| [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 |
| [100010] Filing information |
| English [member] | ||
|---|---|---|
| Start Date | 2021-07-01 | 2020-07-01 |
| End Date | 2021-09-30 | 2020-09-30 |
| Filing information [line items] | ||
| Disclosure of entity information [abstract] | ||
| Name of reporting entity | Gulf General Cooperative Insurance Co. | |
| Company symbol code| ISIN code | 8260 | SA12CG541219 | |
| Sector| Industry group | Financials | Insurance | |
| Disclosure of document information [abstract] | ||
| Whether entity wants to report opening statement of financial position | No | |
| Period covered by financial statements | Quarter 3 | |
| Reporting period start date | 2021-07-01 | 2020-07-01 |
| Reporting period end date | 2021-09-30 | 2020-09-30 |
| Description of nature of financial statements | Consolidated | |
| Status of financial statements | Reviewed | |
| Description of presentation currency | Saudi Arabia, Riyals | |
| Level of rounding used in financial statements | Thousands | |
| [200100] Independent auditors report |
| Primary auditor [member] | Second primary auditor [member] | |
|---|---|---|
| English [member] | English [member] | |
| Start Date | 2021-07-01 | 2021-07-01 |
| End Date | 2021-09-30 | 2021-09-30 |
| Auditors information [line items] | ||
| Details of auditors signing report [abstract] | ||
| Name of auditor signing report | Abdullah M Al Azem | Nasser Ahmed Al Shutairy |
| Registration number of auditor | 335 | 454 |
| Details of audit firm [abstract] | ||
| Name of audit firm | Al Azam Al Sudairy Al Shaikh and Partners | KPMG |
| Registration number of audit firm | 323 | 48 |
| Address of audit firm | P.O Box 10504, Riyadh 11443 Saudi Arabia | P.O Box 55078 Jeddah 21534 Saudi Arabia |
| English [member] | |
|---|---|
| Start Date | 2021-07-01 |
| End Date | 2021-09-30 |
| Auditors report [line items] | |
| Disclosures of auditors report [text block] | IntroductionWe have reviewed the accompanying interim condensed statement of financial position of Gulf General Cooperative Insurance Company - a Saudi Joint Stock Company (the “Company”) as at 30 September 2021, and the related interim condensed statements of income and comprehensive income for the three-month and six-month periods then ended and the interim condensed statements of changes in equity and cash flows for the six-month period then ended, and notes to the interim condensed financial statements. Management is responsible for the preparation and presentation of these interim condensed financial statements in accordance with International Accounting Standard 34, “Interim Financial Reporting” as endorsed in the Kingdom of Saudi Arabia. Our responsibility is to express a conclusion on these interim condensed financial statements based on our review. |
| Contents of auditors report [abstract] | |
| Nature of auditors opinion | Unmodified opinion |
| Auditors opinion | ConclusionBased on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, “Interim Financial Reporting” that is endorsed in the Kingdom of Saudi Arabia |
| Basis of opinion | Scope of reviewWe 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 that are endorsed in the Kingdom of Saudi Arabia and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. |
| Date of signing audit report by auditor | 2021-11-08 |
| [300100] Statement of financial position, order of liquidity |
| Start Date | 2021-01-01 | 2020-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-12-31 | 2020-09-30 | |
| Statement of financial position [abstract] | ||||
| Assets [abstract] | ||||
| Insurance/ takaful operations assets [abstract] | ||||
| Property and equipment, net, insurance/ takaful operations assets | 12,937 | 6,429 | 6,196 | |
| Deferred policy acquisition costs | 9,416 | 8,615 | 10,000 | |
| Reinsurers/ retakaful share of unearned premiums/ contributions | 30,385 | 37,666 | 38,997 | |
| Prepayments and other assets, insurance/ takaful operations assets | 45,724 | 33,325 | 25,206 | 8 |
| Due from shareholders operations | 31,631 | 3,470 | 1,827 | |
| Premiums/ insurance receivables/takaful contributions receivable, net | 66,863 | 43,403 | 64,413 | 6 |
| Reinsurers/ retakaful share of outstanding claims/ benefits, net | 47,022 | 30,465 | 38,417 | 10 |
| Deferred excess of loss premiums | 2,912 | 443 | 443 | |
| Cash and cash equivalents, insurance/ takaful operations assets | 24,239 | 83,775 | 83,137 | 4 |
| Other assets, insurance/ takaful operations assets | 12,478 | 10,265 | 9,268 | |
| Total insurance/ takaful operations assets | 283,607 | 257,856 | 277,904 | |
| Shareholders assets [abstract] | ||||
| Investments held-to-maturity, shareholders assets | 2,000 | 2,000 | 7 | |
| Goodwill | 36,260 | 36,260 | 36,260 | 1 |
| Statutory deposit | 75,000 | 20,000 | 20,000 | 9 |
| Prepayments and other assets, shareholders assets | 379 | 324 | 202 | 8 |
| Investments held at fair value through statement of income, shareholders assets | 41,980 | 32,946 | 30,752 | 7 |
| Accrued investment income | 2,372 | 2,230 | 2,194 | 9 |
| Available-for-sale investments, shareholders assets | 1,923 | 1,923 | 1,923 | 7 |
| Cash and cash equivalents, shareholders assets | 275,835 | 77,619 | 87,734 | 4 |
| Total shareholders assets | 435,749 | 173,302 | 179,065 | |
| Total assets | 719,356 | 431,158 | 456,969 | |
| Liabilities and equity [abstract] | ||||
| Insurance/ takaful operations liabilities and surplus (deficit) [abstract] | ||||
| Insurance/ takaful operations liabilities [abstract] | ||||
| Gross unearned premiums/ contributions | 140,899 | 131,439 | 128,502 | 10 |
| Unearned commission income | 5,856 | 6,531 | 7,477 | |
| Employees end of service benefits, insurance/ takaful operations liabilities | 5,378 | 5,275 | 5,893 | |
| Surplus distribution payable | 8,742 | 8,742 | 10,850 | |
| Reinsurers/ retakaful balance payable | 16,462 | 13,952 | 28,406 | |
| Gross outstanding claims/ benefits including IBNR payable | 64,045 | 50,261 | 66,557 | 10 |
| Other technical reserves | 14,429 | 4,081 | 3,960 | 10 |
| Accrued expenses payable, insurance/ takaful operations liabilities | 15,706 | 24,200 | 13,508 | |
| Other liabilities, insurance/ takaful operations | 12,090 | 13,375 | 12,751 | |
| Total insurance/ takaful operations liabilities | 283,607 | 257,856 | 277,904 | |
| Total insurance/ takaful operations liabilities and surplus (deficit) | 283,607 | 257,856 | 277,904 | |
| Shareholders liabilities and equity [abstract] | ||||
| Shareholders liabilities [abstract] | ||||
| Zakat payable | 1,063 | 3,268 | 2,556 | 17 |
| Due to insurance/ takaful operations | 31,631 | 3,470 | 1,827 | |
| Accrued expenses payable, shareholders liabilities | 2,023 | 2,304 | 1,779 | |
| Other liabilities, shareholders liabilities | 2,372 | 2,230 | 2,194 | |
| Total shareholders liabilities | 37,089 | 11,272 | 8,356 | |
| Shareholders equity [abstract] | ||||
| Equity attributable to owners of parent [abstract] | ||||
| Share capital | 500,000 | 200,000 | 200,000 | 18 |
| Statutory reserve | 2,165 | 2,165 | 2,165 | |
| Retained earnings (accumulated losses) | -103,505 | -40,135 | -31,456 | |
| Total equity attributable to owners of parent | 398,660 | 162,030 | 170,709 | |
| Total equity attributable to equity holders of company | 398,660 | 162,030 | 170,709 | |
| Total shareholders liabilities and equity | 435,749 | 173,302 | 179,065 | |
| Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity | 719,356 | 431,158 | 456,969 |
| [300200] Statement of insurance/ takaful operations, nature of expense |
| Start Date | 2021-07-01 | 2020-07-01 | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| Statement of insurance/ takaful operations [abstract] | |||||
| Statement of insurance/ takaful operations and accumulated surplus (deficit) [abstract] | |||||
| Income from insurance/ takaful operations [abstract] | |||||
| Net premiums/ contributions earned [abstract] | |||||
| Net premiums/ contributions written [abstract] | |||||
| Gross premiums/ contributions written | 54,944 | 64,662 | 252,092 | 241,396 | 11 |
| Excess of loss expense | 3,375 | 3,167 | 9,789 | 7,767 | 12 |
| Reinsurance/ retakaful premiums ceded | 12,588 | 20,516 | 53,375 | 73,476 | 12 |
| Net premiums/ contributions written | 38,981 | 40,979 | 188,928 | 160,153 | |
| Changes in unearned premiums/ contributions | -23,343 | -10,774 | 16,741 | -3,560 | |
| Net premiums/ contributions earned | 62,324 | 51,753 | 172,187 | 163,713 | |
| Reinsurance/ retakaful commissions | 9,826 | 4,409 | 16,408 | 13,705 | |
| Investment income from insurance/ takaful operations, net | 30 | 174 | 233 | 735 | |
| Fees and other income from insurance/ takaful operations | 1,056 | 529 | 727 | 6,324 | |
| Total income from insurance/ takaful operations | 73,236 | 56,865 | 189,555 | 184,477 | |
| Cost and expenses [abstract] | |||||
| Net claims/ benefits incurred [abstract] | |||||
| Net claims/ benefits paid [abstract] | |||||
| Gross claims/ benefits paid | 60,647 | 43,722 | 180,271 | 130,296 | |
| Reinsurance/ retakaful share of gross claims/ benefits paid | 11,914 | 10,532 | 32,858 | 28,951 | |
| Net claims/ benefits paid | 48,733 | 33,190 | 147,413 | 101,345 | |
| Changes in outstanding claims/ benefits including IBNR | 2,674 | 5,591 | 9,872 | 1,595 | |
| Changes in other technical reserves | 9,003 | -2,501 | 10,349 | -2,053 | |
| Net claims/ benefits incurred | 60,410 | 36,280 | 167,634 | 100,887 | |
| Policy acquisition costs | 4,413 | 5,356 | 14,888 | 16,266 | |
| General and administrative expenses, insurance/ takaful operations | 23,643 | 17,549 | 71,428 | 48,887 | |
| Total cost and expenses | 88,466 | 59,185 | 253,950 | 166,040 | |
| Surplus (deficit) for period from insurance/ takaful operations | -15,230 | -2,320 | -64,395 | 18,437 | |
| Shareholders appropriation from insurance/ takaful operations surplus (deficit) | -15,230 | -2,320 | -64,395 | 16,593 | |
| Net result for period from insurance/ takaful operations after shareholders appropriation | 0 | 0 | 0 | 1,844 | |
| Policyholders share of accumulated surplus, at end of period | 0 | 0 | 0 | 1,844 |
| [300300] Statement of shareholders operations, nature of expense |
| Start Date | 2021-07-01 | 2020-07-01 | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| Statement of shareholders operations [abstract] | |||||
| Profit (loss) [abstract] | |||||
| Income (loss) from continuing operations [abstract] | |||||
| Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations | -15,230 | -2,320 | -64,395 | 16,593 | |
| Revenue [abstract] | |||||
| Income from murabaha/ time deposits | 187 | 204 | 374 | 720 | |
| Realised gain (loss) on investments held as fair value through statement of income | -1,899 | -1,899 | |||
| Unrealised gain (loss) on investments held as fair value through statement of income | 1,529 | 4,923 | 9,034 | 1,955 | |
| Other income | 123 | 78 | 340 | 505 | |
| Total revenue | 1,839 | 3,306 | 9,748 | 1,281 | |
| Expenses [abstract] | |||||
| General and administrative expenses, shareholders operations | 905 | 877 | 2,775 | 3,039 | |
| Total expenses | 905 | 877 | 2,775 | 3,039 | |
| Income (loss) from continuing operations before zakat and income tax | -14,296 | 109 | -57,422 | 14,835 | |
| Zakat expenses on continuing operations for period | 129 | 523 | 1,130 | 2,403 | |
| Profit (loss) from continuing operations | -14,425 | -414 | -58,552 | 12,432 | |
| Profit (loss) for the period | -14,425 | -414 | -58,552 | 12,432 | |
| Profit (loss), attributable to [abstract] | |||||
| Profit (loss), attributable to saudi shareholders of company | -14,425 | -414 | -58,552 | 12,432 | |
| Earnings per share [abstract] | |||||
| Basic earnings (loss) per share [abstract] | |||||
| Basic earnings (loss) per share from continuing operations | -0.29 | -0.02 | -1.17 | 0.62 | |
| Total basic earnings (loss) per share | -0.29 | -0.02 | -1.17 | 0.62 | |
| Weighted average number of equity shares outstanding | 50000000 | 20000000 | 50000000 | 20000000 |
| [300400] Statement of other comprehensive income, before tax, insurance operations |
| Start Date | 2021-07-01 | 2020-07-01 | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| Statement of other comprehensive income, before tax [abstract] | |||||
| Net result for period from insurance/ takaful operations after shareholders appropriation | 0 | 0 | 0 | 1,844 | |
| Total comprehensive income (loss) for period | 0 | 0 | 0 | 1,844 |
| [300500] Statement of other comprehensive income, before tax, shareholders operations |
| Start Date | 2021-07-01 | 2020-07-01 | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| Statement of other comprehensive income, before tax [abstract] | |||||
| Statement of comprehensive income [abstract] | |||||
| Profit (loss) for the period | -14,425 | -414 | -58,552 | 12,432 | |
| Total comprehensive income (loss) for period | -14,425 | -414 | -58,552 | 12,432 | |
| Total comprehensive income (loss) attributable to [abstract] | |||||
| Total comprehensive income (loss), attributable to saudi shareholders of company | -14,425 | -414 | -58,552 | 12,432 |
| [300600] Statement of cash flows, indirect method, insurance operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | |
| Statement of cash flows, indirect method [abstract] | |||
| Statement of cash flows, insurance/ takaful operations [abstract] | |||
| Cash flows from (used in) operating activities, insurance/ takaful operations [abstract] | |||
| Net result for period from insurance/ takaful operations after shareholders appropriation | 0 | 1,844 | |
| Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | |||
| Adjustments for depreciation, insurance/ takaful operations cash flow | -146 | 1,609 | |
| Adjustments for allowance for doubtful receivables | 2,095 | -2,812 | |
| Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities | 2,256 | 1,835 | |
| Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation | 4,205 | 632 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for decrease (increase) in premium receivables, net | -24,925 | 13,183 | |
| Adjustments for decrease (increase) in prepayments and other assets | -12,399 | -16,706 | |
| Adjustments for increase (decrease) in outstanding claims including IBNR | 13,784 | -1,981 | |
| Adjustments for increase (decrease) in reinsurers/ retakaful balance payable | -13,233 | 12,861 | |
| Adjustments for increase (decrease) in accrued expenses and other liabilities | -8,493 | 1,235 | |
| Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net | -1,445 | 3,817 | |
| Adjustments for decrease (increase) in deferred policy acquisition costs | -801 | -678 | |
| Adjustments for decrease (increase) in deferred excess of loss expense | -2,469 | -243 | |
| Adjustments for decrease (increase) in unearned commission income | -675 | 1,469 | |
| Adjustments for decrease (increase) in due from shareholders operations | -28,157 | 2,484 | |
| Adjustments for movement in gross unearned premiums/ contributions | 9,460 | 2,242 | |
| Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions | 7,281 | -5,800 | |
| Adjustment for changes in other technical reserves | 10,348 | -2,053 | |
| Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow | -1,032 | 38 | |
| Total changes in operating assets and liabilities | -52,756 | 9,868 | |
| Net cash flows from (used in) insurance/ takaful operations | -48,551 | 12,344 | |
| Net cash flows from (used in) operating activities, insurance/ takaful operations | -48,551 | 12,344 | |
| Cash flows from (used in) investing activities, insurance/ takaful operations [abstract] | |||
| Time (Murabaha) deposits, insurance/ takaful operations cash flow | 30,000 | ||
| Purchase of property and equipment, insurance/ takaful operations cash flow | 6,362 | 2,346 | |
| Other inflows (outflows) of cash classified as investing activities, insurance/ takaful operations cash flow | -4,369 | -1,504 | |
| Net cash flows from (used in) investing activities, insurance/ takaful operations | -10,731 | 26,150 | |
| Cash flows from (used in) financing activities, insurance/ takaful operations [abstract] | |||
| Other inflows (outflows) of cash classified as financing activities, insurance/ takaful operations cash flow | -254 | -615 | |
| Net cash flows from (used in) financing activities, insurance/ takaful operations | -254 | -615 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | -59,536 | 37,879 | |
| Net increase (decrease) in cash and cash equivalents | -59,536 | 37,879 | |
| Cash and cash equivalents at beginning of period | 83,775 | 45,258 | |
| Cash and cash equivalents at end of period | 24,239 | 83,137 |
| [300700] Statement of cash flows, indirect method, shareholders operations |
| Start Date | 2021-01-01 | 2020-01-01 | Note No. |
|---|---|---|---|
| End Date | 2021-09-30 | 2020-09-30 | |
| Statement of cash flows, indirect method [abstract] | |||
| Statement of cash flows [abstract] | |||
| Cash flows from (used in) operating activities [abstract] | |||
| Net profit (loss) for period [abstract] | |||
| Income (loss) from continuing operations before zakat and income tax | -57,422 | 14,835 | |
| Net profit (loss) for period (before zakat expenses and income tax) | -57,422 | 14,835 | |
| Adjustments to reconcile profit (loss) [abstract] | |||
| Adjustments for unrealised loss (gain) on investments held as fair value through statement of income, shareholders cash flow | -9,034 | -1,955 | |
| Adjustments for realised loss (gain) on investments held as fair value through statement of income, shareholders cash flow | 1,899 | ||
| Total adjustments to reconcile profit (loss) | -9,034 | -56 | |
| Changes in operating assets and liabilities [abstract] | |||
| Adjustments for increase (decrease) in accrued expenses and other liabilities, shareholders cash flow | -277 | -505 | |
| Adjustments for decrease (increase) in due from insurance/ takaful operations | 28,157 | -2,484 | |
| Adjustments for decrease (increase) in prepayments and other assets, shareholders assets | -55 | -153 | |
| Total changes in operating assets and liabilities | 27,825 | -3,142 | |
| Net cash flows from (used in) operations | -38,631 | 11,637 | |
| Zakat expenses | 3,335 | 3,189 | |
| Net cash flows from (used in) operating activities | -41,966 | 8,448 | |
| Cash flows from (used in) investing activities [abstract] | |||
| Proceeds from sales of investments | 10,729 | ||
| Amount paid for statutory deposit | 55,000 | ||
| Net cash flows from (used in) investing activities | -55,000 | 10,729 | |
| Cash flows from (used in) financing activities [abstract] | |||
| Proceeds from issuing shares | 300,000 | 0 | |
| Other inflows (outflows) of cash | -4,818 | 0 | |
| Net cash flows from (used in) financing activities | 295,182 | 0 | |
| Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 198,216 | 19,177 | |
| Net increase (decrease) in cash and cash equivalents | 198,216 | 19,177 | |
| Cash and cash equivalents at beginning of period | 77,619 | 68,557 | |
| Cash and cash equivalents at end of period | 275,835 | 87,734 |
| [300800] Statement of changes in equity |
| Share capital [member] | Share premium [member] | Statutory reserve [member] | General reserve [member] | Fair value reserve on investments, shareholders equity [member] | Retained earnings (accumulated losses) [member] | Treasury shares [member] | Other reserves [member] | Reserve of disposal group held for distribution/ sale [member] | Share based payments reserve [member] | Other equity interest [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total equity [member] | Note No. | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Start Date | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | 2021-01-01 | 2020-01-01 | |
| End Date | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | 2021-09-30 | 2020-09-30 | |
| Statement of changes in equity [line items] | |||||||||||||||||||||||||||||
| Equity balance at beginning of period (before adjustments) | 200,000 | 200,000 | 2,165 | 2,165 | 0 | -40,135 | -43,888 | 162,030 | 158,277 | 162,030 | 158,277 | ||||||||||||||||||
| Equity balance at beginning of period (after adjustments) | 200,000 | 200,000 | 2,165 | 2,165 | 0 | -40,135 | -43,888 | 162,030 | 158,277 | 162,030 | 158,277 | ||||||||||||||||||
| Changes in equity [abstract] | |||||||||||||||||||||||||||||
| Comprehensive income [abstract] | |||||||||||||||||||||||||||||
| Net profit (loss) for period | -58,552 | 12,432 | -58,552 | 12,432 | -58,552 | 12,432 | |||||||||||||||||||||||
| Total comprehensive income (loss) for period | -58,552 | 12,432 | -58,552 | 12,432 | -58,552 | 12,432 | |||||||||||||||||||||||
| Issue of equity | 300,000 | 300,000 | 300,000 | ||||||||||||||||||||||||||
| Expenses for right issue of shares | 4,818 | 4,818 | 4,818 | ||||||||||||||||||||||||||
| Total changes in equity | 300,000 | -63,370 | 12,432 | 236,630 | 12,432 | 236,630 | 12,432 | ||||||||||||||||||||||
| Equity balance at end of period | 500,000 | 200,000 | 2,165 | 2,165 | 0 | -103,505 | -31,456 | 398,660 | 170,709 | 398,660 | 170,709 | ||||||||||||||||||
| [400100] Notes forming part of accounts |
| English [member] | Note No. | |
|---|---|---|
| Start Date | 2021-07-01 | |
| End Date | 2021-09-30 | |
| Notes forming part of accounts [line items] | ||
| Disclosure of notes and other explanatory information [text block] | ||
| Disclosure of general information about reporting entity [abstract] | ||
| Disclosure of general information about reporting entity [text block] | ORGANIZATION AND PRINCIPLE ACTIVITIESGulf General Cooperative Insurance Company ("GGCI" or the "Company") is a Saudi Joint Stock Company incorporated in the Kingdom of Saudi Arabia as per the Ministry of Commerce and Industry's Resolution number 12/Q dated 17 Muharram 1431H (corresponding to 3 January 2010) and registered under Commercial Registration number 4030196620 dated 9 Safar 1431H (corresponding to 25 January 2010). The registered address of the Company’s head office is as follows:Gulf General Cooperative Insurance Company Al Gheithy Plaza, Second Floor,Ameer Al Shoura'a StreetJeddah, Kingdom of Saudi ArabiaThe Company also has the following branches, which are operating under separate commercial registrations:BranchCommercial Registration No.Date of RegistrationRiyadh101031682329 Shawwal 1432H(corresponding to 27 September 2011)Al Khobar205104683619 Dhul Qa’dah 1432H (corresponding to 17 October 2011)The Company is licensed to conduct insurance business in the Kingdom of Saudi Arabia under cooperative principles in accordance with Royal Decree No. M/85 dated 5 Thul Hujja 1429H (corresponding to 3 December 2008) pursuant to Council of Ministers' Resolution No. 365 dated 3 Thul Hujja 1429H (corresponding to 1 December 2008). The Company obtained a license to conduct insurance operations in the Kingdom of Saudi Arabia from the Saudi Central Bank ("SAMA") on 20 Rabi-al-Awwal 1431H (corresponding to 6 March 2010). The Company was listed on the Saudi Arabian Stock Exchange (“Tadawul”) on 24 Safar 1431H (corresponding to 8 February 2010).The objectives of the Company are to engage in providing insurance and related services, which include reinsurance, in accordance with its by-laws, and applicable regulations in the Kingdom of Saudi Arabia. Its principal lines of business include medical, motor, property, engineering, marine and accident and liability.In accordance with the By-laws of the Company, the surplus arising from the insurance operations is distributed as follows:Transfer to shareholders’ operations90%Transfer to insurance operations10%100%In case of deficit arising from the insurance operations, the entire deficit is allocated and transferred to the shareholders’ operations in full.In accordance with the Implementing Regulations issued by SAMA, the Company proposes to distribute, subject to the approval of SAMA, its annual net policyholders’ surplus directly to policyholders at a time, and according to criteria, as set by its Board of Directors.Portfolio transferOn 19 May 2012, the Company entered into an agreement with Saudi General Insurance CompanyE.C. (“SGI”) and Gulf Cooperation Insurance Company Ltd. E.C. (“GCI”) (the "Sellers") pursuant to which it acquired the sellers' insurance operations in the Kingdom of Saudi Arabia, effective 1 January 2009, at a goodwill amount of SR 36.26 million, as approved by SAMA, along with the related insurance assets and liabilities of an equivalent amount. | |
| Disclosure of statement of compliance [text block] | 2.1Statement of complianceThe 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 and other standards and pronouncements issued by the Saudi Organization for Chartered and Professional Accountants (SOCPA).These interim condensed financial statements have been prepared under the going concern basis and historical cost convention, except for the measurement of investments held at fair value through income statement (“FVIS”) and available-for-sale investment that are measured at fair value, and employees’ defined benefit obligations which is recognized at the present value of future obligations using the projected unit credit method.The Company’s interim condensed statement of financial position is presented in order of liquidity. Except for available-for-sale investment, property and equipment, right-of-use assets, intangible assets, goodwill, statutory deposit, accrued income on statutory deposit, employees’ defined benefit obligations, lease liabilities and accrued income payable to SAMA, all other assets and liabilities are of short-term nature, unless, stated otherwise.The Company’s Board of Directors has made an assessment of its ability to continue as a going concern and is satisfied that it will be able to continue as a going concern in the foreseeable future. Furthermore, the Board of Directors are not aware of any material uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern. Therefore, the interim condensed financial statements have been prepared on the going concern basis.Accordingly, management believes that the Company's operations shall continue for a foreseeable future under the normal course of business and the going concern basis used in the preparation of this interim condensed financial information remains appropriate.As required by Saudi Arabian Insurance Regulations (“the Implementing Regulations”) the Company maintains separate books of accounts for “Insurance operations” and “Shareholders’ operations”. Accordingly, assets, liabilities, revenues and expenses attributable to either operation, are recorded in the respective accounts. Note 21 to these interim condensed financial statements provides the statement of financial position, statements of income, comprehensive income and cash flows of the insurance operations and shareholders operations, separately.The interim condensed financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the annual financial statements as of and for the year ended 31 December 2020.The interim condensed financial statements may not be considered indicative of the expected results for the full year.These interim condensed financial statements are expressed in Saudi Arabian Riyals (SR) and are rounded off to the nearest thousands. | |
| Disclosure of new standards and amendments in standards [text block] | 3. SIGNIFICANT ACCOUNTING POLICIESThe accounting policies, estimates, and assumptions used in the preparation of these interim condensed financial statements are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2020, except as explained below:3.1 New IFRS Standards, IFRIC interpretations and amendments thereof, adopted by the CompanyThe following new standards, amendments and revisions to existing standards, which were issued by the International Accounting Standards Board (“IASB”) have been effective from 1 January 2021 and accordingly adopted by the Company, as applicable:Standard / AmendmentsDescriptionAmendments to IAS 1 & IAS 8Definition of MaterialAmendments to IFRS 3Definition of a BusinessConceptual FrameworkAmendments to References to Conceptual Framework in IFRS StandardsThe adoption of the amended standards and interpretations applicable to the Company did not have any significant impact on these interim condensed financial statements. | |
| Disclosure of summary of significant accounting policies [abstract] | ||
| Description of accounting policy for cash and cash equivalents [text block] | 4.CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise of the following:30 September 2021 (Unaudited)31 December 2020 (Audited)SR’000SR’000Insurance operationsCash in hand 2920Cash at banks 9,76119,530Murabaha deposits with maturity less than three months (see note 5) 14,44964,22524,23983,775Shareholders’ operationsCash at banks 125,8353,354Murabaha deposits with maturity less than three months (see note 5) 150,00074,265275,83577,619Total of cash and cash equivalents300,074161,394 | |
| Disclosure of notes forming part of accounts [abstract] | ||
| Disclosure of property and equipment [text block] | Property and equipment are stated at cost less accumulated depreciation and impairment losses if any. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Expenditure incurred to replace a component of an item of property and equipment that is accounted for separately is capitalized and the carrying amount of the component that is replaced is written off. All other repairs and maintenance are charged to the statement of income during the financial period in which they are incurred. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives of the assets for the calculation of depreciation are as follows:CategoryYearsLeasehold improvements8Furniture and fittings10Computer and office equipment4Motor vehicles4The assets’ residual values and useful lives are reviewed at each reporting date and adjusted if appropriate. The carrying values of these assets are reviewed for impairment when event or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount being the higher of their fair value less costs to sell and their value-in-use.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in the statement of income. | |
| Disclosure of reinsurers/ retakaful share of outstanding claims, net [text block] | 10.2Net outstanding claims and other technical reservesNet outstanding claims and other technical reserves comprise of the following:30 September 2021 (Unaudited)31 December 2020 (Audited)SR’000SR’000Outstanding claims40,10729,850Claims incurred but not reported23,93820,411Premium deficiency reserve10,3601,311Other technical reserves4,0692,77078,47454,342Less: Reinsurers’ share of outstanding claims10,64610,295Reinsurers’ share of claims incurred but not reported5,0183,92415,66414,219Net outstanding claims and reserves62,81040,123 | |
| Disclosure of investments [text block] | Investments held at fair value through income statement (“FVIS”) (note 7.1)-Equity securities 15,49911,231-Mutual funds 26,48121,71541,98032,946Held-to-maturity2,0002,000Available-for-sale investment (note 7.2)1,9231,923Total investments45,90336,869 |