| 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] | Saudi Enaya Cooperative Insurance Company (the “Company”) is a Saudi Joint Stock Company incorporated in the Kingdom of Saudi Arabia as per the Ministry of Commerce and Industry’s Resolution number 98/Q dated 16 Rabi Awwal 1433H (corresponding to 8 February 2012). The Commercial Registration number of the Company is 4030223528 dated 27 Rabi Awal 1433H (corresponding to 19 February 2012).The Registered Office address of the Company is:Building No. 8433Prince Sultan Street, Al Rawdah DistrictP.O. Box 3528Jeddah 23435Kingdom of Saudi ArabiaFollowing is the branch of the Company:Branch Commercial Registration Number: Riyadh 1010421871 The Company is licensed to conduct insurance business in the Kingdom of Saudi Arabia under cooperative principles in accordance with Royal Decree No. M/49 dated 27 Rajab 1432H (corresponding to 29 June 2011) pursuant to the Council of Ministers’ Resolution No 224 dated 25 Rajab 1432H (corresponding to 27 June 2011). As of the date of incorporation, the Company is 77% owned by the Saudi shareholders and the general public and 23% owned by non-Saudi shareholders. The Company was listed on the Saudi Stock Exchange (Tadawul) on 27 February 2012.The objective of the Company is to engage in cooperative insurance operations and related activities, including reinsurance, agencies, representation, correspondence and brokerage, in the Kingdom of Saudi Arabia in accordance with its Articles of Association, and applicable regulations in the Kingdom of Saudi Arabia. The Company is licensed to underwrite medical insurance only. The Company commenced its commercial operations on 7 January 2013. | 1 |
| Disclosure of basis of preparation of financial statements [text block] | The interim condensed financial information of the Company has been prepared in accordance with ‘International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as modified by SAMA for the accounting of zakat and income tax’, which requires, adoption of all IFRSs as issued by the International Accounting Standards Board (“IASB”) except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax. As per the SAMA Circular no. 381000074519 dated 11 April 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), the zakat and income tax are to be accrued on a quarterly basis through shareholders equity under retained earnings.The interim condensed financial information is prepared under the going concern basis (note 4) and the historical cost convention, except for the measurement of investments (excluding held-to-maturity) at their fair value. The Company’s interim condensed statement of financial position is presented in order of liquidity. Except for property and equipment, statutory deposit, end-of-service indemnities, outstanding claims, claims incurred but not reported, all other assets and liabilities are of short-term nature, unless, stated otherwise.As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the financial information accordingly. Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. Similarly, in the past, the Company’s interim condensed and annual financial statements presented separately the statements of financial position, income, comprehensive income and cash flows for the insurance operations and shareholders operations. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors.The interim condensed statement of financial position, statements of income and statement of comprehensive income and cash flows of the insurance operations and shareholders operations which are presented on pages 23 to 30 of the financial statements have been provided as supplementary financial information and to comply with the requirements of the guidelines issued by SAMA implementing regulations. 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, statements of income, comprehensive income and 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 financial statements in compliance with IFRS, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperation balances, transactions and unrealised gains or losses, if any, 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 inclusion of separate information of the insurance operations with the financial information of the Company in the interim condensed statements of financial position, statement of income, statement of comprehensive income, statement of cash flows as well as certain relevant notes to the financial statements represents additional supplementary information required as required by the implementing regulations.The interim condensed financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the annual financial statements as of and for the year ended 31 December 2017. The interim condensed financial statements may not be considered indicative of the expected results for the full year.These interim condensed financial statements are expressed in Saudi Arabian Riyals (SAR) and are rounded off to the nearest thousands. | 2.A |
| Disclosure of statement of compliance [text block] | As required by the Saudi Arabian Insurance Regulations, the Company maintains separate books of accounts for Insurance Operations and Shareholders’ Operations and presents the financial information accordingly. Assets, liabilities, revenues and expenses clearly attributable to either activity are recorded in the respective accounts. Similarly, in the past, the Company’s interim condensed and annual financial statements presented separately the statements of financial position, income, comprehensive income and cash flows for the insurance operations and shareholders operations. The basis of allocation of expenses from joint operations is determined and approved by the management and the Board of Directors.The interim condensed statement of financial position, statements of income and statement of comprehensive income and cash flows of the insurance operations and shareholders operations which are presented on pages 23 to 30 of the financial statements have been provided as supplementary financial information and to comply with the requirements of the guidelines issued by SAMA implementing regulations. 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, statements of income, comprehensive income and 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 financial statements in compliance with IFRS, the balances and transactions of the insurance operations are amalgamated and combined with those of the shareholders’ operations. Interoperation balances, transactions and unrealised gains or losses, if any, 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. | 2.A |
| Disclosure of new standards and amendments in standards [text block] | The Company has adopted the following new standards, amendments and revisions to existing standards, which were issued by the International Accounting Standards Board (IASB):Standard/Amendments DescriptionIFRS 2 Amendments to IFRS 2 Classification and Measurement of share-based Payment transactions.IAS 40 Amendments to IAS 40 Transfers of investment propertyIFRIC 22 Foreign Currency Transactions and Advance considerationIFRS 15 Revenue from Contracts with Customers (refer below)IFRS 1 and IAS 28 Annual Improvements 2016 to IFRS 2014 – 2016 cycle.IFRS 15 – Revenue from Contracts with Customers IFRS 15 outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue guidance, which is found currently across several Standards and Interpretations within IFRSs. However, IFRS 15 does not apply to “revenue from insurance contracts”. However, entities will need to apply IFRS 15 to non-insurance contracts (or components of insurance contracts). Therefore, insurance entities will need to carefully evaluate the scope of this standard.IFRS 15 established a new five-step model that will apply to revenue arising from contracts with customers. Under IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring of goods or services to a customer.Though there are changes in accounting policy, however, management assessed and concluded that there is no material impact on the amounts reported at transition to IFRS 15 on 1 January 2018.Further, the adoption of the amended standards and interpretations applicable to the Company did not have any significant impact on these interim condensed financial statements. | 3.A |
| Disclosure of issued IFRS not yet adopted [text block] | Standards issued but not yet effective up to the date of issuance of the Company’s interim condensed financial statements are listed below. The listing is of standards and interpretations issued, which the Company reasonably expects to be applicable at a future date. The Company intends to adopt these standards when they are effective.Standard/Interpretation Description Effective from periods beginning on or after the following dateIFRS 9 Financial Instruments Refer belowIFRS 16 Leases 1 January 2019IFRIC 23 Uncertainty over Income Tax Treatments 1 January 2019IFRS 17 Insurance Contracts (note below) 1 January 2021IFRS 9 and IFRS 17In July 2014, the IASB published IFRS 9 Financial Instruments which will replace IAS 39 Financial Instruments: Recognition and Measurement. The standard incorporates new classification and measurements requirements for financial assets, the introduction of an expected credit loss (ECL) impairment model which will replace the incurred loss model of IAS 39, and new hedge accounting requirements. Under IFRS 9: All financial assets will be measured at either amortised cost or fair value. The basis of classification will depend on the business model and the contractual cash flow characteristics of the financial assets. The standard retains most of IAS 39’s requirements for financial liabilities except for those designated at fair value through profit or loss whereby that part of the fair value changes attributable to own credit is to be recognised in other comprehensive income instead of the statement of income. IFRS 9 requires entities to record an allowance for ECLs for all loans and other debt financial assets not held at fair value through statement of income as well we finance lease receivables, together with loan commitments and financial guarantee contracts. The allowance is based on the ECLs associated with the probability of default in the next twelve months unless there has been a significant increase in credit risk since origination. Under IFRS 9, credit losses are recognised earlier than under IAS 39. The hedge accounting requirements are more closely aligned with risk management practices and follow a more principle based approach.In September 2016, the IASB published amendments to IFRS 4 Insurance Contracts that address the accounting consequences of the application of IFRS 9 to insurers prior to the publication of the forthcoming accounting standard for insurance contracts. The amendments introduce two options for insurers: the deferral approach and the overlay approach. The deferral approach provides an entity, if eligible, with a temporary exemption from applying IFRS 9 until the earlier of the effective date of a new insurance contract standard or 2021. The overlay approach allows an entity to remove from profit or loss the effects of some of the accounting mismatches that may occur before the new insurance contracts standard is applied.Under the temporary exemption as introduced by amendments to IFRS 4, the reporting entities whose activities predominantly relate to “insurance” can defer the implementation of IFRS 9. The Company having assessed the implications and has concluded to defer the implementation of IFRS 9 until a later date which will not be later than 1 January 2021.The impact of the adoption of IFRS 9 on the Company’s interim condensed financial statements will, to a large extent, have to take into account the interaction with the forthcoming insurance contracts standard. As such, it is not possible to fully assess the effect of the adoption of IFRS 9. | 3.B |
| Disclosure of critical accounting judgements, estimates and assumptions, general [text block] | 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 2017. | 2.B |
| Disclosure of going concern [text block] | On 8 May 2018, the Company announced on Tadawul that as on 31 March 2018, the Company’s accumulated losses reached 74.5% of its share capital. Further, on 10 June 2018, in an Extraordinary General Assembly Meeting, it was resolved to reduce the Company’s share capital from SR 200 million to SR 100 million. Accordingly, the Company absorbed SR 100 million of accumulated losses against its share capital of 10 million shares. Subsequent to the reduction, as of 30 June 2018 and 30 September 2018, Company’s accumulated losses represents 26.19% and 23.08% of the share capital respectively.On 27 May 2018, the Company received a letter from SAMA regarding non-compliance with the solvency requirement. As at 30 September 2018, the Company is not in full compliance with Article 66 of SAMA Insurance Implementing Regulations in relation to its solvency requirements (note 16). Further, SAMA instructed the Company to hire an independent consultant within 15 working days to perform a detailed review over the weaknesses and observations identified and update SAMA weekly on the progress. Furthermore, Company is to provide final report from the consultant to SAMA within 60 working days from the date of the original letter. The Company has submitted the report as received from independent consultant to SAMA regarding the improvement in solvency requirement.On 18 July 2018, the Company received a letter from SAMA indicating issues concerning the risk assessment procedures, corporate governance, contingency planning and internal control environment among other things (Note 16). Further, SAMA instructed the Company to hire an independent consultant within 15 working days to perform a detailed review over the weaknesses and observations identified and to provide final report from the consultant to SAMA within 60 working days from the date of the original letter. The Company has taken necessary actions to comply with SAMA’s letter and has appointed the consultant to report on deficiencies in risk assessment procedures, corporate governance and other related matters. Subsequent to three-month period ended 30 September 2018, on 18 October 2018, the Company has submitted the report as received from consultant to SAMA.These conditions raise material uncertainty on the Company’s ability to continue as a going concern. However, whilst approving these interim condensed financial statements on XX November 2018, the management reconsidered the financial position and is satisfied that after the increase in share capital and resolving the material deficiencies as highlighted by the consultant and continues to believe that the going concern basis of preparation of the interim condensed financial statements is appropriate. Accordingly, the interim condensed financial information has been prepared on the going concern basis and do not include any adjustments, which may be required, if the Company is not able to continue as going concern. | 4 |
| Disclosure of other general disclosures about reporting entity [text block] | There are no seasonal changes that may affect insurance operations of the Company. | 2.C |
| Disclosure of summary of significant accounting policies [abstract] | | |
| Disclosure of summary of significant accounting policies, general comment [text block] | The accounting policies adopted by the Company for the preparation of these interim condensed financial statements are in accordance with International Financial Reporting Standards (IFRS) as endorsed in the Kingdom of Saudi Arabia and are consistent with those used for the preparation of the annual financial statements for the year ended 31 December 2017 and new amended IFRS and International Financial Reporting Interpretations Committee Interpretations (IFRIC) as mentioned in note 3(a) which had no impact on the financial position or financial performance of the Company. Certain comparative amounts have been reclassified / regrouped to conform with the current period’s presentation. This did not have any impact on interim condensed statement of changes in shareholders’ equity for the period. | 3 |
| Description of changes in accounting policy [text block] | The interim condensed financial information of the Company has been prepared in accordance with ‘International Accounting Standard 34 - Interim Financial Reporting ("IAS 34") as modified by SAMA for the accounting of zakat and income tax’, which requires, adoption of all IFRSs as issued by the International Accounting Standards Board (“IASB”) except for the application of International Accounting Standard (IAS) 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax. As per the SAMA Circular no. 381000074519 dated 11 April 2017 and subsequent amendments through certain clarifications relating to the accounting for zakat and income tax (“SAMA Circular”), the zakat and income tax are to be accrued on a quarterly basis through shareholders equity under retained earnings. | 2.A |
| Description of accounting policy for time (murabaha) deposit [text block] | Investments are classified as follows: Shareholders’ operations 30 September2018(Unaudited)SAR’000 31 December 2017(Audited)SAR’000 - Held as FVSI 7,669 7,638- Held to maturity 26,879 26,851Total 34,548 34,489Movement in the Fair value through statement of income (FVSI) investment balance is as follows: Shareholders’ operations 30 September2018(Unaudited)SAR’000 31 December 2017(Audited)SAR’000 Opening balance 7,638 9,964Purchases during the period/year - 10,000Disposals during the period/year - (12,196)Changes in fair value of investments 31 (130)Closing balance 7,669 7,638 30 September2018(Unaudited)SR’000 31 December 2017(Audited)SR’000 Al Badr Murabaha Fund 7,009 6,930Saudi Fransi GCC IPO Fund 660 708 7,669 7,638Movement in held to maturity investment balance is as follows: Shareholders’ operations 30 September 2018(Unaudited)SAR’000 31 December 2017(Audited)SAR’000 Opening balance 26,851 25,028Purchases - 6,851Disposals - (4,975)Amortization of held to maturity investments 28 (53)Closing balance 26,879 26,851 | 7 |
| Description of accounting policy for statutory deposit [text block] | As required by the Saudi Arabian Insurance Regulations, the Company deposited an amount equivalent to 15% of its paid up share capital, amounting to SR 30 million, in a bank designated by the Saudi Arabian Monetary Authority (“SAMA”). This statutory deposit cannot be withdrawn without the consent of SAMA, and commission accruing on this deposit is payable to SAMA. On 10 June 2018, the Company has reduced its share capital by SR 100 million (note 15) but has not withdrawn the surplus statutory deposit of SR 15 million as of 30 September 2018. | 8 |
| Description of accounting policy for seasonality of operations [text block] | There are no seasonal changes that may affect insurance operations of the Company. | 2.C |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of accounting estimate [text block] | 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 2017. | 2.B |
| Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] | Receivables comprise amounts due from the following: 30 September2018(Unaudited)SAR’000 31 December 2017(Audited)SAR’000 Policyholders 36,228 92,829Brokers and agents 27,485 35,773Related parties (note 13) 3,096 2,757Receivables from reinsurers’ 19,289 4,008 86,098 135,367Provision for doubtful receivables (20,744) (16,469)Premiums and reinsurers’ receivable – net 65,354 118,898Movement in the allowance for doubtful premiums receivable during the period was as follows: 30 September2018(Unaudited)SAR’000 31 December 2017(Audited)SAR’000Balance at beginning of the period/year 16,469 6,573Provision made during the period/year 4,275 9,896Balance at end of the period/year 20,744 16,469 | 6 |
| Disclosure of cash and cash equivalents [text block] | Cash and cash equivalents included in the statement of cash flows comprise the following: Insurance operations 30 September2018(Unaudited)SAR’000 31 December 2017(Audited)SAR’000Bank balances and cash 15,420 32,389 15,420 32,389 Shareholders’ operations 30 September2018(Unaudited)SAR’000 31 December 2017(Audited)SAR’000Bank balances and cash 22 27Deposits maturing within 3 months from the acquisition date 34,624 396 34,646 423 | 5 |
| Disclosure of statutory deposit [text block] | As required by the Saudi Arabian Insurance Regulations, the Company deposited an amount equivalent to 15% of its paid up share capital, amounting to SR 30 million, in a bank designated by the Saudi Arabian Monetary Authority (“SAMA”). This statutory deposit cannot be withdrawn without the consent of SAMA, and commission accruing on this deposit is payable to SAMA. On 10 June 2018, the Company has reduced its share capital by SR 100 million (note 15) but has not withdrawn the surplus statutory deposit of SR 15 million as of 30 September 2018. | 8 |
| Disclosure of zakat [text block] | The differences between the financial and the Zakatable results are mainly due to certain adjustments in accordance with the relevant fiscal regulations.Movements in provision during the year 30 September 2018(Unaudited) 31 December 2017(Audited) SAR’000Balance at the beginning of the period/year 8,298 6,699Charge for the period/year 1,800 2,300Paid during the period/year - (701)Balance at the end of the period/year 10,098 8,298As the Company has incurred a loss during the nine-month period ended 30 September 2018, and in previous years, no provision has been established in respect of income tax in these interim condensed financial statements.b. Status of zakat assessmentsThe Company has filed its Zakat and tax return for the first twelve month period ended 30 June 2012 with the General Authority of Zakat and Tax (“GAZT”). The Company has also filed its Zakat and income tax return for the long period from 8 February 2012 to 31 December 2013 and for the years from 2014 to 2017 and obtained restricted zakat certificates.The GAZT issued final assessment for the years 2011 to 2014 with an additional Zakat liability of SR 12.545 million. The Company has filed an appeal against such assessment. The Company submitted an appeal against the GAZT treatment and is confident of a favourable outcome. Accordingly, no provision has been established in this regard in these financial statements.During 2017, the Company filed an appeal to the Appellate Committee for Zakat and Tax Appeal (“ACZTA”) against the Preliminary Objection Committee’s (“POC”) decision for the years 2011 through 2014 and lodged a bank guarantee of SR 12.545 million, with respect to additional zakat liability.Zakat base has been computed based on the Company’s understanding of the zakat regulations enforced in the Kingdom of Saudi Arabia. The Zakat regulations in Saudi Arabia are subject to different interpretations, and the assessments to be raised by the GAZT could be different from the declarations filed by the Company. The Zakat is applicable on 81% of the shareholders’ while Income Tax on 19% of the shareholders’. | 14 |
| Disclosure of classes of share capital [text block] | The authorized, subscribed and paid up share capital of the Company was SR 200 million, divided into 20 million shares of SR 10 each.On 9 May 2018, the Board of Directors had recommended reducing the Company's share capital from SR 200 million to SR 100 million divided into 10 million shares by off-setting with accumulated losses. In an extra-ordinary general meeting (second meeting) held on 26 Ramadan 1439H corresponding to 10 June 2018, the shareholders' of the Company have approved this reduction and the required changes in the Company by-laws relating to this reduction, accordingly the share capital and accumulated losses have been reduced by SR 100 million. The capital reduction is through reduction of 1 share for every 2 shares held by the shareholder. The purpose of capital reduction is to restructure the capital position of the Company in order to meet the compliance with the Companies Law. There will be no impact of capital reduction on the Company’s financial obligations.As at 30 September 2018, the authorised, subscribed and paid up share capital of the Company is SR 100 million, divided into 10 million shares of SR 10 each.On 25 Rabi Al-Awwal 1439H, corresponding to 13 December 2017, the Board of directors has recommended an increase in the Company's capital through offering a rights issue with a total value of SR 200 million. During the period ended 30 September 2018, the Company has received approval from Saudi Arabian Monetary Authority (SAMA) and Capital Market Authority (CMA) and is in the process of finalizing the other legal formalities including obtaining approval from AGM underlying such increase. | 15 |
| Disclosure of technical reserve for insurance/takaful/reinsurance/retakaful operations [text block] | 9.1 Net outstanding claims and reservesNet outstanding claims and reserves comprise of the following: 30 September 2018(Unaudited)SAR’000 31 December 2017(Audited)SAR’000 Outstanding claims reserve 75,347 34,542Claims Incurred but not reported 17,634 14,108 92,981 48,650Premium deficiency reserve 7,538 -Other technical reserves 1,395 487 101,914 49,137Less: - Reinsurers’ share of outstanding claims reserve (7,824) -- Reinsurers’ share of claims incurred but not reported (1,094) (798)- Reinsurers’ share of premium deficiency reserve (1,884) - (10,802) (798)Net outstanding claims and reserves 91,112 48,339Movement in unearned premiums comprise of the following: Nine-month period ended 30 September 2018(Unaudited) Gross Reinsurance Net SAR’000Balance as at the beginning of the period 148,377 - 148,377Premium written during the period 136,271 (18,756) 117,515Premium earned during the period (221,368) 18,756 (202,612)Balance as at the end of the period 63,280 - 63,280 Year ended 31 December 2017(Audited) Gross Reinsurance Net SAR’000Balance as at the beginning of the year 64,740 (9,424) 55,316Premium written during the year 274,822 (6,679) 268,143Premium earned during the year (191,185) 16,103 (175,082)Balance as at the end of the year 148,377 - 148,377 | 9 |
| Disclosure of earnings per share [text block] | Earnings / (loss) per share for the period has been calculated by dividing the net income/(loss) for the period by the weighted average number of issued and outstanding shares for the period. The Company has decreased its share capital by offsetting with accumulated losses (note 15), as a result the weighted average number of ordinary shares issued and outstanding in the prior year has been restated to 10 million shares and accordingly loss per share is restated. | 17 |
| Disclosure of related party transactions [text block] | 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: Nature of transactions Transactions for the Nine-month period ended Balance receivable / (payable) as at 30 September 30 September 30 September 31 December 2018 2017 2018 2017 (Unaudited) (Unaudited) (Unaudited) (Audited) SAR’000Major shareholders Munich Re Reinsurance ceded - (1,153) - -Claims paid Claims recovered - 18,596 - -Other recoveries Other recoveries - - 1,587 1,587 Entities controlled, jointly controlled or significantly influenced by related parties Related parties of Juffali Group – (affiliates) Insurance premium written 2,602 2,605 3,096 2,757 Office rent - 30 Claims paid 3,043 2,206 - - Purchase of computer equipment, licenses, vehicles and other services 27 200 - - Commission paid 180 133 - - The compensation of key management personnel during the nine-month period is as follows: 30 September 2018(Unaudited) 30 September 2017(Unaudited) SAR’000Salaries and other allowances 3,054 3,044End of service indemnities 113 111 3,167 3,155 | 13 |
| Disclosure of entity's operating segments [text block] | The Company only issues insurance contracts for providing health care services (‘medical insurance’) and all the insurance operations of the Company are carried out in the Kingdom of Saudi Arabia. The insurance operations are being monitored by management under one segment; hence no separate information is required. | 12 |
| Disclosure of capital management [text block] | Objectives are set by the Company to maintain healthy capital ratios in order to support its business objectives and maximize shareholders’ value.The Company manages its capital requirements by assessing shortfalls between reported and required capital levels on a regular basis. Adjustments to current capital levels are made in light of changes in market conditions and risk characteristics of the Company’s activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders or issue shares.In the opinion of the Board of Directors, the Company has not fully complied with the externally imposed capital requirements during the reported financial period.On 12 Ramadan 1439H, corresponding to 27 May 2018, the Company received a letter from Saudi Arabian Monetary Authority (SAMA) regarding the suspension of underwriting of new or renewal of existing medical policies. SAMA also required the Company to appoint an approved advisor to study the reasons for the weak financial position and recommend solutions to improve the situation. The Company has submitted the report as issued by the appointed consultant as required by SAMA.On 18 July 2018 corresponding to 5 Dhul Qaedah 1439H, the Company received a letter from SAMA concerning issues regarding risk assessment procedures, corporate governance, contingency planning and internal control environment amongst other things. The Company is required by SAMA to appoint an independent consultant approved by them within 15 working days and submit the required report and recommend solutions to improve the situation within 60 working days. The Company hired the consultant and on 18 October 2018, subsequent to the period ended 30 September 2018, the Company has submitted the report as received from consultant to SAMA. | 16 |
| Disclosure of commitments and contingencies, general [text block] | a. The Company’s commitments and contingencies are as follows: 30 September 2018(Unaudited)SAR’000 31 December 2017(Audited)SAR’000Letters of guarantee 13,045 13,045Total 13,045 13,045b. There were no capital commitments outstanding as at 30 September 2018 (31 December 2017: Nil).c. As at 30 September 2018, a payment guarantee amounting to SR 0.5 million (31 December 2017: SR 0.5 million) was issued to the medical service providers on behalf of the Company.d. As at 30 September 2018, the Company has a letter of guarantee amounting to SR 12.545 million (31 December 2017: SR 12.545 million) in favour of General Authority of Zakat and Tax (GAZT) (see note 14). | 10 |
| Disclosure of fair value of financial assets and liabilities [text block] | Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction takes place either:- in the accessible principal market for the asset or liability, or- in the absence of a principal market, in the most advantages accessible market for the asset or liabilityThe fair values of on-balance sheet financial instruments are not significantly different from their carrying amounts included in the interim condensed (consolidated) financial information.Determination of fair value and fair value hierarchyThe Company uses the following hierarchy for determining and disclosing the fair value of financial instruments:Level 1: quoted prices in active markets for the same or identical instrument that an entity can access at the measurement date;Level 2: quoted prices in active markets for similar assets and liabilities or other valuation techniques for which all significant inputs are based on observable market data; andLevel 3: valuation techniques for which any significant input is not based on observable market data.a. Carrying amounts and fair valueThe 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. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation to fair value. Shareholders’ Operations Fair value Carrying value Level 1 Level 2 Level 3 Total SAR’000 30 September 2018 (Unaudited) Financial assets measured at fair value - Investments held as FVSI 7,669 7,669 - - 7,669 7,669 7,669 - - 7,669 Financial assets not measured at fair value - Held to maturity investments 26,879 - 27,025 - 27,025- Murabaha deposits 102,316 - - 102,856 102,856 129,195 - 27,025 102,856 129,881Shareholders’ Operations Fair value Carrying value Level 1 Level 2 Level 3 Total SAR’000 31 December 2017 (Audited) Financial assets measured at fair value - Investments held as FVSI 7,638 7,638 - - 7,638 7,638 7,638 - - 7,638 Financial assets not measured at fair value - Held to maturity investments 26,851 - 26,939 - 26,939- Murabaha deposits 134,863 - - 135,594 135,594 161,714 - 26,939 135,594 162,533 | 11 |
| Disclosure of comparative figures [text block] | Certain prior period figures have been reclassified to conform to current period presentation. | 20 |
| Disclosure of other notes relevant to understanding of financial statements [text block] | The interim condensed financial statements have been approved by the Board of Directors, on 25 Safar 1440H, corresponding to 03 November 2018. | 21 |
