	English [member]
Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Filing information [line items]
Disclosure of entity information [abstract]
Name of reporting entity	Amana Cooperative Insurance Co.
Company symbol code\| ISIN code	8310 \| SA12HG541R18
Sector\| Industry group	Financials \| Insurance
Disclosure of document information [abstract]
Whether entity wants to report opening statement of financial position	No
Period covered by financial statements	Quarter 1
Reporting period start date	2019-01-01	2018-01-01
Reporting period end date	2019-03-31	2018-03-31
Description of nature of financial statements	Consolidated
Status of financial statements	Reviewed
Description of presentation currency	Saudi Arabia, Riyals
Level of rounding used in financial statements	Thousands

	English [member]
Start Date	2019-01-01
End Date	2019-03-31
Auditors report [line items]
Disclosures of auditors report [text block]	We have reviewed the accompanying interim statement of financial position of Amana Cooperative Insurance Company – a Saudi Joint Stock Company - (“the Company”) as at 31 March 2019 and the related interim condensed statements of income, comprehensive income, changes in equity and cash flows for the three months 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 (“IAS 34”) - "Interim Financial Reporting" as modified by Saudi Arabian Monetary Authority (SAMA) for the accounting of zakat and income tax. Our responsibility is to express a conclusion on these interim condensed financial statements based on our review.
Contents of auditors report [abstract]
Nature of auditors opinion	Unmodified opinion
Auditors opinion	Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with IAS 34 as modified by SAMA for accounting of zakat and income tax.
Basis of opinion	We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” that is endorsed in the Kingdom of Saudi Arabia. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing as endorsed in Kingdom of Saudi Arabia, and consequently, it 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	2019-05-12

Start Date	2019-01-01	2018-01-01	2018-01-01
End Date	2019-03-31	2018-12-31	2018-03-31
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	3,604	3,439	3,051
Due from related parties, insurance/ takaful operations assets	24,894	733	3,956
Deferred policy acquisition costs	10,115	5,396	4,240
Reinsurers/ retakaful share of unearned premiums/ contributions	10,084	17,189	19,372
Prepayments and other assets, insurance/ takaful operations assets	20,980	18,407	16,486
Due from shareholders operations	128,778	106,774	88,094
Premiums/ insurance receivables/takaful contributions receivable, net	47,636	20,786	24,832
Reinsurers/ retakaful share of outstanding claims/ benefits, net	31,633	33,271	73,911
Available-for-sale investments, insurance/ takaful operations assets	1,923	1,923	1,923
Cash and cash equivalents, insurance/ takaful operations assets	18,749	25,935	18,257
Total insurance/ takaful operations assets	298,396	233,853	254,122
Shareholders assets [abstract]
Investments held-to-maturity, shareholders assets	48,336	47,172	20,000
Statutory deposit	21,000	21,000	48,000
Prepayments and other assets, shareholders assets	16,392	16,090	11,988
Time (Murabaha) deposits, shareholders assets	113,068	112,350	120,675
Accrued investment income	2,066	1,949	1,707
Available-for-sale investments, shareholders assets	9,806	6,548	0
Cash and cash equivalents, shareholders assets	106,477	13,289	8,988
Total shareholders assets	317,145	218,398	211,358
Total assets	615,541	452,251	465,480
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	116,075	65,334	51,945
Unearned commission income	893	884	1,484
Employees end of service benefits, insurance/ takaful operations liabilities	3,277	2,763	2,517
Surplus distribution payable	779	779	779
Reinsurers/ retakaful balance payable	9,790	23,936	19,043
Gross outstanding claims/ benefits including IBNR payable	82,701	70,867	114,412
Other technical reserves	25,595	17,483	6,897
Accrued expenses payable, insurance/ takaful operations liabilities	59,286	51,807	57,045
Total insurance/ takaful operations liabilities	298,396	233,853	254,122
Insurance/ takaful operations surplus (deficit) [abstract]
Surplus (deficit) from insurance/ takaful fund	0	0	0
Total insurance/ takaful operations surplus (deficit)	0	0	0
Total insurance/ takaful operations liabilities and surplus (deficit)	298,396	233,853	254,122
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	9,611	9,516	8,476
Due to insurance/ takaful operations	128,778	106,774	88,094
Accrued expenses payable, shareholders liabilities	1,881	4,614	2,087
Other liabilities, shareholders liabilities	2,066	1,949	1,707
Total shareholders liabilities	142,336	122,853	100,364
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	240,000	140,000	140,000
Fair value reserve on investments, shareholders equity	257	117	0
Retained earnings (accumulated losses)	-65,448	-44,572	-29,006
Total equity attributable to owners of parent	174,809	95,545	110,994
Total equity attributable to equity holders of company	174,809	95,545	110,994
Total shareholders liabilities and equity	317,145	218,398	211,358
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	615,541	452,251	465,480

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of insurance/ takaful operations [abstract]
Statement of insurance/ takaful operations and accumulated surplus (deficit) [abstract]
Income from insurance/ takaful operations [abstract]
Net premiums/ contributions earned [abstract]
Net premiums/ contributions written [abstract]
Gross premiums/ contributions written	96,751	36,039
Excess of loss expense	1,350	757
Reinsurance/ retakaful premiums ceded	2,301	13,858
Net premiums/ contributions written	93,100	21,424
Changes in unearned premiums/ contributions	57,846	13,024
Net premiums/ contributions earned	35,254	8,400
Reinsurance/ retakaful commissions	360	1,022
Investment income from insurance/ takaful operations, net	31	0
Fees and other income from insurance/ takaful operations	574	1,219
Total income from insurance/ takaful operations	36,219	10,641
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	30,608	9,933
Reinsurance/ retakaful share of gross claims/ benefits paid	12,162	5,032
Net claims/ benefits paid	18,446	4,901
Changes in outstanding claims/ benefits including IBNR	11,835	-583
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	1,639	-565
Net claims/ benefits incurred	31,920	3,753
Policy acquisition costs	3,937	1,378
General and administrative expenses, insurance/ takaful operations	11,388	11,154
Other underwriting expenses	10,896	1,806
Total cost and expenses	58,141	18,091
Surplus (deficit) for period from insurance/ takaful operations	-21,922	-7,450
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	-21,922	-7,450
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0
Policyholders share of accumulated surplus, at start of period	0	0
Policyholders share of accumulated surplus, at end of period	0	0

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	-21,922	-7,450
Revenue [abstract]
Investment income	1,577	895
Realised gain (loss) on available-for-sale investments	8	0
Total revenue	1,585	895
Expenses [abstract]
General and administrative expenses, shareholders operations	444	356
Total expenses	444	356
Income (loss) from continuing operations before zakat and income tax	-20,781	-6,911
Zakat expenses on continuing operations for period	0	0
Income tax on continuing operations for period	0	0
Profit (loss) from continuing operations	-20,781	-6,911
Income (loss) from discontinued operations [abstract]
Income (loss) from discontinued operations	0	0
Gain (loss) on disposal of discontinued operations	0	0
Profit (loss) from discontinued operations before zakat and income tax	0	0
Zakat expenses on discontinued operations for period	0	0
Profit (loss) from discontinued operations	0	0
Profit (loss) for the period	-20,781	-6,911
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	-19,881.1827	-6,611.7537
Profit (loss), attributable to non-saudi shareholders of company	-899.8173	-299.2463
Profit (loss), attributable to non-controlling interests	0	0
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	-0.99	-0.4
Basic earnings (loss) per share from discontinued operations	0	0
Total basic earnings (loss) per share	-0.99	-0.4
Diluted earnings (loss) per share [abstract]
Diluted earnings (loss) per share from continuing operations	0	0
Diluted earnings (loss) per share from discontinued operations	0	0
Total diluted earnings (loss) per share	0	0
Weighted average number of equity shares outstanding	20941.124	17360

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0
Other comprehensive income [abstract]
Components of other comprehensive income that will not be reclassified to profit or loss [abstract]
Gains (losses) on revaluation of property and equipment	0	0
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss	0	0
Total other comprehensive income that will not be reclassified to profit or loss	0	0
Components of other comprehensive income that will be reclassified to profit or loss [abstract]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss	0	0
Foreign currency translation [abstract]
Gains (losses) on exchange differences on translation of foreign operations	0	0
Total other comprehensive income (loss), foreign currency translation	0	0
Cash flow hedges [abstract]
Gains (losses) on cash flow hedges, net	0	0
Total other comprehensive income (loss), cash flow hedges	0	0
Available-for-sale financial assets [abstract]
Gains (losses) on remeasuring available-for-sale financial assets	0	0
Total other comprehensive income (loss), available-for-sale financial assets	0	0
Hedges of net investment in foreign operations [abstract]
Gains (losses) on hedges of net investments in foreign operations	0	0
Total other comprehensive income (loss), hedges of net investment in foreign operations	0	0
Other comprehensive gains (losses) that will be reclassified to profit or loss	0	0
Total other comprehensive income (loss), that will be reclassified to profit or loss	0	0
Total other comprehensive income (loss)	0	0
Total comprehensive income (loss) for period	0	0

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	-20,781	-6,911
Other comprehensive income [abstract]
Components of other comprehensive income that will not be reclassified to profit or loss [abstract]
Gains (losses) on revaluation of property, plant and equipment	0	0
Total other comprehensive income that will not be reclassified to profit or loss	0	0
Components of other comprehensive income that will be reclassified to profit or loss [abstract]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss	0	0
Foreign currency translation [abstract]
Gains (losses) on exchange differences on translation of foreign operations	0	0
Total other comprehensive income (loss), foreign currency translation	0	0
Cash flow hedges [abstract]
Gains (losses) on cash flow hedges, net	0	0
Total other comprehensive income (loss), cash flow hedges	0	0
Available-for-sale financial assets [abstract]
Gains (losses) on remeasuring available-for-sale financial assets	140	0
Total other comprehensive income (loss), available-for-sale financial assets	140	0
Hedges of net investment in foreign operations [abstract]
Gains (losses) on hedges of net investments in foreign operations	0	0
Total other comprehensive income (loss), hedges of net investment in foreign operations	0	0
Other comprehensive gains (losses) that will be reclassified to profit or loss	0	0
Total other comprehensive income (loss), that will be reclassified to profit or loss	140	0
Total other comprehensive income (loss)	140	0
Total comprehensive income (loss) for period	-20,641	-6,911
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	-19,747.2447	-6,611.7537
Total comprehensive income (loss), attributable to non-saudi shareholders of company	-893.7553	-299.2463
Total comprehensive income (loss), attributable to non-controlling interests	0	0

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of cash flows, indirect method [abstract]
Statement of cash flows, insurance/ takaful operations [abstract]
Cash flows from (used in) operating activities, insurance/ takaful operations [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	366	321
Adjustments for employees end of service benefits	549	452
Adjustments for allowance for doubtful receivables	-75	527
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	840	1,300
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-26,690	-9,060
Adjustments for decrease (increase) in prepayments and other assets	-2,573	-1,241
Adjustments for increase (decrease) in outstanding claims including IBNR	11,834	-583
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	-14,146	6,985
Adjustments for increase (decrease) in accrued expenses and other liabilities	7,118	877
Adjustments for increase (decrease) in accrued commission income	9	-20
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	1,638	-287
Adjustments for decrease (increase) in deferred policy acquisition costs	-4,719	-1,772
Adjustments for decrease (increase) in due from shareholders operations	-22,004	-7,561
Adjustments for movement in gross unearned premiums/ contributions	50,741	17,538
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	7,105	-4,526
Adjustment for changes in other technical reserves	8,112	392
Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow	-23,920	-3,174
Total changes in operating assets and liabilities	-7,495	-2,432
Net cash flows from (used in) insurance/ takaful operations	-6,655	-1,132
Net cash flows from (used in) operating activities, insurance/ takaful operations	-6,655	-1,132
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Purchase of property and equipment, insurance/ takaful operations cash flow	531	749
Net cash flows from (used in) investing activities, insurance/ takaful operations	-531	-749
Cash flows from (used in) financing activities, insurance/ takaful operations [abstract]
Adjustments for decrease (increase) in due from shareholders operations	0	0
Net cash flows from (used in) financing activities, insurance/ takaful operations	0	0
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-7,186	-1,881
Net increase (decrease) in cash and cash equivalents	-7,186	-1,881
Cash and cash equivalents at beginning of period	25,935	20,138
Cash and cash equivalents at end of period	18,749	18,257
Non-cash supplemental information, insurance/ takaful operations [abstract]
Operational cash flows from interest and dividends [abstract]
Interest paid, insurance/ takaful operations	0	0
Interest received, insurance/ takaful operations	31	0
Dividend received, insurance/ takaful operations	0	0

Start Date	2019-01-01	2018-01-01
End Date	2019-03-31	2018-03-31
Statement of cash flows, indirect method [abstract]
Statement of cash flows [abstract]
Cash flows from (used in) operating activities [abstract]
Net profit (loss) for period [abstract]
Income (loss) from continuing operations before zakat and income tax	-20,781	-6,911
Profit (loss) from discontinued operations before zakat and income tax	0	0
Net profit (loss) for period (before zakat expenses and income tax)	-20,781	-6,911
Adjustments to reconcile profit (loss) [abstract]
Adjustments for unrealised loss (gain) on investments held as fair value through statement of income, shareholders cash flow	0	0
Total adjustments to reconcile profit (loss)	0	0
Changes in operating assets and liabilities [abstract]
Adjustments for increase (decrease) in accrued expenses and other liabilities, shareholders cash flow	-2,733	246
Adjustments for increase (decrease) in amount due to related parties, shareholders cash flow	22,004	7,561
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-302	42
Total changes in operating assets and liabilities	18,969	7,849
Net cash flows from (used in) operations	-1,812	938
Zakat expenses	0	0
Net cash flows from (used in) operating activities	-1,812	938
Cash flows from (used in) investing activities [abstract]
Purchase of available-for-sale investments	3,118	0
Purchase of held-to-maturity investments	1,164	0
Purchase of term deposits investments	718	675
Net cash flows from (used in) investing activities	-5,000	-675
Cash flows from (used in) financing activities [abstract]
Proceeds from issuing shares	100,000	0
Net cash flows from (used in) financing activities	100,000	0
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	93,188	263
Effect of exchange rate changes on cash and cash equivalents	0	0
Net increase (decrease) in cash and cash equivalents	93,188	263
Cash and cash equivalents at beginning of period	13,289	8,725
Cash and cash equivalents at end of period	106,477	8,988

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2019-01-01

End Date

2019-03-31

Notes forming part of accounts [line items]

Disclosure of notes and other explanatory information [text block]

Disclosure of general information about reporting entity [abstract]

Disclosure of general information about reporting entity [text block]

Amana Cooperative Insurance Company (the “Company”) is a Saudi Joint Stock Company registered in the Kingdom of Saudi Arabia under Commercial Registration No. 1010288711 dated Jumada Al-Akher 10, 1431 H (corresponding to May 24, 2010). The address of the Company’s Head Office is as follows:

P. O. Box 27986

Riyadh 11427, Kingdom of Saudi Arabia

The objective of the Company is to engage in providing insurance services in accordance with its Articles of Association and the applicable regulations in the Kingdom of Saudi Arabia.

These interim condensed financial statements include the year from 1 January 2019 to 31 March 2019 (period)

It was update the company’s by-laws to comply with the companies’ regulations, issued on 1437 H, corresponding 2015.

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

BASIS OF PREPARATION

Statement of compliance

The interim condensed financial information of the Company for the three month then ended 31 march 2019 has been prepared in accordance with ‘International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as modified by SAMA for the accounting of zakat and income tax’, which requires, adoption of all IFRSs as issued by the International Accounting Standards Board (“IASB”) except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax. As per the SAMA Circular no. 381000074519 dated April 11, 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), the zakat and income tax are to be accrued on a quarterly basis through shareholders equity under retained earnings, This change will not result in any change in the Company's accounting policies in respect of Zakat and income tax.

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 2018. Company financial statements has been prepared in accordance to international financial reporting standards, that is a change in framework, however it will not result in any change in the company’s accounting policies in respect to Zakat and income tax.

Management believes that the interim condensed financial statements provide all adjustments (including regular adjustments), the interim condensed financial statements may not be considered indicative of the expected results for the full year.

Basis of preparation

Financial Statements are prepared under the going concern convention using the accrual basis of accounting. The historical cost convention is followed except for the measurement at fair value of available for sale investments.

The accounting policies, estimates and assumptions used in the preparation of the unaudited interim condensed financial statements are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2018.

The IFRS standards referred to in Note 3 below have had no material impact on the reported amounts in the unaudited interim condensed financial statements for the current or prior years.

Functional and presentation currency

The interim condensed financial statements are presented in Saudi Riyals being the functional & presentational currency of the Company, the amounts with thousands SR unless otherwise stated.

Disclosure of new standards and amendments in standards [text block]

3. INTRODUCTION OF IFRS 9, IFRS 16 AND IFRS 17

In November 2018 IASB proposed a one year deferral of the effective date for IFRS 17 to 01 January 2022 along with a temporary exemption for insurers to apply IFRS 9 so that both IFRS 9 and IFRS 17 will be applied at the same time. The proposed deferral is subject to public consultation which is expected in 2019.

IFRS 9: Financial Instruments (including amendments to IFRS 4, Insurance Contracts)

In July 2014, IASB published IFRS 9 Financial Instruments which will replace IAS 39 Financial Instruments: Recognition and Measurement. The standard incorporates new classification and measurement requirements for financial instruments, the introduction of an expected credit loss impairment model which will replace the incurred loss model of IAS 39 and new hedge accounting requirements.

Under IFRS 9, all financial instruments will be measured at either amortized cost or fair value. The basis of classification will depend on the business model and the contractual cash flow characteristics of the financial instruments.

The standard retains most of IAS 39 requirements for financial liabilities except for those designated at fair value through income statement whereby that part of the fair value changes attributable to own credit is to be recognized in other comprehensive income instead of the income statement. The hedge accounting requirements are more closely aligned with risk management practices and follow a more principle based approach.

Temporary exemption from IFRS 9:

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 to IFRS 4 allow two options for insurers regarding adoption of IFRS 9: deferral approach or 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 contracts standard or 01 January 2022. The overlay approach allows an entity to remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contracts standard is applied.

The Company is eligible to and has applied the deferral approach.

The impact of the adoption of IFRS 9 on the Company’s Financial Statements will, to a large extent, have to take into account the interaction with the forthcoming accounting standard for insurance contracts and as such it is not possible to fully assess the effect of the adoption of IFRS 9.

IFRS 16: Leases

The Company has adopted IFRS 16 with effect from 01 January 2019. The adoption of IFRS 16 does not have material impact on the reported income and accordingly no adjustment has been made in the unaudited interim condensed financial statements for the three month period ended 31 March 2019.

IFRS 17: Insurance Contracts

In May 2017 the IASB published IFRS 17 which applies to annual reporting periods on or after 01 January 2022 and replaces IFRS 4. The Company has decided not to adopt IFRS 17 early as would be permitted in certain circumstances.

IFRS 17 applies to virtually all insurance contracts, reinsurance contracts and investment contracts with insurance benefits and discretionary participation features.

The Company expects adoption of IFRS 17 to have a material impact on measurement and disclosure of insurance and reinsurance contracts that will affect the statement of income and statement of financial position.

Disclosure of notes forming part of accounts [abstract]

Disclosure of investments [text block]

7. INVESTMENTS

Investments are classified as follows:

	March 31, 2019 (Unaudited)			December 31, 2018 (Audited)
	SAR ’000				SAR ’000
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
Available for sale investments	1,923	9,806	11,729	1,923	6,548	8,471
Held to maturity investments	-	48,336	48,336	-	47,172	47,172
Total	1,923	58,142	60,065	1,923	53,720	55,643

*Investments for insurance operations represent an equity investment in Najm for Insurance Services Company (“Najm”) which is stated at cost because there are no active markets or other reliable means of measuring fair value.

Investments for shareholders’ operations are comprised as follows:

	Shareholders’ operations
	March 31, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000	SAR’000
Local investments (current)	9,806	6,548
Local investments – debt instruments	43,357	42,218
Foreign investments – debt instruments	4,979	4,954
Closing balance	58,142	53,720

The movements in available for sale investments for shareholders’ operations as follows:

	Shareholders’ operations
	March 31, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000	SAR’000
Opening balance	6,548	-
Additions	4,610	7,850
Disposals	(1,609)	(1,419)
Changes in fair value of available for sale investments	257	117
Closing balance	9,806	6,548

7. INVESTMENTS (CONTINUED)

The movements in held to maturity investments for shareholders’ operations as follows:

	Shareholders’ operations
	March 31, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000	SAR’000
Opening balance	47,172	-
Additions	1,064	47,004
Disposals	-	-
Sukok discount	100	168
Closing balance	48,336	47,172

FAIR 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 liability

The fair values of on-balance sheet financial instruments are not significantly different from their carrying amounts included in the interim condensed financial information.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments:

Level 1: quoted prices in active markets for the same or identical instrument that an entity can access at the measurement date;

Level 2: quoted prices in active markets for similar assets and liabilities or other valuation techniques for which all significant inputs are based on observable market data; and

Level 3: valuation techniques for which any significant input is not based on observable market data.

7. INVESTMENTS (CONTINUED)

FAIR VALUES OF FINANCIAL INSTRUMENTS (CONTINUED)

a) Carrying amounts and fair value

The following table shows the carrying amount and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial instruments measured at fair value.

		Fair value
		SAR’000
	Carrying value	Level 1	Level 2	Level 3	Total
March 31, 2019 (Unaudited)

Available for sale investments
Shares	11,729	9,806	-	1,923	11,729
Held to maturity investments
Sukok	48,336	-	48,336	-	48,336
	60,065	9,806	48,336	1,923	60,065

		Fair value
		SAR’000
	Carrying value	Level 1	Level 2	Level 3	Total
December 31, 2018 (Audited)

Available for sale investments
Shares	8,471	6,548	-	1,923	8,471
Held to maturity investments
Sukok	47,172	-	47,172	-	47,172
	55,643	6,548	47,172	1,923	55,643

For the period ended 31 March 2019, there were no transfers between Level I and Level 2 fair value measurements, and no transfer into or out of level 3 fair value measurements.

Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block]

6. PREMIUMS AND REINSURERS’ RECEIVABLE - NET

Premiums and reinsurers’ receivable comprise amounts due from the following:

	March 31, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000	SAR’000
Policyholders	31,237	24,100
Brokers and agents	34,509	13,971
Receivables from reinsurers	5,610	6,595
	71,356	44,666
Provision for doubtful receivables	(23,720)	(23,880)
	47,636	20,786

Disclosure of due from related parties [text block]

4. RELATED PARTY TRANSACTIONS AND BALANCES

Related parties represent major shareholders, directors and key management personnel of the Company, and companies of which they are principal owners and any other entities controlled, jointly controlled or significantly influenced by them. Pricing policies and terms of these transactions are approved by the Company’s management and Board of Directors. The following are the details of the major related party transactions during the period and the related balances:

	Amounts of transactions			Balance receivable / (payable) as at
	For the three month period ended			31 March 2019 (Unaudited)	31 December 2018 (Audited)
Related parties	31 March 2019 (Unaudited)	31 March 2018 (Unaudited)
	SAR’000
El Seif companies group
- Insurance premium written	31,298	5,410		24,753	226
- Paid claims	521	203		-	-
	31,819	5,613		24,753	226
El Tukhy companies group
- Insurance premium written	7	180		761	1,042
- Paid claims	37	-		-	-
	44	180		761	1,042
Total				25,514	1,268
Less:
Provision for doubtful debts				(620)	(535)
Related parties – net				24,894	733

Globe-Med
Administration fees for handling medical claims and others	3,581		1,246	(3,077)	(1,258)

Compensation of key management personnel

The compensation of key management personnel during the period ended is as follows:

	March 31, 2019 (Unaudited)	March 31, 2018 (Unaudited)
	SAR’000
Salaries and other allowances	1,156	608
End of service indemnities	48	60
	1,204	668

Disclosure of cash and cash equivalents [text block]

4. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise of the following:

	March 31, 2019 (Unaudited)			December 31, 2018 (Audited)
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
		SAR ’000			SAR ’000
Cash in hand	44	-	44	-	-	-
Short-term deposits	7,000	-	7,000	-	-	-
Banks’ current accounts	11,705	106,477	118,182	25,935	13,289	39,224
Total	18,749	106,477	125,226	25,935	13,289	39,224

Banks’ current accounts are deposited with other parties with a good credit rating.

The Company deposited short time deposits that mature during three month or less from the date of the deposit and earned an average commission rate of 2.6% annually (December 31, 2018: Nil).

The book value disclosed above approximates the fair value at the date of preparation of the interim condensed financial statements.

Disclosure of gross outstanding claims/ benefits [text block]

8. TECHNICAL RESERVES

8.1 Net outstanding claims and reserves

Net outstanding claims and reserves comprise of the following:

	March 31, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000	SAR’000
Outstanding claims	52,064	55,091
Claims incurred but not reported	30,637	15,776
Premium deficiency reserve	23,955	15,867
Other technical reserves	1,640	1,616
	108,296	88,350
Less:
- Reinsurers’ share of outstanding claims	(25,089)	(25,560)
- Reinsurers’ share of claims Incurred but not reported	(6,544)	(7,711)
	(31,633)	(33,271)
	76,663	55,079

8.2 Movement in unearned premiums

Movement in unearned premiums comprise of the following:

	March 31, 2019 (Unaudited)			December 31, 2018 (Audited)
	Gross	Reinsurance	Net	Gross	Reinsurance	Net
		*SAR ’000*			SAR ’000
Opening balance	65,334	(17,189)	48,145	34,396	(14,846)	19,550
Premiums written during the year	96,751	(3,651)	93,100	137,446	(46,317)	91,129
Premiums earned during the year	(46,010)	10,756	(35,254)	(106,508)	43,974	(62,534)
Closing balance	116,075	(10,084)	105,991	65,334	(17,189)	48,145

Disclosure of zakat [text block]

4. ACCRUED ZAKAT AND INCOME TAX

a) The movement in zakat and income tax provision during the period/year is as follows:

	March 31, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000
At beginning of the period/year	9,516	9,149
Charge for the period/year	95	2,705
Reversal for the period/year	-	(1,118)
Paid during the period/year	-	(1,220)
At end of the period/year	9,611	9,516

The zakat provision is based on Saudi Shareholders’ share of capital at 98.98%.

The income tax provision is based on Non Saudi Shareholders’ share of capital at 1.02%.

b) Zakat, income tax and withholding Tax

1- Zakat, income tax:

The Company has filed its zakat returns for all years up to 31 December 2018 with the Department of Zakat and Income Tax (DZIT)

Up till 2017, the assessments for the years ended 2009 to 2011 were finalized whereby DZIT imposed additional charge on the Company amounting of SR 11.78 million. The decision of DZIT was challenged by the Company in the Preliminary Committee and the decision was given in favor of DZIT. However, the Company challenged the decision in Appellate Committee and deposited a bank guarantee of SR 11.78 million. The final decision is awaited.

For the assessments of 2012 to 2013 and 2015 to 2016, DZIT imposed an additional charge of SR 6.85 million and SR 8.49 million respectively. The Company has objected against these assessments and is under discussion with the DZIT as of 31 December 2018.

2- Withholding Tax:

The Company has filed its withholding tax returns for all months till March 31, 2019.

Disclosure of earnings per share [text block]

4. BASIC AND DILUTED LOSS PER SHARE-ADJUSTED

The weighted average number of shares retroactively for all prior periods under IAS 33 Earnings per Share has been adjusted as follows:

	For the three months period ended
	March 31, 2019 (Unaudited)	March 31, 2018 (Unaudited)
Issued shares on 1 January	14,000,000	14,000,000
Right issues	6,941,124	3,360,000
Weighted average number of shares	20,941,124	17,360,000

The weighted average number of shares is calculated using an adjustment factor of 1.24 which is the previous equity of SAR 14.95 and the closing price per share is SR 18.48 per share on 3 February 2019 on the last day of trading prior to the issue of rights issue.

Basic and diluted loss per share was as follow:

	For the three months period ended
	March 31, 2019 (Unaudited)	March 31, 2018 (Unaudited)
Net loss for the period	(20,781)	(6,911)
Weighted average number of shares	20,941	17,360
Basic loss per share – Adjusted	(0.99)	(0.40)

Disclosure of entity's operating segments [text block]

10. 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 interim 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 Property and equipment, prepaid expenses and other assets, Investments, Short term deposits, Cash and cash equivalents, statutory deposits, Statutory deposits investment returns. Accordingly, they are included in unallocated assets.

Segment liabilities do not include End-of-service indemnities, Payables, accrued and other liabilities, other reserves, Accrued surplus distribution, Actuarial loss of advantages specific programs, Zakat and income tax, statutory deposits investment returns. Accordingly, they are included in unallocated liabilities.

General and administrative expenses, commission income and other income for insurance operations were not distributed include the different segments.

These unallocated assets and liabilities are reported to chief operating decision maker under related segments and are monitored on a centralized basis.

10-OPERATING SEGMENTS (CONTINUED)

		As at March 31, 2019
		(Unaudited)
	Insurance operations					Shareholders’ operations
Operating segments	Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders’ operations	Total
	SAR ’000
Assets
Cash and cash equivalents	-	-	-	18,749	18,749	106,477	125,226
Premiums and reinsurers’ receivable - net	35,028	4,773	2,278	5,557	47,636	-	47,636
Reinsurers’ share of unearned premiums	6,224	-	3,860	-	10,084	-	10,084
Reinsurers’ share of outstanding claims	12,196	11,992	901	-	25,089	-	25,089
Reinsurers’ share of claims Incurred but not reported	3,356	264	2,924	-	6,544	-	6,544
Deferred policy acquisition costs	9,086	625	404		10,115	-	10,115
Due from related parties	22,858	1,908	128	-	24,894	-	24,894
Investments	-	-	-	1,923	1,923	58,142	60,065
Unallocated assets	-	-	-	24,584	24,584	152,526	177,110
	88,748	19,562	10,495	50,813	169,618	317,145	486,763

Liabilities
Policyholders claims payable	419	3,031	1,582	-	5,032	-	5,032
Reinsurers' balances payable	-	-	-	9,790	9,790	-	9,790
Unearned premiums	103,361	6,955	5,759	-	116,075	-	116,075
Unearned reinsurance commission	-	-	893	-	893	-	893
Outstanding claims	22,151	28,831	1,082	-	52,064	-	52,064
Claims incurred but not reported	22,457	4,413	3,767	-	30,637	-	30,637
Premium deficiency reserve	21,273	1,119	1,563	-	23,955	-	23,955
Other reserves	597	553	490	-	1,640	-	1,640
Unallocated liabilities	-	-	-	58,310	58,310	13,558	71,868
	170,258	44,902	15,136	68,100	298,396	13,558	311,954
Equity	-	-	-	-	-	174,809	174,809
	170,258	44,902	15,136	68,100	298,396	188,367	486,763

10-OPERATING SEGMENTS (CONTINUED)

		As at December 31, 2018
		(Audited)
	Insurance operations					Shareholders’ operations
Operating segments	Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders’ operations	Total
	SAR ’000
Assets
Cash and cash equivalents	-	-	-	25,935	25,935	13,289	39,224
Premiums and reinsurers’ receivable – net	7,422	4,636	2,186	6,542	20,786	-	20,786
Reinsurers’ share of unearned premiums	12,911	-	4,278	-	17,189	-	17,189
Reinsurers’ share of outstanding claims	12,005	12,587	968	-	25,560	-	25,560
Reinsurers’ share of claims Incurred but not reported	1,919	1,981	3,811	-	7,711	-	7,711
Deferred policy acquisition costs	4,674	371	351	-	5,396	-	5,396
Due from related parties	-	532	201	-	733	-	733
Investments	-	-	-	1,923	1,923	53,720	55,643
Unallocated assets	-	-	-	21,846	21,846	151,389	173,235
Total assets	38,931	20,107	11,795	56,246	127,079	218,398	345,477

Liabilities
Policyholders claims payable	407	2,694	1,570	-	4,671	-	4,671
Reinsurers' balances payable	-	-	-	23,936	23,936	-	23,936
Unearned premiums	54,505	4,744	6,085	-	65,334	-	65,334
Unearned reinsurance commission	-	-	884	-	884	-	884
Outstanding claims	24,075	29,818	1,198	-	55,091	-	55,091
Claims incurred but not reported	6,001	5,034	4,741	-	15,776	-	15,776
Premium deficiency reserve	13,195	731	1,941	-	15,867	-	15,867
Other reserves	597	600	419	-	1,616	-	1,616
Unallocated liabilities	-	-	-	50,678	50,678	16,079	66,757
	98,780	43,621	16,838	74,614	233,853	16,079	249,932
Equity	-	-	-	-	-	95,545	95,545
	98,780	43,621	16,838	74,614	233,853	111,624	345,477

10-OPERATING SEGMENTS (Continued)

*Interim condensed statement of income*	For the three months period ended 31 March 2019 (Unaudited)
	SAR’000
	Medical	Motor	Property & casualty	Unallocated	Total
REVENUES
Gross premiums written	89,080	5,312	2,359	-	96,751
Reinsurance premiums ceded
- Local	-	-	(280)	-	(280)
- Foreign	(987)	-	(1,034)	-	(2,021)
Excess of loss expenses	(960)	(311)	(79)	-	(1,350)
Net premiums written	87,133	5,001	966	-	93,100
Changes in unearned gross premiums	(48,856)	(2,211)	326	-	(50,741)
Changes in reinsurance share of unearned gross premiums	(6,687)	-	(418)	-	(7,105)
Net premiums earned	31,590	2,790	874	-	35,254
Reinsurance commissions	-	-	360	-	360
Other income	-	373	201	-	574
TOTAL REVENUES	31,590	3,163	1,435	-	36,188

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	(27,555)	(3,078)	25	-	(30,608)
Reinsurers’ share of claims paid	11,686	507	(31)	-	12,162
Net claims paid	(15,869)	(2,571)	(6)	-	(18,446)
Changes in gross outstanding claims	1,924	987	115		3,026
Changes in reinsurers’ share of gross outstanding claims	192	(595)	(68)	-	(471)
Changes in gross incurred claims but not reported	(16,456)	621	974	-	(14,861)
Changes in reinsurers’ share of gross incurred claims but not reported	1,436	(1,717)	(887)	-	(1,168)
Net claims incurred	(28,773)	(3,275)	128	-	(31,920)
Change in premiums deficiency reserve	(8,078)	(388)	378	-	(8,088)
Change in other technical reserves	-	47	(71)	-	(24)
Policy acquisition costs	(3,524)	(253)	(160)	-	(3,937)
Other underwriting expenses	(2,534)	(186)	(64)	-	(2,784)
Total underwriting costs and expenses	(42,909)	(4,055)	211	-	(46,753)
NET UNDERWRITING LOSS	(11,319)	(892)	1,646	-	(10,565)
Other operating revenue /( expenses)
Doubtful debts	-	-	-	75	75
General and administrative expenses	-	-	-	(11,463)	(11,463)
Deposits and investments income	-	-	-	31	31
Realized (Loss) / gain from sale of available for sale investments	-	-	-	-	-
Total other operating revenue /(expenses)	-	-	-	(11,357)	(11,357)
NET DEFICIT FROM INSURANCE OPERATION FOR THE PERIOD	(11,319)	(892)	1,646	(11,357)	(21,922)

10-OPERATING SEGMENTS (CONTINUED)

Gross premiums written	Medical	Motor	Property & casualty	Protection & Saving	Total
	SAR’000
- large establishments	54,052	4,034	2,161	-	60,247
- Medium establishments	13,913	763	122	-	14,798
- Small establishments	4,741	336	70	-	5,147
- Very small establishments	16,374	-	6	-	16,380
- Individual	-	179	-	-	179
	89,080	5,312	2,359	-	96,751

10-OPERATING SEGMENTS (CONTINUED)

*Interim condensed statement of income*	For the three months period ended 31 March 2018 (Unaudited)
	SAR’000
	Medical	Motor	Property & casualty	Unallocated	Total
REVENUES
Gross premiums written	23,453	5,945	6,641	-	36,039
Reinsurance premiums ceded
- Local	-	-	(4,944)	-	(4,944)
-Foreign	(8,914)	-	-	-	(8,914)
Excess of loss expenses	-	(665)	(92)	-	(757)
Net premiums written	14,539	5,280	1,605	-	21,424
Changes in unearned gross premiums	(14,287)	789	(4,052)	-	(17,550)
Changes in reinsurance share of unearned gross premiums	4,766	(3,202)	2,962	-	4,526
Net premiums earned	5,018	2,867	515	-	8,400
Reinsurance commissions	(84)	542	564	-	1,022
Other income	-	384	835		1,219
TOTAL REVENUES	4,934	3,793	1,914	-	10,641

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	(2,749)	(6,647)	(537)	-	(9,933)
Reinsurers’ share of claims paid	1,110	3,450	472	-	5,032
Net claims paid	(1,639)	(3,197)	(65)	-	(4,901)
Changes in gross outstanding claims	(3,473)	114	2,399	-	(960)
Changes in reinsurers’ share of gross outstanding claims	1,777	69	(1,987)		(141)
Changes in gross incurred claims but not reported	(711)	2,687	(433)		1,543
Changes in reinsurers’ share of gross incurred claims but not reported	1,190	(1,188)	704	-	706
Net claims incurred	(2,856)	(1,515)	618	-	(3,753)
Change in premiums deficiency reserve	170	(917)	(287)	-	(1,034)
Change in other technical reserves	-	-	375	-	375
Policy acquisition costs	(744)	(467)	(167)	-	(1,378)
Other underwriting expenses	(656)	(430)	(61)	-	(1,147)
Total underwriting costs and expenses	(4,086)	(3,329)	478	-	(6,937)
NET UNDERWRITING INCOME	848	464	2,392	-	3,704
Other operating revenue /( expenses)
Doubtful debts	-	-	-	(527)	(527)
General and administrative expenses	-	-	-	(10,627)	(10,627)
Deposits and investments income	-	-	-	-	-
Realized (Loss) / gain from sale of available for sale investments	-	-	-	-	-
Total other operating revenue /(expenses)	-	-	-	(11,154)	(11,154)
NET DEFICIT FROM INSURANCE OPERATION	848	464	2,392	(11,154)	(7,450)

Disclosure of capital management [text block]

4. CAPITAL 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.

Disclosure of comparative figures [text block]

4. COMPARTIVE FIGURES

Certain prior period figures have been reclassified to conform to the current period presentation.

Disclosure of board of director's approval of the financial statements [text block]

18. Approval of the interim condensed financial statement

The interim condensed financial statement have been approved by the Board of Directors, on 12 May 2019 corresponding to 7 Ramadan 1440H.

[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