	English [member]
Start Date	2022-01-01	2021-01-01
End Date	2022-03-31	2021-03-31
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	2022-01-01	2021-01-01
Reporting period end date	2022-03-31	2021-03-31
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

Start Date	2022-01-01	2021-01-01	2021-01-01
End Date	2022-03-31	2021-12-31	2021-03-31
Statement of financial position [abstract]
Assets [abstract]
Insurance/ takaful operations assets [abstract]
Property and equipment, net, insurance/ takaful operations assets	6,542	6,085	6,166
Deferred policy acquisition costs	13,818	12,606	10,213
Reinsurers/ retakaful share of unearned premiums/ contributions	1,462	1,433	2,054
Prepayments and other assets, insurance/ takaful operations assets	11,847	14,427	23,435
Due from shareholders operations	133,794	131,097	125,673
Premiums/ insurance receivables/takaful contributions receivable, net	99,401	87,543	141,669
Reinsurers/ retakaful share of outstanding claims/ benefits, net	2,586	2,472	18,563
Available-for-sale investments, insurance/ takaful operations assets	1,923	1,923	1,923
Cash and cash equivalents, insurance/ takaful operations assets	45,662	21,368	33,387
Other assets, insurance/ takaful operations assets	914	575	808
Total insurance/ takaful operations assets	317,949	279,529	363,891
Shareholders assets [abstract]
Investments held-to-maturity, shareholders assets	44,274	44,198	49,145
Statutory deposit	19,500	19,500	36,000
Prepayments and other assets, shareholders assets	1,053	385	1,074
Time (Murabaha) deposits, shareholders assets	10,000	10,000	40,000
Accrued investment income	3,013	2,989	2,910
Available-for-sale investments, shareholders assets	1,884	13,259	10,926
Cash and cash equivalents, shareholders assets	6,692	25,672	68,515
Total shareholders assets	86,416	116,003	208,570
Total assets	404,365	395,532	572,461
Liabilities and equity [abstract]
Insurance/ takaful operations liabilities and surplus (deficit) [abstract]
Insurance/ takaful operations liabilities [abstract]
Gross unearned premiums/ contributions	124,453	113,295	143,737
Unearned commission income	251	242	435
Employees end of service benefits, insurance/ takaful operations liabilities	5,586	5,342	4,829
Surplus distribution payable	779	779	779
Reinsurers/ retakaful balance payable	27,690	8,176	26,641
Gross outstanding claims/ benefits including IBNR payable	74,660	79,651	99,204
Other technical reserves	34,633	30,985	23,278
Accrued expenses payable, insurance/ takaful operations liabilities	47,189	39,022	64,688
Other liabilities, insurance/ takaful operations	2,708	2,037	300
Total insurance/ takaful operations liabilities	317,949	279,529	363,891
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)	317,949	279,529	363,891
Shareholders liabilities and equity [abstract]
Shareholders liabilities [abstract]
Zakat payable	4,406	3,559	4,338
Due to insurance/ takaful operations	133,794	131,097	125,673
Accrued expenses payable, shareholders liabilities	2,357	2,991	2,658
Other liabilities, shareholders liabilities	3,013	2,989	2,910
Total shareholders liabilities	143,570	140,636	135,579
Shareholders equity [abstract]
Equity attributable to owners of parent [abstract]
Share capital	130,000	130,000	240,000
Fair value reserve on investments, shareholders equity	872	2,594	1,462
Retained earnings (accumulated losses)	-188,026	-157,227	-168,471
Total equity attributable to owners of parent	-57,154	-24,633	72,991
Total equity attributable to equity holders of company	-57,154	-24,633	72,991
Total shareholders liabilities and equity	86,416	116,003	208,570
Total insurance/ takaful operations liabilities, surplus (deficit) and shareholders liabilities and equity	404,365	395,532	572,461

Start Date	2022-01-01	2021-01-01
End Date	2022-03-31	2021-03-31
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	76,942	77,978
Excess of loss expense	10,106	9,307
Reinsurance/ retakaful premiums ceded	1,580	2,008
Net premiums/ contributions written	65,256	66,663
Changes in unearned premiums/ contributions	11,129	2,639
Net premiums/ contributions earned	54,127	64,024
Reinsurance/ retakaful commissions	262	388
Other non-operating income from insurance/ takaful operations	-322	719
Total income from insurance/ takaful operations	54,067	65,131
Cost and expenses [abstract]
Net claims/ benefits incurred [abstract]
Net claims/ benefits paid [abstract]
Gross claims/ benefits paid	66,240	81,308
Reinsurance/ retakaful share of gross claims/ benefits paid	6,048	20,815
Net claims/ benefits paid	60,192	60,493
Changes in outstanding claims/ benefits including IBNR	-4,991	5,395
Changes in reinsurance/ retakaful share of outstanding claims/ benefits	-114	-4,099
Net claims/ benefits incurred	55,087	61,789
Policy acquisition costs	5,613	5,906
General and administrative expenses, insurance/ takaful operations	17,460	12,875
Other underwriting expenses	7,203	9,317
Total cost and expenses	85,363	89,887
Surplus (deficit) for period from insurance/ takaful operations	-31,296	-24,756
Shareholders appropriation from insurance/ takaful operations surplus (deficit)	-31,296	-24,756
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0
Policyholders share of accumulated surplus, at end of period	0	0

Start Date	2022-01-01	2021-01-01
End Date	2022-03-31	2021-03-31
Statement of shareholders operations [abstract]
Profit (loss) [abstract]
Income (loss) from continuing operations [abstract]
Shareholders appropriation of surplus (deficit) transferred from insurance/ takaful operations	-31,296	-24,756
Revenue [abstract]
Investment income	647	1,818
Realised gain (loss) on available-for-sale investments	2,660	0
Total revenue	3,307	1,818
Expenses [abstract]
General and administrative expenses, shareholders operations	1,255	365
Total expenses	1,255	365
Income (loss) from continuing operations before zakat and income tax	-29,244	-23,303
Zakat expenses on continuing operations for period	847	-2,335
Profit (loss) from continuing operations	-30,091	-20,968
Profit (loss) for the period	-30,091	-20,968
Profit (loss), attributable to [abstract]
Profit (loss), attributable to saudi shareholders of company	-29,577.158	-20,754.1264
Profit (loss), attributable to non-saudi shareholders of company	-513.842	-213.8736
Earnings per share [abstract]
Basic earnings (loss) per share [abstract]
Basic earnings (loss) per share from continuing operations	-2.31	-0.87
Total basic earnings (loss) per share	-2.31	-0.87
Weighted average number of equity shares outstanding	13000000	24000000

Start Date	2022-01-01	2021-01-01
End Date	2022-03-31	2021-03-31
Statement of other comprehensive income, before tax [abstract]
Net result for period from insurance/ takaful operations after shareholders appropriation	0	0
Total comprehensive income (loss) for period	0	0

Start Date	2022-01-01	2021-01-01
End Date	2022-03-31	2021-03-31
Statement of other comprehensive income, before tax [abstract]
Statement of comprehensive income [abstract]
Profit (loss) for the period	-30,091	-20,968
Other comprehensive income [abstract]
Components of other comprehensive income that will be reclassified to profit or loss [abstract]
Available-for-sale financial assets [abstract]
Gains (losses) on remeasuring available-for-sale financial assets	938	-23
Reclassification adjustment on available-for-sale financial assets due to sale	2,660	0
Total other comprehensive income (loss), available-for-sale financial assets	-1,722	-23
Total other comprehensive income (loss), that will be reclassified to profit or loss	-1,722	-23
Total other comprehensive income (loss)	-1,722	-23
Total comprehensive income (loss) for period	-31,813	-20,991
Total comprehensive income (loss) attributable to [abstract]
Total comprehensive income (loss), attributable to saudi shareholders of company	-31,269.7529	-20,776.8918
Total comprehensive income (loss), attributable to non-saudi shareholders of company	-543.2471	-214.1082

Start Date	2022-01-01	2021-01-01
End Date	2022-03-31	2021-03-31
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	494	417
Adjustments for employees end of service benefits	244	283
Adjustments for allowance for doubtful receivables	2,995	-588
Other adjustments to reconcile net income to net cash from insurance/ takaful operating activities	0	0
Total adjustments to reconcile net income to net cash from insurance/ takaful operations after shareholders appropriation	3,733	112
Changes in operating assets and liabilities [abstract]
Adjustments for decrease (increase) in premium receivables, net	-14,853	-11,874
Adjustments for decrease (increase) in prepayments and other assets	2,580	-2,006
Adjustments for increase (decrease) in outstanding claims including IBNR	-4,991	5,395
Adjustments for increase (decrease) in reinsurers/ retakaful balance payable	19,514	4,091
Adjustments for increase (decrease) in accrued expenses and other liabilities	8,167	-6,219
Adjustments for decrease (increase) in reinsurers/ retakaful share of outstanding claims, net	-114	-4,099
Adjustments for decrease (increase) in deferred policy acquisition costs	-1,212	797
Adjustments for decrease (increase) in unearned commission income	9	-21
Adjustments for decrease (increase) in due from shareholders operations	-2,697	5,890
Adjustments for movement in gross unearned premiums/ contributions	11,158	2,637
Adjustments for reinsurance/ retakaful share of unearned premiums/ contributions	-29	2
Adjustment for changes in other technical reserves	3,648	2,771
Adjustments for other changes in operating assets and liabilities, insurance/ takaful operations cash flow	671	759
Total changes in operating assets and liabilities	21,851	-1,877
Net cash flows from (used in) insurance/ takaful operations	25,584	-1,765
Other inflows (outflows) of cash classified as operating activities, insurance/ takaful operations cash flow	0	0
Net cash flows from (used in) operating activities, insurance/ takaful operations	25,584	-1,765
Cash flows from (used in) investing activities, insurance/ takaful operations [abstract]
Time (Murabaha) deposits, insurance/ takaful operations cash flow	0	0
Purchase of property and equipment, insurance/ takaful operations cash flow	1,290	515
Net cash flows from (used in) investing activities, insurance/ takaful operations	-1,290	-515
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	24,294	-2,280
Net increase (decrease) in cash and cash equivalents	24,294	-2,280
Cash and cash equivalents at beginning of period	21,368	35,667
Cash and cash equivalents at end of period	45,662	33,387
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	0	0
Dividend received, insurance/ takaful operations	0	0

Start Date	2022-01-01	2021-01-01
End Date	2022-03-31	2021-03-31
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	-29,244	-23,303
Net profit (loss) for period (before zakat expenses and income tax)	-29,244	-23,303
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
Adjustments for realised loss (gain) on available-for-sale investments, shareholders cash flow	-2,660	0
Adjustments for amortisation of premium (accretion of discounts) on investments	-76	-100
Total adjustments to reconcile profit (loss)	-2,736	-100
Changes in operating assets and liabilities [abstract]
Adjustments for increase (decrease) in accrued expenses and other liabilities, shareholders cash flow	-634	484
Adjustments for increase (decrease) in amount due to related parties, shareholders cash flow	2,697	-5,890
Adjustments for decrease (increase) in prepayments and other assets, shareholders assets	-668	-992
Total changes in operating assets and liabilities	1,395	-6,398
Net cash flows from (used in) operations	-30,585	-29,801
Net cash flows from (used in) operating activities	-30,585	-29,801
Cash flows from (used in) investing activities [abstract]
Purchase of available-for-sale investments	0	0
Proceeds from disposal of available-for-sale investments	12,313	0
Other inflows (outflows) of cash	-708	0
Net cash flows from (used in) investing activities	11,605	0
Cash flows from (used in) financing activities [abstract]
Proceeds from issuing shares	0	0
Payment of transaction costs	0	0
Other inflows (outflows) of cash	0	0
Net cash flows from (used in) financing activities	0	0
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-18,980	-29,801
Net increase (decrease) in cash and cash equivalents	-18,980	-29,801
Cash and cash equivalents at beginning of period	25,672	98,316
Cash and cash equivalents at end of period	6,692	68,515

[400100] Notes forming part of accounts

English [member]

Note No.

Start Date

2022-01-01

End Date

2022-03-31

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]

ORGANIZATION AND PRINCIPAL ACTIVITIES 2 BASIS OF PREPARATION

(a) Basis of presentation and measurement 9 The Company presents its interim condensed statement of financial position in order of liquidity. As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the interim condensed financial statements accordingly (note 18). Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of The interim condensed statements of financial position, income, other comprehensive income and cash flows of the insurance operations and shareholders operations which are presented in note 18 of these interim condensed financial statements have been provided as supplementary interim condensed 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 statement of financial position, interim condensed statement of income, 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. The interim condensed financial statements have been prepared under the going concern basis and the historical cost basis except for the measurement at fair value of “available-for-sale investments” and employees end-of-service benefits at present value. Amana Cooperative Insurance Company (the “Company”) is a Saudi joint stock company established in Riyadh, Kingdom of Saudi Arabia by Royal Decree Number M/35 dated Jumada Al-Akher 3, 1431 H (corresponding to May 17, 2010), and 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 Company’s head office is at Salah-uddin AlAyubi Street 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 By-laws and the applicable regulations in the Kingdom of Saudi Arabia. On 31 July 2003, corresponding to 2 Jumada II 1424H, the Law on the Supervision of Cooperative Insurance Companies (“Insurance Law”) was promulgated by Royal Decree Number (M/32). During March 2008, the Saudi Arabian Monetary Authority (“SAMA”), as the principal authority responsible for the application and administration of the Insurance Law and its Implementing Regulations, granted the Company a license to transact insurance activities It was approved to update the Company’s by-laws to comply with the new companies’ regulations, issued by royal decree no.m/3 on 28/01/1437 H and this is as per the extraordinary general assembly meeting on 23/09/1438 H, corresponding June 18, 2017.

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

(a) Basis of presentation and measurement

The interim condensed interim financial information (interim condensed financial statements) of the Company as at and for the period ended 31 March 2022 have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34) as endorsed in Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization of Certified Public Accountants (“SOCPA”).

The interim condensed financial statements have been prepared under the going concern basis and the historical cost basis except for the measurement at fair value of “available-for-sale investments” and employees end-of-service benefits at present value.

The Company presents its interim condensed statement of financial position in order of liquidity. As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the interim condensed financial statements accordingly (note 18). Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of The interim condensed statements of financial position, income, other comprehensive income and cash flows of the insurance operations and shareholders operations which are presented in note 18 of these interim condensed financial statements have been provided as supplementary interim condensed 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 statement of financial position, interim condensed statement of income, 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.

BASIS OF PREPARATION (CONTINUED)

(a) Basis of presentation and measurement (continued)

In preparing the Company-level 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 do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s annual financial statements as at 31 December 2021.

(b) Functional and presentation currency

The interim condensed financial statements have been prepared in Saudi Arabian Riyals (SR), which is also the functional currency of the Company. All financial information presented in SR has been rounded off to the nearest thousand, unless otherwise stated.

The preparation of interim condensed financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these interim condensed financial statements, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty including the risk management policies were the same as those that applied to the annual financial statements as at and for the year ended 31 December 2021.

Going concern

The Company's accumulated losses as of 31 March 2022 are 144.64% (31 December 2021: 120.94%) of the Company's share capital, and as of the same date, the Company's solvency reached negative 83.81% (31 December 2021: negative 48.08). These events and conditions indicate a material uncertainty on the Company's ability to continue as a going concern. However, various strategic options, including capital restructuring, were considered by the Company's Board of Directors and has already approved the business plan for 2022 on 18 January 2022. Further, an increase in share capital through rights issues amounting to SR 300 million was approved in the extraordinary general assembly meeting dated 28 February 2022. However, the legal formalities, including CMA's approval, are presently awaited. Based on the above, the management is satisfied that the Company will continue as a going concern for the foreseeable future.

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

SIGNIFICANT ACCOUNTING POLICIES AND NEW STANDARDS ISSUED BUT NOT YET EFFECTIVE

(a) Significant accounting policies

The significant accounting policies adopted in the preparation of these interim condensed financial statements are consistent with those followed in the preparation of the Company's annual financial statements for the year ended 31 December 2021

(b) New standards issued but not yet effective

The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company's interim financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.

IFRS 9 Financial Instruments

FRS 9, as issued, reflects the first phase of the IASB's work though the adoption date is subject to the recently issued Exposure Draft on the replacement of IAS 39 and applies to classification and measurement of financial assets and liabilities as defined in IAS 39. The standard was initially effective for annual periods beginning on or after 1 January 2013, but Amendments to IFRS 9 Mandatory Effective Date of IFRS 9 and Transition Disclosures, issued in December 2011, moved the mandatory effective date to 1 January 2015.

However, on 19 November 2013, the IASB issued IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9) amending IFRS 9 to include the new general hedge accounting model. In its February 2014 meeting, the IASB decided that IFRS 9 would be mandatorily effective for annual reporting periods beginning on or after 1 January 2018 with an optional temporary exception to defer the application of IFRS 9 till 1 January 2022 for companies whose activities are predominantly connected with insurance. In line with other insurance companies in the Kingdom of Saudi Arabia, the Company deferred the application of IFRS 9 till 1 January 2023 to match with the adoption of IFRS 17.

IFRS 17 Insurance Contracts 11 The IASB issued IFRS 17 in May 2017. IFRS 17 will be mandatorily effective for annual reporting periods beginning on or after 1 January 2023. Once effective, IFRS 17 replaces IFRS 4 Insurance Contracts that was issued in 2005. The overall objective of IFRS 17 is to provide a more useful and consistent accounting model for insurance contracts among entities issuing insurance contracts globally. The Company is in the process of assessing the impact of IFRS 17

Disclosure of notes forming part of accounts [abstract]

Disclosure of business combinations [text block]

17	SEGMENT INFORMATION (CONTINUED)

Segment assets do not include insurance operations’ property and equipment, investments, prepayments and other assets, premiums and reinsurance balances receivable, cash and cash equivalents and time deposits. Accordingly they are included in unallocated assets. Segment liabilities do not include employees’ end-of-service benefits, and reinsurance balances payable, accrued expenses and other liabilities and accrued surplus to policyholders. Accordingly they are included in unallocated liabilities.



		For the three-month period ended 31 March 2022 (Unaudited)
		SR '000
		Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders' operations	Total

Operating segment
Revenues
Gross premiums written
- Corporate		347	3,108	1,875	-	5,330	-	5,330
- Medium		2,949	1,650	3	-	4,602	-	4,602
- Small		3,167	58	19	-	3,244	-	3,244
- Very small		34,305	29,440	21	-	63,766	-	63,766
		40,768	34,256	1,918	-	76,942	-	76,942
Reinsurance premiums ceded
- Local		-	-	(278)	-	(278)	-	(278)
- International (includes premium ceded through local broker)		-	-	(1,302)	-	(1,302)	-	(1,302)
		-	-	(1,580)	-	(1,580)	-	(1,580)

Excess of loss expenses		(9,363)	(669)	(74)	-	(10,106)	-	(10,106)

Net premiums written		31,405	33,587	264	-	65,256	-	65,256

Changes in unearned premiums - net		(4,715)	(6,268)	(146)	-	(11,129)	-	(11,129)
Net premiums earned		26,690	27,319	118	-	54,127	-	54,127
Reinsurance commissions		-	-	262	-	262	-	262
Other underwriting income		(344)	-	22	-	(322)	-	(322)
Net revenue		26,346	27,319	402	-	54,067	-	54,067

								19
17	SEGMENT INFORMATION (CONTINUED)

		For the three month period ended 31 March 2022 (Unaudited)
		SR '000
		Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders' operations	Total

Operating segment

Underwriting costs and expenses
Gross claims paid		(36,135)	(30,105)	-	-	(66,240)	-	(66,240)
Reinsurers' share of claims paid		6,042	6	-	-	6,048	-	6,048

Net claims paid		(30,093)	(30,099)	-	-	(60,192)	-	(60,192)
Changes in outstanding claims		3,078	(3,647)	-	-	(569)	-	(569)
Changes in reinsurers' share of outstanding claims		230	-	-	-	230	-	230
Changes in claims incurred but not reported		5,645	(144)	59	-	5,560	-	5,560
Changes in reinsurers' share of claims incurred but not reported
		13	(79)	(50)	-	(116)	-	(116)

Net claims incurred		(21,127)	(33,969)	9	-	(55,087)	-	(55,087)
Changes in premiums deficiency reserve		1,843	(5,422)	(46)	-	(3,625)	-	(3,625)
Changes in other technical reserves		78	(102)	1	-	(23)	-	(23)
Policy acquisition costs		(3,001)	(2,409)	(203)	-	(5,613)	-	(5,613)
Inspection and supervision fees		(2,471)	(1,077)	(7)	-	(3,555)	-	(3,555)

Total underwriting costs and expenses		(24,678)	(42,979)	(246)	-	(67,903)	-	(67,903)

Net underwriting expense		1,668	(15,660)	156	-	(13,836)	-	(13,836)


								20
17	SEGMENT INFORMATION (CONTINUED)

		For the three month period ended 31 March 2022 (Unaudited)
		SR '000
		Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders' operations	Total

Operating segment
Other operating (expenses) / income
Charge of provision for doubtful debts		-	-	-	(2,995)	(2,995)	-	(2,995)
General and administrative expenses		-	-	-	(14,465)	(14,465)	(1,255)	(15,720)
Investment income		-	-	-	-	-	647	647
Realized gain from sale of available for sale investments
		-	-	-	-	-	2,660	2,660
Total other operating (expenses) / income		-	-	-	(17,460)	(17,460)	2,052	(15,408)
Total (loss) / income before zakat		1,668	(15,660)	156	(17,460)	(31,296)	2,052	(29,244)
Zakat Charge		-	-	-	-	-	(847)	(847)

Net income / (loss) after zakat		1,668	(15,660)	156	(17,460)	(31,296)	1,205	(30,091)
Total income for the period attributed to the insurance operations
		-	-	-	-	-	-	-
Surplus / (deficit) transferred to shareholders		(1,668)	15,660	(156)	17,460	31,296	(31,296)	-

Net loss attributable to the shareholders after zakat
		-	-	-	-	-	(30,091)	(30,091)




								21
17	SEGMENT INFORMATION (CONTINUED)

		For the three month period ended 31 March 2021 (Unaudited)
		SR '000
		Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders' operations	Total

Operating segment
Revenues
Gross premiums written
- Corporate		10,496	350	2,157	-	13,003	-	13,003
- Medium		5,253	1,555	47	-	6,855	-	6,855
- Small		6,678	27	(5)	-	6,700	-	6,700
- Very small		18,860	2,001	19	-	20,880	-	20,880
- Individual		-	30,540	-	-	30,540	-	30,540
Gross premiums written		41,287	34,473	2,218	-	77,978	-	77,978

Reinsurance premiums ceded
- Local		-	-	(22)	-	(22)	-	(22)
- International (includes premium ceded through local broker)		-	-	(1,986)	-	(1,986)	-	(1,986)
		-	-	(2,008)	-	(2,008)	-	(2,008)

Excess of loss expenses		(8,932)	(316)	(59)	-	(9,307)	-	(9,307)

Net premiums written		32,355	34,157	151	-	66,663	-	64,655

Changes in gross unearned premiums - net		21,300	(23,506)	(433)	-	(2,639)	-	(2,639)
Net premiums earned		53,655	10,651	(282)	-	64,024	-	64,024
Reinsurance commissions		-	-	388	-	388	-	388
Other underwriting income		1,000	(281)	-	-	719	-	719

Net revenue		54,655	10,370	106	-	65,131	-	65,131

								22
17	SEGMENT INFORMATION (CONTINUED)

		For the three month period ended 31 March 2021 (Unaudited)
		SR '000
		Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders' operations	Total

Operating segment
Underwriting costs and expenses
Gross claims paid		(73,787)	(7,521)	-	-	(81,308)	-	(81,308)
Reinsurers' share of claims paid		20,690	125	-	-	20,815	-	20,815

Net claims paid		(53,097)	(7,396)	-	-	(60,493)	-	(60,493)
Changes in outstanding claims		2,535	(3,999)	(10,831)	-	(12,295)	-	(12,295)
Changes in reinsurance share of outstanding claims		(5,827)	1,176	9,205		4,554	-	4,554
Changes in claims incurred but not reported		6,930	(459)	429	-	6,900	-	6,900
Changes in reinsurance share of claims incurred
but not reported		(36)	(165)	(254)	-	(455)	-	(455)
Net claims incurred		(49,495)	(10,843)	(1,451)	-	(61,789)	-	(61,789)
Changes in premiums deficiency reserve		1,944	(4,454)	-	-	(2,510)	-	(2,510)
Changes in other technical reserves		81	(111)	(231)	-	(261)	-	(261)
Policy acquisition costs		(5,060)	(649)	(197)	-	(5,906)	-	(5,906)
Inspection and supervision fees		(3,910)	(2,628)	(8)	-	(6,546)	-	(6,546)
Total underwriting costs and expenses		(56,440)	(18,685)	(1,887)	-	(77,012)	-	(77,012)
Net underwriting (loss)		(1,785)	(8,315)	(1,781)	-	(11,881)	-	(11,881)


								23
17	SEGMENT INFORMATION (CONTINUED)

		For the three month period ended 31 March 2021 (Unaudited)
		SR '000
		Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders' operations	Total

Operating segment
Other operating (expenses) / income
Reversal of provision for doubtful debts		-	-	-	588	588	-	588
General and administrative expenses		-	-	-	(13,463)	(13,463)	(365)	(13,828)
Investment income		-	-	-	-	-	1,818	1,818
Total other operating (expenses) / income		-	-	-	(12,875)	(12,875)	1,453	(11,422)
Total (loss) / income before zakat		(1,785)	(8,315)	(1,781)	(12,875)	(24,756)	1,453	(23,303)
Zakat reversal		-	-	-	-	-	2,335	2,335

Total income / (loss) after zakat		(1,785)	(8,315)	(1,781)	(12,875)	(24,756)	3,788	(20,968)
Total income for the period attributed to the insurance operations
		-	-	-	-	-	-	-
Surplus / (deficit) transferred to shareholders		1,785	8,315	1,781	12,875	24,756	(24,756)	-

Net loss attributable to the shareholders after zakat
		-	-	-	-	-	(20,968)	(20,968)





								24
17	SEGMENT INFORMATION (CONTINUED)

		As at 31 March 2022 (Unaudited)
		SR '000
		Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders' operations	Total

Operating segment
Assets
Cash and cash equivalents		-	-	-	45,662	45,662	6,692	52,354
Premiums and reinsurers' receivable - net		66,742	18,192	5,269	9,198	99,401	-	99,401
Reinsurers' share of unearned premiums		-	-	1,462	-	1,462	-	1,462
Reinsurers' share of outstanding claims		784	410	303	-	1,497	-	1,497
Reinsurers' share of claims incurred but not reported		14	6	1,069	-	1,089	-	1,089
Deferred policy acquisition costs		5,900	7,639	279	-	13,818	-	13,818
Investments		-	-	-	1,923	1,923	46,158	48,081
Unallocated assets		-	-	-	19,303	19,303	33,566	52,869
Total assets		73,440	26,247	8,382	76,086	184,155	86,416	270,571

Liabilities
Policyholders claims payable		602	2,707	850	-	4,159	-	4,159
Reinsurers' balances payable		-	-	-	27,690	27,690	-	27,690
Unearned premiums		68,504	53,598	2,351	-	124,453	-	124,453
Unearned reinsurance commission		-	-	251	-	251	-	251
Outstanding claims		6,649	14,972	349	-	21,970	-	21,970
Claims incurred but not reported		36,178	15,219	1,293	-	52,690	-	52,690
Premium deficiency reserve		7,002	23,550	240	-	30,792	-	30,792
Other technical reserve		2,644	1,170	27	-	3,841	-	3,841
Unallocated liabilities		-	-	-	53,554	53,554	9,776	63,330
Total liabilities		121,579	111,216	5,361	81,244	319,400	9,776	329,176

								25
17	SEGMENT INFORMATION (CONTINUED)
		As at 31 December 2021 (Audited)
		SR '000
		Medical	Motor	Property & casualty	Unallocated	Total - Insurance operations	Shareholders' operations	Total

Operating segment

Assets
Cash and cash equivalents		-	-	-	21,368	21,368	25,672	47,040
Premiums and reinsurers' receivable - net		46,468	21,582	2,167	17,326	87,543	-	87,543
Reinsurers' share of unearned premiums		-	-	1,433	-	1,433	-	1,433
Reinsurers' share of outstanding claims		554	410	303	-	1,267	-	1,267
Reinsurers' share of claims incurred but not reported		-	85	1,120	-	1,205	-	1,205
Deferred policy acquisition costs		5,349	7,056	201	-	12,606	-	12,606
Investments		-	-	-	1,923	1,923	57,457	59,380
Unallocated assets		-	-	-	21,087	21,087	32,874	53,961
Total assets		52,371	29,133	5,224	61,704	148,432	116,003	264,435

Liabilities
Policyholders claims payable		593	2,045	850	-	3,488	-	3,488
Reinsurers' balances payable		-	-	-	8,176	8,176	-	8,176
Unearned premiums		63,790	47,329	2,176	-	113,295	-	113,295
Unearned reinsurance commission		-	-	242	-	242	-	242
Outstanding claims		9,726	11,326	349	-	21,401	-	21,401
Claims incurred but not reported		41,823	15,074	1,353	-	58,250	-	58,250
Premium deficiency reserve		8,845	18,129	193	-	27,167	-	27,167
Other technical reserves		2,722	1,069	27	-	3,818	-	3,818
Unallocated liabilities		-	-	-	45,143	45,143	9,539	54,682
Total liabilities		127,499	94,972	5,190	53,319	280,980	9,539	290,519

Disclosure of investments [text block]

7	INVESTMENTS

Investments are classified as follows:

		31 March 2022 (Unaudited)			31 December 2021 (Audited)
		Insurance operations	Shareholders' operations	Total	Insurance operations	Shareholders' operations	Total
		SR '000			SR '000

Available-for-sale investments		1,923	1,884	3,807	1,923	13,259	15,182
Held-to-maturity investments		-	44,274	44,274	-	44,198	44,198

		1,923	46,158	48,081	1,923	57,457	59,380

							12
7	INVESTMENTS (CONTINUED)

7.1 Available-for-sale investment in insurance operation represents the Company's shareholding in Najm for Insurance Services Company ("Najm") which is 3.85% of Najm's capital.


7.2 Investments for shareholders’ operations comprised as follows:						31 March 2022 (Unaudited)	31 December 2021 (Audited)
					Note	SR '000	SR '000

Available-for-sale investments - Listed shares and REIT Funds (Domestic)					7.4	1,884	13,259
Held-to-maturity investments - Debt instruments (Domestic)					7.5	44,274	44,198

						46,158	57,457

7.3 The Held-to-maturity investment represents sukuks earning average profit at a rate of 3.76% per annum as of 31 March 2022 (31 December 2021: 3.91% per annum) having maturities upto 20 April 2027.


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

						31 March 2022 (Unaudited)	31 December 2021 (Audited)
						SR '000	SR '000

Opening balance						13,259	10,949
Additions						-	2,788
Change in fair value of available-for-sale investments						938	1,564
Transferred from fair value reserve to income for the period						(2,660)	(455)
Disposals at cost						(9,653)	(1,587)
Closing balance						1,884	13,259

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

Opening balance						44,198	49,045
Amortization for the period / year						76	403
Disposal						-	(5,250)
Closing balance						44,274	44,198

7.6 There was no movement in the investments pertaining to insurance operations.

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

6	PREMIUMS AND REINSURERS' RECEIVABLE - NET

		Note	31 March 2022 (Unaudited)	31 December 2021 (Audited)
Receivables comprise of the amounts due from the following:			SR '000	SR '000

Policyholders			51,610	58,188
Brokers and agents			53,251	48,803
Related parties		16	2,177	2,026
Receivables from reinsurers			50,979	34,147
			158,017	143,164

Less: provision for doubtful receivables			(58,616)	(55,621)

Premiums and reinsurers’ receivable – net			99,401	87,543

The movement in the provision for doubtful receivables is as follows:

Beginning balance			55,621	50,118
Charge made during the period / year			2,995	5,503
Ending balance			58,616	55,621

Disclosure of cash and cash equivalents [text block]

4	CASH AND CASH EQUIVALENTS

		31 March 2022 (Unaudited)			31 December 2021 (Audited)
		Insurance operations	Shareholders' operations	Total	Insurance operations	Shareholders' operations	Total
		SR '000			SR '000

Cash at bank		45,632	6,692	52,324	21,338	25,672	47,010
Cash in hand		30	-	30	30	-	30
		45,662	6,692	52,354	21,368	25,672	47,040

All bank balances and deposits are placed with SAMA regulated local banks with sound credit ratings under Standard and Poor’s and Moody’s rating methodology.



5	SHORT TERM DEPOSITS

Short-term deposit represents murabaha deposit having original maturity between 3 months and 12 months from the reporting date. Short term deposit earn profit at an average rate of 5.23% per annum (2021: 5.23% per annum). The deposit shall mature on 24 April 2022.



Short term deposit are placed with counterparties with sound credit ratings under Standard and Poor’s and Moody’s ratings methodology and their carrying amount is reasonable approximate to its fair value at the reporting date.

4&5

Disclosure of statutory deposit [text block]

13	STATUTORY DEPOSIT

Statutory deposit represents 15% of the paid up capital of the Company which is maintained with local bank designated by SAMA in accordance with the Cooperative Insurance Companies Control Law for insurance companies.


The statutory deposit is placed with a counterparty having investment grade credit rating. Accrued commission income on statutory deposit is shown as an asset and liability in the statement of financial position.

Disclosure of gross unearned premiums/ contributions [text block]

(b)	Movement in unearned premiums	31 March 2022 (Unaudited)			31 December 2021 (Audited)
		Gross	Reinsurance	Net	Gross	Reinsurance	Net
		SR '000			SR '000

Opening balance		113,295	(1,433)	111,862	141,100	(2,056)	139,044
Premiums written during the period / year		76,942	(1,580)	75,362	275,487	(4,630)	270,857
Excess of loss expense		-	(10,106)	(10,106)	-	(51,187)	(51,187)
Premiums earned during the period / year		(65,784)	11,657	(54,127)	(303,292)	56,440	(246,852)
Closing balance		124,453	(1,462)	122,991	113,295	(1,433)	111,862

Disclosure of gross outstanding claims/ benefits [text block]

9	TECHNICAL RESERVES

(a)	Net Outstanding Claims and Reserves	31 March 2022 (Unaudited)	31 December 2021 (Audited)
		SR '000		SR '000

Outstanding claims		21,970		21,401
Claims incurred but not reported		52,690		58,250
Premium deficiency reserve		30,792		27,167
Other technical reserves		3,841		3,818

		109,293		110,636
Less:
Reinsurers’ share of outstanding claims		(1,497)		(1,267)
Reinsurers’ share of claims incurred but not reported		(1,089)		(1,205)

		(2,586)		(2,472)

Net outstanding claims and other reserves		106,707		108,164

Disclosure of unearned commission income [text block]

(c)	Unearned reinsurance commission	31 March 2022 (Unaudited)	31 December 2021 (Audited)
		SR '000		SR '000
Opening balance		242		456
Reinsurance commission received during the period / year		271		876
Reinsurance commission earned during the period / year		(262)		(1,090)
Closing balance		251		242

Disclosure of zakat [text block]

10	ZAKAT PAYABLE

Opening balance		3,559	6,673
Charge for the peiod / year		847	491
Reversal for prior periods / year		-	(2,761)
		847	(2,270)
Paid during the period / year		-	(844)
Closing balance		4,406	3,559

The Company has filed its zakat return to Zakat, Tax and Customs Authority ("ZATCA") till the year 2021. All the assessments up to the year 2016 have been settled with ZATCA and a final clearance certificate has been obtained. During the year ended 31 December 2020, ZATCA issued zakat assessment for the years 2017 and 2018 amounting to 6.2 million. The Company has filed objection against the assessment and the management believes that the liability can be reduced to 3.7 million with a very high probability. During the year ended 31 December 2020, the Company has also received assessments along with penalties in respect of Value Added Tax ("VAT") for the years 2018 and 2019 amounting to 1.6 million. The Company paid the VAT assessment and continues objection to the VAT and penalties. Further, management believes that there is a high probability that the liability can be reduced to some percentage.







During the year, ZATCA requested information about zakat and tax returns for the years 2019 and 2020 which are still under review.

Disclosure of fair value reserve on investments [text block]

8	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 in 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 assets or liability, or
-	in the absences of a principal market, in the most advantages accessible market for the asset or liability

(a)	Determination of fair value and fair value hierarchy

The Company uses the following hierarchy for determining 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.

Disclosure of earnings per share [text block]

14	LOSS PER SHARE

Basic and diluted loss per share for the period have been calculated by dividing the total net loss for the period by the weighted average number of shares in issue throughout the period.


		Number of shares in '000
		31 March 2022 (Unaudited)	31 March 2021 (Unaudited)

		13,000	24,000
Basic and diluted loss per share		(2.31)	(0.87)
Weighted average number of shares throughout the period (thousands)		13,000	24,000

Disclosure of related party transactions [text block]

16	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/year and the related balances:





DUE FROM RELATED PARTIES		Amounts of transactions		Balances as at
		31 March 2022 (Unaudited)	31 March 2021 (Unaudited)	31 March 2022 (Unaudited)	31 December 2021 (Audited)
		SR '000	SR '000	SR '000	SR '000
Entities controlled, jointly controlled or significantly influenced by related parties


El Seif companies group
- Insurance premium written		42	4,320	1,773	1,650
- Paid claims		119	3,646	-	-
		161	7,966	1,773	1,650

El Tukhy companies group
- Insurance premium written		-	-	356	356
- Paid claims		-	2	-	-
		-	2	356	356

Al Durra Al Raeda Co
- Insurance premium written		34	39	48	20
- Paid claims		5	-	-	-
		39	39	48	20

Globe-Med
- volume rebate				-	-
		-	-	-	-
Total		200	8,007	2,177	2,026

Less: provision for doubtful receivables				(865)	(733)
Due from related parties, net				1,312	1,293









					17
16	RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)

The movement in the provision for doubtful receivables regarding related parties was as following:
				31 March 2022 (Unaudited)	31 December 2021 (Audited)
				SR '000	SR '000

Opening balance				733	304
Charge during the period / year				132	429
Closing balance				865	733

DUE TO RELATED PARTIES
		Amounts of transactions		Balances as at
		31 March 2022 (Unaudited)	31 March 2021 (Unaudited)	31 March 2022 (Unaudited)	31 December 2021 (Audited)
		SR '000	SR '000	SR '000	SR '000

Board of Directors & related committee
Bonus and other allowances		363	363	1,340	1,562

Globe-Med (Group entity)
Administration fees for handling medical claims and others		1,961	1,961	3,643	3,369

		2,324	2,324	4,983	4,931

Key management personnel are persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly and comprise top management executives including the Chief Executive Officer, and the Chief Financial Officer of the Company.



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

				31 March 2022 (Unaudited)	31 March 2021 (Unaudited)
				SR '000	SR '000

Salaries and other allowances				1,432	951
End of service indemnities				61	49
				1,493	1,000

Disclosure of capital management [text block]

SHARE CAPITAL

The authorized, issued and paid up share capital of the Company was SR 130 million as at 31 March 2022 (31 December 2021, SR 130 Million), consisting of 13 million shares of SR 10 each (31 December 2021, 13 million shares). During the period ended 31 March 2022, the company's shareholders have a approve a share capital increase of SR 300 million in an extra ordinary general meeting held on 28 February 2022, thus increasing the number of shares from SR 13 million to SR 43 million. The purpose of increasing the share capital is to strengthen the Company's solvency and financial position.

15	CAPITAL MANAGEMENT

The Company manages its capital to ensure that it is able to continue as going concern and comply with the SAMA’s capital requirements 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 shareholders comprising paid capital and accumulated deficit.




The Company maintains its capital as per guidelines laid out by SAMA in Article 66 table 3 and 4 of the Implementing Regulations detailing the solvency margin required to be maintained. According to the article, the Company shall maintain solvency margin equivalent to the highest of the following three methods as per SAMA Implementing Regulations:




-	Minimum Capital Requirement of SAR 100 million
-	Premium Solvency Margin
-	Claims Solvency Margin

In the opinion of the Board of Directors, the Company has fully complied with the externally imposed capital requirements during the reported financial period.

11 &15

Disclosure of commitments and contingencies, general [text block]

12	COMMITMENTS AND CONTINGENCIES

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

		31 March 2022 (Unaudited)	31 December 2021 (Audited)
		SR '000	SR '000
Capital work in progress		504	122

(b) The Company operates in insurance industry and is subject to legal proceedings in the normal course of business. While it is not possible to forecast or determine the final results of all pending or threatened legal proceedings, the management does not believe that such proceedings (including litigations) will have a material effect on its results and financial position.

Disclosure of comparative figures [text block]

18		SUPPLEMENTARY INFORMATION

18.1		Interim condensed statement of financial position

			As at 31 March 2022 (Unaudited)						As at 31 December 2021 (Audited)
			Insurance Operations		Shareholders' Operations		Total		Insurance Operations		Shareholders' Operations		Total
			SR '000						SR '000

ASSETS
Cash and cash equivalents			45,662		6,692		52,354		21,368		25,672		47,040
Short term deposits			-		10,000		10,000		-		10,000		10,000
Premiums and reinsurers' receivable - net			99,401		-		99,401		87,543		-		87,543
Reinsurers' share of unearned premiums			1,462		-		1,462		1,433		-		1,433
Reinsurers' share of outstanding claims			1,497		-		1,497		1,267		-		1,267
Reinsurers' share of claims incurred but not reported			1,089		-		1,089		1,205		-		1,205
Deferred policy acquisition costs			13,818		-		13,818		12,606		-		12,606
Available-for-sale investments			1,923		1,884		3,807		1,923		13,259		15,182
Held-to-maturity investments			-		44,274		44,274		-		44,198		44,198
Due from shareholders' operations			133,794		-		133,794		131,097		-		131,097
Prepayments and other assets			11,847		1,053		12,900		14,427		385		14,812
Property and equipment			6,542		-		6,542		6,085		-		6,085
Intangible assets			914		-		914		575		-		575
Long term deposits			-		-		-		-		-		-
Statutory deposit			-		19,500		19,500		-		19,500		19,500
Accrued commission income on statutory deposit			-		3,013		3,013		-		2,989		2,989

TOTAL ASSETS			317,949		86,416		404,365		279,529		116,003		395,532


18	SUPPLEMENTARY INFORMATION (CONTINUED)

18.1	Interim condensed statement of financial position (continued)

				As at 31 March 2022 (Unaudited)						As at 31 December 2021 (Audited)
				Insurance Operations		Shareholders' Operations		Total		Insurance Operations		Shareholders' Operations		Total
				SR '000						SR '000

LIABILITIES
Policyholders claims payable				4,159		-		4,159		3,488		-		3,488
Accrued expenses and other liabilities				47,189		2,357		49,546		39,022		2,991		42,013
Reinsurance balances payable				27,690		-		27,690		8,176		-		8,176
Unearned premiums				124,453		-		124,453		113,295		-		113,295
Unearned reinsurance commission				251		-		251		242		-		242
Outstanding claims				21,970		-		21,970		21,401		-		21,401
Claims incurred but not reported				52,690		-		52,690		58,250		-		58,250
Premium deficiency reserve				30,792		-		30,792		27,167		-		27,167
Other technical reserve				3,841		-		3,841		3,818		-		3,818
Due to insurance operation				-		133,794		133,794		-		131,097		131,097
Employees' end-of-service benefits				5,586		-		5,586		5,342		-		5,342
Surplus distribution payable				779		-		779		779		-		779
Provision for zakat and income tax				-		4,406		4,406		-		3,559		3,559
Accrued commission income payable to SAMA				-		3,013		3,013		-		2,989		2,989
TOTAL LIABILITIES				319,400		143,570		462,970		280,980		140,636		421,616
EQUITY
Share capital				-		130,000		130,000		-		130,000		130,000
Accumulated losses				-		(188,026)		(188,026)		-		(157,227)		(157,227)
Actuarial loss on end-of-service benefits				(1,451)		-		(1,451)		(1,451)		-		(1,451)
Fair value reserve for available-for-sale investments				-		872		872		-		2,594		2,594

TOTAL EQUITY				(1,451)		(57,154)		(58,605)		(1,451)		(24,633)		(26,084)

TOTAL LIABILITIES AND EQUITY				317,949		86,416		404,365		279,529		116,003		395,532

18	SUPPLEMENTARY INFORMATION (CONTINUED)

18.2	Interim condensed statement of income
		For the three month period ended 31 March 2022 (Unaudited)			For the three month period ended 31 March 2021 (Unaudited)
		Insurance Operations	Shareholders' Operations	Total	Insurance Operations	Shareholders' Operations	Total
		SR '000			SR '000

REVENUES
Gross premiums written		76,942	-	76,942	77,978	-	77,978
Reinsurance premiums ceded
- Local		(278)	-	(278)	(22)	-	(22)
- Foreign		(1,302)	-	(1,302)	(1,986)	-	(1,986)
Excess of loss expenses		(10,106)	-	(10,106)	(9,307)	-	(9,307)

Net premiums written		65,256	-	65,256	66,663	-	66,663
Changes in unearned premiums - net		(11,129)	-	(11,129)	(2,639)	-	(2,639)

Net premiums earned		54,127	-	54,127	64,024	-	64,024
Reinsurance commissions		262	-	262	388	-	388
Other underwriting income		(322)	-	(322)	719	-	719

NET REVENUES		54,067	-	54,067	65,131	-	65,131

UNDERWRITING COSTS AND EXPENSES
Gross claims paid		(66,240)	-	(66,240)	(81,308)	-	(81,308)
Reinsurers' share of claims paid		6,048	-	6,048	20,815	-	20,815

Net claims paid		(60,192)	-	(60,192)	(60,493)	-	(60,493)
Changes in outstanding claims		(569)	-	(569)	(12,295)	-	(12,295)
Changes in reinsurers' share of outstanding claims		230	-	230	4,554	-	4,554
Changes in claims incurred but not reported		5,560	-	5,560	6,900	-	6,900
Changes in reinsurers' share of claims incurred but not reported		(116)	-	(116)	(455)	-	(455)

Net claims incurred		(55,087)	-	(55,087)	(61,789)	-	(61,789)

18	SUPPLEMENTARY INFORMATION (CONTINUED)

18.2	Interim condensed statement of income (continued)
		For the three month period ended 31 March 2022 (Unaudited)			For the three month period ended 31 March 2021 (Unaudited)
		Insurance Operations	Shareholders' Operations	Total	Insurance Operations	Shareholders' Operations	Total
		SR '000			SR '000

Changes in premiums deficiency reserve		(3,625)	-	(3,625)	(2,510)	-	(2,510)
Changes in other technical reserves		(23)	-	(23)	(261)	-	(261)
Policy acquisition costs		(5,613)	-	(5,613)	(5,906)	-	(5,906)
Inspection and supervision fees		(3,555)	-	(3,555)	(6,546)	-	(6,546)

TOTAL UNDERWRITING COSTS AND EXPENSES		(67,903)	-	(67,903)	(77,012)	-	(77,012)

NET UNDERWRITING EXPENSE		(13,836)	-	(13,836)	(11,881)	-	(11,881)

OTHER OPERATING (EXPENSES) / INCOME
(Charge) / reversal of provision for doubtful debts		(2,995)	-	(2,995)	588	-	588
General and administrative expenses		(14,465)	(1,255)	(15,720)	(13,463)	(365)	(13,828)
Investment income		-	647	647	-	1,818	1,818
Realized loss from sale of available-for-sale investments		-	2,660	2,660	-	-	-

TOTAL OTHER OPERATING (EXPENSES) / INCOME		(17,460)	2,052	(15,408)	(12,875)	1,453	(11,422)

Total (loss) / income before zakat		(31,296)	2,052	(29,244)	(24,756)	1,453	(23,303)
Zakat (charge) / reversal		-	(847)	(847)	-	2,335	2,335

Net income / (loss) after zakat		(31,296)	1,205	(30,091)	(24,756)	3,788	(20,968)
Total income for the period attributed to the insurance operations		-	-	-	-	-	-

Surplus / (deficit) transferred to shareholders		31,296	(31,296)	-	24,756	(24,756)	-

Net (loss) attributable to the shareholders after zakat		-	(30,091)	(30,091)	-	(20,968)	(20,968)

18	SUPPLEMENTARY INFORMATION (CONTINUED)

18.3	Interim condensed statement of comprehensive income
		For the three months period ended 31 March 2022 (Unaudited)			For the three months period ended 31 March 2021 (Unaudited)
		Insurance Operations	Shareholders' Operations	Total	Insurance Operations	Shareholders' Operations	Total
		SR '000			SR '000

Net (loss) after zakat		-	(30,091)	(30,091)	-	(20,968)	(20,968)

Other comprehensive (loss) :

Items that will not be reclassified to statement of income in subsequent years		-	-	-	-	-	-


Items that may be reclassified to statement of insurance operations' surplus in subsequent years


-Change in fair value of available-for-sale investments		-	938	938	-	(23)	(23)
-Transferred from fair value reserve to income for the period		-	(2,660)	(2,660)	-	-	-
Total comprehensive (loss) for the period		-	(31,813)	(31,813)	-	(20,991)	(20,991)

Total comprehensive income attributable to the insurance operations
		-	-	-	-	-	-

Net comprehensive (loss) attributable to the shareholders
			(31,813)	(31,813)	-	(20,991)	(20,991)

18	SUPPLEMENTARY INFORMATION (CONTINUED)

18.4	Interim condensed statement of cash flows	For the three month period ended 31 March 2022 (Unaudited)			For the three month period ended 31 March 2021 (Unaudited)
		Insurance Operations	Shareholders' Operations	Total	Insurance Operations	Shareholders' Operations	Total
		SR '000			SR '000
CASH FLOWS FROM OPERATING ACTIVITIES
Total loss before zakat		-	(29,244)	(29,244)	-	(23,303)	(23,303)
Adjustments for non-cash items:
Depreciation and amortization		494	-	494	417	-	417
Charge / (reversal) of provision for doubtful debts		2,995	-	2,995	(588)	-	(588)
Realized gain on sale of available-for-sale investments		-	(2,660)	(2,660)	-	-	-
Amortization of held-to-maturity investments		-	(76)	(76)	-	(100)	(100)
Provision for employees' end-of-service benefits		244	-	244	283	-	283
		3,733	(31,980)	(28,247)	112	(23,403)	(23,291)
Changes in operating assets and liabilities:
Premiums and reinsurers’ receivable		(14,853)	-	(14,853)	(11,874)	-	(11,874)
Reinsurers’ share of unearned premiums		(29)	-	(29)	2	-	2
Reinsurers’ share of outstanding claims		(230)	-	(230)	(4,554)	-	(4,554)
Reinsurers’ share of claims incurred but not reported		116	-	116	455	-	455
Deferred policy acquisition costs		(1,212)	-	(1,212)	797	-	797
Due from shareholders		(2,697)	-	(2,697)	5,890	-	5,890
Prepaid expenses and other assets		2,580	(668)	1,912	(2,006)	(992)	(2,998)
Policyholders claims payable		671	-	671	759	-	759
Accrued expenses and other liabilities		8,167	(634)	7,533	(6,219)	484	(5,735)
Reinsurers' balances payable		19,514	-	19,514	4,091	-	4,091
Unearned premiums		11,158	-	11,158	2,637	-	2,637
Unearned reinsurance commission		9	-	9	(21)	-	(21)
Outstanding claims		569	-	569	12,295	-	12,295
Claims incurred but not reported		(5,560)	-	(5,560)	(6,900)	-	(6,900)
Premium deficiency reserve		3,625	-	3,625	2,510	-	2,510
Other technical reserves		23	-	23	261	-	261
Due to insurance operation		-	2,697	2,697	-	(5,890)	(5,890)
		25,584	(30,585)	(5,001)	(1,765)	(29,801)	(31,566)

							32
Employees' end-of-service benefits paid		-	-	-	-	-	-
Zakat and income tax paid		-	-	-	-	-	-
Net cash used in operating activities		25,584	(30,585)	(5,001)	(1,765)	(29,801)	(31,566)

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds received of available-for-sale investments		-	12,313	12,313	-	-	-
Purchase of property, equipment and intangibles		(1,290)	-	(1,290)	(515)	-	(515)
Transaction cost paid for Capital Reduction			(708)	(708)
Net cash generated from / (used in) investing activities		(1,290)	11,605	10,315	(515)	-	(515)

Net change in cash and cash equivalents		24,294	(18,980)	5,314	(2,280)	(29,801)	(32,081)

Cash and cash equivalents at the beginning of the period		21,368	25,672	47,040	35,667	98,316	133,983
Cash and cash equivalents at the end of the period		45,662	6,692	52,354	33,387	68,515	101,902

Supplemental non-cash information:

Changes in fair values of available-for-sale investments - net		-	938	938	-	(23)	(23)

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

20	APPROVAL OF FINANCIAL STATEMENTS

The interim condensed financial statements have been approved by the Board of Directors on 22 May 2022 (corresponding to 21 Shawwal 1443H).

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

19	EVENTS AFTER THE REPORTING DATE

The Company's shareholders have approved a share capital increase of SR 300 million in an extraordinary general meeting held on 28 February 2022, thus increasing the number of shares from 13 million to 43 million. The share capital increase is subject to the subsequent regulatory approval of CMA while approval from SAMA was received on 25 April 2022.

[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