| 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] | Wataniya Insurance Company (the “Company”) is a Saudi Joint Stock Company incorporated in the Kingdom of Saudi Arabia under Commercial Registration No. 4030200981 dated 1 Jumada II 1431H (corresponding to May 15, 2010) and Industry’s Resolution number 158/K dated Jumad-ul-Awal 12, 1431H (corresponding to April 26, 2010). The Registered Office address of the Company is Juffali Building, Madina Road, Jeddah, Saudi Arabia.The Company is licensed to conduct insurance business in Saudi Arabia under Cooperative insurance principles in accordance with Royal Decree No M/53 dated 21 Shawwal 1430H (corresponding to October 10, 2009) pursuant to Council of Ministers’ Resolution No. 330 dated Shawwal 16,1430H (corresponding to October 5, 2009). The Company was listed on the Saudi Arabian stock market (Tadawul) on September 6, 2010. The objectives of the Company are to provide general insurance and related services in accordance with its by-laws and applicable regulations in Saudi Arabia. | 1 |
| Disclosure of basis of preparation of financial statements [text block] | (a)Statement of compliance The interim condensed financial statements of the Company has been prepared in accordance with ‘International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as modified by SAMA for the accounting of zakat and income tax’, which requires, adoption of all IFRSs as issued by the International Accounting Standards Board (“IASB”) except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax (hereinafter referred to as “IFRS as modified by SAMA”). As per the SAMA Circular no. 381000074519 dated April 11, 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), the zakat and income tax are to be accrued on a quarterly basis through shareholders equity under retained earnings.The interim condensed financial statements is prepared under the going concern basis and the historical cost convention, except for the measurement of investments at their fair value. The Company’s interim condensed statement of financial position is presented in order of liquidity. Except for property and equipment, statutory deposit, end-of-service indemnities and warranty and engineering related unearned premiums, unearned reinsurance commission, deferred policy acquisition cost, outstanding claims, claims incurred but not reported and technical reserves, all other assets and liabilities are of short-term nature, unless, stated otherwise.As required by the Saudi Arabian Insurance Regulations (the Implementation Regulations), the Company maintains separate books of accounts for “Insurance Operations” and “Shareholders’ Operations”. Accordingly, assets, liabilities, revenues and expenses clearly attributable to either operation, are recorded in the respective accounts. 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 December 31, 2018. 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 (SAR) and are rounded off to the nearest thousands.(b) Critical accounting judgments, estimates and assumptionsThe preparation of interim condensed financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.In preparing these interim condensed financial statements, 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 2018 except for the following:(b) Critical accounting judgments, estimates and assumptions (continued)Significant judgement in determining the lease term of contracts with renewal optionsThe Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.The Company has the option, under some of its leases to lease the assets for additional terms. The Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). The Company included the renewal period as part of the lease term for leases due to the significance of leased assets to its operations.(c) Seasonality of operations There are no seasonal changes that may affect insurance of the Company. | 2 |
| Disclosure of new standards and amendments in standards [text block] | 3 Significant accounting policiesThe accounting policies 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 December 31, 2018 except as explained below:New IFRS, International Financial Reporting and Interpretations Committee’s interpretations (IFRIC) and amendments thereof, adopted by the Companya)The Company has adopted the following amendments, interpretations and revisions to existing standards, which were issued by the International Accounting Standards Board (IASB):StandardDescriptionIFRS 2Amendments to IFRS 2 Classification and Measurement of share-based Payment transactions.IAS 40Amendments to IAS 40 Transfers of investment propertyIFRIC 22 Foreign Currency Transactions and Advance considerationIFRS 1 and IAS 28Annual Improvements 2016 to IFRS 2014 - 2016 cycle.The adoption of the above amendments and interpretations did not have any significant impact on these interim condensed financial statements.b)The Company has adopted the following new standard issued IFRS 16 – LeasesThe Company adopted IFRS 16 ‘Leases’ the standard replaces the existing guidance on leases, including IAS 17 ‘Leases”, IFRIC 4 ‘Determining whether an Arrangement contains a Lease”, SIC 15 “Operating Leases – Incentives” and SIC 27 “Evaluating the Substance of Transactions in the Legal Form of a Lease”. IFRS 16 was issued in January 2016 and is effective for annual periods commencing on or after 1 January 2019. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. The standard includes two recognition exemptions for lessees – leases of ’low-value’ assets (e.g., personal computers) and short-term leases (i.e., leases with a lease term of 12 months or less). At the commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset). Lessees are required to separately recognise the special commission expense on the lease liability and the depreciation expense on the right-of-use asset. b)The Company has adopted the following new standard issued (continued) Lessees are also required to re-measure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognise the amount of the re-measurement of the lease liability as an adjustment to the right-of-use asset.Lessor accounting under IFRS 16 is substantially unchanged from today’s accounting under IAS 17. Lessors will continue to classify all leases using the same classification principle as in IAS 17 and distinguish between two types of leases: operating and finance leases.The Company has elected to use the exemptions proposed by the standard on lease contracts for which the lease terms ends within 12 months as of the date of initial application, and lease contracts for which the underlying asset is of low value. All existing operating leases consist of lease terms which ends within twelve months.Though there are changes in accounting policies, however, management assessed and concluded that there is no material impact on the amounts reported at transition to IFRS 16 on 1 January 2019.Standards issued but not yet effectiveStandards issued but not yet effective up to the date of issuance of the Company’s interim condensed financial statements are listed below. The listing is of standards and interpretations issued, which the Company reasonably expects to be applicable at a future date. The Company intends to adopt these standards when they become effective.Standard/InterpretationDescriptionEffective from periods beginning on or after the following dateIFRS 9Financial Instruments (note below)See note belowIFRS 17Insurance Contracts 1 January 2022 In July 2014, the IASB published IFRS 9 Financial Instruments 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 (ECL) 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 other comprehensive income instead of the statement of income.IFRS 9 requires entities to record an allowance for ECLs for all loans and other debt financial assets not held at fair value through statement of income as well as finance lease receivables, together with loan commitments and financial guarantee contracts. The allowance is based on the ECLs associated with the probability of default in the next twelve months unless there has been a significant increase in credit risk since origination. Under IFRS 9, credit losses are recognised earlier than under IAS 39.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.Under the temporary exemption as introduced by amendments to IFRS 4, the reporting entities whose activities predominantly relate to “insurance” can defer the implementation of IFRS 9. The Company having assessed the implications and has concluded to defer the implementation of IFRS 9 until a later date which will not be later than 1 January 2022.The impact of the adoption of IFRS 9 on the Company’s interim condensed financial statements will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. As at 31 March 2019, management is in process to assess the effect of the adoption of IFRS 9. | 3 |
| Disclosure of issued IFRS not yet adopted [text block] | 3 Significant accounting policiesThe accounting policies 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 December 31, 2018 except as explained below:New IFRS, International Financial Reporting and Interpretations Committee’s interpretations (IFRIC) and amendments thereof, adopted by the Companya)The Company has adopted the following amendments, interpretations and revisions to existing standards, which were issued by the International Accounting Standards Board (IASB):StandardDescriptionIFRS 2Amendments to IFRS 2 Classification and Measurement of share-based Payment transactions.IAS 40Amendments to IAS 40 Transfers of investment propertyIFRIC 22 Foreign Currency Transactions and Advance considerationIFRS 1 and IAS 28Annual Improvements 2016 to IFRS 2014 - 2016 cycle.The adoption of the above amendments and interpretations did not have any significant impact on these interim condensed financial statements.b)The Company has adopted the following new standard issued IFRS 16 – LeasesThe Company adopted IFRS 16 ‘Leases’ the standard replaces the existing guidance on leases, including IAS 17 ‘Leases”, IFRIC 4 ‘Determining whether an Arrangement contains a Lease”, SIC 15 “Operating Leases – Incentives” and SIC 27 “Evaluating the Substance of Transactions in the Legal Form of a Lease”. IFRS 16 was issued in January 2016 and is effective for annual periods commencing on or after 1 January 2019. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. The standard includes two recognition exemptions for lessees – leases of ’low-value’ assets (e.g., personal computers) and short-term leases (i.e., leases with a lease term of 12 months or less). At the commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset). Lessees are required to separately recognise the special commission expense on the lease liability and the depreciation expense on the right-of-use asset. b)The Company has adopted the following new standard issued (continued) Lessees are also required to re-measure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognise the amount of the re-measurement of the lease liability as an adjustment to the right-of-use asset.Lessor accounting under IFRS 16 is substantially unchanged from today’s accounting under IAS 17. Lessors will continue to classify all leases using the same classification principle as in IAS 17 and distinguish between two types of leases: operating and finance leases.The Company has elected to use the exemptions proposed by the standard on lease contracts for which the lease terms ends within 12 months as of the date of initial application, and lease contracts for which the underlying asset is of low value. All existing operating leases consist of lease terms which ends within twelve months.Though there are changes in accounting policies, however, management assessed and concluded that there is no material impact on the amounts reported at transition to IFRS 16 on 1 January 2019.Standards issued but not yet effectiveStandards issued but not yet effective up to the date of issuance of the Company’s interim condensed financial statements are listed below. The listing is of standards and interpretations issued, which the Company reasonably expects to be applicable at a future date. The Company intends to adopt these standards when they become effective.Standard/InterpretationDescriptionEffective from periods beginning on or after the following dateIFRS 9Financial Instruments (note below)See note belowIFRS 17Insurance Contracts 1 January 2022 In July 2014, the IASB published IFRS 9 Financial Instruments 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 (ECL) 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 other comprehensive income instead of the statement of income.IFRS 9 requires entities to record an allowance for ECLs for all loans and other debt financial assets not held at fair value through statement of income as well as finance lease receivables, together with loan commitments and financial guarantee contracts. The allowance is based on the ECLs associated with the probability of default in the next twelve months unless there has been a significant increase in credit risk since origination. Under IFRS 9, credit losses are recognised earlier than under IAS 39.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.Under the temporary exemption as introduced by amendments to IFRS 4, the reporting entities whose activities predominantly relate to “insurance” can defer the implementation of IFRS 9. The Company having assessed the implications and has concluded to defer the implementation of IFRS 9 until a later date which will not be later than 1 January 2022.The impact of the adoption of IFRS 9 on the Company’s interim condensed financial statements will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. As at 31 March 2019, management is in process to assess the effect of the adoption of IFRS 9. | 3 |
| Disclosure of summary of significant accounting policies [abstract] | | |
| Disclosure of summary of significant accounting policies, general comment [text block] | 3 Significant accounting policiesThe accounting policies 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 December 31, 2018 except as explained below:New IFRS, International Financial Reporting and Interpretations Committee’s interpretations (IFRIC) and amendments thereof, adopted by the Companya)The Company has adopted the following amendments, interpretations and revisions to existing standards, which were issued by the International Accounting Standards Board (IASB):StandardDescriptionIFRS 2Amendments to IFRS 2 Classification and Measurement of share-based Payment transactions.IAS 40Amendments to IAS 40 Transfers of investment propertyIFRIC 22 Foreign Currency Transactions and Advance considerationIFRS 1 and IAS 28Annual Improvements 2016 to IFRS 2014 - 2016 cycle.The adoption of the above amendments and interpretations did not have any significant impact on these interim condensed financial statements.b)The Company has adopted the following new standard issued IFRS 16 – LeasesThe Company adopted IFRS 16 ‘Leases’ the standard replaces the existing guidance on leases, including IAS 17 ‘Leases”, IFRIC 4 ‘Determining whether an Arrangement contains a Lease”, SIC 15 “Operating Leases – Incentives” and SIC 27 “Evaluating the Substance of Transactions in the Legal Form of a Lease”. IFRS 16 was issued in January 2016 and is effective for annual periods commencing on or after 1 January 2019. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. The standard includes two recognition exemptions for lessees – leases of ’low-value’ assets (e.g., personal computers) and short-term leases (i.e., leases with a lease term of 12 months or less). At the commencement date of a lease, a lessee will recognise a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset). Lessees are required to separately recognise the special commission expense on the lease liability and the depreciation expense on the right-of-use asset. b)The Company has adopted the following new standard issued (continued) Lessees are also required to re-measure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognise the amount of the re-measurement of the lease liability as an adjustment to the right-of-use asset.Lessor accounting under IFRS 16 is substantially unchanged from today’s accounting under IAS 17. Lessors will continue to classify all leases using the same classification principle as in IAS 17 and distinguish between two types of leases: operating and finance leases.The Company has elected to use the exemptions proposed by the standard on lease contracts for which the lease terms ends within 12 months as of the date of initial application, and lease contracts for which the underlying asset is of low value. All existing operating leases consist of lease terms which ends within twelve months.Though there are changes in accounting policies, however, management assessed and concluded that there is no material impact on the amounts reported at transition to IFRS 16 on 1 January 2019.Standards issued but not yet effectiveStandards issued but not yet effective up to the date of issuance of the Company’s interim condensed financial statements are listed below. The listing is of standards and interpretations issued, which the Company reasonably expects to be applicable at a future date. The Company intends to adopt these standards when they become effective.Standard/InterpretationDescriptionEffective from periods beginning on or after the following dateIFRS 9Financial Instruments (note below)See note belowIFRS 17Insurance Contracts 1 January 2022 In July 2014, the IASB published IFRS 9 Financial Instruments 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 (ECL) 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 other comprehensive income instead of the statement of income.IFRS 9 requires entities to record an allowance for ECLs for all loans and other debt financial assets not held at fair value through statement of income as well as finance lease receivables, together with loan commitments and financial guarantee contracts. The allowance is based on the ECLs associated with the probability of default in the next twelve months unless there has been a significant increase in credit risk since origination. Under IFRS 9, credit losses are recognised earlier than under IAS 39.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.Under the temporary exemption as introduced by amendments to IFRS 4, the reporting entities whose activities predominantly relate to “insurance” can defer the implementation of IFRS 9. The Company having assessed the implications and has concluded to defer the implementation of IFRS 9 until a later date which will not be later than 1 January 2022.The impact of the adoption of IFRS 9 on the Company’s interim condensed financial statements will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. As at 31 March 2019, management is in process to assess the effect of the adoption of IFRS 9. | 3 |
| Description of accounting policy for cash and cash equivalents [text block] | 4Cash and cash equivalentsInsurance operations31 March 2019(Unaudited)31 December 2018(Audited)Cash in hand3428Bank balances40,20820,455Deposits maturing within 3 months from the acquisition date212,500238,750Total252,742259,233Shareholders’ operations31 March 2019(Unaudited)31 December 2018(Audited)Bank balances21314,827Deposits maturing within 3 months from the acquisition date50,00050,000Total50,21364,827Total of cash and cash equivalents302,955324,060Cash and cash equivalents are with a bank which is a related party and registered in Saudi Arabia and are denominated in Saudi Riyals and US Dollars. The deposits yield income at prevailing market rates. | 4 |
| Description of accounting policy for zakat [text block] | 11 Zakat and income tax11.1 Components of zakat baseSignificant components of zakat base of the Company attributable to the Saudi shareholders, which are subject to adjustment under zakat and income tax regulations, are shareholders’ equity at the beginning of the period, adjusted net income and certain other items. Zakat base has been computed based on the Company’s understanding of the zakat regulations enforced in the Kingdom of Saudi Arabia. The zakat regulations in Saudi Arabia are subject to different interpretations, and the assessments to be raised by the General Authority of Zakat and Tax (“GAZT”) could be different from the declaration filed by the Company.11.2Provision for zakat and income tax31 March 2019 (Unaudited)31 December 2018 (Audited)Opening balance7,3057,205Charge for zakat1,4824,853Charge for income tax7422,020Payments-(6,615)Reduction in tax recoverable-(158)Closing balance9,5297,305Zakat is payable at 2.5% of higher of the approximate zakat base and adjusted net income attributable to Saudi shareholders.Provision for income tax is payable at 20% of the adjusted net income attributable to the foreign shareholders of the Company, less allowances for foreign shareholders’ share in the losses carry forwarded from previous year calculated in accordance with the guidelines provided in the income tax regulations. Income tax paid is recovered from foreign shareholders.The shareholding percentage subject to zakat and income tax is as follows:31 March 2019 (Unaudited)31 December 2018 (Audited)Zakat74.4474.44Income tax25.5625.56Status of assessmentsThe Company has filed its tax returns with the General Authority of Zakat and Tax (“GAZT”) from inception up to 2018. The Company’s tax and zakat position has been finalized up to the years ended December 31, 2012. The tax returns filed for the year ended December 31, 2013 to 2018 are currently being reviewed by the GAZT. | 11 |
| Description of accounting policy for fair value measurement [text block] | 17Fair values of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction takes place either:-in the accessible principal market for the asset or liability, or-in the absence of a principal market, in the most advantages accessible market for the asset or liabilityThe fair values of on-balance sheet financial instruments are not significantly different from their carrying amounts included in these interim condensed financial statements.Determination of fair value and fair value hierarchyThe 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; andLevel 3: valuation techniques for which any significant input is not based on observable market data.As at March 31, 2019 and 31 December 2018, all financial instruments which are fair valued are Level 3 instruments except for investment in sukuks and equity amounting to SR 33.93 million (2018: SR 34.8 million) and SR 2.28 million (2018: SR 4.2 million) which are Level 1 investments. The Company ascertains the Level 3 fair values based on a valuation technique which is primarily derived by net assets value of the respective investee at the period end. There are no transfers between Level 1, Level 2 and Level 3 during the period.Available for sale investment is carried at cost as its fair value cannot be measured reliably. | 17 |
| Description of accounting policy for investment income [text block] | 8Investments NoteMarch 31,2019(Unaudited)December 31,2018(Audited)Fair value through income statement investments (FVIS)8.1106,592105,004Available-for-sale investment8.21,9231,923108,515106,9278.1 Fair value through income statementMovement is as follows:Three-month period ended 31 March 2019(Unaudited)Year ended 31 December 2018(Audited)Opening balance105,004103,231Changes in fair value of investments1,5881,773Closing balance 106,592105,0048.2 Available-for-sale investmentThis represents the Company’s 3.45% (31 December 2018: 3.45%) holding in Najm for Insurance Services Company, a Saudi Closed Joint Stock Company. These shares are un-quoted and are carried at cost. In the absence of reliable valuation, management believe that fair values cannot be ascertained reliably. | 8 |
| Description of accounting policy for segment reporting [text block] | Operating Segments Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the Company’s Board of Directors in their function as chief operating decision maker in order to allocate resources to the segments and to assess its performance. Transactions between the operating segments are on normal commercial terms and conditions. The revenue from external parties reported to the Board is measured in a manner consistent with that in the condensed income statement. Segment assets and liabilities comprise operating assets and liabilities.There have been no changes to the basis of segmentation or the measurement basis for the segment profit or loss since December 31, 2018. Segment assets do not include cash and cash equivalents, premiums receivables, investments, due from reinsurers, prepaid expenses and other assets, property and equipment, statutory deposit and accrued income on statutory deposit. Accordingly, they are included in unallocated assets. Segment liabilities do not include policy holders claims payable, accrued and other liabilities, due to reinsurers, agents, brokers and third-party administrators, surplus distribution payable, zakat and income tax, and accrued income on statutory deposit. Accordingly, they are included in unallocated liabilities.These unallocated assets and liabilities are not reported to chief operating decision maker under related segments and are monitored on a centralized basis.The segment information provided to the Company’s Board of Directors for the reportable segments for the Company’s total assets and liabilities at March 31, 2019 and December 31, 2018, its total revenues, expenses, and net income for the three-month period then ended, are as follows: MarinePropertyMotorEngineer-ingAccident & liabilityExtended warrantyTerm lifeTotal For the three-month period ended 31 March 2019 (unaudited)RevenuesGross premiums written14,53458,110133,88621,70915,7544,42422,486270,903Reinsurance premiumsceded (10,490)(51,671)(3,395)(20,410)(10,643)(4,424)(19,832)(120,865)Excess of loss expenses(390)(1,459)(1,675)(250)(75)-(119)(3,968)Net premiums written3,6544,980128,8161,0495,036-2,535146,070Change in unearned premiums, net(1,526)(3,780)(36,007)(579)(2,950)-(1,243)(46,085)Net premiums earned2,1281,20092,8094702,086-1,29299,985Reinsurance commissions 2,1044,7391,1212,0931,3573,2744,62519,313Other underwriting income2460921814-3211Total revenues4,2565,99994,0222,5813,4573,2745,920119,509Cost and expensesGross claims paid and loss adjustment expenses2,8981,98579,7484,87176783812,178103,285Reinsurer’s share of claims paid(2,279)(1,552)(5,815)(4,660)(635)(838)(9,867)(25,646)Net claims paid61943373,933211132-2,31177,639Changes in outstanding claims, net343611(261)(656)(23)-(545)(531)Changes in incurred but not reported, net391223,508(262)(254)-(437)2,716Net claims incurred1,0011,16677,180(707)(145)-1,32979,824Premium deficiency reserve(15)2,327(8,772)353---(6,107)Additional unexpired risk reserve---14---14Unallocated loss adjustmentexpense provision(142)9284(111)(33)-(87)(197)Policy acquisition costs1,1992,2965,6291,0657372,7252,27115,922Total underwriting cost and expenses2,0435,88174,1216145592,7253,51389,456Net underwriting income 2,21311819,9011,9672,898549240730,053Other operating income / (expenses)Allowance for impairment for doubtful debts(6,865)General and administration expenses(25,393)Commission income on deposits1,715Unrealized gain on investments1,588Other income6,825Total other operating expenses(22,130)Net income for the period7,923Net income attributed to the policy holders(786)Net income for the period attributable to the shareholders7,137 MarinePropertyMotorEngineer-ingAccident & liabilityExtended warrantyTerm lifeTotal For the three-month period ended 31 March 2018 (unaudited)RevenuesGross premiums written 13,66552,458 139,555 21,88916,3025,19719,045268,111Reinsurance premiumsceded .(9,924)(49,343)(10,503)(20,668) (11,512)(5,197)(16,764)(123,911)Excess of loss expenses (263)(546)(810)(180)(37)-- (1,836)Net premiums written 3,478 2,569 128,242 1,0414,753 - 2,281 142,364Change in unearned premiums, net(3,313)(661)(61,210)1,601(2,774)-(647)(67,004)Net premiums earned 1651,90867,0322,6421,979-1,63475,360Reinsurance commissions 3,9645,0351,2081,6801,4033,1364,40720,833Other underwriting income 2228641513-2144Total revenues 4,1516,97168,3044,3373,3953,1366,04396,337Cost and expensesGross claims paid and loss adjustment expenses.2,405.871 43,3998,0771,6871,9696,32564,733Reinsurer’s share of claims paid (1,869)(758)(4,359)(7,857)(540) (1,969)(5,580)(22,932)Net claims paid 536113 39,0402201,147-74541,801Changes in outstanding claims, net (240)(188)5,320(55)(408)-(25)4,404Changes in incurred but not reported, net --(1,866)(378)---(2,244)Net claims incurred 296(75)42,494(213)739-72043,961Reversal of reinsurance reserves -(2,451)(1,146)----(3,597)Premium deficiency reserve 6161,423999291---3,329Additional unexpired risk reserve --3,027---3,027Unallocated loss adjustment expense provision78377618178762-1142,127Policy acquisition costs 2,1922,3616,5139148502,6392,35717,826Total underwriting cost and expenses .3,182.1,63549,4784,1972,3512,6393,19166,673Net underwriting income 9695,33618,8261401,0444972,85229,664Other operating income / (expenses)Reversal of impairment allowance for doubtful debts3,189General and administration expenses(21,780)Commission income on deposits821Unrealized gain on investments25Other income6,763Total other operating expenses(10,982)Net income for the period18,682Net income attributed to the policy holders(2,032)Net income for the period attributable to the shareholders16,650 MarinePropertyMotorEngineer-ingAccident & liabilityExtended warrantyTerm Life TotalAs at March 31, 2019(Unaudited)AssetsReinsurers’ share of unearned premiums10,89353,9688,28625,74418,62719,80315,157152,478Reinsurers’ share of outstanding claims5,73811,7306,69319,152105,089102,470150,882Reinsurers’ share of claims incurred but not reported10,2111,8252,3488,61028,823-13,34665,163Deferred policy acquisition costs1,7084,89811,7112,9591,9457,1911,98032,392Unallocated assets852,058Total assets1,252,973LiabilitiesUnearned premiums14,94360,378183,98227,46623,60919,80317,697347,878Unearned reinsurance commission2,91910,4881,3815,5933,7148,8585,02937,982Outstanding claims7,54813,20785,59820,279105,710102,814235,166Claims incurred but not reported12,2462,12032,3029,43531,223-15,686103,012Premium deficiency reserve-4,04811,8931,173---17,114Additional unexpired risk reserve---399---399Unallocated loss adjustment expense provision7143631,194193312-5343,310Unallocated liabilities263,053Total liabilities 1,007,914MarinePropertyMotorEngineer-ingAccident & LiabilityExtended WarrantyTerm Life TotalAs at 31 December 2018(Audited)AssetsReinsurers’ share of unearned premiums6,03325,28011,34614,89513,72021,79410,971104,039Reinsurers’ share of outstanding claims4,6377,0947,39031,282105,58883,449159,448Reinsurers’ share of claims incurred but not reported12,8401,4093,56613,77631,839-15,45078,880Deferred policy acquisition costs1,2012,9287,2291,7307858,8961,51024,279Unallocated assets 709,356Total assets1,076,002LiabilitiesUnearned premiums8,55627,910151,03416,03915,75321,79412,268253,354Unearned reinsurance commission2,1305,4161,9863,3112,29910,8043,49729,443Outstanding claims6,1037,96086,55533,065106,23384,339244,263Claims incurred but not reported14,8351,58330,01214,86434,492-18,227114,013Premium deficiency reserve151,72120,665820---23,221Additional unexpired risk reserve---385---385Other technical reserves8532711,112305345-6213,507Unallocated liabilities168,241Total liabilities 836,427 | 18 |
| Description of accounting policy for statutory deposit [text block] | 10Statutory DepositIn compliance with Article 58 of the Implementing Regulations of the Saudi Arabian Monetary Authority ("SAMA"), the Company has deposited 10% of its share capital, amounting to Saudi Riyals 20 million in a bank designated by SAMA. The statutory deposit is maintained with a reputed bank which is also a related party. The Company cannot withdraw this deposit without SAMA’s approval. Commission accruing on this deposit is payable to SAMA.In accordance with instructions received from the Saudi Arabian Monetary Authority (SAMA) vide their circular dated March 1, 2016; the Company has disclosed the commission due on the statutory deposit as an asset and a liability in these interim condensed financial statements. | 10 |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of investments [text block] | 8Investments NoteMarch 31,2019(Unaudited)December 31,2018(Audited)Fair value through income statement investments (FVIS)8.1106,592105,004Available-for-sale investment8.21,9231,923108,515106,9278.1 Fair value through income statementMovement is as follows:Three-month period ended 31 March 2019(Unaudited)Year ended 31 December 2018(Audited)Opening balance105,004103,231Changes in fair value of investments1,5881,773Closing balance 106,592105,0048.2 Available-for-sale investmentThis represents the Company’s 3.45% (31 December 2018: 3.45%) holding in Najm for Insurance Services Company, a Saudi Closed Joint Stock Company. These shares are un-quoted and are carried at cost. In the absence of reliable valuation, management believe that fair values cannot be ascertained reliably. | 8 |
| Disclosure of investments at fair value through statement of income [text block] | 8.1 Fair value through income statementMovement is as follows:Three-month period ended 31 March 2019(Unaudited)Year ended 31 December 2018(Audited)Opening balance105,004103,231Changes in fair value of investments1,5881,773Closing balance 106,592105,004 | 8.1 |
| Disclosure of due from related parties [text block] | 19Related party matters 19.1Related party transactions Related parties represents major shareholders, directors and key management personnel of the Company, and entities controlled or significantly influenced by such parties.The Company in the normal course of business carries out transactions with its related parties. The transactions are made on terms equivalent to an arm’s length transaction and the transactions are approved by the Board of Directors.The significant transactions with related parties and the related amounts are as follows:Three-month period ended March 31, 2019(Unaudited)Three-month period ended March 31, 2018 (Unaudited)Related PartyNature of TransactionsBoard MembersFees and related expenses9751,311Key management personnelRemuneration and related expenses2,8452,410Shareholders’ and related parties (common ownership)- Insurance premiums written23,68331,326- Claims paid3,4996,744- Facultative premiums ceded1,4412,250- Facultative commission received323563- Facultative claim recovered864610- Expenses incurred1,3191,342- Commission income on deposits1,71682119.2Related party balances Balances with related parties March 31,2019(Unaudited)December 31, 2018(Audited)Premiums receivable, net29,483 11,067Cash and cash equivalents with a shareholder 302,921324,032Amounts due to a shareholder for facultative transactions(390)(52)Advances due from key management personnel 38450Income tax receivable from foreign shareholders 2,7622,020Statutory deposit with a shareholder 20,00020,000Amount due to a related party for expenses2,885-Directors fees and expenses payable9751,311Accrued income on statutory deposit971848 | 19 |
| Disclosure of cash and cash equivalents [text block] | 4Cash and cash equivalentsInsurance operations31 March 2019(Unaudited)31 December 2018(Audited)Cash in hand3428Bank balances40,20820,455Deposits maturing within 3 months from the acquisition date212,500238,750Total252,742259,233Shareholders’ operations31 March 2019(Unaudited)31 December 2018(Audited)Bank balances21314,827Deposits maturing within 3 months from the acquisition date50,00050,000Total50,21364,827Total of cash and cash equivalents302,955324,060Cash and cash equivalents are with a bank which is a related party and registered in Saudi Arabia and are denominated in Saudi Riyals and US Dollars. The deposits yield income at prevailing market rates. | 4 |
| Disclosure of statutory deposit [text block] | 10Statutory DepositIn compliance with Article 58 of the Implementing Regulations of the Saudi Arabian Monetary Authority ("SAMA"), the Company has deposited 10% of its share capital, amounting to Saudi Riyals 20 million in a bank designated by SAMA. The statutory deposit is maintained with a reputed bank which is also a related party. The Company cannot withdraw this deposit without SAMA’s approval. Commission accruing on this deposit is payable to SAMA.In accordance with instructions received from the Saudi Arabian Monetary Authority (SAMA) vide their circular dated March 1, 2016; the Company has disclosed the commission due on the statutory deposit as an asset and a liability in these interim condensed financial statements. | 10 |
| Disclosure of due to related parties [text block] | 19Related party matters 19.1Related party transactions Related parties represents major shareholders, directors and key management personnel of the Company, and entities controlled or significantly influenced by such parties.The Company in the normal course of business carries out transactions with its related parties. The transactions are made on terms equivalent to an arm’s length transaction and the transactions are approved by the Board of Directors.The significant transactions with related parties and the related amounts are as follows:Three-month period ended March 31, 2019(Unaudited)Three-month period ended March 31, 2018 (Unaudited)Related PartyNature of TransactionsBoard MembersFees and related expenses9751,311Key management personnelRemuneration and related expenses2,8452,410Shareholders’ and related parties (common ownership)- Insurance premiums written23,68331,326- Claims paid3,4996,744- Facultative premiums ceded1,4412,250- Facultative commission received323563- Facultative claim recovered864610- Expenses incurred1,3191,342- Commission income on deposits1,71682119.2Related party balances Balances with related parties March 31,2019(Unaudited)December 31, 2018(Audited)Premiums receivable, net29,483 11,067Cash and cash equivalents with a shareholder 302,921324,032Amounts due to a shareholder for facultative transactions(390)(52)Advances due from key management personnel 38450Income tax receivable from foreign shareholders 2,7622,020Statutory deposit with a shareholder 20,00020,000Amount due to a related party for expenses2,885-Directors fees and expenses payable9751,311Accrued income on statutory deposit971848 | 19 |
| Disclosure of zakat [text block] | 11 Zakat and income tax11.1 Components of zakat baseSignificant components of zakat base of the Company attributable to the Saudi shareholders, which are subject to adjustment under zakat and income tax regulations, are shareholders’ equity at the beginning of the period, adjusted net income and certain other items. Zakat base has been computed based on the Company’s understanding of the zakat regulations enforced in the Kingdom of Saudi Arabia. The zakat regulations in Saudi Arabia are subject to different interpretations, and the assessments to be raised by the General Authority of Zakat and Tax (“GAZT”) could be different from the declaration filed by the Company.11.2Provision for zakat and income tax31 March 2019 (Unaudited)31 December 2018 (Audited)Opening balance7,3057,205Charge for zakat1,4824,853Charge for income tax7422,020Payments-(6,615)Reduction in tax recoverable-(158)Closing balance9,5297,305Zakat is payable at 2.5% of higher of the approximate zakat base and adjusted net income attributable to Saudi shareholders.Provision for income tax is payable at 20% of the adjusted net income attributable to the foreign shareholders of the Company, less allowances for foreign shareholders’ share in the losses carry forwarded from previous year calculated in accordance with the guidelines provided in the income tax regulations. Income tax paid is recovered from foreign shareholders.The shareholding percentage subject to zakat and income tax is as follows:31 March 2019 (Unaudited)31 December 2018 (Audited)Zakat74.4474.44Income tax25.5625.56Status of assessmentsThe Company has filed its tax returns with the General Authority of Zakat and Tax (“GAZT”) from inception up to 2018. The Company’s tax and zakat position has been finalized up to the years ended December 31, 2012. The tax returns filed for the year ended December 31, 2013 to 2018 are currently being reviewed by the GAZT. | 11 |
| Disclosure of income tax [text block] | 11 Zakat and income tax11.1 Components of zakat baseSignificant components of zakat base of the Company attributable to the Saudi shareholders, which are subject to adjustment under zakat and income tax regulations, are shareholders’ equity at the beginning of the period, adjusted net income and certain other items. Zakat base has been computed based on the Company’s understanding of the zakat regulations enforced in the Kingdom of Saudi Arabia. The zakat regulations in Saudi Arabia are subject to different interpretations, and the assessments to be raised by the General Authority of Zakat and Tax (“GAZT”) could be different from the declaration filed by the Company.11.2Provision for zakat and income tax31 March 2019 (Unaudited)31 December 2018 (Audited)Opening balance7,3057,205Charge for zakat1,4824,853Charge for income tax7422,020Payments-(6,615)Reduction in tax recoverable-(158)Closing balance9,5297,305Zakat is payable at 2.5% of higher of the approximate zakat base and adjusted net income attributable to Saudi shareholders.Provision for income tax is payable at 20% of the adjusted net income attributable to the foreign shareholders of the Company, less allowances for foreign shareholders’ share in the losses carry forwarded from previous year calculated in accordance with the guidelines provided in the income tax regulations. Income tax paid is recovered from foreign shareholders.The shareholding percentage subject to zakat and income tax is as follows:31 March 2019 (Unaudited)31 December 2018 (Audited)Zakat74.4474.44Income tax25.5625.56Status of assessmentsThe Company has filed its tax returns with the General Authority of Zakat and Tax (“GAZT”) from inception up to 2018. The Company’s tax and zakat position has been finalized up to the years ended December 31, 2012. The tax returns filed for the year ended December 31, 2013 to 2018 are currently being reviewed by the GAZT. | 11 |
| Disclosure of statutory reserve [text block] | 13Statutory reserveAs required by Saudi Arabian Insurance Regulations, 20% of the income for the year after adjusting accumulated losses shall be set aside from net income as a statutory reserve until this amounts to 100% of the paid-up share capital. The required amount would be transferred at the year end. | 13 |
| Disclosure of technical reserve for insurance/takaful/reinsurance/retakaful operations [text block] | 7Technical reserves7.1 Net outstanding claims and reserves Net outstanding claims and reserves comprise of the following:March 31,2019March 31,2018Outstanding claims235,166244,263Claims incurred but not reported103,012114,013Premium deficiency reserve17,11423,221Additional unexpired risk reserve399385Unallocated loss adjustment expense provision3,3103,507359,001385,389Less:Reinsurers’ share of outstanding claims(150,882)(159,448)Reinsurers’ share of claims incurred but not reported(65,163)(78,880)(216,045)(238,328)Net outstanding claims and reserves142,956147,0617.2 Movement in unearned premiums Movement in unearned premiums comprise of the following:Three-month period ended March 31, 2019(Unaudited)GrossReinsuranceNetBalance as at the beginning of the period253,354104,039149,315Premium written during the period270,903124,833146,070Premium earned during the period(176,379)(76,394)(99,985)Balance as at the end of the period347,878152,478195,400Year ended December 31, 2018(Audited)GrossReinsuranceNetBalance as at the beginning of the year 211,294109,585101,709Premium written during the year712,324 291,655 420,669Premium earned during the year (670,264) (297,201)(373,063)Balance as at the end of the year 253,354104,039 149,315 | 7 |
| Disclosure of compensation to key management personnel [text block] | 19Related party matters 19.1Related party transactions Related parties represents major shareholders, directors and key management personnel of the Company, and entities controlled or significantly influenced by such parties.The Company in the normal course of business carries out transactions with its related parties. The transactions are made on terms equivalent to an arm’s length transaction and the transactions are approved by the Board of Directors.The significant transactions with related parties and the related amounts are as follows:Three-month period ended March 31, 2019(Unaudited)Three-month period ended March 31, 2018 (Unaudited)Related PartyNature of TransactionsBoard MembersFees and related expenses9751,311Key management personnelRemuneration and related expenses2,8452,410Shareholders’ and related parties (common ownership)- Insurance premiums written23,68331,326- Claims paid3,4996,744- Facultative premiums ceded1,4412,250- Facultative commission received323563- Facultative claim recovered864610- Expenses incurred1,3191,342- Commission income on deposits1,71682119.2Related party balances Balances with related parties March 31,2019(Unaudited)December 31, 2018(Audited)Premiums receivable, net29,483 11,067Cash and cash equivalents with a shareholder 302,921324,032Amounts due to a shareholder for facultative transactions(390)(52)Advances due from key management personnel 38450Income tax receivable from foreign shareholders 2,7622,020Statutory deposit with a shareholder 20,00020,000Amount due to a related party for expenses2,885-Directors fees and expenses payable9751,311Accrued income on statutory deposit971848 | 19 |
| Disclosure of earnings per share [text block] | 12Share capital and earnings per share The authorized, issued and paid up capital of the Company is SAR 200 million divided into 20 million shares of SR 10 each (December 31, 2018: SAR 200 million divided into 20 million shares of SR 10 each).Earnings per share for the period have been calculated by dividing the net income for the period attributable to the shareholders by the weighted average number of ordinary shares at the statement of financial position date. Diluted earnings per share is not applicable to the Company. | 12 |
| Disclosure of investments held at fair value through statement of income [text block] | 8.2 Available-for-sale investmentThis represents the Company’s 3.45% (31 December 2018: 3.45%) holding in Najm for Insurance Services Company, a Saudi Closed Joint Stock Company. These shares are un-quoted and are carried at cost. In the absence of reliable valuation, management believe that fair values cannot be ascertained reliably. | 8.2 |
| Disclosure of related party transactions [text block] | 19Related party matters 19.1Related party transactions Related parties represents major shareholders, directors and key management personnel of the Company, and entities controlled or significantly influenced by such parties.The Company in the normal course of business carries out transactions with its related parties. The transactions are made on terms equivalent to an arm’s length transaction and the transactions are approved by the Board of Directors.The significant transactions with related parties and the related amounts are as follows:Three-month period ended March 31, 2019(Unaudited)Three-month period ended March 31, 2018 (Unaudited)Related PartyNature of TransactionsBoard MembersFees and related expenses9751,311Key management personnelRemuneration and related expenses2,8452,410Shareholders’ and related parties (common ownership)- Insurance premiums written23,68331,326- Claims paid3,4996,744- Facultative premiums ceded1,4412,250- Facultative commission received323563- Facultative claim recovered864610- Expenses incurred1,3191,342- Commission income on deposits1,71682119.2Related party balances Balances with related parties March 31,2019(Unaudited)December 31, 2018(Audited)Premiums receivable, net29,483 11,067Cash and cash equivalents with a shareholder 302,921324,032Amounts due to a shareholder for facultative transactions(390)(52)Advances due from key management personnel 38450Income tax receivable from foreign shareholders 2,7622,020Statutory deposit with a shareholder 20,00020,000Amount due to a related party for expenses2,885-Directors fees and expenses payable9751,311Accrued income on statutory deposit971848 | 19 |
| Disclosure of entity's operating segments [text block] | Operating Segments Operating segments are identified on the basis of internal reports about components of the Company that are regularly reviewed by the Company’s Board of Directors in their function as chief operating decision maker in order to allocate resources to the segments and to assess its performance. Transactions between the operating segments are on normal commercial terms and conditions. The revenue from external parties reported to the Board is measured in a manner consistent with that in the condensed income statement. Segment assets and liabilities comprise operating assets and liabilities.There have been no changes to the basis of segmentation or the measurement basis for the segment profit or loss since December 31, 2018. Segment assets do not include cash and cash equivalents, premiums receivables, investments, due from reinsurers, prepaid expenses and other assets, property and equipment, statutory deposit and accrued income on statutory deposit. Accordingly, they are included in unallocated assets. Segment liabilities do not include policy holders claims payable, accrued and other liabilities, due to reinsurers, agents, brokers and third-party administrators, surplus distribution payable, zakat and income tax, and accrued income on statutory deposit. Accordingly, they are included in unallocated liabilities.These unallocated assets and liabilities are not reported to chief operating decision maker under related segments and are monitored on a centralized basis.The segment information provided to the Company’s Board of Directors for the reportable segments for the Company’s total assets and liabilities at March 31, 2019 and December 31, 2018, its total revenues, expenses, and net income for the three-month period then ended, are as follows: MarinePropertyMotorEngineer-ingAccident & liabilityExtended warrantyTerm lifeTotal For the three-month period ended 31 March 2019 (unaudited)RevenuesGross premiums written14,53458,110133,88621,70915,7544,42422,486270,903Reinsurance premiumsceded (10,490)(51,671)(3,395)(20,410)(10,643)(4,424)(19,832)(120,865)Excess of loss expenses(390)(1,459)(1,675)(250)(75)-(119)(3,968)Net premiums written3,6544,980128,8161,0495,036-2,535146,070Change in unearned premiums, net(1,526)(3,780)(36,007)(579)(2,950)-(1,243)(46,085)Net premiums earned2,1281,20092,8094702,086-1,29299,985Reinsurance commissions 2,1044,7391,1212,0931,3573,2744,62519,313Other underwriting income2460921814-3211Total revenues4,2565,99994,0222,5813,4573,2745,920119,509Cost and expensesGross claims paid and loss adjustment expenses2,8981,98579,7484,87176783812,178103,285Reinsurer’s share of claims paid(2,279)(1,552)(5,815)(4,660)(635)(838)(9,867)(25,646)Net claims paid61943373,933211132-2,31177,639Changes in outstanding claims, net343611(261)(656)(23)-(545)(531)Changes in incurred but not reported, net391223,508(262)(254)-(437)2,716Net claims incurred1,0011,16677,180(707)(145)-1,32979,824Premium deficiency reserve(15)2,327(8,772)353---(6,107)Additional unexpired risk reserve---14---14Unallocated loss adjustmentexpense provision(142)9284(111)(33)-(87)(197)Policy acquisition costs1,1992,2965,6291,0657372,7252,27115,922Total underwriting cost and expenses2,0435,88174,1216145592,7253,51389,456Net underwriting income 2,21311819,9011,9672,898549240730,053Other operating income / (expenses)Allowance for impairment for doubtful debts(6,865)General and administration expenses(25,393)Commission income on deposits1,715Unrealized gain on investments1,588Other income6,825Total other operating expenses(22,130)Net income for the period7,923Net income attributed to the policy holders(786)Net income for the period attributable to the shareholders7,137 MarinePropertyMotorEngineer-ingAccident & liabilityExtended warrantyTerm lifeTotal For the three-month period ended 31 March 2018 (unaudited)RevenuesGross premiums written 13,66552,458 139,555 21,88916,3025,19719,045268,111Reinsurance premiumsceded .(9,924)(49,343)(10,503)(20,668) (11,512)(5,197)(16,764)(123,911)Excess of loss expenses (263)(546)(810)(180)(37)-- (1,836)Net premiums written 3,478 2,569 128,242 1,0414,753 - 2,281 142,364Change in unearned premiums, net(3,313)(661)(61,210)1,601(2,774)-(647)(67,004)Net premiums earned 1651,90867,0322,6421,979-1,63475,360Reinsurance commissions 3,9645,0351,2081,6801,4033,1364,40720,833Other underwriting income 2228641513-2144Total revenues 4,1516,97168,3044,3373,3953,1366,04396,337Cost and expensesGross claims paid and loss adjustment expenses.2,405.871 43,3998,0771,6871,9696,32564,733Reinsurer’s share of claims paid (1,869)(758)(4,359)(7,857)(540) (1,969)(5,580)(22,932)Net claims paid 536113 39,0402201,147-74541,801Changes in outstanding claims, net (240)(188)5,320(55)(408)-(25)4,404Changes in incurred but not reported, net --(1,866)(378)---(2,244)Net claims incurred 296(75)42,494(213)739-72043,961Reversal of reinsurance reserves -(2,451)(1,146)----(3,597)Premium deficiency reserve 6161,423999291---3,329Additional unexpired risk reserve --3,027---3,027Unallocated loss adjustment expense provision78377618178762-1142,127Policy acquisition costs 2,1922,3616,5139148502,6392,35717,826Total underwriting cost and expenses .3,182.1,63549,4784,1972,3512,6393,19166,673Net underwriting income 9695,33618,8261401,0444972,85229,664Other operating income / (expenses)Reversal of impairment allowance for doubtful debts3,189General and administration expenses(21,780)Commission income on deposits821Unrealized gain on investments25Other income6,763Total other operating expenses(10,982)Net income for the period18,682Net income attributed to the policy holders(2,032)Net income for the period attributable to the shareholders16,650 MarinePropertyMotorEngineer-ingAccident & liabilityExtended warrantyTerm Life TotalAs at March 31, 2019(Unaudited)AssetsReinsurers’ share of unearned premiums10,89353,9688,28625,74418,62719,80315,157152,478Reinsurers’ share of outstanding claims5,73811,7306,69319,152105,089102,470150,882Reinsurers’ share of claims incurred but not reported10,2111,8252,3488,61028,823-13,34665,163Deferred policy acquisition costs1,7084,89811,7112,9591,9457,1911,98032,392Unallocated assets852,058Total assets1,252,973LiabilitiesUnearned premiums14,94360,378183,98227,46623,60919,80317,697347,878Unearned reinsurance commission2,91910,4881,3815,5933,7148,8585,02937,982Outstanding claims7,54813,20785,59820,279105,710102,814235,166Claims incurred but not reported12,2462,12032,3029,43531,223-15,686103,012Premium deficiency reserve-4,04811,8931,173---17,114Additional unexpired risk reserve---399---399Unallocated loss adjustment expense provision7143631,194193312-5343,310Unallocated liabilities263,053Total liabilities 1,007,914MarinePropertyMotorEngineer-ingAccident & LiabilityExtended WarrantyTerm Life TotalAs at 31 December 2018(Audited)AssetsReinsurers’ share of unearned premiums6,03325,28011,34614,89513,72021,79410,971104,039Reinsurers’ share of outstanding claims4,6377,0947,39031,282105,58883,449159,448Reinsurers’ share of claims incurred but not reported12,8401,4093,56613,77631,839-15,45078,880Deferred policy acquisition costs1,2012,9287,2291,7307858,8961,51024,279Unallocated assets 709,356Total assets1,076,002LiabilitiesUnearned premiums8,55627,910151,03416,03915,75321,79412,268253,354Unearned reinsurance commission2,1305,4161,9863,3112,29910,8043,49729,443Outstanding claims6,1037,96086,55533,065106,23384,339244,263Claims incurred but not reported14,8351,58330,01214,86434,492-18,227114,013Premium deficiency reserve151,72120,665820---23,221Additional unexpired risk reserve---385---385Other technical reserves8532711,112305345-6213,507Unallocated liabilities168,241Total liabilities 836,427 | 18 |
| Disclosure of capital management [text block] | 20Capital management Objectives are set by the Company to maintain healthy capital ratios in order to support its business objectives and maximize shareholders’ value.The Company manages its capital requirements by assessing shortfalls between reported and required capital levels on a regular basis. Adjustments to current capital levels are made in light of changes in market conditions and risk characteristics of the Company’s activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders or issue shares.In the opinion of the Board of Directors, the Company has fully complied with the externally imposed capital requirements during the reported financial period. | 20 |
| Disclosure of commitments and contingencies, general [text block] | 14Commitments and ContingenciesThe Company’s Bankers has issued guarantee of SR 2.1 million (2018: SR 1.9 million) to its suppliers on behalf of the Company. | 14 |
| Disclosure of board of director's approval of the financial statements [text block] | 22Approval of the interim condensed financial statements These interim condensed financial statements have been approved by the Board of Directors on 22 April 2019. | 22 |
