	English [member]
Start Date	2019-04-01	2018-04-01
End Date	2019-06-30	2018-06-30
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 2
Reporting period start date	2019-04-01	2018-04-01
Reporting period end date	2019-06-30	2018-06-30
Description of nature of financial statements	Consolidated
Status of financial statements	Reviewed
Description of presentation currency	Saudi Arabia, Riyals
Level of rounding used in financial statements	Thousands

	English [member]
Start Date	2019-04-01
End Date	2019-06-30
Auditors report [line items]
Contents of auditors report [abstract]
Nature of auditors opinion	Unmodified opinion
Auditors opinion	Conclusion: Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial information is not prepared, in all material respects, in accordance with IAS 34, as endorsed in the Kingdom of Saudi Arabia.
Basis of opinion	Scope of Review: We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, as endorsed in the Kingdom of Saudi Arabia. A review of the interim condensed 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 (ISAs), 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	2019-08-04

Start Date	2019-01-01	2018-01-01	2018-01-01
End Date	2019-06-30	2018-12-31	2018-06-30
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	4,116	3,439	2,955
Due from related parties, insurance/ takaful operations assets	3,107	733	2,703
Deferred policy acquisition costs	9,821	5,396	5,418
Reinsurers/ retakaful share of unearned premiums/ contributions	7,706	17,189	23,663
Prepayments and other assets, insurance/ takaful operations assets	18,036	18,407	13,717
Due from shareholders operations	125,903	106,774	91,493
Premiums/ insurance receivables/takaful contributions receivable, net	69,056	20,786	24,109
Reinsurers/ retakaful share of outstanding claims/ benefits, net	28,359	33,271	74,045
Available-for-sale investments, insurance/ takaful operations assets	1,923	1,923	1,923
Cash and cash equivalents, insurance/ takaful operations assets	29,789	25,935	31,771
Total insurance/ takaful operations assets	297,816	233,853	271,797
Shareholders assets [abstract]
Investments held-to-maturity, shareholders assets	48,436	47,172	62,600
Statutory deposit	36,000	21,000	21,000
Prepayments and other assets, shareholders assets	16,516	16,090	12,562
Time (Murabaha) deposits, shareholders assets	186,515	112,350	0
Accrued investment income	2,197	1,949	1,783
Available-for-sale investments, shareholders assets	13,900	6,548	0
Cash and cash equivalents, shareholders assets	7,254	13,289	114,386
Total shareholders assets	310,818	218,398	212,331
Total assets	608,634	452,251	484,128
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	113,542	65,334	63,546
Unearned commission income	1,374	884	1,392
Employees end of service benefits, insurance/ takaful operations liabilities	3,526	2,763	2,632
Surplus distribution payable	779	779	779
Reinsurers/ retakaful balance payable	3,816	23,936	26,354
Gross outstanding claims/ benefits including IBNR payable	85,734	70,867	112,489
Other technical reserves	21,105	17,483	6,119
Accrued expenses payable, insurance/ takaful operations liabilities	67,940	51,807	58,486
Total insurance/ takaful operations liabilities	297,816	233,853	271,797
Total insurance/ takaful operations liabilities and surplus (deficit)	297,816	233,853	271,797
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	9,841	9,516	8,145
Due to insurance/ takaful operations	125,903	106,774	91,493
Accrued expenses payable, shareholders liabilities	1,946	4,614	1,094
Other liabilities, shareholders liabilities	2,197	1,949	1,783
Total shareholders liabilities	139,887	122,853	102,515
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	1,004	117	0
Retained earnings (accumulated losses)	-70,073	-44,572	-30,184
Total equity attributable to owners of parent	170,931	95,545	109,816
Total equity attributable to equity holders of company	170,931	95,545	109,816
Total shareholders liabilities and equity	310,818	218,398	212,331
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	608,634	452,251	484,128

Start Date	2019-04-01	2018-04-01	2019-01-01	2018-01-01
End Date	2019-06-30	2018-06-30	2019-06-30	2018-06-30
Statement of insurance/ takaful operations [abstract]
Statement of insurance/ takaful operations and accumulated surplus (deficit) [abstract]
Income from insurance/ takaful operations [abstract]
Net premiums/ contributions earned [abstract]
Net premiums/ contributions written [abstract]
Gross premiums/ contributions written	50,151	34,750	146,902	70,789
Excess of loss expense	1,350	443	2,700	1,200
Reinsurance/ retakaful premiums ceded	5,096	13,009	7,397	26,867
Net premiums/ contributions written	43,705	21,298	136,805	42,722
Changes in unearned premiums/ contributions	-2,533	11,599	48,208	29,149
Reinsurance/ retakaful share of unearned premiums/ contributions	2,378	-4,291	9,483	-8,817
Net premiums/ contributions earned	43,860	13,990	79,114	22,390
Reinsurance/ retakaful commissions	490	645	850	1,667
Investment income from insurance/ takaful operations, net	46	0	77	0
Fees and other income from insurance/ takaful operations	3,073	834	3,647	2,053
Total income from insurance/ takaful operations	47,469	15,469	83,688	26,110
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	39,859	10,626	70,467	20,559
Reinsurance/ retakaful share of gross claims/ benefits paid	13,110	4,480	25,272	9,512
Net claims/ benefits paid	26,749	6,146	45,195	11,047
Changes in outstanding claims/ benefits including IBNR	3,031	-1,922	14,866	-2,505
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	3,273	-212	4,912	-777
Net claims/ benefits incurred	33,053	4,012	64,973	7,765
Policy acquisition costs	4,489	1,414	8,426	2,792
General and administrative expenses, insurance/ takaful operations	16,327	10,235	27,715	21,389
Other underwriting expenses	-1,536	-121	9,360	1,685
Total cost and expenses	52,333	15,540	110,474	33,631
Surplus (deficit) for period from insurance/ takaful operations	-4,864	-71	-26,786	-7,521
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	-4,864	-71	-26,786	-7,521
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0	0	0
Policyholders share of accumulated surplus, at end of period	0	0	0	0

Start Date	2019-04-01	2018-04-01	2019-01-01	2018-01-01
End Date	2019-06-30	2018-06-30	2019-06-30	2018-06-30
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	-4,864	-71	-26,786	-7,521
Revenue [abstract]
Investment income	2,079	864	3,656	1,759
Realised gain (loss) on available-for-sale investments			8	0
Total revenue	2,079	864	3,664	1,759
Expenses [abstract]
General and administrative expenses, shareholders operations	1,535	1,083	1,979	1,439
Total expenses	1,535	1,083	1,979	1,439
Income (loss) from continuing operations before zakat and income tax	-4,320	-290	-25,101	-7,201
Zakat expenses on continuing operations for period	305	888	400	215
Profit (loss) from continuing operations	-4,625	-1,178	-25,501	-7,416
Profit (loss) for the period	-4,625	-1,178	-25,501	-7,416
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	-4,577.825	-1,096.8358	-25,240.8898	-6,905.0376
Profit (loss), attributable to non-saudi shareholders of company	-47.175	-81.1642	-260.1102	-510.9624
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	-0.21	-0.07	-1.13	-0.43
Total basic earnings (loss) per share	-0.21	-0.07	-1.13	-0.43
Diluted earnings (loss) per share [abstract]
Diluted earnings (loss) per share from continuing operations	-0.21	-0.07	-1.13	-0.43
Total diluted earnings (loss) per share	-0.21	-0.07	-1.13	-0.43
Weighted average number of equity shares outstanding	22487556	17360000	22487556	17360000

Start Date	2019-04-01	2018-04-01	2019-01-01	2018-01-01
End Date	2019-06-30	2018-06-30	2019-06-30	2018-06-30
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0	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	0	0
Total other comprehensive income that will not be reclassified to profit or loss	0	0	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	0	0
Cash flow hedges [abstract]
Gains (losses) on cash flow hedges, net	0	0	0	0
Total other comprehensive income (loss), cash flow hedges	0	0	0	0
Available-for-sale financial assets [abstract]
Gains (losses) on remeasuring available-for-sale financial assets	0	0	0	0
Total other comprehensive income (loss), available-for-sale financial assets	0	0	0	0
Hedges of net investment in foreign operations [abstract]
Gains (losses) on hedges of net investments in foreign operations	0	0	0	0
Total other comprehensive income (loss), hedges of net investment in foreign operations	0	0	0	0
Other comprehensive gains (losses) that will be reclassified to profit or loss	0	0	0	0
Total other comprehensive income (loss), that will be reclassified to profit or loss	0	0	0	0
Total other comprehensive income (loss)	0	0	0	0
Total comprehensive income (loss) for period	0	0	0	0

Start Date	2019-04-01	2018-04-01	2019-01-01	2018-01-01
End Date	2019-06-30	2018-06-30	2019-06-30	2018-06-30
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	-4,625	-1,178	-25,501	-7,416
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	0	0
Total other comprehensive income that will not be reclassified to profit or loss	0	0	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	0	0
Foreign currency translation [abstract]
Other comprehensive income, foreign currency translation	0	0	0	0
Total other comprehensive income (loss), foreign currency translation	0	0	0	0
Cash flow hedges [abstract]
Gains (losses) on cash flow hedges, net	0	0	0	0
Total other comprehensive income (loss), cash flow hedges	0	0	0	0
Available-for-sale financial assets [abstract]
Gains (losses) on remeasuring available-for-sale financial assets	747	0	887	0
Total other comprehensive income (loss), available-for-sale financial assets	747	0	887	0
Total other comprehensive income (loss), that will be reclassified to profit or loss	747	0	887	0
Total other comprehensive income (loss)	747	0	887	0
Total comprehensive income (loss) for period	-3,878	-1,178	-24,614	-7,416
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	-3,838.4444	-1,096.8358	-24,362.9372	-6,905.0376
Total comprehensive income (loss), attributable to non-saudi shareholders of company	-39.5556	-81.1642	-251.0628	-510.9624

Start Date	2019-01-01	2018-01-01
End Date	2019-06-30	2018-06-30
Statement of cash flows, indirect method [abstract]
Statement of cash flows, insurance/ takaful operations [abstract]
Cash flows from (used in) operating activities, insurance/ takaful operations [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0
Adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation
Adjustments for depreciation, insurance/ takaful operations cash flow	759	662
Adjustments for employees end of service benefits	835	776
Adjustments for allowance for doubtful receivables	5,361	810
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	6,955	2,248
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-56,005	-9,810
Adjustments for decrease (increase) in prepayments and other assets	371	1,527
Adjustments for increase (decrease) in outstanding claims including IBNR	14,867	-2,506
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	-20,120	14,296
Adjustments for increase (decrease) in accrued expenses and other liabilities	15,699	3,205
Adjustments for increase (decrease) in accrued commission income	0	0
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	4,912	-421
Adjustments for decrease (increase) in deferred policy acquisition costs	-4,425	-2,950
Adjustments for decrease (increase) in unearned commission income	490	-112
Adjustments for decrease (increase) in due from shareholders operations	-19,129	-10,960
Adjustments for movement in gross unearned premiums/ contributions	48,208	29,139
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	9,483	-8,817
Adjustment for changes in other technical reserves	3,622	-386
Total changes in operating assets and liabilities	-2,027	12,205
Net cash flows from (used in) insurance/ takaful operations	4,928	14,453
Other inflows (outflows) of cash classified as operating activities, insurance/ takaful operations cash flow	362	-1,826
Net cash flows from (used in) operating activities, insurance/ takaful operations	5,290	12,627
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Purchase of property and equipment, insurance/ takaful operations cash flow	1,436	994
Net cash flows from (used in) investing activities, insurance/ takaful operations	-1,436	-994
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	3,854	11,633
Net increase (decrease) in cash and cash equivalents	3,854	11,633
Cash and cash equivalents at beginning of period	25,935	20,138
Cash and cash equivalents at end of period	29,789	31,771
Non-cash supplemental information, insurance/ takaful operations [abstract]
Operational cash flows from interest and dividends [abstract]
Interest paid, insurance/ takaful operations	0	0

Start Date	2019-01-01	2018-01-01
End Date	2019-06-30	2018-06-30
Statement of cash flows, indirect method [abstract]
Statement of cash flows [abstract]
Cash flows from (used in) operating activities [abstract]
Net profit (loss) for period [abstract]
Income (loss) from continuing operations before zakat and income tax	-25,101	-7,201
Net profit (loss) for period (before zakat expenses and income tax)	-25,101	-7,201
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	-2,668	-747
Adjustments for increase (decrease) in due to insurance/ takaful operations	19,129	10,960
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-626	-531
Total changes in operating assets and liabilities	15,835	9,682
Net cash flows from (used in) operations	-9,266	2,481
Zakat expenses	75	1,220
Net cash flows from (used in) operating activities	-9,341	1,261
Cash flows from (used in) investing activities [abstract]
Purchase of available-for-sale investments	6,465	3,515
Purchase of held-to-maturity investments	1,064	39,085
Proceeds form Murabaha/ time deposits matured during the period		120,000
Purchase of term deposits investments	74,165
Net cash flows from (used in) investing activities	-81,694	77,400
Cash flows from (used in) financing activities [abstract]
Proceeds from issuing shares	100,000
Other inflows (outflows) of cash	-15,000	27,000
Net cash flows from (used in) financing activities	85,000	27,000
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-6,035	105,661
Net increase (decrease) in cash and cash equivalents	-6,035	105,661
Cash and cash equivalents at beginning of period	13,289	8,725
Cash and cash equivalents at end of period	7,254	114,386

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2019-04-01

End Date

2019-06-30

Notes forming part of accounts [line items]

Disclosure of notes and other explanatory information [text block]

Disclosure of general information about reporting entity [abstract]

Disclosure of general information about reporting entity [text block]

1. GENERAL

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 30 June 2019 (period)

The company updated the primary law to comply with the companies’ regulations, issued on 1437 H, corresponding 2015.

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

1. BASIS OF PREPARATION

Basis of presentation and measurement

These interim condensed financial statements of the Company as at and for the period ended 30 June 2019 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”), as endorsed in Kingdom of Saudi Arabia by Saudi Organisation for Certified Public Accountants (SOCPA).

The financial statements of the Company as at and for the period and year ended 31 March 2019 and 31 December 2018, respectively, were prepared in compliance with the IAS 34 and the International Financial Reporting Standards (“IFRS”) respectively, as modified by SAMA for the accounting of zakat and income tax (relating to the application of IAS 12 – “Income Taxes” and IFRIC 21 – “Levies” so far as these relate to zakat and income tax).

On 23 July 2019, SAMA instructed the insurance companies in the Kingdom of Saudi Arabia to account for the zakat and income taxes in the statement of income. This aligns with the IFRSs and its interpretations as issued by the International Accounting Standards Board (“IASB”).

Accordingly, the Company changed its accounting treatment for zakat by retrospectively adjusting the impact in line with International Accounting Standard 8 'Accounting Policies, Changes in Accounting Estimates and Errors' (as disclosed in note 3) and the effects of this change are disclosed in note 20 to the interim condensed financial statements.

These interim condensed financial statements are prepared under the going concern concept and the historical cost convention, except for the measurement at fair value of available-for-sale investments and measurement at present value of employees' end-of-service benefit obligations. The Company’s interim condensed statement of financial position is not presented using a current/non-current classification. However, the following balances would generally be classified as non-current: Held to maturity investment, Available-for-sale investment, Property and equipment, Intangible assets, Statutory deposit, Accrued income on statutory deposit, Employees' end-of-service benefits and Accrued commission income payable to SAMA. All other financial statement line items would generally be classified as current.

The interim condensed statement of financial position, interim condensed statements of income, interim condensed statement of comprehensive income and interim condensed statement of cash flows of the insurance operations and shareholders operations which are presented in Note 16 of the interim condensed financial statements have been provided as supplementary financial information to comply with the requirements of the guidelines issued by SAMA implementing regulations and is not required under IFRSs. SAMA implementing regulations requires the clear segregation of the assets, liabilities, income and expenses of the insurance operations and the shareholders operations. Accordingly, the interim condensed statements of financial position, interim condensed statements of income,

2. BASIS OF PREPARATION (continued)

interim condensed statement of comprehensive income and interim condensed statement of cash flows prepared for the insurance operations and shareholders operations as referred to above, reflect only the assets, liabilities, income, expenses and comprehensive gains or losses of the respective operations.

In preparing the Company-level interim condensed financial statements in compliance with IFRSs, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Inter-operation balances and transactions are eliminated in full during amalgamation. The accounting policies adopted for the insurance operations and shareholders operations are uniform for like transactions and events in similar circumstances.

'The interim condensed financial statements (financial information) does not include all of the information required for full annual financial statements and should be read in conjunction with the annual financial statements as at and for the year ended 31 December 2018.

These interim condensed financial statements have been presented in Saudi Riyals (SR), which is also the functional currency of the Company.

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

3. SIGNIFICANT ACCOUNTING POLICIES

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.

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

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 and the six-month periods ended 30 June 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 business combinations [text block]

10. OPERATING SEGMENTS (continued)

		As at June 30, 2019 (Unaudited)
	Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders’ operations	Total
Assets
Cash and cash equivalents	-	-	-	29,789	29,789	7,254	37,043
Premiums and reinsurers’ receivable - net	51,192	4,225	3,676	9,963	69,056	-	69,056
Reinsurers’ share of unearned premiums	1,540	-	6,166	-	7,706	-	7,706
Reinsurers’ share of outstanding claims	7,713	13,392	906	-	22,011	-	22,011
Reinsurers’ share of claims Incurred but not reported	3,620	359	2,369	-	6,348	-	6,348
Deferred policy acquisition costs	8,447	555	819	-	9,821	-	9,821
Due from related parties	(57)	992	2,172	-	3,107	-	3,107
Investments	-	-	-	1,923	1,923	62,336	64,259
Unallocated assets	-	-	-	22,152	22,152	241,228	263,380
	72,455	19,523	16,108	63,827	171,913	310,818	482,731

Liabilities
Policyholders claims payable	433	3,390	1,282	-	5,105	-	5,105
Reinsurers' balances payable	-	-	-	3,816	3,816	-	3,816
Unearned premiums	99,179	5,881	8,482	-	113,542	-	113,542
Unearned reinsurance commission	-	-	1,374	-	1,374	-	1,374
Outstanding claims	22,719	30,494	1,091	-	54,303	-	54,303
Claims incurred but not reported	26,019	2,218	3,193	-	31,430	-	31,430
Premium deficiency reserve	19,173	545	-	-	19,718	-	19,718
Other reserves	597	553	237	-	1,387	-	1,387
Unallocated liabilities	-	-	-	67,140	67,140	13,679	81,124
	168,120	43,081	15,659	70,956	297,816	13,679	311,800
Equity	-	-	-	-	-	171,236	170,931
	168,120	43,081	15,659	70,956	297,816	184,915	482,731

10. OPERATING SEGMENTS (CONTINUED)

		As at December 31, 2018 (Audited)
	Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders’ operations	Total
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)

	For the three months period ended June 30, 2019 (Unaudited)
REVENUES	Medical	Motor	Property & casualty	Unallocated	Total
Gross premiums written	42,450	1,771	5,930	-	50,151
Reinsurance premiums ceded
- Local	-	-	(675)	-	(675)
- Foreign	(259)	-	(4,162)	-	(4,421)
Excess of loss expenses	(960)	(310)	(80)	-	(1,350)
Net premiums written	41,231	1,461	1,013	-	43,705
Changes in unearned gross premiums	4,181	1,074	(2,722)	-	2,533
Changes in reinsurance share of unearned gross premiums	(4,684)	-	2,306	-	(2,378)
Net premiums earned	40,728	2,535	597	-	43,860
Reinsurance commissions	-	-	490	-	490
Other income	2,190	882	1	-	3,073
TOTAL REVENUES	42,918	3,417	1,088	-	47,423

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	(37,483)	(2,669)	293	-	(39,859)
Reinsurers’ share of claims paid	12,885	222	3	-	13,110
Net claims paid	(24,598)	(2,447)	296	-	(26,749)
Changes in gross outstanding claims	(568)	(1,664)	(6)	-	(2,238)
Changes in reinsurers’ share of gross outstanding claims	(4,484)	1,400	6	-	(3,078)
Changes in gross incurred claims but not reported	(3,562)	2,194	575	-	(793)
Changes in reinsurers’ share of gross incurred claims but not reported	264	95	(554)	-	(195)
Net claims incurred	(32,948)	(422)	317	-	(33,053)
Change in premiums deficiency reserve	2100	574	1,563	-	4,237
Change in other technical reserves	-	-	253	-	253
Policy acquisition costs	(4,030)	(244)	(215)	-	(4,489)
Other underwriting expenses	(2,536)	(114)	(304)	-	(2,954)
Total underwriting costs and expenses	(37,414)	(206)	1,614	-	(36,006)
NET UNDERWRITING LOSS	5,504	3,211	2,702	-	11,417
Other operating revenue /(expenses)
Doubtful debts	-	-	-	(5,436)	(5,436)
General and administrative expenses	-	-	-	(10,891)	(10,891)
Deposits and investments income	-	-	-	46	46
Realized (Loss) / gain from sale of available for sale investments	-	-	-	-	-
Total other operating revenue /(expenses)	-	-	-	(16,281)	(16,281)
NET DEFICIT FROM INSURANCE OPERATION FOR THE PERIOD	5,504	3,211	2,702	(16,281)	(4,864)

10. OPERATING SEGMENTS (continued)

	For the three months period ended June 30, 2018 (Unaudited)
REVENUES	Medical	Motor	Property & casualty	Unallocated	Total
Gross premiums written	29,174	3,442	2,134	-	34,750
Reinsurance premiums ceded
- Local	-	-	(317)	-	(317)
- Foreign	(11,049)	-	(1,643)	-	(12,692)
Excess of loss expenses	-	(350)	(93)	-	(443)
Net premiums written	18,125	3,092	81	-	21,298
Changes in unearned gross premiums	(12,630)	14	1,017	-	(11,599)
Changes in reinsurance share of unearned gross premiums	5,029	(423)	(315)	-	4,291
Net premiums earned	10,524	2,683	783	-	13,990
Reinsurance commissions	-	85	560	-	645
Other income	-	834	0	-	834
TOTAL REVENUES	10,524	3,602	1,343	-	15,469

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	(6,313)	(4,156)	(157)	-	(10,626)
Reinsurers’ share of claims paid	3,123	1,273	84	-	4,480
Net claims paid	(3,190)	(2,883)	(73)	-	(6,146)
Changes in gross outstanding claims	(4,517)	5,202	45	-	730
Changes in reinsurers’ share of gross outstanding claims	2,258	(2,508)	(45)	-	(295)
Changes in gross incurred claims but not reported	(56)	2,012	(764)	-	1,192
Changes in reinsurers’ share of gross incurred claims but not reported	1,271	(1,511)	747	-	507
Net claims incurred	(4,234)	312	(90)	-	(4,012)
Change in premiums deficiency reserve	380	267	52	-	699
Change in other technical reserves	-	-	-	-	-
Policy acquisition costs	(865)	(284)	(265)	-	(1,414)
Other underwriting expenses	(963)	345	40	-	(578)
Total underwriting costs and expenses	(5,682)	640	(263)	-	(5,305)
NET UNDERWRITING LOSS	4,842	4,242	1,080	-	10,164
Other operating revenue /( expenses)
Doubtful debts	-	-	-	(283)	(283)
General and administrative expenses	-	-	-	(9,952)	(9,952)
Deposits and investments income	-	-	-	-	-
Realized (Loss) / gain from sale of available for sale investments	-	-	-	-	-
Total other operating revenue /(expenses)	-	-	-	(10,235)	(10,235)
NET DEFICIT FROM INSURANCE OPERATION FOR THE PERIOD	4,842	4,242	1,080	(10,235)	(71)

10. OPERATING SEGMENTS (continued)

	For the six months period ended June 30, 2018 (Unaudited)
	Medical	Motor	Property & casualty	Unallocated	Total
REVENUES
Gross premiums written	131,530	7,083	8,289	-	146,902
Reinsurance premiums ceded
- Local	-	-	(955)	-	(955)
- Foreign	(1,246)	-	(5,196)	-	(6,442)
Excess of loss expenses	(1,920)	(621)	(159)	-	(2,700)
Net premiums written	128,364	6,462	1,979	-	136,805
Changes in unearned gross premiums	(44,675)	(1,137)	(2,396)	-	(48,208)
Changes in reinsurance share of unearned gross premiums	(11,371)	-	1,888	-	(9,483)
Net premiums earned	72,318	5,325	1,471	-	79,114
Reinsurance commissions	-	-	850	-	850
Other income	2,190	1,255	202	-	3,647
TOTAL REVENUES	74,508	6,580	2,523	-	83,611
UNDERWRITING COSTS AND EXPENSES
Gross claims paid	(65,038)	(5,747)	318	-	(70,467)
Reinsurers’ share of claims paid	24,571	729	(28)	-	25,272
Net claims paid	(40,467)	(5,018)	290	-	(45,195)
Changes in gross outstanding claims	1,356	(677)	109		788
Changes in reinsurers’ share of gross outstanding claims	(4,292)	805	(62)	-	(3,549)
Changes in gross incurred claims but not reported	(20,018)	2,815	1,549	-	(15,654)
Changes in reinsurers’ share of gross incurred claims but not reported	1,700	(1,622)	(1,441)	-	(1,363)
Net claims incurred	(61,721)	(3,697)	445	-	(64,973)
Change in premiums deficiency reserve	(5,978)	186	1,941	-	(3,851)
Change in other technical reserves	-	47	182	-	229
Policy acquisition costs	(7,554)	(497)	(375)	-	(8,426)
Other underwriting expenses	(5,070)	(300)	(368)	-	(5,738)
Total underwriting costs and expenses	(80,323)	(4,261)	1,825	-	(82,759)
NET UNDERWRITING LOSS	(5,815)	2,319	4,348	-	852
Other operating revenue /(expenses)
Doubtful debts	-	-	-	(5,361)	(5,361)
General and administrative expenses	-	-	-	(22,354)	(22,354)
Deposits and investments income	-	-	-	77	77
Realized (Loss) / gain from sale of available for sale investments	-	-	-	-	-
Total other operating revenue /(expenses)	-	-	-	(27,638)	(27,638)
NET DEFICIT FROM INSURANCE OPERATION FOR THE PERIOD	(5,815)	2,319	4,348	(27,638)	(26,786)

10. OPERATING SEGMENTS (continued)

	For the six months period ended 30 June 2018 (Unaudited)
	Medical	Motor	Property & casualty	Unallocated	Total
REVENUES
Gross premiums written	52,627	9,387	8,775	-	70,789
Reinsurance premiums ceded
- Local	-	-	(5,261)	-	(5,261)
-Foreign	(19,963)	-	(1,643)	-	(21,606)
Excess of loss expenses	-	(1,015)	(185)	-	(1,200)
Net premiums written	32,664	8,372	1,686	-	42,722
Changes in unearned gross premiums	(26,917)	803	(3,035)	-	(29,149)
Changes in reinsurance share of unearned premiums	9,795	(3,625)	2,647	-	8,817
Net premiums earned	15,542	5,550	1,298	-	22,390
Reinsurance commissions	(84)	627	1,124	-	1,667
Other income	-	1,218	835	-	2,053
TOTAL REVENUES	15,458	7,395	3,257	-	26,110

UNDERWRITING COSTS AND EXPENSES
Gross claims paid	(9,062)	(10,803)	(694)	-	(20,559)
Reinsurers’ share of claims paid	4,233	4,723	556	-	9,512
Net claims paid	(4,829)	(6,080)	(138)	-	(11,047)
Changes in gross outstanding claims	(7,990)	5,316	2,444	-	(230)
Changes in reinsurers’ share of gross outstanding claims	4,035	(2,439)	(2,032)		(436)
Changes in gross incurred claims but not reported	(767)	4,699	(1,197)		2,735
Changes in reinsurers’ share of gross incurred claims but not reported	2,461	(2,699)	1,451	-	1,213
Net claims incurred	(7,090)	(1,203)	528	-	(7,765)
Change in premiums deficiency reserve	550	(650)	(235)	-	(335)
Change in other technical reserves	-	-	375	-	375
Policy acquisition costs	(1,609)	(751)	(432)	-	(2,792)
Other underwriting expenses	(1,619)	(85)	(21)	-	(1,725)
Total underwriting costs and expenses	(9,768)	(2,689)	215	-	(12,242)
NET UNDERWRITING INCOME	5,690	4,706	3,472	-	13,868
Other operating revenue /(expenses)
Doubtful debts	-	-	-	(810)	(810)
General and administrative expenses	-	-	-	(20,579)	(20,579)
Deposits and investments income	-	-	-	-	-
Realized (Loss) / gain from sale of available for sale investments	-	-	-	-	-
Total other operating revenue /(expenses)	-	-	-	(21,389)	(21,389)
NET DEFICIT FROM INSURANCE OPERATION	5,690	4,706	3,472	(21,389)	(7,521)

10. OPERATING SEGMENTS (continued)

	For the three months period ended 30 June 2019 (Unaudited)
Gross premiums written	Medical	Motor	Property & casualty	Protection & Saving	Total
- large establishments	8,058	772	5,451	-	14,281
- Medium establishments	6,699	558	381	-	7,638
- Small establishments	6,002	205	95	-	6,302
- Very small establishments	21,691	21	3	-	21,715
- Individual	-	215	-	-	215
Total gross premiums written	42,450	1,771	5,930	-	50,151

	For the six months period ended 30 June 2019 (Unaudited)
Gross premiums written	Medical	Motor	Property & casualty	Protection & Saving	Total
- large establishments	62,110	4,806	7,612	-	74,528
- Medium establishments	20,612	1,321	503	-	22,436
- Small establishments	10,743	541	165	-	11,449
- Very small establishments	38,065	21	9	-	38,095
- Individual	-	394	-	-	394
Total gross premiums written	131,530	7,083	8,289	-	146,902

Disclosure of reinsurers/ retakaful share of outstanding claims, net [text block]

7. TECHNICAL RESERVES

8.1 Net outstanding claims and reserves

Net outstanding claims and reserves comprise of the following:

	June 30, 2019 (Unaudited)	December 31, 2018 (Audited)
Outstanding claims	54,304	55,091
Claims incurred but not reported	31,430	15,776
Premium deficiency reserve	19,718	15,867
Other technical reserves	1,387	1,616
	106,839	88,350
Less:
- Reinsurers’ share of outstanding claims	(22,011)	(25,560)
- Reinsurers’ share of claims Incurred but not reported	(6,348)	(7,711)
	(28,359)	(33,271)
Total net outstanding claims and reserves	78,480	55,079

8.2 Movement in unearned premiums

Movement in unearned premiums comprise of the following:

	June 30, 2019 (Unaudited)			December 31, 2018 (Audited)
	Gross	RI Share	Net	Gross	RI Share	Net
Opening balance	65,334	(17,189)	48,145	34,396	(14,846)	19,550
Premiums written during the year	146,902	(10,097)	136,805	137,446	(46,317)	91,129
Premiums earned during the year	(98,694)	19,580	(79,114)	(106,508)	43,974	(62,534)
Closing balance	113,542	(7,706)	105,836	65,334	(17,189)	48,145

Disclosure of investments [text block]

4. INVESTMENTS

Investments are classified as follows:

	June 30, 2019 (Unaudited)			December 31, 2018 (Audited)
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
Available for sale investments	1,923	13,900	15,823	1,923	6,548	8,471
Held to maturity investments	-	48,436	48,436	-	47,172	47,172
Total	1,923	62,336	64,259	1,923	53,720	55,643

* This represents an investment in respect of the Company’s shareholding in Najm for Insurance Services which provides loss determination services for motor class. This investment has been carried at cost in the absence of an active market or other means of reliably measuring its fair value.

7. INVESTMENTS (continued)

Investments for shareholders’ operations are comprised as follows:

	Shareholders’ operations
		June 30, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000		SAR’000
Local investments (current)	13,900		6,548
Local investments – debt instruments	43,433		42,218
Foreign investments – debt instruments	5,003		4,954
Closing balance	62,336		53,720

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

	Shareholders’ operations
	June 30, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000	SAR’000
Opening balance	6,548	-
Additions	8,074	7,850
Disposals	(1,609)	(1,419)
Changes in fair value of available for sale investments	887	117
Closing balance	13,900	6,548

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

	Shareholders’ operations
	June 30, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000	SAR’000
Opening balance	47,172	-
Additions	1,064	47,004
Disposals	-	-
Sukok discount	200	168
Closing balance	48,436	47,172

7. INVESTMENTS (continued)

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.

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
June 30, 2019 (Unaudited)

Available for sale investments
Shares	15,823	13,900	-	1,923	15,823
Held to maturity investments
Sukok	48,436	-	48,436	-	48,436
	64,259	13,900	48,436	1,923	64,259

7. INVESTMENTS (continued)

FAIR VALUES OF FINANCIAL INSTRUMENTS (continued)

		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 30 June 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]

4. PREMIUMS AND REINSURERS’ RECEIVABLE - NET

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

	June 30, 2019 (Unaudited)	December 31, 2018 (Audited)
	SAR’000	SAR’000
Policyholders	29,815	24,100
Brokers and agents	58,509	13,971
Receivables from reinsurers	10,016	6,595
	98,340	44,666
Provision for doubtful receivables	(29,284)	(23,880)
	69,056	20,786

Disclosure of due from related parties [text block]

10. 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 for the six-month period ended				Balance receivable / (payable) as at
Related parties	30 June 2019 (Unaudited)		30 June 2018 (Unaudited)		30 June 2019 (Unaudited)		31 December 2018 (Audited)
El Seif companies group
- Insurance premium written	32,607		6,428		2,981		226
- Paid claims	4,841		253		-		-
					2,981		226
El Tukhy companies group
- Insurance premium written	7		180		617		1,042
- Paid claims	64		-		-		-
	-		-		617		1,042
Total related parties receivable balance					3,598		1,268

Less:
Provision for doubtful debts					(491)		(535)
Related parties – net					3,107		733

Globe-Med
Administration fees for handling medical claims and others		5,413		2,273		2,087		(1,258)

Compensation of key management personnel

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

	June 30, 2019 (Unaudited)	June 30, 2018 (Unaudited)
	SAR’000
Salaries and other allowances	2,316	1,864
End of service indemnities	97	161
	2,413	2,025

Disclosure of cash and cash equivalents [text block]

4. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise the following:

	June 30, 2019 (Unaudited)			December 31, 2018 (Audited)
	Insurance operations	Shareholders ‘operations	Total	Insurance operations	Shareholders operations	Total
Cash in hand	45	-	45	-	-	-
Short-term deposits	10,000	-	10,000	-	-	-
Cash at bank	19,744	7,254	26,998	25,935	13,289	39,224
Total	29,789	7,254	37,043	25,935	13,289	39,224

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

Short term deposits have maturity of three month or less from the date of the deposit and earned an average profit rate of 2.53% per annum (December 31, 2018: Nil).

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

5. TIME DEPOSITS

a) Short-term time deposits

Short-term time deposits are placed with local banks with an original maturity of more than three months from the date of acquisition and earning profit at an average rate 3.16% per annum (2018: 2.95% per annum).The carrying amounts of short-term time deposits reasonably approximate their fair values at the reporting date.

b) Long-term time deposit

Long-term time deposit represents murabaha deposit having maturity of more than one year from the date of acquisition earning profit at a rate of 5.25% per annum (2018:5.25% per annum).

The carrying amount of the long-term time deposit reasonably approximate their fair values at the reporting date.

4,5

Disclosure of zakat [text block]

10. ACCRUED ZAKAT AND INCOME TAX

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

	June 30, 2019 (Unaudited)	December 31, 2018 (Audited)
At beginning of the period/year	9,516	9,149
Charge for the period/year	400	2,705
Reversal for the period/year	-	(1,118)
Paid during the period/year	(75)	(1,220)
At end of the period/year	9,841	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 June 30, 2019.

Disclosure of classes of share capital [text block]

10. SHARE CAPITAL

On 28 January 2019, after completing all the regulatory and other requirements, Company’s extraordinary general assembly approved the capital increase by SAR 100 million through issuing 10 million shares of rights issue. The right shares were issued on 24 February 2019.

The share capital of the Company as of 31 March 2019 is SR 240 million divided into 24 million shares of SR 10 each, (31December 2018: SR 140 million divided into 14 million shares of SR 10 each).

Disclosure of capital management [text block]

10. CAPITAL MANAGEMENT

The Company manages its capital to ensure that it is able to continue as going concern and comply with the regulators’ capital requirements of the markets in which the Company operates while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Company consists of equity attributable to equity holders comprising paid share capital, reserves and retained earnings.

As per guidelines laid out by SAMA in Article 66 of the Implementing Insurance Regulations detailing the solvency margin required to be maintained, the Company shall maintain solvency margin equivalent to the highest of the following three methods as per SAMA Implementing Regulations:

Minimum Capital Requirement of SR 100 million

Premium Solvency Margin

Claims Solvency Margin

The Company is in compliance with all externally imposed capital requirements with sound solvency margin. The capital structure of the Company as at 30 June 2019 consists of paid-up share capital of SR 240 million and accumulated losses of SR 69.7 million (31 December 2018: paid-up share capital of SR 140 million and accumulated losses of SR 44.5 million) in the interim condensed statement of financial position.

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 commitments and contingencies, general [text block]

7. COMMITMENTS AND CONTINGENCIES

a) The Company’s commitments and contingencies are as follows:

	Insurance operations
	SAR’000
	June 30, 2019 (Unaudited)	December 31, 2018 (Audited)

Letters of guarantee	11,777	11,777
Commitments under operating leases	1,028	2,950
Total	12,805	14,727

b) legal proceedings and regulations

The Company is subject to legal proceedings in the ordinary course of business. While it is impractical to predict or know the outcome of all legal proceedings, management believes that such proceedings (including legal cases) will have no material impact on the Company's results or financial position. The Company hasn’t material legal proceedings at the date of preparation of the initial financial statements.

Disclosure of comparative figures [text block]

16. ADJUSTMENTS AND COMPARATIVE FIGURES

The change in the accounting treatment for zakat (as explained in note 3) has the following impact on the line items of the interim condensed statements of income, interim condensed statement of financial position and interim condensed statement of changes in equity:

As at end of the six months period ended in 30 June 2018:

Financial statement impacted	Account	Before the restatement for the six-month period ended 30 June 2018	Effect of restatement	As restated as at and for the six-month period ended 30 June 2018
Statement of changes of equity	Zakat provision (accumulated losses)	(30,184)	-	(30,184)
Statement of income	Zakat expenses	-	(215)	(215)
Statement of income	Gain/(loss) per share	(0.415)	(0.015)	(0.43)

As at end of the three months period ended in 30 June 2018:

Financial statement impacted	Account	Before the restatement for the three-months period ended 30 June 2018	Effect of restatement	As restated as at and for the three-months period ended 30 June 2018
Statement of changes of equity	Zakat provision (accumulated losses)	(30,184)	-	(30,184)
Statement of income	Zakat expenses	-	(888)	(888)
Statement of income	Gain/(loss) per share	(0.017)	(0.053)	(0.07)

17. ADJUSTMENTS AND COMPARATIVE FIGURES (continued)

As at 31 December 2018

Financial statement impacted	Account		Before the restatement as at 31 December 2018		Effect of restatement		As restated as at 31 December 2018
Statement of financial position	Accumulated Losses		(44,572)		-		(44,572)

As at 1 January 2018:

Financial statement impacted	Account		Before the restatement as at 31 December 2018		Effect of restatement		As restated as at 31 December 2018
Statement of financial position	Accumulated Losses		(22,768)		-		(22,768)

18. COMPARTIVE FIGURES

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

17,18

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

17. APPROVAL OF THE INTERIM CONDENSED FINANCIAL STATEMENT

The interim condensed financial statement has been approved by the Board of Directors, on4th August2019 corresponding to 03/12/1440.

Disclosure of other notes relevant to understanding of financial statements [text block]

10. 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 six months period ended
	June 30, 2019 (Unaudited)	June 30, 2018 (Unaudited)
Issued shares on 1 January	14,000,000	14,000,000
Right issues	8,487,556	3,360,000
Weighted average number of shares	22,487,556	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.

15. BASIC AND DILUTED LOSS PER SHARE-ADJUSTED (continued)

Basic and diluted loss per share was as follow:

	For the three months period ended
	June 30, 2019 (Unaudited)	June 30, 2018 (Unaudited)
Net loss for the period	(4,625)	(1,178)
Weighted average number of shares	22,487	17,360
Basic loss per share – Adjusted	(0.21)	(0.07)

	For the six months period ended
	June 30, 2019 (Unaudited)	June 30, 2018 (Unaudited)
Net loss for the period	(25,501)	(7,416)
Weighted average number of shares	22,487	17,360
Basic loss per share – Adjusted	(1.13)	(0.43)

16. SUPPLEMENTARY INFORMATION

16.1 Interim condensed statement of financial position

	June 30, 2019 - (Unaudited)			December 31, 2018 - (Audited)
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
ASSETS
Cash and cash equivalents	29,789	7,254	37,043	25,935	13,289	39,224
Short-term deposits	-	166,515	166,515	-	92,350	92,350
Premiums and reinsurers’ receivable - net	69,056	-	69,056	20,786	-	20,786
Reinsurers’ share of unearned premiums	7,706	-	7,706	17,189	-	17,189
Reinsurers’ share of outstanding claims	22,011	-	22,011	25,560	-	25,560
Reinsurers’ share of claims Incurred but not reported	6,348	-	6,348	7,711	-	7,711
Deferred policy acquisition costs	9,821	-	9,821	5,396	-	5,396
Investments	1,923	62,336	64,259	1,923	53,720	55,643
Due from related party	3,107	-	3,107	733	-	733
Due from shareholders	125,903	-	125,903	106,774	-	106,774
Prepaid expenses and other assets	18,036	16,516	34,552	18,407	16,090	34,497
Property and equipment	4,116	-	4,116	3,439	-	3,439
Long-term deposits	-	20,000	20,000	-	20,000	20,000
Statutory deposit	-	36,000	36,000	-	21,000	21,000
Statutory deposit investment returns	-	2,197	2,197	-	1,949	1,949
TOTAL ASSETS	297,816	310,818	608,634	233,853	218,398	452,251

LIABILITIES
Policyholders claims payable	5,105	-	5,105	4,671	-	4,671
Accrued and other liabilities	62,835	1,946	64,781	47,136	4,614	51,750
Reinsurers' balances payable	3,816	-	3,816	23,936	-	23,936
Unearned premiums	113,542	-	113,542	65,334	-	65,334
Unearned reinsurance commission	1,374	-	1,374	884	-	884
Outstanding claims	54,304	-	54,304	55,091	-	55,091
Claims incurred but not reported	31,430	-	31,430	15,776	-	15,776
Premium deficiency reserve	19,718	-	19,718	15,867	-	15,867
Other reserves	1,387	-	1,387	1,616	-	1,616
Due to insurance operations	-	125,903	125,903	-	106,774	106,774
End-of-service indemnities	3,526	-	3,526	2,763	-	2,763
Accrued surplus distribution	779	-	779	779	-	779
Zakat and income tax	-	9,841	9,841	-	9,516	9,516
Statutory deposit investment returns	-	2,197	2,197	-	1,949	1,949
TOTAL LIABILITIES	297,816	139,887	437,703	233,853	122,853	356,706

EQUITY
Share capital	-	240,000	240,000	-	140,000	140,000
Accumulated losses	-	(70,073)	(70,073)	-	(44,572)	(44,572)
Fair value reserve of available for sale investments	-	1,004	1,004	-	117	117
TOTAL EQUITY	-	170,931	170,931	-	95,545	95,545
TOTAL LIABILITIES AND EQUITY	297,816	310,818	608,634	233,853	218,398	452,251

11. SUPPLEMENTARY INFORMATION (CONTINUED)

16.2 Interim condensed statement of income for three-months period ended

	June 30, 2019 - (Unaudited)			June 30, 2018 - (Unaudited)
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
REVENUES
Gross premiums written	50,151	-	50,151	34,750	-	34,750
Reinsurance premiums ceded
- Local	(675)	-	(675)	(317)	-	(317)
- Foreign	(4,421)	-	(4,421)	(12,692)	-	(12,692)
Excess of loss expenses	(1,350)	-	(1,350)	(443)	-	(443)
Net premiums written	43,705	-	43,705	21,298	-	21,298
Changes in gross unearned premiums	2,533	-	2,533	(11,599)	-	(11,599)
Changes in gross reinsurance share of unearned premiums	(2,378)	-	(2,378)	4,291		4,291
Net premiums earned	43,860	-	43,860	13,990	-	13,990
Reinsurance commissions	490	-	490	645	-	645
Other income	3,073	-	3,073	834	-	834
TOTAL REVENUES	47,423	-	47,423	15,469	-	15,469
UNDERWRITING COSTS AND EXPENSES
Gross claims paid	(39,859)	-	(39,859)	(10,626)	-	(10,626)
Reinsurers’ share of claims paid	13,110	-	13,110	4,480	-	4,480
Net claims paid	(26,749)	-	(26,749)	(6,146)	-	(6,146)
Changes in gross outstanding claims	(2,238)	-	(2,238)	730	-	730
Changes in reinsurance share of outstanding claims	(3,078)	-	(3,078)	(295)	-	(295)
Changes in gross IBNR	(793)	-	(793)	1,192	-	1,192
Changes in reinsurance share of gross IBNR	(195)	-	(195)	507	-	507
Net claims incurred	(33,053)	-	(33,053)	(4,012)	-	(4,012)
Change in premiums deficiency reserve	4,237	-	4,237	699	-	699
Change in other reserves	253	-	253	-	-	-
Policy acquisition costs	(4,489)	-	(4,489)	(1,414)	-	(1,414)
Other underwriting expenses	(2,954)	-	(2,954)	(578)	-	(578)
TOTAL UNDERWRITING COSTS AND EXPENSES	(36,006)	-	(36,006)	(5,305)	-	(5,305)
NET UNDERWRITING (LOSS) /INCOME	11,417	-	11,417	10,164	-	10,164
OTHER OPERATING INCOME / (EXPENSES)
Allowance for doubtful debts	(5,436)	-	(5,436)	(283)	-	(283)
General and administrative expenses	(10,891)	(1,535)	(12,426)	(9,952)	(1,083)	(11,035)
Deposits and investments income	46	2,079	2,125	-	864	864
Realized gain from sale of available for sale investments	-	-	-	-	-	-
TOTAL OTHER OPERATING INCOME / (EXPENSES)	(16,281)	544	(15,737)	(10,235)	(219)	(10,454)
Net Loss for the period before zakat and income tax	(4,864)	544	(4,320)	(71)	(219)	(290)
Net loss for the period due to shareholders’ operations before zakat and income tax	-	(4,320)	(4,320)	-	(290)	(290)
Zakat and income tax	-	(305)	(305)	-	(888)	(888)
Total Loss for the period attributable to the shareholders after zakat and income tax	-	(4,625)	((4,625)	-	(1,178)	(1,178)

16. SUPPLEMENTARY INFORMATION (CONTINUED)

16.3 Interim condensed statement of comprehensive income for three-months period ended

	June 30, 2019 - (Unaudited)			June 30, 2018 - (Unaudited)
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
Net loss for the period	(26,786)	1,285	(25,105)	(7,521)	105	(7,416)

Other comprehensive income

*Items that are or may be reclassified to interim condensed statement of income in subsequent periods*

Net change in fair value of available for sale investments.	-	887	887	-	-	-
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	(26,786)	2,172	(24,614)	(7,521)	105	(7,416)

Total comprehensive loss attributed to the insurance operations	-	-	-	-	-	-

Total comprehensive loss attributable to the shareholders	(26,786)	2,172	(24,614)	(7,521)	105	(7,416)

16. SUPPLEMENTARY INFORMATION (CONTINUED)

16.4 Interim condensed statement of income for the six-months period ended

	June 30, 2019 - (Unaudited)			June 30, 2018 - (Unaudited)
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
REVENUES
Gross premiums written	146,902	-	146,902	70,789	-	70,789
Reinsurance premiums ceded
- Local	(955)	-	(955)	(5,261)	-	(5,261)
- Foreign	(6,442)	-	(6,442)	(21,606)	-	(21,606)
Excess of loss expenses	(2,700)	-	(2,700)	(1,200)	-	(1,200)
Net premiums written	136,805	-	136,805	42,722	-	42,722
Changes in gross unearned premiums	(48,208)	-	(48,208)	(29,149)	-	(29,149)
Changes in gross reinsurance share of unearned premiums	(9,483)	-	(9,483)	8,817	-	8,817
Net premiums earned	79,114	-	79,114	22,390	-	22,390
Reinsurance commissions	850	-	850	1,667	-	1,667
Other income	3,647	-	3,647	2,053	-	2,053
TOTAL REVENUES	83,611	-	83,611	26,110	-	26,110
UNDERWRITING COSTS AND EXPENSES
Gross claims paid	(70,467)	-	(70,467)	(20,559)	-	(20,559)
Reinsurers’ share of claims paid	25,272	-	25,272	9,512	-	9,512
Net claims paid	(45,195)	-	(45,195)	(11,047)	-	(11,047)
Changes in gross outstanding claims	788	-	788	(230)	-	(230)
Changes in reinsurance share of outstanding claims	(3,549)	-	(3,549)	(436)	-	(436)
Changes in gross IBNR	(15,654)	-	(15,654)	2,735	-	2,735
Changes in reinsurance share of gross IBNR	(1,363)	-	(1,363)	1,213	-	1,213
Net claims incurred	(64,973)	-	(64,973)	(7,765)	-	(7,765)
Change in premiums deficiency reserve	(3,851)	-	(3,851)	(335)	-	(335)
Change in other reserves	229	-	229	375	-	375
Policy acquisition costs	(8,426)	-	(8,426)	(2,792)	-	(2,792)
Other underwriting expenses	(5,738)	-	(5,738)	(1,725)	-	(1,725)
TOTAL UNDERWRITING COSTS AND EXPENSES	(82,759)	-	(82,759)	(12,242)	-	(12,242)
NET UNDERWRITING (LOSS) /INCOME	852	-	852	13,868	-	13,868
OTHER OPERATING INCOME / (EXPENSES)
Allowance for doubtful debts	(5,361)	-	(5,361)	(810)	-	(810)
General and administrative expenses	(22,354)	(1,979)	(24,333)	(20,579)	(1,439)	(22,018)
Deposits and investments income	77	3,656	3,733	-	1,759	1,759
Realized gain from sale of available for sale investments	-	8	8	-	-	-
TOTAL OTHER OPERATING INCOME / (EXPENSES)	(27,638)	1,685	(25,953)	(21,389)	320	(21,069)
net loss for the period before zakat and income tax	(26,786)	1,685	(25,101)	(7,521)	320	(7,201)
Net Loss for the period due to shareholders before zakat and income tax	-	(25,101)	(25,101)	-	(7,201)	(7,201)
Zakat and income tax	-	(400)	(400)	-	(215)	(215)
Total Loss for the period attributable to the shareholders after zakat and income tax	-	(25,501)	(25,501)	-	(7,416)	(7,416)

16. SUPPLEMENTARY INFORMATION (CONTINUED)

16.5 Interim condensed statement of comprehensive income for six-month period ended

	June 30, 2019 - (Unaudited)			June 30, 2018 - (Unaudited)
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
Net loss for the period	(26,786)	1,285	(25,501)	(7,521)	105	(7,416)

Other comprehensive income

*Items that are or may be reclassified to interim condensed statement of income in subsequent periods*

Net change in fair value of available for sale investments.	-	887	887	-	-	-
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	(26,786)	2,172	(24,614)	(7,521)	105	(7,416)

Total comprehensive loss attributed to the insurance operations	-	-	-	-	-	-

Total comprehensive loss attributable to the shareholders	(26,786)	2,172	(24,614)	(7,521)	105	(7,416)

16. SUPPLEMENTARY INFORMATION (CONTINUED)

16.6 Interim condensed statement of cashflows for six-month period ended

	June 30, 2019 - (Unaudited)			June 30, 2018 - (Unaudited)
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
	Insurance operations	Shareholders’ operations	Total	Insurance operations	Shareholders’ operations	Total
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	-	(25,101)	(25,101)	-	(7,201)	(7,201)
*Adjustments for non-cash items:*
Depreciation and amortization	759	-	759	662	-	662
Allowance for doubtful debts	5,361	-	5,361	810	-	810
Provision for end-of-service indemnities	835	-	835	776	-	776
Changes in operating assets and liabilities:
Premiums and reinsurers’ receivable	(53,631)	-	(53,631)	(8,619)	-	(8,619)
Reinsurers’ share of unearned premiums	9,483	-	9,483	(8,817)	-	(8,817)
Reinsurers’ share of outstanding claims	3,549	-	3,549	436	-	436
Reinsurers’ share of claims Incurred but not reported	1,363	-	1,363	(857)	-	(857)
Deferred policy acquisition costs	(4,425)	-	(4,425)	(2,950)	-	(2,950)
Due from related parties	(2,374)	-	(2,374)	(1,191)	-	(1,191)
Due from shareholders	(19,129)	-	(19,129)	(10,960)	-	(10,960)
Prepaid expenses and other assets	371	(626)	(255)	1,527	(531)	996
Policyholders claims payable	434	-	434	(1,315)	-	(1,315)
Accrued expenses and other liabilities	15,699	(2,668)	13,031	3,205	(747)	2,458
Reinsurers' balances payable	(20,120)	-	(20,120)	14,296	-	14,296
Unearned premiums	48,208	-	48,208	29,139	-	29,139
Unearned reinsurance commission	490	-	490	(112)	-	(112)
Outstanding claims	(787)	-	(787)	853	-	853
Claims incurred but not reported	15,654	-	15,654	(3,359)	-	(3,359)
Due to insurance operation	-	19,129	19,129	-	10,960	10,960
Premium deficiency reserve	3,851	-	3,851	(30)	-	(30)
Other reserves	(229)	-	(229)	(356)	-	(356)
	5,362	(9,266)	(3,904)	13,138	2,481	15,619
End-of-service indemnities paid	(72)	-	(72)	(511)	-	(511)
Zakat paid	-	(75)	(75)	-	(1,220)	(1,220)
Net cash used in operating activities	5,290	(9,341)	(4,051)	12,627	1,261	13,888
CASH FLOWS FROM INVESTING ACTIVITIES
Time deposits	-	(74,165)	(74,165)	-	120,000	120,000
Additions to available for sale investments	-	(6,465)	(6,465)	-	(3,515)	(3,515)
Additions to held to maturity investments	-	(1,064)	(1,064)	-	(39,085)	(39,085)
Additions to property and equipment	(1,436)	-	(1,436)	(994)	-	(994)
Net cash used in investing activities	(1,436)	(81,694)	(83,130)	(994)	77,400	76,406
CASH FLOWS FROM FINANCING ACTIVITIES
Statutory Deposit	-	(15,000)	(15,000)	-	27,000	27,000
Capital increase	-	100,000	100,000	-	-	-
Net cash from financing activities	-	85,000	85,000	-	27,000	27,000
Net change in cash and cash equivalents	3,854	(6,035)	(2,181)	11,633	105,661	117,294
Cash and cash equivalents, beginning of the period	25,935	13,289	39,224	20,138	8,725	28,863
Cash and cash equivalents, end of the period	29,789	7,254	37,043	31,771	114,386	146,157

NON-CASH INFORMATION
Changes in fair values of available for sale investments	-	887	887	-	-	-

15,16

[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

Other comprehensive income

Other comprehensive income