will then be eliminated at the level of interim condensed financial information of the Company. | 12 |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of transfer of portfolio [text block] |
21 Goodwill on acquisition of insurance portfolio
This represents goodwill recognized on acquisition of insurance portfolio and net assets of AXA Insurance Saudi Arabia B.S.C (c). The Company received approval from SAMA on 15 Dhul-Qadah 1433H (corresponding to 1 October 2012) to transfer the insurance portfolio from AXA Saudi Arabia Holding W.L.L. (formerly AXA Insurance Saudi Arabia B.S.C.c) at a total consideration of Saudi Riyals 106.6 million. During 2015, the Company met payment conditions imposed by SAMA and received approval for payment of Saudi Riyals 50.0 million in respect of initial consideration to AXA Saudi Arabia Holding W.L.L. which was recognized as goodwill being the excess of consideration paid and the net assets acquired. The remaining amount of Saudi Riyals 56.6 million which was recorded as contingent liability was accordingly relinquished.
| 21 |
| Disclosure of commercial operations and product approval [text block] |
The purpose of the Company is to transact cooperative insurance operations and all related activities including reinsurance activities. Its principal lines of business include health, motor, marine, property, engineering, accident and liability and protection insurance.
The principal activities of the Company are to engage in cooperative insurance operations and related activities including reinsurance activities in accordance with the Law on Supervision of Cooperative Insurance (the “Law”), the Company’s by-laws and other regulations promulgated in the Kingdom of Saudi Arabia. The Company obtained licence from the Saudi Central Bank (“SAMA”) to practice general and health insurance and reinsurance business in the Kingdom of Saudi Arabia vide licence number TMN/25/20101, dated Safar 11, 1431H (corresponding to 26 January 2010). The Company has commenced insurance operations on 4 Rabi’ I 1431H (corresponding to 18 February 2010) after obtaining full product approval for certain products and temporary approval for the remaining products. During 2016, the Company obtained approval for the remaining products. | 1 |
| Disclosure of leases [text block] |
9 Right-of-use assets and lease liabilities
| 31 March 2021 | 31 December 2020 | Right-of-use assets - building |
|
| Cost |
|
| Balance as at the beginning of the period / year | 27,086 | 27,086 | Additions | - | - | Balance as at the end of the period / year | 27,086 | 27,086 |
|
|
| Accumulated depreciation |
|
| Balance as at the beginning of the period / year | (3,964) | (1,082) | Charge for the period / year | (659) | (2,882) | Balance as at the end of the period / year | (4,623) | (3,964) | Net book value | 22,463 | 23,122 |
|
|
| Lease liabilities | 31 March 2021 | 31 December 2020 | Within one year | 3,183 | 3,183 | Later than one year but not later than five years | 12,732 | 12,732 | Later than five years | 9,549 | 9,549 |
| 25,464 | 25,464 | Future finance charges | (3,476) | (3,683) | Total lease liabilities | 21,988 | 21,781 |
Interest expense on leases amounted to Saudi Riyals 0.2 million during the period ended 31 March 2021 and are presented under “Other income - net” in the interim condensed statement of income (Three-months period ended 31 March 2020: Saudi Riyals 0.4 million).
Short-term leases that were expensed during the three-months period ended 31 March 2021 amounted to Saudi Riyals 0.78 million (Three-months period ended 31 March 2020: Saudi Riyals 1.1 million). | 9 |
| Disclosure of investments [text block] |
6 Investments
Investments are comprised of the following:
| 31 March 2021 | 31 December 2020 | Insurance operations |
|
| Available-for-sale | 812,327 | 689,178 | Held-to-maturity | 78,784 | 78,786 | Total | 891,111 | 767,964 |
|
|
| Shareholders’ operations |
|
| Available-for-sale | 235,744 | 236,618 | Held-to-maturity | 60,000 | 60,000 | Total | 295,744 | 296,618 |
|
|
| Total investments | 1,186,855 | 1,064,582 |
Available-for-sale investments at 31 March 2021 include 1,923,078 shares (31 December 2020: 1,923,078 shares) in Najm for Insurance Services (“Najm”) and are held by the Company at Nil value.
Movement in available-for-sale investments is as follows:
| Insurance operations | Shareholders’ operations | Total |
|
|
|
| As at 1 January 2021 | 689,178 | 236,618 | 925,796 | Purchases | 135,885 | - | 135,885 | Disposals | (2,177) | (4,167) | (6,344) | Amortization of premium | (147) | (45) | (192) | Accretion of discount | 310 | 70 | 380 | Changes in fair value | (10,722) | 3,268 | (7,454) | As at 31 March 2021 | 812,327 | 235,744 | 1,048,071 |
| Insurance operations | Shareholders’ operations | Total |
|
|
|
| As of 1 January 2020 | 477,511 | 189,765 | 667,276 | Purchases | 240,266 | 64,485 | 304,751 | Disposals | (42,397) | (26,253) | (68,650) | Amortization of premium | (370) | (122) | (492) | Accretion for the discount | 1,188 | 256 | 1,444 | Impairment | - | (511) | (511) | Changes in fair value | 12,980 | 8,998 | 21,978 | As at 31 December 2020 | 689,178 | 236,618 | 925,796 |
Investments (continued)
Movement in held-to-maturity investments is as follows:
| Insurance operations | Shareholders’ operations |
| 31 March 2021 | 31 December 2020 | 31 March 2021 | 31 December 2020 |
|
|
|
|
| Opening balance | 78,786 | 78,805 | 60,000 | 60,000 | Amortization of premium | (2) | (19) | - | - | Closing balance | 78,784 | 78,786 | 60,000 | 60,000 |
| 6 |
| Disclosure of investments held-to-maturity [text block] |
Movement in held-to-maturity investments is as follows:
| Insurance operations | Shareholders’ operations |
| 31 March 2021 | 31 December 2020 | 31 March 2021 | 31 December 2020 |
|
|
|
|
| Opening balance | 78,786 | 78,805 | 60,000 | 60,000 | Amortization of premium | (2) | (19) | - | - | Closing balance | 78,784 | 78,786 | 60,000 | 60,000 |
| 6 |
| Disclosure of investments in available-for-sale investments [text block] |
Available-for-sale investments at 31 March 2021 include 1,923,078 shares (31 December 2020: 1,923,078 shares) in Najm for Insurance Services (“Najm”) and are held by the Company at Nil value.
Movement in available-for-sale investments is as follows:
| Insurance operations | Shareholders’ operations | Total |
|
|
|
| As at 1 January 2021 | 689,178 | 236,618 | 925,796 | Purchases | 135,885 | - | 135,885 | Disposals | (2,177) | (4,167) | (6,344) | Amortization of premium | (147) | (45) | (192) | Accretion of discount | 310 | 70 | 380 | Changes in fair value | (10,722) | 3,268 | (7,454) | As at 31 March 2021 | 812,327 | 235,744 | 1,048,071 |
| Insurance operations | Shareholders’ operations | Total |
|
|
|
| As of 1 January 2020 | 477,511 | 189,765 | 667,276 | Purchases | 240,266 | 64,485 | 304,751 | Disposals | (42,397) | (26,253) | (68,650) | Amortization of premium | (370) | (122) | (492) | Accretion for the discount | 1,188 | 256 | 1,444 | Impairment | - | (511) | (511) | Changes in fair value | 12,980 | 8,998 | 21,978 | As at 31 December 2020 | 689,178 | 236,618 | 925,796 |
| 6 |
| Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] |
5.Premiums and reinsurers’ balances receivable - net
| 31 March 2021 | 31 December 2020 |
|
|
| Policyholders | 381,490 | 220,069 | Brokers and agents | 229 | 263 | Related parties | 2,656 | 15,762 | Reinsurers and other insurers | 24,287 | 23,765 |
| 408,662 | 259,859 | Less: provision for doubtful debts | (46,012) | (45,551) |
| 362,650 | 214,308 |
Movement in provision for doubtful debts is as follows:
| 31 March 2021 | 31 December 2020 |
|
|
| Balance at the beginning of the period / year | 45,551 | 45,537 | Provision for the period / year | 461 | 14 | Balance at the end of the period / year | 46,012 | 45,551 |
| 5 |
| Disclosure of prepayments and other assets [text block] |
7 Prepaid expenses and other assets
| 31 March 2021 | 31 December 2020 |
|
|
| Accrued income | 13,632 | 8,986 | Prepaid expenses | 17,082 | 4,336 | Receivable from Manafeth | 3,112 | 3,112 | Employees’ receivable | 1,353 | 1,046 | Other | 120 | 2,109 |
| 35,299 | 19,589 |
| 7 |
| Disclosure of cash and cash equivalents [text block] |
4 Cash and cash equivalents
Cash and cash equivalents included in the interim condensed statement of financial position comprise the following:
| 31 March 2021 | 31 December 2020 | Bank balances and cash | 105,738 | 86,003 | Deposits maturing within 3 Month from the placement date | 124,438 | 245,033 |
| 230,176 | 331,036 |
Cash at banks are placed with counterparties that have investment grade credit ratings. As at 31 March 2021, deposits were placed with local banks with original maturities of less than three months from the date of placement and earned financial income at 0.57% to 2.75% (31 December 2020: 0.60% to 1.00%) per annum. | 4 |
| Disclosure of statutory deposit [text block] |
16 Statutory deposit
In accordance with Article 58 of the Insurance Implementing Regulations of SAMA, the Company is required to maintain a statutory deposit of not less than 10% of its paid-up capital. The statutory deposit is maintained with a Saudi Arabian bank and can be withdrawn only with the consent of SAMA. | 16 |
| Disclosure of zakat [text block] |
Zakat and income tax
Status of assessments
During 2014, the GAZT issued final income tax, zakat and withholding tax assessments for the years 2009 through 2012 with additional liabilities amounting to Saudi Riyals 11.6 million. The Company filed appeals against such additional assessments with the Preliminary Appeals Court (“PAC”) and, subsequently, the Higher Appeals Court (“HAC”). The PAC issued its judgement with reduced additional liabilities of Saudi Riyals 4.9 million and, in 2018, the HAC upheld the PAC’s judgement. The Company accordingly settled the additional liabilities for the years 2009 through 2012.
During 2018, the GAZT issued final income tax, zakat and withholding tax assessments for the years 2013 through 2015 with additional liabilities amounting to Saudi Riyals 17.2 million including delay fines. The Company filed an appeal with the GAZT in relation to these assessments. The management of the Company reassessed the income tax, zakat and withholding tax liabilities for the years 2013 through 2015 in light of the rulings by the PAC and HAC in relation to the final assessments from the GAZT for the years 2009 through 2012 and proposed to the Alternative Dispute Resolution Committee (“ADRC”) to settle the liabilities for the years 2013 through 2015 amounting to Saudi Riyals 15.9 million as final settlement for those years. The ADRC accepted the Company’s proposed settlement and, accordingly, the Company received final tax certificates from the GAZT for those years during the year ended 31 December 2020.
Also, the GAZT has issued invoices amounting to Saudi Riyals 4.9 million as delay fines for the years 2009 through 2015 which have been settled by the Company. However, the Company has subsequently requested the GAZT to cancel these additional invoices on the grounds that the Company has settled all the income tax, zakat and withholding tax liabilities related to the aforementioned years.
Income tax, zakat and withholding tax assessments for the years 2016 through 2019 are currently under review by the GAZT. | 14 |
| Disclosure of income tax [text block] |
Zakat and income tax
Status of assessments
During 2014, the GAZT issued final income tax, zakat and withholding tax assessments for the years 2009 through 2012 with additional liabilities amounting to Saudi Riyals 11.6 million. The Company filed appeals against such additional assessments with the Preliminary Appeals Court (“PAC”) and, subsequently, the Higher Appeals Court (“HAC”). The PAC issued its judgement with reduced additional liabilities of Saudi Riyals 4.9 million and, in 2018, the HAC upheld the PAC’s judgement. The Company accordingly settled the additional liabilities for the years 2009 through 2012.
During 2018, the GAZT issued final income tax, zakat and withholding tax assessments for the years 2013 through 2015 with additional liabilities amounting to Saudi Riyals 17.2 million including delay fines. The Company filed an appeal with the GAZT in relation to these assessments. The management of the Company reassessed the income tax, zakat and withholding tax liabilities for the years 2013 through 2015 in light of the rulings by the PAC and HAC in relation to the final assessments from the GAZT for the years 2009 through 2012 and proposed to the Alternative Dispute Resolution Committee (“ADRC”) to settle the liabilities for the years 2013 through 2015 amounting to Saudi Riyals 15.9 million as final settlement for those years. The ADRC accepted the Company’s proposed settlement and, accordingly, the Company received final tax certificates from the GAZT for those years during the year ended 31 December 2020.
Also, the GAZT has issued invoices amounting to Saudi Riyals 4.9 million as delay fines for the years 2009 through 2015 which have been settled by the Company. However, the Company has subsequently requested the GAZT to cancel these additional invoices on the grounds that the Company has settled all the income tax, zakat and withholding tax liabilities related to the aforementioned years.
Income tax, zakat and withholding tax assessments for the years 2016 through 2019 are currently under review by the GAZT. | 14 |
| Disclosure of classes of share capital [text block] |
19 Share capital
The authorized, issued and paid up capital of the Company is Saudi Riyals 500 million at 31 March 2021 (31 December 2020: Saudi Riyals 500 million) consisting of 50 million shares (31 December 2020: 50 million shares) of Saudi Riyals 10 each.
Shareholding structure of the Company as at 31 March 2021 and 31 December 2020 is as below. The shareholders of the Company are subject to zakat and income tax.
| No. of shares (thousands) | Saudi Riyals (thousands) |
|
|
| AXA Insurance Gulf B.S.C (c.) | 16,000 | 160,000 | AXA Mediterranean Holding SA | 9,000 | 90,000 | General public | 25,000 | 250,000 |
| 50,000 | 500,000 |
| 19 |
| Disclosure of statutory reserve [text block] |
17 Statutory reserve
In accordance with By-laws of the Company and Article 70(2)(g) of the Insurance Implementing Regulations issued by SAMA, the Company is required to transfer not less than 20% of its annual profits, after adjusting accumulated losses, to a statutory reserve until such reserve amounts to 100% of the paid-up share capital of the Company. This reserve is not available for distribution to the shareholders until the liquidation of the Company. | 17 |
| Disclosure of investments income [text block] |
15 Other income – net
| Three-month period ended 31 March 2021 | Three-month period ended 31 March 2021 | Insurance operations: |
|
| Commission income on deposits | 3,182 | 5,110 | Commission income on investments | 6,778 | 5,040 | Realized gains on disposal of investments | - | 216 | Amortization and accretion on investments | 160 | 242 | Total deposits and investments income | 10,120 | 10,608 | Interest on leases | (207) | (186) | Hajj and Umrah income | 4,592 | - |
| 14,505 | 10,422 | Shareholders’ operations: |
|
| Commission income on deposits | 1,933 | 2,132 | Commission income on investments | 2,271 | 1,580 | Realized gains on disposal of investments | - | 229 | Amortization and accretion on investments | 26 | 21 | Total deposits and investments income | 4,230 | 3,962 |
| 15 |
| Disclosure of technical reserve for insurance/takaful/reinsurance/retakaful operations [text block] |
8 Technical reserves
8.1 Net outstanding claims and reserves
Net outstanding claims and reserves comprise of the following:
| 31 March 2021 | 31 December 2020 |
|
|
| Outstanding claims | 416,191 | 350,560 | Less: realizable value of salvage and subrogation | (68,219) | (61,856) |
| 347,972 | 288,704 | Claims incurred but not reported and other reserves | 711,825 | 758,068 | Unallocated loss adjustment expenses reserve | 8,100 | 8,100 |
| 1,067,897 | 1,054,872 | Less: |
|
| - Reinsurers’ share of outstanding claims | (119,362) | (74,988) | - Reinsurers’ share of claims incurred but not reported and other reserves | (75,315) | (73,080) |
| (194,677) | (148,068) | Net outstanding claims and reserves | 873,220 | 906,804 |
8 Technical reserves (continued)
8.2 Movement in net unearned premiums
Movement in net unearned premiums comprise of the following:
| Gross | Reinsurance | Net |
|
|
|
| Balance as at the beginning of the period | 486,709 | (23,455) | 463,254 | Premium written during the period | 541,591 | (52,977) | 488,614 | Premium earned during the period | (346,518) | 37,550 | (308,968) | Balance as at the end of the period | 681,782 | (38,882) | 642,900 |
| Gross | Reinsurance | Net |
|
|
|
| Balance as at the beginning of the year | 459,190 | (19,261) | 439,929 | Premium written during the year | 1,417,826 | (129,585) | 1,288,241 | Premium earned during the year | (1,390,307) | 125,391 | (1,264,916) | Balance as at the end of the year | 486,709 | (23,455) | 463,254 |
| 8 |
| Disclosure of other income [text block] |
15 Other income – net
| Three-month period ended 31 March 2021 | Three-month period ended 31 March 2021 | Insurance operations: |
|
| Commission income on deposits | 3,182 | 5,110 | Commission income on investments | 6,778 | 5,040 | Realized gains on disposal of investments | - | 216 | Amortization and accretion on investments | 160 | 242 | Total deposits and investments income | 10,120 | 10,608 | Interest on leases | (207) | (186) | Hajj and Umrah income | 4,592 | - |
| 14,505 | 10,422 | Shareholders’ operations: |
|
| Commission income on deposits | 1,933 | 2,132 | Commission income on investments | 2,271 | 1,580 | Realized gains on disposal of investments | - | 229 | Amortization and accretion on investments | 26 | 21 | Total deposits and investments income | 4,230 | 3,962 |
| 15 |
| Disclosure of related party transactions [text block] |
13 Related party transactions and balances
Related parties represent major shareholders, directors and key management personnel of the Company, and companies of which they are principal owners and any other entities controlled, jointly controlled or significantly influenced by them. Pricing policies and terms of these transactions are approved by the Company’s management and Board of Directors. The following are the details of the major related party transactions during the three-month period ended 31 March 2021 and 2020, and the related balances:
| 31 March 2021 | 31 March 2020 | Major shareholders |
|
| Gross premiums from major shareholders | 251 | 262 | Reinsurance premiums ceded to major shareholders | 32,121 | 27,095 | Reinsurance commissions from major shareholders | 3,283 | 2,872 | Net claims paid to major shareholders | 3,630 | 3,248 | Reinsurers’ share of gross claims paid to major shareholders | 4,840 | 1,773 | Expenses charged by major shareholders | 387 | 728 |
|
|
| Entities controlled, jointly controlled or significantly influenced by related parties |
|
| Gross premiums from other related parties | 2,438 | 3,323 | Net claims paid to other related parties | 8,629 | 5,162 |
The compensation of key management personnel during the three-month period is as follows:
| 31 March 2021 | 31 March 2020 |
|
|
| Salaries and benefits | 2,560 | 2,681 | Employee benefit obligations | 137 | 144 |
| 2,697 | 2,825 |
Board of Directors fees for the period ended 31 March 2021 was Saudi Riyals 0.3 million (31 March 2020: Saudi Riyals 0.4 million).
The transactions with related parties are carried out at commercial terms and conditions. Compensation to key management personnel is on employment terms and as per the By-laws of the Company.
Due to a related party represents amounts payable to AXA Insurance Gulf B.S.c (c). | 13 |
| Disclosure of entity's operating segments [text block] |
12 Segmental information (continued)
The segment information provided to the Company’s Board of Directors for the reportable segments for the Company’s total assets and liabilities at 31 March 2021 and 31 December 2020, its total revenues, expenses, and net income for the three-month period then ended are as follows:
31 March 2021 (Unaudited) | Motor | Property | Health | Protection | Total | Shareholders’ operations | Grand total |
|
|
|
| and casualty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
| Reinsurers’ share of unearned premiums | - | 27,647 | 10,557 | 678 | 38,882 | - | 38,882 |
|
|
| Reinsurers’ share of outstanding claims | 4,151 | 106,775 | 2,212 | 6,224 | 119,362 | - | 119,362 |
|
|
| Reinsurers’ share of claims incurred but not reported and other reserves | 15,532 | 51,648 | - | 8,135 | 75,315 | - | 75,315 |
|
|
| Deferred policy acquisition costs | 30,192 | 8,660 | 11,121 | 1,209 | 51,182 | - | 51,182 |
|
|
| Segment assets | 49,875 | 194,730 | 23,890 | 16,246 | 284,741 | - | 284,741 |
|
|
| Unallocated assets |
|
|
|
| 1,931,867 | 778,384 | 2,710,251 |
|
|
| Total assets |
|
|
|
| 2,216,608 | 778,384 | 2,994,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and equity |
|
|
|
|
|
|
|
|
|
| Unearned premiums | 376,691 | 93,633 | 202,729 | 8,729 | 681,782 | - | 681,782 |
|
|
| Unearned reinsurance commission | - | 4,512 | 2,156 | 197 | 6,865 | - | 6,865 |
|
|
| Outstanding claims | 21,441 | 243,545 | 71,225 | 11,761 | 347,972 | - | 347,972 |
|
|
| Claims incurred but not reported and other reserves | 437,948 | 203,700 | 52,734 | 25,543 | 719,925 | - | 719,925 |
|
|
| Segment liabilities | 836,080 | 545,390 | 328,844 | 46,230 | 1,756,544 | - | 1,756,544 |
|
|
| Unallocated liabilities and equity |
|
|
|
| 288,778 | 949,670 | 1,238,448 |
|
|
| Total liabilities and equity |
|
|
|
| 2,045,322 | 949,670 | 2,994,992 |
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
| 12 Segmental information (continued) |
|
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|
|
|
|
|
|
|
|
|
| Insurance operations |
|
|
|
|
|
|
|
| 31 December 2020 (Audited) | Motor | Property | Health | Protection | Total | Shareholders’ operations | Grand total |
|
|
|
| and casualty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
| Reinsurers’ share of unearned premiums | - | 22,071 | 1,024 | 360 | 23,455 |
| - | 23,455 |
|
| Reinsurers’ share of outstanding claims | 3,722 | 67,322 | 1,192 | 2,752 | 74,988 |
| - | 74,988 |
|
| Reinsurers’ share of claims incurred but not reported and other reserve | 15,633 | 50,874 | 589 | 5,984 | 73,080 |
| - | 73,080 |
|
| Deferred policy acquisition costs | 20,757 | 6,763 | 8,397 | 575 | 36,492 |
| - | 36,492 |
|
| Segment assets | 40,112 | 147,030 | 11,202 | 9,671 | 208,015 |
| - | 208,015 |
|
| Unallocated assets |
|
|
|
| 1,780,546 |
| 777,657 | 2,558,203 |
|
| Total assets |
|
|
|
| 1,988,561 |
| 777,657 | 2,766,218 |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and equity |
|
|
|
|
|
|
|
|
|
| Unearned premiums | 239,440 | 74,737 | 168,207 | 4,325 | 486,709 |
| - | 486,709 |
|
| Unearned reinsurance commission | - | 2,974 | 275 | 115 | 3,364 |
| - | 3,364 |
|
| Outstanding claims | 20,274 | 191,211 | 69,399 | 7,820 | 288,704 |
| - | 288,704 |
|
| Claims incurred but not reported and other reserves | 477,127 | 200,351 | 65,005 | 23,685 | 766,168 |
| - | 766,168 |
|
| Segment liabilities | 736,841 | 469,273 | 302,886 | 35,945 | 1,544,945 |
| - | 1,544,945 |
|
| Unallocated liabilities and equity |
|
|
|
| 317,577 |
| 903,696 | 1,221,273 |
|
| Total liabilities and equity |
|
|
|
| 1,862,522 |
| 903,696 | 2,766,218 |
|
|
|
|
|
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| 12 Segmental information (continued) |
|
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| Insurance operations |
|
|
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|
|
|
|
| For the three-month period ended 31 March 2021 (Unaudited) | Motor | Property | Health | Protection | Total | Shareholders’ operations | Grand total |
|
|
|
|
| and casualty |
|
|
|
|
|
|
|
| Revenues |
|
|
|
|
|
|
|
|
|
| Gross premiums written |
|
|
|
|
|
|
|
|
|
| - Direct |
|
|
|
|
|
|
|
|
|
| - Large corporates | 182,040 | 33,852 | 113,193 | - | 329,085 | - | 329,085 |
|
|
| - Medium corporates | 75,982 | 17,847 | 14,805 | 20,874 | 129,508 | - | 129,508 |
|
|
| - Small corporates | 12,058 | 11,821 | 1,359 | - | 25,238 | - | 25,238 |
|
|
| - Micro enterprises | 2,261 | 715 | - | - | 2,976 | - | 2,976 |
|
|
| - Retail | 34,820 | 12,950 | 6,110 | - | 53,880 | - | 53,880 |
|
|
| - Reinsurance | - | 904 | - | - | 904 | - | 904 |
|
|
|
| 307,161 | 78,089 | 135,467 | 20,874 | 541,591 | - | 541,591 |
|
|
| Reinsurance premiums ceded |
|
|
|
|
|
|
|
|
|
| - Foreign | -1,383 | -26,558 | -13,593 | -7,838 | -49,372 | - | -49,372 |
|
|
| - Local | - | -3,605 | - | - | -3,605 | - | -3,605 |
|
|
|
| -1,383 | -30,163 | -13,593 | -7,838 | -52,977 | - | -52,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net premiums written | 305,778 | 47,926 | 121,874 | 13,036 | 488,614 | - | 488,614 |
|
|
| Changes in unearned premiums | -137,251 | -18,895 | -34,522 | -4,405 | -195,073 | - | -195,073 |
|
|
| Changes in reinsurers’ share of unearned premiums | - | 5,575 | 9,533 | 319 | 15,427 | - | 15,427 |
|
|
| Net premiums earned | 168,527 | 34,606 | 96,885 | 8,950 | 308,968 | - | 308,968 |
|
|
| Reinsurance commissions | 1,162 | 2,153 | 857 | 128 | 4,300 | - | 4,300 |
|
|
| Total revenues | 169,689 | 36,759 | 97,742 | 9,078 | 313,268 | - | 313,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Underwriting costs and expenses |
|
|
|
|
|
|
|
|
|
| Gross claims paid | 143,860 | 4,390 | 98,969 | 7,888 | 255,107 | - | 255,107 |
|
|
| Reinsurers’ share of claims paid | -153 | -379 | -2,366 | -3,720 | -6,618 | - | -6,618 |
|
|
| Net claims and other benefits paid | 143,707 | 4,011 | 96,603 | 4,168 | 248,489 | - | 248,489 |
|
|
|
|
|
|
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|
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| (Continued) |
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| 12 Segmental information (continued) |
|
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|
| Insurance operations |
|
|
|
|
|
|
|
| For the three-month period ended 31 March 2021 (Unaudited) | Motor | Property | Health | Protection | Total |
| Shareholders’ operations | Grand total |
|
|
|
| and casualty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in outstanding claims | 1,167 | 52,334 | 1,826 | 3,941 | 59,268 |
| - | 59,268 |
|
| Changes in reinsurers’ share of outstanding claims | -429 | -39,453 | -1,020 | -3,472 | -44,374 |
| - | -44,374 |
|
| Changes in claims incurred but not reported and other reserves | -39,179 | 3,349 | -12,271 | 1,858 | -46,243 |
| - | -46,243 |
|
| Changes in reinsurers’ share of claims incurred but not reported and other reserves | 101 | -774 | 589 | -2,151 | -2,235 |
| - | -2,235 |
|
| Net claims and other benefits incurred | 105,367 | 19,467 | 85,727 | 4,344 | 214,905 |
| - | 214,905 |
|
| Policy acquisition costs | 14,954 | 6,102 | 6,311 | 2,151 | 29,518 |
| - | 29,518 |
|
| Total underwriting costs and expenses | 120,321 | 25,569 | 92,038 | 6,495 | 244,423 |
| - | 244,423 |
|
| Net underwriting income | 49,368 | 11,190 | 5,704 | 2,583 | 68,845 |
| - | 68,845 |
|
|
|
|
|
|
|
|
|
|
|
|
| Other operating (expenses) income |
|
|
|
|
|
|
|
|
|
| General and administrative expenses | -23,374 | -3,857 | -10,798 | -995 | -39,024 |
| -349 | -39,373 |
|
| Other income - net | - | - | - | - | 14,505 |
| 4,230 | 18,735 |
|
| Total other operating expenses, net | -23,374 | -3,857 | -10,798 | -995 | -24,519 |
| 3,881 | -20,638 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total income before surplus attribution, zakat and income tax |
|
|
|
|
|
|
| 48,207 |
|
|
|
|
|
|
|
|
|
|
|
|
| Surplus attributed to the insurance operations |
|
|
|
|
|
|
| -4,432 |
|
| Total income for the period attributable to the shareholders |
|
|
|
|
|
|
| 43,775 |
|
|
|
|
|
|
|
|
|
|
|
|
| Zakat expense |
|
|
|
|
|
|
| -3,926 |
|
| Income tax expense |
|
|
|
|
|
|
| -3,290 |
|
| Total income for the period attributable to the shareholders |
|
|
|
|
|
|
| 36,559 |
|
|
|
|
|
|
|
|
|
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| 12 Segmental information (continued) |
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|
|
|
|
| Insurance operations |
|
|
|
|
|
|
|
| For the three-month period ended 31 March 2020 (Unaudited) | Motor |
| Property | Health | Protection | Total |
| Shareholders’ operations | Grand |
|
|
|
| and casualty |
|
|
|
|
| total |
| Revenues |
|
|
|
|
|
|
|
|
|
| Gross premiums written |
|
|
|
|
|
|
|
|
|
| - Direct |
|
|
|
|
|
|
|
|
|
| - Large corporates | 229,321 | 12,344 |
| 37,968 | - | 279,633 | - |
| 279,633 |
| - Medium corporates | 60,350 | 47,082 |
| 75,770 | 12,338 | 195,540 | - |
| 195,540 |
| - Small enterprises | 1,847 | 1,607 |
| 5,372 | - | 8,826 | - |
| 8,826 |
| - Micro enterprises | 792 | 689 |
| 2,302 | - | 3,783 | - |
| 3,783 |
| - Retail | 41,295 | 732 |
| 14,423 | - | 56,450 | - |
| 56,450 |
| - Reinsurance | - | 34 |
| - | - | 34 | - |
| 34 |
|
| 333,605 | 62,488 |
| 135,835 | 12,338 | 544,266 | - |
| 544,266 |
| Reinsurance premiums ceded: |
|
|
|
|
|
|
|
|
|
| - Foreign | -1,086 | -19,071 |
| -7,408 | -4,594 | -32,159 | - |
| -32,159 |
| - Local | - | -1,055 |
| - | - | -1,055 | - |
| -1,055 |
|
| -1,086 | -20,126 |
| -7,408 | -4,594 | -33,214 | - |
| -33,214 |
| Net premiums written | 332,519 | 42,362 |
| 128,427 | 7,744 | 511,052 | - |
| 511,052 |
| Changes in unearned premiums | -148,256 | -9,744 |
| -37,607 | -2,770 | -198,377 | - |
| -198,377 |
| Changes in reinsurers’ share of unearned premiums | - | -607 |
| 4,900 | -161 | 4,132 | - |
| 4,132 |
| Net premiums earned | 184,263 | 32,011 |
| 95,720 | 4,813 | 316,807 | - |
| 316,807 |
| Reinsurance commissions | - | 1,905 |
| 569 | 731 | 3,205 | - |
| 3,205 |
| Total revenues | 184,263 | 33,916 |
| 96,289 | 5,544 | 320,012 | - |
| 320,012 |
|
|
|
|
|
|
|
|
|
|
|
| Underwriting costs and expenses |
|
|
|
|
|
|
|
|
|
| Gross claims paid | 136,614 | 11,454 |
| 73,716 | 2,211 | 223,995 | - |
| 223,995 |
| Reinsurers’ share of claims paid | -847 | -7,270 |
| -852 | -737 | -9,706 | - |
| -9,706 |
| Net claims and other benefits paid | 135,767 | 4,184 |
| 72,864 | 1,474 | 214,289 | - |
| 214,289 |
|
|
|
|
|
|
|
|
|
| (Continued) |
|
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|
| 12 Segmental information (continued) | Insurance operations |
|
|
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|
|
|
| For the three-month period ended 31 March 2020 (Unaudited) | Motor | Property | Health | Protection | Total |
| Shareholders’ operations | Grand total |
|
|
|
| and casualty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in outstanding claims | -3,551 | -4,654 | 5,514 | 811 | -1,880 |
| - | -1,880 |
|
| Changes in reinsurance share of outstanding claims | 195 | 6,899 | -466 | -326 | 6,302 |
| - | 6,302 |
|
| Changes in claims incurred but not reported and other reserves | 1,218 | 26,215 | -1,561 | 2,150 | 28,022 |
| - | 28,022 |
|
| Changes in reinsurance share of claims incurred but not reported and other reserves | 2,710 | -20,897 | -416 | -586 | -19,189 |
| - | -19,189 |
|
| Net claims and other benefits incurred | 136,339 | 11,747 | 75,935 | 3,523 | 227,544 |
| - | 227,544 |
|
| Policy acquisition costs | 10,831 | 4,640 | 9,722 | 1,225 | 26,418 |
| - | 26,418 |
|
| Total underwriting costs and expenses | 147,170 | 16,387 | 85,657 | 4,748 | 253,962 |
| - | 253,962 |
|
| Net underwriting income | 37,093 | 17,529 | 10,632 | 796 | 66,050 |
| - | 66,050 |
|
|
|
|
|
|
|
|
|
|
|
|
| Other operating (expenses) income |
|
|
|
|
|
|
|
|
|
| General and administrative expenses | -23,987 | -4,166 | -12,461 | -627 | -41,241 |
| -358 | -41,599 |
|
| Other income - net | - | - | - | - | 10,422 |
| 3,962 | 14,384 |
|
| Total other operating expenses, net | -23,987 | -4,166 | -12,461 | -627 | -30,819 |
| 3,604 | -27,215 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total income before surplus attribution, zakat and income tax |
|
|
|
|
|
|
| 38,835 |
|
|
|
|
|
|
|
|
|
|
|
|
| Surplus attributed to the insurance operations |
|
|
|
|
|
|
| -3,521 |
|
| Total income for the period attributable to the shareholders |
|
|
|
|
|
|
| 35,314 |
|
|
|
|
|
|
|
|
|
|
|
|
| Zakat expense |
|
|
|
|
|
|
| -3,319 |
|
| Income tax expense |
|
|
|
|
|
|
| -2,725 |
|
| Total income for the period attributable to the shareholders |
|
|
|
|
|
|
| 29,270 |
|
|
| 12 |
| Disclosure of capital management [text block] |
Capital management
The Company’s objectives when managing capital are:
To comply with the insurance capital requirements as set out in the Law. The Company’s current paid-up share capital is in accordance with Article 3 of the Law; To safeguard the Company’s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and To provide an adequate return to shareholders by pricing insurance contracts commensurately with the level of risk.
As per Article 66 of the Regulations, the Company shall maintain a solvency margin equivalent to the highest of the following three methods:
Minimum capital requirement of Saudi Riyals 200 million; Premium solvency margin; or Claims solvency margin.
The Company’s management, through various scenario analyses as required by SAMA, has assessed the potential impact of Covid-19 on the Company’s solvency margin by performing stress testing for various variables such as gross premium growth, increase in employee cost, year-to-date loss ratios, outstanding premium provisions etc. and the related impact on the revenue, profitability, loss ratios and solvency ratios. The Company’s management has concluded that, based on the stress testing performed, the solvency margin of the Company is adequate at 31 March 2021. As the situation is fluid and rapidly evolving, the Company will continue to reassess its position and the related impact on a regular basis. | 20 |
| Disclosure of commitments and contingencies, general [text block] |
10 Commitments and contingencies
The Company has issued various bank guarantees amounting to Saudi Riyals 12.6 million (31 December 2020: Saudi Riyals 25.3 million) in the ordinary course of business.
(ii) The Company operates in the insurance industry and is subject to legal proceedings in the ordinary course of business. 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 effect on its results and financial position. | 10 |
| Disclosure of fair value of financial assets and liabilities [text block] |
11 Determination of fair value and fair value hierarchy
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction takes place either:
- in the accessible principal market for the asset or liability, or - in the absence of a principal market, in the most advantages accessible market for the asset or liability
The fair values of on-balance sheet financial instruments are not significantly different from their carrying amounts included in the interim condensed financial information.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments:
Level 1: quoted prices in active markets for the same or identical instrument that an entity can access at the measurement date;
Level 2: quoted prices in active markets for similar assets and liabilities or other valuation techniques for which all significant inputs are based on observable market data; and
Level 3: valuation techniques for which any significant input is not based on observable market data.
The following table shows the carrying amount and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial instruments measured at fair value. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation to fair value.
| Carrying value | Level 1 | Level 2 | Level 3 | Total | 31 March 2021 |
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|
|
|
|
|
|
|
|
|
| Financial assets measured at fair value (Insurance operations) |
|
|
|
|
| Available-for-sale investments |
|
|
|
|
| - Government bonds | 556,113 | 556,113 | - | - | 556,113 | - Other bonds | 235,947 | 235,947 | - | - | 235,947 | - Mutual funds | 20,267 | 20,267 | - | - | 20,267 |
| 812,327 | 812,327 | - | - | 812,327 |
|
|
|
|
|
| Financial assets measured at fair value (Shareholders’ operations) |
|
|
|
|
| Available-for-sale investments |
|
|
|
|
| - Government bonds | 144,505 | 144,505 | - | - | 144,505 | - Other bonds | 17,818 | 17,818 | - | - | 17,818 | - Mutual funds | 7,997 | 7,997 | - | - | 7,997 | - Equities | 65,424 | 65,424 | - | - | 65,424 |
| 235,744 | 235,744 | - | - | 235,744 |
11 Determination of fair value and fair value hierarchy (continued)
| Carrying value | Level 1 | Level 2 | Level 3 | Total |
|
|
|
|
|
| 31 December 2020 |
|
|
|
|
|
|
|
|
|
|
| Financial assets measured at fair value (Insurance operations) |
|
|
|
|
| Available-for-sale investments |
|
|
|
|
| - Government bonds | 519,805 | 519,805 | - | - | 519,805 | - Other bonds | 149,165 | 149,165 | - | - | 149,165 | - Mutual funds | 20,208 | 20,208 | - | - | 20,208 |
| 689,178 | 689,178 | - | - | 689,178 |
|
|
|
|
|
| Financial assets measured at fair value (Shareholders’ operations) |
|
|
|
|
| Available-for-sale investments |
|
|
|
|
| - Government bonds | 150,334 | 150,334 | - | - | 150,334 | - Other bonds | 17,820 | 17,820 | - | - | 17,820 | - Mutual funds | 7,933 | 7,933 | - | - | 7,933 | - Equities | 60,531 | 60,531 | - | - | 60,531 |
| 236,618 | 236,618 | - | - | 236,618 |
The Company has strengthened its credit risk management policies to address the fast changing and evolving risks posed by the current circumstances caused by the Covid-19 pandemic as explained in Note 2. These include review of credit concentrations at granular economic sector, region, counterparty level and take appropriate action where required. | 11 |
| Disclosure of board of director's approval of the financial statements [text block] |
23 Approval of the interim condensed financial information
The interim condensed financial information has been approved by the Board of Directors on 8 May 2021. | 23 |
| Disclosure of other notes relevant to understanding of financial statements [text block] |
18 Performance share reserve
AXA Group (the “Group”) has introduced a performance share based plan for employees of AXA entities world-wide which is designed to reward them for their role in achievement of the Group’s long-term objectives. This scheme incentivizes employees after completion of certain number of years with the Company, with shares of AXA Societe Anonyme (“AXA SA”) without any cost to employees. These shares are issued outside the Kingdom of Saudi Arabia and employees have the right to receive at the settlement date, a certain number of AXA SA shares based on the achievement of performance criteria defined by AXA SA and vesting period. The Company absorbs the cost of these shares under a group recharge arrangement, paid directly to AXA S.A.
As at 31 March 2021, the Company recognised changes in the performance share reserve of Saudi Riyals 0.39 million (31 March 2020: Saudi Riyals 0.25 million). During the period 31 March 2021, the Company has recognised an expense amounting to Saudi Riyals 0.42 million (31 March 2020: Saudi Riyals 0.28 million) in the interim condensed statement of income with respect to performance shares. قائمة المركز المالي الأولية الموجزة
| 31 مارس 2021 (غير مراجعة) | 31 ديسمبر 2020 (مراجعة) |
| عمليات التأمين | عمليات المساهمين | المجموع | عمليات التأمين | عمليات المساهمين | المجموع | الموجودات |
|
|
|
|
|
| نقد وما يماثله | 181,624 | 48,552 | 230,176 | 278,949 | 52,087 | 331,036 | ودائع قصيرة الأجل | 225,203 | 296,530 | 521,733 | 255,366 | 298,050 | 553,416 | أقساط وأرصدة إعادة تأمين مدينة - بالصافي | 362,650 | - | 362,650 | 214,308 | - | 214,308 | حصة معيدي التأمين من أقساط التأمين غير المكتسبة | 38,882 | - | 38,882 | 23,455 | - | 23,455 | حصة معيدي التأمين من مطالبات قائمة | 119,362 | - | 119,362 | 74,988 | - | 74,988 | حصة معيدي التأمين من المطالبات المتكبدة التي لم يتم الإبلاغ عنها واحتياطيات أخرى | 75,315 | - | 75,315 | 73,080 | - | 73,080 | تكاليف اقتناء وثائق تأمين مؤجلة | 51,182 | - | 51,182 | 36,492 | - | 36,492 | استثمارات | 891,111 | 295,744 | 1,186,855 | 767,964 | 296,618 | 1,064,582 | مصاريف مدفوعة مقدماً وموجودات أخرى | 28,755 | 6،544 | 35,299 | 19,589 | - | 19,589 | ودائع طويلة الأجل | 190,721 | 25,000 | 215,721 | 190,721 | 25,000 | 215,721 | موجودات حق الاستخدام | 22,463 | - | 22,463 | 23,122 | - | 23,122 | ممتلكات ومعدات | 21,174 | - | 21,174 | 21,708 | - | 21,708 | موجودات غير ملموسة | 8,166 | - | 8,166 | 8,819 | - | 8,819 | مطلوب من المساهمين/ عمليات التأمين | - | 171,286 | 171,286 | - | 126,039 | 126,039 | الشهرة | - | 50,000 | 50,000 | - | 50,000 | 50,000 | وديعة نظامية | - | 50,000 | 50,000 | - | 50,000 | 50,000 | إيرادات مستحقة من وديعة نظامية | - | 6,014 | 6,014 | - | 5,902 | 5,902 | مجموع الموجودات | 2,216,608 | 949,670 | 3,166,278 | 1,988,561 | 903,696 | 2,892,257 | ناقصًا: استبعاد العمليات المشتركة | - | (171,286) | (171,286) | - | (126,039) | (126,039) | مجموع الموجودات | 2,216,608 | 778,384 | 2,994,992 | 1,988,561 | 777,657 | 2,766,218 |
|
|
|
|
|
| (تتمة) |
22معلومات إضافية (تتمة)
قائمة المركز المالي الأولية الموجزة (تتمة)
| 31 مارس 2021 (غير مراجعة) | 31 ديسمبر 2020 (مراجعة) |
| عمليات التأمين | عمليات المساهمين | المجموع | عمليات التأمين | عمليات المساهمين | المجموع | المطلوبات |
|
|
|
|
|
| مطالبات ومصاريف مستحقة ومطلوبات أخرى | 87,007 | 1,711 | 88,718 | 129,853 | 3,276 | 133,129 | توزيع فائض مستحق الدفع | 31,405 | - | 31,405 | 26,973 | - | 26,973 | أرصدة معيدي تأمين دائنة | 55,829 | - | 55,829 | 41,065 | - | 41,065 | أقساط مدفوعة مقدماً | 39,612 | - | 39,612 | 36,492 | - | 36,492 | أقساط تأمين غير مكتسبة | 681,782 | - | 681,782 | 486,709 | - | 486,709 | عمولة إعادة تأمين غير مكتسبة | 6,865 | - | 6,865 | 3,364 | - | 3,364 | مطالبات قائمة | 347,972 | - | 347,972 | 288,704 | - | 288,704 | المطالبات المتكبدة التي لم يتم الإبلاغ عنها واحتياطيات أخرى | 719,925 | - | 719,925 | 766,168 | - | 766,168 | مطلوبات إيجارية | 21,988 | - | 21,988 | 21,781 | - | 21,781 | مطلوب إلى طرف ذي علاقة | 4,571 | - | 4,571 | 3,385 | - | 3,385 | التزامات منافع الموظفين | 32,548 | - | 32,548 | 31,488 | - | 31,488 | الزكاة وضريبة الدخل | - | 57,369 | 57,369 | - | 50,156 | 50,156 | مطلوب إلى المساهمين/ عمليات التأمين | 171,286 | - | 171,286 | 126,039 | - | 126,039 | إيرادات مستحقة دائنة لساما | - | 6,014 | 6,014 | - | 5,902 | 5,902 | مجموع المطلوبات | 2,200,790 | 65,094 | 2,265,884 | 1,962,021 | 59,334 | 2,021,355 | ناقصًا: استبعاد العمليات المشتركة | (171,286) | - | (171,286) | (126,039) | - | (126,039) | مجموع المطلوبات | 2,029,504 | 65,094 | 2,094,598 | 1,835,982 | 59,334 | 1,895,316 |
|
|
|
|
|
|
| حقوق الملكية |
|
|
|
|
|
| رأس المال | - | 500,000 | 500,000 | - | 500,000 | 500,000 | احتياطي نظامي | - | 84,310 | 84,310 | - | 76,998 | 76,998 | احتياطي حصة الأداء | - | 2,653 | 2,653 | - | 2,266 | 2,266 | أرباح مبقاة | - | 278,965 | 278,965 | - | 249,718 | 249,718 | احتياطي القيمة العادلة للاستثمارات | 15,818 | 18,648 | 34,466 | 26,539 | 15,381 | 41,920 | مجموع حقوق الملكية | 15,818 | 884,576 | 900,394 | 26,539 | 844,363 | 870,902 | مجموع المطلوبات وحقوق الملكية | 2,045,322 | 949,670 | 2,994,992 | 1,862,521 | 903,697 | 2,766,218 |
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|
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|
|
22معلومات إضافية (تتمة)
قائمة الدخل الأولية الموجزة لفترة الثلاثة أشهر المنتهية في 31 مارس (غير مراجعة)
| فترة الثلاثة أشهر المنتهية في 31 مارس 2021 | فترة الثلاثة أشهر المنتهية في 31 مارس 2020 |
| عمليات التأمين | عمليات المساهمين | المجموع | عمليات التأمين | عمليات المساهمين | المجموع | الإيرادات |
|
|
|
|
|
| إجمالي أقساط التأمين المكتتبة |
|
|
|
|
|
| | 540,687 | - | 540,687 | 544,232 | - | 544,232 | | 904 | - | 904 | 34 | - | 34 |
| 541,591 | - | 541,591 | 544,266 | - | 544,266 | أقساط إعادة تأمين مسندة: |
|
|
|
|
|
| | (49,372) | - | (49,372) | (32,159) | - | (32,159) | | (3,605) | - | (3,605) | (1,055) | - | (1,055) |
| (52,977) | - | (52,977) | (33,214) | - | (33,214) | صافي أقساط التأمين المكتتبة | 488,614 | - | 488,614 | 511,052 | - | 511,052 | التغيرات في الأقساط غير المكتسبة | (195,073) | - | (195,073) | (198,377) | - | (198,377) | التغيرات في حصة معيدي التأمين من أقساط تأمين غير مكتسبة | 15,427 | - | 15,427 | 4,132 | - | 4,132 | صافي أقساط التأمين المكتسبة | 308,968 | - | 308,968 | 316,807 | - | 316,807 | عمولات إعادة التأمين | 4,300 | - | 4,300 | 3,205 | - | 3,205 | مجموع الإيرادات | 313,268 | - | 313,268 | 320,012 | - | 320,012 |
|
|
|
|
|
|
| تكاليف ومصاريف الاكتتاب |
|
|
|
|
|
|
|
|
|
|
|
|
| إجمالي المطالبات المدفوعة | 255,107 | - | 255,107 | 223,995 | - | 223,995 | حصة معيدي التأمين من مطالبات مدفوعة | (6,618) | - | (6,618) | (9,706) | - | (9,706) | صافي المطالبات والمنافع الأخرى المدفوعة | 248,489 | - | 248,489 | 214,289 | - | 214,289 | التغيرات في المطالبات القائمة | 59,268 | - | 59,268 | (1,880) | - | (1,880) | التغيرات في حصة معيدي التأمين من المطالبات القائمة | (44,374) | - | (44,374) | 6,302 | - | 6,302 | التغيرات في المطالبات المتكبدة التي لم يتم الإبلاغ عنها واحتياطيات أخرى | (46,243) | - | (46,243) | 28,022 | - | 28,022 | التغيرات في حصة إعادة التأمين من المطالبات المتكبدة التي لم يتم الإبلاغ عنها واحتياطيات أخرى | (2,235) | - | (2,235) | (19,189) | - | (19,189) |
|
|
|
|
|
| (تتمة) |
22معلومات إضافية (تتمة)
قائمة الدخل الأولية الموجزة لفترة الثلاثة أشهر المنتهية في 31 مارس (غير مراجعة) (تتمة)
| فترة الثلاثة أشهر المنتهية في 31 مارس 2021 | فترة الثلاثة أشهر المنتهية في 31 مارس 2020 |
| عمليات التأمين | عمليات المساهمين | المجموع | عمليات التأمين | عمليات المساهمين | المجموع |
|
|
|
|
|
|
| صافي المطالبات والمنافع الأخرى المتكبدة | 214,905 | - | 214,905 | 227,544 | - | 227,544 | تكاليف اقتناء وثائق التأمين | 29,518 | - | 29,518 | 26,418 | - | 26,418 | مجموع تكاليف ومصاريف الاكتتاب | 244,423 | - | 244,423 | 253,962 | - | 253,962 |
|
|
|
|
|
|
| صافي دخل الاكتتاب | 68,845 | - | 68,845 | 66,050 | - | 66,050 |
|
|
|
|
|
|
| (مصاريف) إيرادات تشغيلية أخرى |
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| مصاريف عمومية وإدارية | (39,024) | (349) | (39,373) | (41,241) | (358) | (41,599) | إيرادات أخرى - بالصافي | 14,505 | 4,230 | 18,735 | 10,422 | 3,962 | 14,384 | مجموع المصاريف التشغيلية الأخرى، بالصافي | (24,519) | 3,881 | (20,638) | (30,819) | 3,604 | (27,215) |
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| مجموع الدخل قبل فائض التوزيع والزكاة وضريبة الدخل | 44,326 | 3,881 | 48,207 | 35,231 | 3,604 | 38,835 |
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| مصروف الزكاة | - | (3,926) | (3,926) | - | (3,319) | (3,319) | مصروف ضريبة الدخل | - | (3,290) | (3,290) | - | (2,725) | (2,725) | مجموع الدخل (الخسارة) للفترة | 44,326 | (3,335) | 40,991 | 35,231 | (2,440) | 32,791 |
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| الفائض المحوّل إلى عمليات المساهمين | (39,894) | 39,894 | - | (31,710) | 31,710 | - |
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| مجموع الدخل للفترة بعد تحويل فائض عمليات التأمين | 4,432 | 36,559 | 40,991 | 3,521 | 29,270 | 32,791 |
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22معلومات إضافية (تتمة)
قائمة الدخل الشامل الأولية الموجزة لفترة الثلاثة أشهر المنتهية في 31 مارس (غير مراجعة)
| فترة الثلاثة أشهر المنتهية في 31 مارس 2021 | فترة الثلاثة أشهر المنتهية في 31 مارس 2020 |
| عمليات التأمين | عمليات المساهمين | المجموع | عمليات التأمين | عمليات المساهمين | المجموع |
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| مجموع الدخل للفترة بعد تحويل فائض عمليات التأمين | 4,432 | 36,559 | 40,991 | 3,521 | 29,270 | 32,791 |
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| (الخسارة) الدخل الشامل الأخر: |
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| بنود سيعاد تصنيفها لقائمة الدخل الأولية الموجزة في الفترات اللاحقة |
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| صافي التغير في القيمة العادلة للاستثمارات المتاحة للبيع | (10,722) | 3,268 | (7,454) | (22,175) | (16,213) | (38,388) | مجموع (الخسارة) الدخل الشامل للفترة | (6,290) | 39,827 | 33,537 | (18,654) | 13,057 | (5,597) |
22معلومات إضافية (تتمة)
قائمة التدفقات النقدية الأولية الموجزة لفترة الثلاثة أشهر المنتهية في 31 مارس (غير مراجعة)
| فترة الثلاثة أشهر المنتهية في 31 مارس 2021 | فترة الثلاثة أشهر المنتهية في 31 مارس 2020 | |
| عمليات التأمين | عمليات المساهمين | المجموع | عمليات التأمين | عمليات المساهمين | المجموع | التدفقات النقدية من الأنشطة التشغيلية |
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| مجموع الدخل قبل فائض التوزيع والزكاة وضريبة الدخل | 44,326 | 3,881 | 48,207 | 35,231 | 3,604 | 38,835 |
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| تعديلات لبنود غير نقدية: |
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| استهلاك ممتلكات ومعدات | 1,717 | - | 1,717 | 1,203 | - | 1,203 | استهلاك موجودات حق الاستخدام | 659 | - | 659 | 900 | - | 900 | إطفاء موجودات غير ملموسة | 881 | - | 881 | 1,490 | - | 1,490 | فائدة على الإيجارات | 207 | - | 207 | 186 | - | 186 | مخصص ديون مشكوك في تحصيلها | 461 | - | 461 | 1,000 | - | 1,000 | زيادة الخصم على استثمارات متاحة للبيع | (309) | (71) | (380) | (301) | (45) | (346) | إطفاء العلاوة من استثمارات متاحة للبيع | 147 | 45 | 192 | 55 | 24 | 79 | إطفاء العلاوة على الاستثمارات المحتفظ بها حتى تاريخ الاستحقاق | 2 | - | 2 | 4 | - | 4 | احتياطي حصة الأداء | - | 420 | 420 | - | 282 | 282 | مخصص التزامات منافع الموظفين | 1,197 | - | 1,197 | 919 | - | 919 |
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| التغيرات في الموجودات والمطلوبات التشغيلية: |
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| أقساط وأرصدة إعادة تأمين مدينة - بالصافي | (148,805) | - | (148,805) | (108,052) | - | (108,052) | حصة معيدي التأمين من أقساط التأمين غير المكتسبة | (15,427) | - | (15,427) | (4,132) | - | (4,132) | حصة معيدي التأمين من مطالبات قائمة |
(44,374) | - |
(44,374) | 6,302 | - | 6,302 | حصة معيدي التأمين من المطالبات المتكبدة وغير المبلغ عنها | (2,235) | - | (2,235) | (19,189) | - | (19,189) | تكاليف اقتناء وثائق تأمين مؤجلة | (14,690) | - | (14,690) | (14,431) | - | (14,431) |
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22معلومات إضافية (تتمة)
قائمة التدفقات النقدية الأولية الموجزة لفترة الثلاثة أشهر المنتهية في 31 مارس (غير مراجعة) (تتمة)
| فترة الثلاثة أشهر المنتهية في 31 مارس 2021 | فترة الثلاثة أشهر المنتهية في 31 مارس 2020 |
| عمليات التأمين | عمليات المساهمين | المجموع | عمليات التأمين | عمليات المساهمين | المجموع |
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| مصاريف مدفوعة مقدماً وموجودات أخرى | (9,166) | (6,544) | (15,710) | (3,598) | (1,148) | (4,746) | إيرادات مستحقة من وديعة نظامية | - | (112) | (112) | - | (778) | (778) | مطالبات ومصاريف مستحقة ومطلوبات أخرى | (42,845) | (1,566) | (44,411) | (5,573) | (438) | (6,011) | فائض توزيع مدفوع | - | - | - | (4,122) | - | (4,122) | أرصدة معيدي تأمين دائنة | 14,763 | - | 14,763 | 8,151 | - | 8,151 | أقساط مدفوعة مقدماً | 3,120 | - | 3,120 | (7,205) | - | (7,205) | أقساط تأمين غير مكتسبة | 195,073 | - | 195,073 | 198,377 | - | 198,377 | عمولة إعادة تأمين غير مكتسبة | 3,501 | - | 3,501 | 744 | - | 744 | مطالبات قائمة | 59,268 | - | 59,268 | (1,880) | - | (1,880) | المطالبات المتكبدة التي لم يتم الإبلاغ عنها واحتياطيات أخرى | (46,243) | - | (46,243) | 28,022 | - | 28,022 | مطلوب إلى طرف ذي علاقة | 1,186 | - | 1,186 | 1,630 | - | 1,630 | التزامات منافع موظفين مدفوعة | (137) | - | (137) | (984) | - | (984) | إيرادات مستحقة لساما | - | 112 | 112 | - | 778 | 778 |
| 2,277 | (3,835) | (1,558) | 114,747 | 2,279 | 117,026 | مطلوب من عمليات المساهمين | 5,354 | (5,354) | - | (61,113) | 61,113 | - | صافي النقد الناتج من الأنشطة التشغيلية | 7,631 | (9,189) | (1,558) | 53,634 | 63,392 | 117,026 |
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22معلومات إضافية (تتمة)
قائمة التدفقات النقدية الأولية الموجزة لفترة الثلاثة أشهر المنتهية في 31 مارس (غير مراجعة) (تتمة)
| فترة الثلاثة أشهر المنتهية في 31 مارس 2021 | فترة الثلاثة أشهر المنتهية في 31 مارس 2020 |
| عمليات التأمين | عمليات المساهمين | المجموع | عمليات التأمين | عمليات المساهمين | المجموع | التدفقات النقدية من الأنشطة الاستثمارية |
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| إيداعات في ودائع قصيرة الأجل | - | (52,177) | (52,177) | - | (108,761) | (108,761) | متحصلات من استبعاد وديعة قصيرة الأجل | 30,163 | 53,697 | 83,860 | - | 77,153 | 77,153 | إيداعات في وديعة نظامية | - | - | - | - | (5,000) | (5,000) | إيداعات في ودائع طويلة الأجل | - | - | - | - | (22,398) | (22,398) | متحصلات من استبعاد ودائع طويلة الأجل | - | - | - | - | 20,000 | 20,000 | شراء استثمارات | (135,885) | - | (135,885) | (39,679) | (24,037) | (63,716) | متحصلات من استبعاد استثمارات | 2,177 | 4,167 | 6,344 | 10,702 | 4,524 | 15,226 | شراء ممتلكات ومعدات | (1,183) | - | (1,183) | (8,834) | - | (8,834) | شراء موجودات غير ملموسة | (228) | - | (228) | (480) | - | (480) | صافي النقد (المستخدم في) الناتج من الأنشطة الاستثمارية | (104,956) | 5,687 | (99,269) | (38,291) | (58,519) | (96,810) |
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| التدفقات النقدية من نشاط تمويلي |
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| العناصر الرئيسية لمدفوعات الإيجار | - | - | - | - | - | - | احتياطي أسهم الأداء - تسويات | - | (33) | (33) | - | (35) | (35) |
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| صافي التغير في النقد وما يماثله | (97,325) | (3,535) | (100,860) | 15,343 | 4,838 | 20,181 | نقد وما يماثله في بداية الفترة | 278,949 | 52,087 | 331,036 | 209,030 | 25,810 | 234,840 | نقد وما يماثله في نهاية الفترة | 181,624 | 48,552 | 230,176 | 224,373 | 30,648 | 255,021 |
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| معلومات تكميلية عن تدفقات نقدية: |
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| التغيرات في القيمة العادلة للاستثمارات المتاحة للبيع | (10,722) | 3,268 | (7,454) | (22,175) | (16,213) | (38,388) |
| 18 |
