| 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] | "AlJazira Takaful Taawuni Company (the ""Company""), is a Saudi Joint Stock Company incorporated in the Kingdom of Saudi Arabia pursuant to the Council of Ministers’ resolution No. 137 dated 27 Rabi' Al-Thani 1431H (corresponding to 12 April 2010) and Royal Decree No. M/23 dated 28 Rabi' Al-Thani 1431H corresponding to 13 April 2010. The Company obtained its Commercial Registration 4030251980 on 2 Ramadan 1434H corresponding to 10 July 2013 and Ministry of Commerce and Industry’s Resolution dated 24 Sha’baan 1434H corresponding to 03 July 2013. The Company operates only in the Kingdom of Saudi Arabia. The Company has the following branches and the assets, liabilities and results of operations of these branches and offices are included in these condensed interim financial statements:Branch CR Number DateRiyadh 1010519290 24 Jumada Al-Awal 1440Riyadh 1010339648 01 Rajab 1433Madinah 4650081845 21 Rabi’ Al-Awal 1438AlKhobar 2051224259 24 Jumada Al-Awal 1440The registered office address of the Company is:Al Musadia Plaza (3), Al Madinah Road, P.O. Box 5215, Jeddah 21422, Kingdom of Saudi Arabia.The objectives of the Company are to engage in providing insurance products that include protection and saving insurance products and related services in accordance with its By-Laws and applicable regulations in the Kingdom of Saudi Arabia. On 13 Jumada al-Thani 1442H (corresponding to 26 January 2021), the Company amended its By-Laws to include the objective of practicing general insurance and health insurance business. The Company received license number TMN/34/201312 dated 15 Safar 1435H (corresponding to 18 December 2013) from the Saudi Central Bank (SAMA) to conduct insurance business. The Company is owned 97.98% by Saudi shareholders’ and the general public subject to Zakat and 2.02% by non-Saudi shareholders’ subject to income tax.Further to receipt of regulatory approvals, shareholders of the Company and Solidarity Saudi Takaful Company (“Solidarity”) in the Extra Ordinary General Meeting held on 13 Jumada al-Thani 1442H (corresponding to 26 January 2021) approved the proposed merger of the Company and Solidarity pursuant to Articles 191-193 of the Companies Law and Article 49 (a) (1) of the Merger and Acquisitions Regulations issued by the Capital Markets Authority of the Kingdom of Saudi Arabia (the “CMA”). On 16 Rajab 1442 (corresponding to 28 February 2021), the Company announced the enforcement of the decision to merge Solidarity into the Company and transfer all the assets and liabilities of Solidarity to the Company after both the Company and Solidarity had fulfilled the merger terms according to the merger agreement concluded between the two companies as described in the shareholders ’circular and the offering document issued by the Company. Please refer to note 4 for details. " | |
| Disclosure of basis of preparation of financial statements [text block] | The condensed interim financial statements of the Company as at and for the period ended 30 June 2022 have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organisation for Chartered and Professional Accountants (“SOCPA”) (referred to as “IFRS as endorsed in KSA”). | |
| Disclosure of summary of significant accounting policies [abstract] | | |
| Disclosure of summary of significant accounting policies, general comment [text block] | The accounting policies used in the preparation of these condensed interim financial statements are consistent with those used in the preparation of the annual financial statements for the year ended 31 December 2021. Based on the adoption of amendments to existing standards and in consideration of the current economic environment, the following accounting policies are applicable effective 01 January 2022, replacing, amending, or adding to the corresponding accounting policies set out in the 2021 annual financial statements.a) Amendments to existing accounting standardsA number of new standards and amendments became applicable for the current reporting period i.e. for reporting periods beginning on or after 01 January 2022. The Company did not have to change its accounting policies or make retrospective adjustments as a result of adopting amended standards which are described below:Standard / Interpretation DescriptionIAS 37 Onerous Contracts – Cost of Fulfilling a Contracts (Amendments to IAS 37)Annual Improvements Annual Improvements to IFRS Standards 2018–2020IAS 16 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16)IFRS 3 Reference to the Conceptual Framework (Amendments to IFRS 3) 3. SIGNIFICANT ACCOUNTING POLICIES (continued)b) Standards issued but not yet effective Standards issued but not yet effective up to the date of issuance of the Company’s condensed interim financial statements are listed below. The listing is of standards and interpretations issued, which the Company reasonably expects to be applicable at 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 date IAS 1 Presentation of financial statements’, on classification of liabilities as current or non-current. 01 January 2023Narrow scope amendments to IA S 1, Practice statement 2 and IAS 8 The amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. 01 January 2023IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction` 01 January 2023IFRS 10 and IAS 28 Sale or contribution of assets between investor and its associate or joint venture (amendments to IFRS 10 and IAS 28) Available for optional adoption / effective date deferred indefinitelyIFRS 17 Insurance Contracts See note belowIFRS 9 Financial Instruments See note below 3. SIGNIFICANT ACCOUNTING POLICIES (continued)b) Standards issued but not yet effective (continued)IFRS 17 – Insurance ContractsOverviewThis standard has been published on 18 May 2017, it establishes the principles for the recognition, measurement, presentation, and disclosure of insurance contracts and supersedes IFRS 4 – Insurance contracts. The new standard applies to insurance contracts issued, to all reinsurance contracts and to investment contracts with discretionary participating features provided the entity also issues insurance contracts. It requires to separate the following components from insurance contracts:i) embedded derivatives, if they meet certain specified criteria;ii) distinct investment components; andiii) any promise to transfer distinct goods or non-insurance services.These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15). MeasurementIn contrast to the requirements in IFRS 4, which permitted insurers to continue to use the accounting policies for measurement purposes that existed prior to January 2015, IFRS 17 provides the following different measurement models:The General model is based on the following “building blocks”:a) the fulfilment cash flows (FCF), which comprise: probability-weighted estimates of future cash flows, An adjustment to reflect the time value of money (i.e. discounting) and the financial risks associated with those future cash flows, and a risk adjustment for non-financial risk;b) the Contractual Service Margin (CSM). The CSM represents the unearned profit for a group of insurance contracts and will be recognized as the entity provides services in the future. The CSM cannot be negative at inception; any net negative amount of the fulfilment cash flows at inception will be recorded in profit or loss immediately. At the end of each subsequent reporting period the carrying amount of a group of insurance contracts is remeasured to be the sum of: the liability for remaining coverage, which comprises the FCF related to future services and the CSM of the group at that date; and the liability for incurred claims, which is measured as the FCF related to past services allocated to the group at that date.The CSM is adjusted subsequently for changes in cash flows related to future services but the CSM cannot be negative, so changes in future cash flows that are greater than the remaining CSM are recognized in profit or loss. The effect of changes in discount rates will be reported in either profit or loss or other comprehensive income, determined by an accounting policy choice.The Variable Fee Approach (VFA) is a mandatory model for measuring contracts with direct participation features (also referred to as ‘direct participating contracts’). This assessment of whether the contract meets these criteria is made at inception of the contract and not reassessed subsequently. For these contracts, the CSM is also adjusted for in addition to adjustment under general model; Changes in the entity’s share of the fair value of underlying items, Changes in the effect of the time value of money and financial risks not relating to the underlying items.In addition, a simplified Premium Allocation Approach (PAA) is permitted for the measurement of the liability for the remaining coverage if it provides a measurement that is not materially different from the general model or if the coverage period for each contract in the group is one year or less. With the PAA, the liability for remaining coverage corresponds to premiums received at initial recognition less insurance acquisition cash flows. The general model remains applicable for the measurement of incurred claims. However, the entity is not required to adjust future cash flows for the time value of money and the effect of financial risk if those cash flows are expected to be paid/received in one year or less from the date the claims are incurred. | |
| Disclosure of notes forming part of accounts [abstract] | | |
| Disclosure of business combinations [text block] | As disclosed in note 1, on 28 February 2021, the Company had completed a statutory merger with Solidarity during the year-ended 31 December 2021. Following the merger, the assets, liabilities, and all the business activities of Solidarity were transferred to the Company in exchange for newly issued shares of the Company. The purchase consideration was determined to be SAR 317,950 thousand, which consisted of the issue of 12,066,403 new shares to the shareholders of Solidarity. The fair value of the newly issued shares of the Company was determined based on the closing market price of the ordinary shares of SAR 26.35 per share on the Saudi Exchange on the last trading date prior to the merger date of 28 February 2021. As a result, there was an increase in share capital and share premium of SAR 120,664 thousand and SAR 197,286 thousand, respectively during the year-ended 31 December 2021. 4. BUSINESS COMBINATION (CONTINUED)The merger has been accounted for using the acquisition method under IFRS 3 – Business Combinations (the “Standard”) with the Company being the acquirer and Solidarity being the acquiree. The Company has accounted for the merger based on fair values of the acquired assets and assumed liabilities as of 28 February 2021 (“merger date”). During the year ended 31 December 2021, the Company completed the process of allocating the purchase consideration to the identifiable assets and liabilities in accordance with the requirements of IFRS 3. Accordingly, Goodwill amounting to SAR 232,948 thousand is recognised in the statement of financial position as a net result of purchase consideration paid amounting to SAR 317,950 thousand and fair value of net assets acquired amounting to SAR 85,002 thousand (refer below). Identifiable assets acquired and liabilities assumedThe following table summarises the fair value of assets acquired, and liabilities assumed as at 28 February 2021. Insurance Operations Shareholder Operations Total SAR'000 SAR'000 SAR'000Assets Cash and cash equivalents 48,215 92,635 140,850Short term deposits (note 4.1) - 37,500 37,500Premium receivable, net 29,081 - 29,081Due from reinsurers’, net 10,962 - 10,962Investments - 98,479 98,479Reinsurers’ share of unearned premiums 10,231 - 10,231Reinsurers’ share of outstanding claims 22,968 - 22,968Reinsurers’ share of claims incurred but not reported 8,281 - 8,281Deferred policy acquisition costs 8,818 - 8,818Prepayments and other assets 28,336 1,413 29,749Right of use assets, net 7,743 - 7,743Property and equipment 4,447 - 4,447Due from a related party - 56,291 56,291Due from Shareholder operations 147,218 - 147,218Intangible assets 4,760 - 4,760TOTAL ASSETS 331,060 286,318 617,378 Liabilities Payable to agents, policyholders and claimants 31,447 - 31,447Accrued expenses and other liabilities 41,141 49,887 91,028Reinsurers' balances payable 8,173 - 8,173Unearned premium 106,795 - 106,795Unearned reinsurance commission 1,356 - 1,356Outstanding claims 53,513 - 53,513Claims incurred but not reported 40,491 - 40,491Premium deficiency reserve 19,244 - 19,244Other technical reserves 18,544 - 18,544Lease liabilities 7,407 - 7,407Due to insurance operations - 147,218 147,218Due to a related party 146 838 984Employee benefits 2,738 - 2,738Zakat and income tax - 3,398 3,398Surplus from insurance operations 40 - 40TOTAL LIABILITIES 331,035 201,341 532,376 Purchase consideration 317,950Fair value of Solidarity's net assets at merger date (85,002)Goodwill arising from the merger 232,948 4.1 This amount represents the statutory deposit of Solidarity Saudi Takaful Company which was acquired through a business combination. During the year ended 31 December 2021, the amount was fully withdrawn upon receipt of SAMA approval. | |
| Disclosure of investments [text block] | 8. INVESTMENTS 30 June 2022 (Unaudited) 31 December 2021 (Audited) Insurance operations Shareholders’ operations Total Insurance operations Shareholders’ operations Total SAR’000 SAR’000 SAR’000 SAR’000 SAR’000 SAR’000 Held to maturity investments (8.1) - 474,104 474,104 - 466,815 466,815FVIS investments (8.2) 100,160 143,630 243,790 - 119,459 36,416 155,875 Total 100,160 617,734 717,894 119,459 503,231 622,690 | |
| Disclosure of investments held-to-maturity [text block] | 8.1 Held to maturity investmentsHeld to maturity investments represent Sukuk of SAR 474,104 thousand (31 December 2021: SAR 466,815 thousand) with a maturity of 12 to 30 years. The average coupon rate on Sukuk is 1.83% to 5.65% per annum (31 December 2021: 1.83% to 5.65%).The movement in the held to maturity investments for the period / year ended 30 June 2022 and 31 December 2021 is as follows: 30 June 2022 (Unaudited) Insurance operations Shareholders’ operations Total SAR‘000 SAR‘000 SAR‘000 Balance at the beginning of the period - 466,815 466,815Placement during the period - 20,000 20,000Maturity of held to maturity investments - (12,049) (12,049)Commission from held to maturity investments - 6,804 6,804Commission received from held to maturity investments - (7,466) (7,466) Balance at the end of the period - 474,104 474,104 31 December 2021 (Audited) Insurance operations Shareholders’ operations Total SAR‘000 SAR‘000 SAR‘000 Balance at the beginning of the year 16,370 378,978 395,348Acquired through business combination (note 4) -- 93,500 93,500Placements during the year -- 149,202 149,202Commission from held to maturity investments 11 12,060 12,071Commission received from held to maturity investments (1,381) (30,061) (31,442)Maturity of held to maturity investments (15,000) (136,864) (151,864) Balance at the end of the year -- 466,815 466,815 | |
| Disclosure of investments in available-for-sale investments [text block] | 7. AVAILABLE FOR SALE INVESTMENTS HELD TO COVER UNIT-LINKED LIABILITIESInvestment of Insurance operations comprises of units of mutual funds denominated in Saudi Arabian Riyals (SAR) and United States Dollars (USD) managed by AlJazira Capital “the founding shareholder”. 30 June 31 December 2022 2021 Insurance Operations Denomination (Unaudited) (Audited)AlJazira Saudi Riyal Murabaha Fund SAR 148,203 151,981AlJazira Diversified Aggressive Fund SAR 205,248 225,949AlJazira Diversified Balanced Fund SAR 62,130 65,262AlJazira Diversified Conservative Fund SAR 18,783 17,227AlJazira Saudi Equities Fund SAR 359,723 364,509AlJazira International Equities Fund USD 185,967 258,520AlJazira European Equities Fund USD 145,319 199,517AlJazira Japanese Equities Fund USD 160,179 241,917 Total 1,285,552 1,524,882 The movement in the available for sale investments held to cover unit-linked liabilities during the period / year is as follows: Six-month period ended30 June2022(Unaudited)SAR'000 Year ended31 December 2021 (Audited)SAR'000 Balance at the beginning of the period / year 1,524,882 1,343,823Redemption during the period / year, net (35,187) (35,846)Changes in fair value during the period / year (note 9) (204,143) 216,905 Balance at the end of the period / year 1,285,552 1,524,882 | |
| Disclosure of investments at fair value through statement of income [text block] | 8.2 FVIS investmentsThe fair value through income statement (“FVIS”) investments represent an investment in ‘AlJazira Capital’ managed by a founding shareholder, amounting to SAR 237,633 thousand (31 December 2021: SAR 150,388 thousand), investment in shares of companies listed on Tadawul, amounting to SAR 4,235 thousand (31 December 2021: SAR 3,564 thousand) and investment in Najm, amounting to SAR 1,923 thousand (31 December 2021: SAR 1,923 thousand). 8. INVESTMENTS (continued)8.2 FVIS investments (continued)The movement in FVIS investments for the period / year ended 30 June 2022 and 31 December 2021 is as follows: 30 June 2022 (Unaudited) Insurance operations Shareholders’ Operations Total SAR‘000 SAR‘000 SAR‘000 Balance at beginning of the period 119,459 36,416 155,875Purchases during the period - 131,000 131,000Disposals during the period (19,991) (24,988) (44,979)Unrealised gain 692 1,202 1,894 Balance at the end of the period 100,160 143,630 243,790 31 December 2021 (Audited) Insurance operations Shareholders’ operations Total SAR‘000 SAR‘000 SAR‘000 Balance at beginning of the year 53,479 2,984 56,463Acquired through business combination (note 4) -- 4,979 4,979Purchases during the year 89,950 175,000 264,950Disposals during the year (24,781) (147,076) (171,857)Unrealized gain 811 529 1,340 Balance at the end of the year 119,459 36,416 155,875 | |
| Disclosure of premiums/ contributions and insurance/ reinsurance or takaful/ retakaful balance receivables [text block] | 6. PREMIUM RECEIVABLE, NET 30 June2022 (Unaudited)SAR'000 31 December 2021 (Audited) SAR'000Insurance Operations Policyholders 26,008 27,050Brokers and agents 6,276 5,886Related parties (note 13.4) 16,824 9,233 Gross premium receivable 49,108 42,169Provision for impairment loss (21,954) (21,883) Premium receivable, net 27,154 20,286 Movement in provision for impairment loss during the period / year was as follows: Six-month period ended30 June2022SAR'000 Year ended 31 December 2021SAR'000 (Unaudited) (Audited)Balance at beginning of the period / year 21,883 202Acquired through business combination (note 4) - 15,505Provision during the period / year 71 6,176 Balance at end of the period / year 21,954 21,883 | |
| Disclosure of due from related parties [text block] | 13. RELATED PARTIESThe Company in the normal course of business, enters into transactions with other entities that fall within the definition of the related party contained in the International Accounting Standard (IAS) – 24. Related parties represent major shareholders’, directors and key management personnel of the Company and entities controlled, jointly controlled, or significantly influenced by such parties. All transactions with such related parties are conducted on normal terms and conditions approved by management.13.1 In addition to the disclosures set out in notes 5, 6, 7, 8 and 16, following are the details of major related party transactions during the six-month period ended:Related parties Nature of transaction Amount of transactions 30 June 2022 30 June2021 SAR'000 SAR'000Bank AlJazira Commission earned from held to maturity Investment - 41 Commission income on deposits 1 11 Gross written premium 10,536 5,247 Claims paid 15,594 9,200 Investment in equity shares - 373 Disposal of equity shares - 1,510 AlJazira Capital Profit earned on mutual funds 1,245 1,171 Other income 5,175 - Custodian charges 195 -Durrah Advanced Development Company Gross written premium 2,756 -Consolidated Brother Company Gross written premium 33 - Commission 3 - Board of directors and committee Members Gross written premium 179 26Key management personnel Salaries, benefits and allowances, net 2,656 3,248 Gross written premium 5 4113. RELATED PARTIES (continued)13.2 Amount due from a related party 30 June 2022(Unaudited)SAR'000 31 December2021(Audited)SAR'000 AlJazira Capital 1,069 60,788 1,069 60,788 | |
| Disclosure of cash and cash equivalents [text block] | 5. CASH AND CASH EQUIVALENTS 30 June 2022 (Unaudited) 31 December 2021 (Audited) Insurance operations Shareholders’operations Total Insurance operations Shareholders’operations Total SAR'000 SAR'000 SAR'000 SAR'000 SAR'000 SAR'000 Cash in hand - 30 30 35 - 35Cash at banks 102,521 4,121 106,642 77,593 5,395 82,988 Total 102,521 4,151 106,672 77,628 5,395 83,023 5.1 Cash and cash equivalents include the amount SAR 65,189 thousand (31 December 2021: SAR 39,169 thousand) held with Bank AlJazira “the founding shareholder” as at 30 June 2022. | |
| Disclosure of statutory deposit [text block] | As required by the Implementation Regulations, the Company is required to deposit 10% of its paid-up capital in a bank designated by SAMA which amounted to SAR 55,000 thousand as at 30 June 2022 (31 December 2021: SAR 47,066 thousand). As a result of the bonus share issue on 30 November 2021, the Company deposited a further amount of SAR 7,934 thousand during the period ended 30 June 2022. The amount of statutory deposit cannot be withdrawn without SAMA’s approval. This deposit is held with Bank AlJazira “the founding shareholder”. | |
| Disclosure of gross unearned premiums/ contributions [text block] | 11. MOVEMENT IN UNEARNED PREMIUM Six-month period ended30 June 2022 (Unaudited) Year ended31 December 2021 (Audited) Gross Reinsurers’ share Net Gross Reinsurers’ share Net SAR'000 SAR'000 SAR'000 SAR'000 SAR'000 SAR'000 Balance at beginning of the period / year 76,567 (25,716) 50,851 34,533 (17,423) 17,110 Acquired through business combination (note 4) - - - 106,795 (10,231) 96,564Premium written / (ceded) during the period / year 139,086 (23,394) 115,692 299,031 (82,812) 216,219 215,653 (49,110) 166,543 440,359 (110,466) 329,893Investible premium and premium earned during the period / year (151,900) 30,114 (121,786) (363,792) 84,750 (279,042) Balance at the end of the period / year 63,753 (18,996) 44,757 76,567 (25,716) 50,851 | |
| Disclosure of gross outstanding claims/ benefits [text block] | 12. OUTSTANDING CLAIMS INCLUDING CLAIMS INCURRED BUT NOT REPORTED (IBNR) Six-month period ended30 June 2022 (Unaudited) Year ended31 December 2021 (Audited) Gross Reinsurers’ share Net Gross Reinsurers’ share Net SAR’000 SAR’000 SAR’000 SAR’000 SAR’000 SAR’000At beginning of the period / year Reported claims 81,740 (52,471) 29,269 49,226 (43,483) 5,743 IBNR 62,123 (26,924) 35,199 17,835 (15,164) 2,671 143,863 (79,395) 64,468 67,061 (58,647) 8,414 Incurred during the period / year 23,821 (4,139) 19,682 160,539 (43,285) 117,254Acquired through business combination (note 4) - - - 94,004 (31,249) 62,755(Paid) / recovered during the period / year (46,850) 17,211 (29,639) (177,741) 53,786 (123,955) At end of the period / year 120,834 (66,323) 54,511 143,863 (79,395) 64,468 At end of the period / year Reported claims 73,265 (48,421) 24,844 81,740 (52,471) 29,269IBNR 47,569 (17,902) 29,667 62,123 (26,924) 35,199 120,834 (66,323) 54,511 143,863 (79,395) 64,468 | |
| Disclosure of zakat [text block] | The Zakat and income tax payable by the Company has been calculated in accordance with Zakat and income tax regulations in the Kingdom of Saudi Arabia. The movement in the Zakat and income tax payable during the three-month and six-month periods ended 30 June 2022 and year ended 31 December 2021 is as follows:14.1 Zakat 30 June 2022(Unaudited)SAR'000 31 December2021(Audited)SAR'000 Balance at the beginning of period / year 2,838 1,137Acquired through business combination (note 4) - 4,119Zakat for the period / year 682 490Zakat paid during the period / year (753) (2,908) Balance at the end of the period / year 2,767 2,838 14. ZAKAT AND INCOME TAX (continued)14.2 Income tax 30 June 2022(Unaudited)SAR'000 31 December2021(Audited)SAR'000 Balance at the beginning of period / year (656) 145Acquired through business combination (note 4) - (721)Income tax for the period / year 697 51Income tax paid during the period / year (502) (131) Balance at the end of the period / year (461) (656) Total Zakat and income tax 2,306 2,182 | |
| Disclosure of investments income [text block] | 9. UNIT RESERVES Six-month period ended30 June2022(Unaudited)SAR'000 Year ended31 December 2021 (Audited)SAR'000 Balance at beginning of the period / year 1,526,927 1,349,364Investible premium, net 60,481 125,493Surrenders (75,386) (132,884)Maturities (16,669) (31,951)Change in fair value of available for sale investments (note 7) (204,143) 216,905 Balance at the end of the period / year 1,291,210 1,526,927 10. MATHEMATICAL, PREMIUM DEFICIENCY AND OTHER TECHNICAL RESERVES Six-month period ended30 June2022(Unaudited)SAR'000 Year ended31 December2021 (Audited)SAR'000 Mathematical reserve (note 10.1) 5,548 5,468Premium deficiency reserves (note 10.2) 6,902 9,617Other technical reserves (note 10.3) 191 259 12,641 15,344 Mathematical, premium deficiency, and other technical reserves are created, as per the report received from the Independent Actuary.10.1 Mathematical reserve Six-month period ended30 June2022(Unaudited)SAR'000 Year ended31 December2021(Audited)SAR'000 Balance at beginning of the period / year 5,468 9,160Changes in mathematical reserve, net 80 (3,692) Balance at the end of the period / year 5,548 5,468 10.2 Premium deficiency reserve Six-month period ended30 June2022(Unaudited)SAR'000 Year ended31 December2021(Audited)SAR'000 Balance at beginning of the period / year 9,617 --Acquired through business combination (note 4) -- 19,244Changes in premium deficiency reserve (2,715) (9,627) Balance at the end of the period / year 6,902 9,617 10. MATHEMATICAL AND OTHER RESERVES (continued)10.3 Other technical reserves Six-month period ended30 June2022(Unaudited)SAR'000 Year ended31 December2021(Audited)SAR'000 Balance at beginning of the period / year 259 322Acquired through business combination (note 4) - 18,544Changes in other technical reserves, net (68) (18,607) Balance at the end of the period / year 191 259 | |
| Disclosure of earnings per share [text block] | The basic and diluted earnings per share have been calculated by dividing the net income for the period by the weighted average number of ordinary shares issued and outstanding at the period / year end. Diluted earnings per share is not applicable to the Company | |
| Disclosure of related party transactions [text block] | 18. OPERATING SEGMENT INFORMATIONOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Chief Operating Decision Maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as Managing Director that makes strategic decisions. For management purposes, the activities of Insurance Operations, which are all in the Kingdom of Saudi Arabia, are reported under four business units, as detailed below:The medical segment offers comprehensive medical care to the members of organizations and their dependents on a group basis and individuals in a wide network of hospitals and medical centers throughout the Kingdom of Saudi Arabia.The Motor Segment offers Third-Party Liability Vehicle Insurance product, which solely covers the amounts payable to third parties by the insured and a Vehicle comprehensive Insurance product, which covers all losses or damages incurred to the vehicle, including third party liability.The general segment offers Fire and property insurance products, Marine insurance products, Engineering insurance products, Other liability insurance contracts, and others.Life segment offers life insurance products on an individual basis, including unit-linked investment-oriented products to individuals and offers life protection programmers to the members of organizations on a group basis, and credit protection benefits in respect of personal loan given by financing organization. This segment also includes protection benefits in respect of various credit facilities other than personal loans extended by the financing organizations to its customers.The unallocated assets and liabilities are not reported to the Chief Operating Decision Maker under related segments and are monitored on a centralized basis.Operating segments do not include Shareholders’ operations of the Company. 18. OPERATING SEGMENT INFORMATION (continued) As at 30 June 2022 (Unaudited) Medical Motor General Individual Life Group Life Total SAR'000 SAR'000 SAR'000 SAR'000 SAR'000 SAR'000ASSETS Reinsurers’ share of unearned premiums - - 10,350 - 8,645 18,995Reinsurers’ share of outstanding claims 519 2,524 11,606 - 33,772 48,421Reinsurers’ share of claims Incurred but not reported - - 8,325 - 9,577 17,902Deferred policy acquisition costs 940 870 497 - - 2,307Available for sale investments held to cover unit-linked liabilities - - - 1,285,552 - 1,285,552Total segment assets 1,459 3,394 30,778 1,285,552 51,994 1,373,177Unallocated assets Cash and cash equivalents 106,672Premium receivable, net 27,154Due from reinsurers, net 1,801Investments 717,894Due from a related party 1,069Prepayments and other assets 14,731Property and equipment 3,145Intangible assets 2,857Right of use assets 3,539Goodwill 232,948Statutory deposit 55,000Total assets 2,539,987 LIABILITIES Unearned premium 14,011 22,720 12,862 - 14,160 63,753Unearned reinsurance commission - - 1,508 - - 1,508Outstanding claims 2,212 13,060 18,721 - 39,272 73,265Claims incurred but not reported 9,232 15,772 10,910 - 11,655 47,569Premium deficiency reserve 447 5,255 1,200 - - 6,902Unit reserves - - - 1,291,210 - 1,291,210Mathematical reserve - - - 5,548 - 5,548Other technical reserves - - - - 191 191Total segment liabilities 25,902 56,807 45,201 1,296,758 65,278 1,489,946Unallocated liabilities and surplus Reinsurance balances payable 36,096Accrued expenses and other liabilities 129,674Lease liabilities 2,959Payable to agents, policy holders and claimants 27,891Employee benefits 5,016Zakat and income tax 2,306Surplus from Insurance Operations 17,621TOTAL LIABILITIES 1,711,509 EQUITY Share capital 550,000Share Premium 197,286Statutory reserve 42,632Retained earnings 37,318TOTAL SHAREHOLDERS’ EQUITY 827,236Remeasurement reserve of employee benefits - related to Insurance Operations 1,242 TOTAL EQUITY 828,478TOTAL LIABILITIES AND EQUITY 2,539,987 18. OPERATING SEGMENT INFORMATION (continued) As at 31 December 2021 (Audited) Medical Motor General Individual Life Group Life Total SAR'000 SAR'000 SAR'000 SAR'000 SAR'000 SAR'000ASSETS Reinsurers’ share of unearned premium - - 5,252 - 20,464 25,716 Reinsurers’ share of outstanding claims 1,883 1,749 12,710 3,373 32,756 52,471 Reinsurers’ share of claims incurred but not reported - - 6,767 - 20,157 26,924 Deferred policy acquisition costs 1,737 426 523 - - 2,686 Available for sale investments held to cover unit-linked liabilities - - - 1,524,882 - 1,524,882 Total segment assets 3,620 2,175 25,252 1,528,255 73,377 1,632,679 Unallocated assets Cash and cash equivalents 83,023Premium receivable, net 20,286 Due from reinsurers, net 1,385 Investments 622,690Due from a related party 60,788 Prepayments and other assets 79,261Property and equipment 3,818 Intangible assets 3,562 Right of use assets 1,212 Goodwill 232,948 Statutory deposit 47,066 Total assets 2,788,718 LIABILITIES Unearned reinsurance commission - - 632 - - 632 Unearned premium 20,944 8,138 7,404 - 40,081 76,567 Outstanding claims 6,086 13,030 20,100 3,837 38,687 81,740Claims incurred but not reported 14,751 14,628 9,146 - 23,598 62,123 Premium deficiency reserve 6,980 1,048 1,589 - - 9,617 Unit reserves - - - 1,526,927 - 1,526,927 Mathematical reserve - - - 5,468 - 5,468 Other technical reserves - - - - 259 259 Total segment liabilities 48,761 36,844 38,871 1,536,232 102,625 1,763,333 Unallocated liabilities and surplus Reinsurance balances payable 34,389Accrued expenses and other liabilities 114,011Lease liabilities 1,190 Payable to agents, policyholders and claimants 36,194Employee benefits 5,248 Zakat and income tax 2,182 Due to a related party 984 Surplus from Insurance Operations 17,215 TOTAL LIABILITIES 1,974,746 EQUITY Share capital 550,000Share Premium 197,286Statutory reserve 42,632Retained earnings 22,812TOTAL SHAREHOLDERS’ EQUITY 812,730Remeasurement reserve of employee benefits - related to Insurance Operations 1,242TOTAL EQUITY 813,972TOTAL LIABILITIES AND EQUITY 2,788,718 18. OPERATING SEGMENT INFORMATION (continued) For the three-month period ended 30 June 2022 (Unaudited) Medical Motor General Life Individual Life Group Total Insurance Operations SR'000 SR'000 SR'000 SR'000 SR'000 SR'000 REVENUES Gross written premium: Individual - 15,446 - 39,800 - 55,246 Very Small Enterprises 2,757 14 - - - 2,771 Small Enterprises 2,106 - - - - 2,106 Medium Enterprises 2,170 1,594 9,449 - 35 13,248 Corporate 161 46 - - 1,421 1,628Total gross written premium 7,194 17,100 9,449 39,800 1,456 74,999Investible premium - - - (30,496) - (30,496)Reinsurance premium ceded Local - - (7,752) - - (7,752)Foreign (344) (68) (500) (2,879) (432) (4,223)Excess of loss expense (61) (112) (8) - - (181)Net premium written 6,789 16,920 1,189 6,425 1,024 32,347Change in unearned premium, net 1,573 (8,878) (366) 4,550 - (3,121)Net premiums earned 8,362 8,042 823 10,975 1,024 29,226Reinsurance commission earned - - 850 - - 850Other underwriting income 227 18 - 262 - 507TOTAL REVENUES 8,589 8,060 1,673 11,237 1,024 30,583 UNDERWRITING COSTS AND EXPENSES Gross claims paid (3,979) (6,489) (48) (718) (5,210) (16,444)Reinsurance share of claims paid 319 - 6 718 3,639 4,682Net claims paid (3,660) (6,489) (42) - (1,571) (11,762)Changes in outstanding claims, net 700 (2,878) (404) (20) (228) (2,830)Changes in claims incurred but not reported, net 3,758 (802) (373) - (465) 2,118Net claims incurred 798 (10,169) (819) (20) (2,264) (12,474)Changes in mathematical reserve - - - (637) - (637)Changes in premium deficiency reserve 4,300 (516) 324 - - 4,108Change in other technical reserve - - - (21) - (21)Policy acquisition costs (693) (2) (178) (170) (158) (1,201)Other underwriting expenses (1,848) (971) - - - (2,819)TOTAL UNDERWRITING COSTS AND EXPENSES 2,557 (11,658) (673) (848) (2,422) (13,044)NET UNDERWRITING INCOME / (LOSS) 11,146 (3,598) 1,000 10,389 (1,398) 17,539OTHER OPERATING INCOME/(EXPENSES) Allowance for doubtful receivables on premium receivable (779)General and administrative expenses (16,772)Commission from held to maturity investments 3,289Unrealized gain on FVIS investments 731Dividends from FVIS investments 120Other income 2,727TOTAL OTHER OPERATING EXPENSES, NET (10,684)Income before surplus, Zakat and income tax 6,855Net income attributed to the Insurance Operations (415) Income for the period attributable to the shareholders’ before Zakat and income tax 6,440Zakat (447)Income tax (552)NET INCOME FOR THE PERIOD ATTRIBUTABLE TO THE SHAREHOLDERS’ 5,441 18. OPERATING SEGMENT INFORMATION (continued) For the three-month period ended 30 June 2021 (Unaudited) Medical Motor General Life Individual Life Group Total Insurance Operations SR'000 SR'000 SR'000 SR'000 SR'000 SR'000 REVENUES Gross written premium: Individual - 4,678 373 41,435 - 46,486 Very Small Enterprises 1,568 - - - - 1,568 Small Enterprises 3,890 - - - 46 3,936 Medium Enterprises 4,628 969 6,178 - 115 11,890 Corporate 1,024 - - - 4,567 5,591Total gross written premium 11,110 5,647 6,551 41,435 4,728 69,471Investible premium - - - (30,515) - (30,515)Reinsurance premium ceded Local - (90) (99) - - (189)Foreign - - (5,274) (2,797) (3,008) (11,079)Excess of loss expense (1,552) (500) (130) - - (2,182)Net premium written 9,558 5,057 1,048 8,123 1,720 25,506Change in unearned premium, net 25,508 6,905 165 5,061 37,639Net premiums earned 35,066 11,962 1,213 8,123 6,781 63,145Reinsurance commission earned - - 594 - - 594Other underwriting income 2,569 10 - - 196 2,775TOTAL REVENUES 37,635 11,972 1,807 8,123 6,977 66,514 UNDERWRITING COSTS AND EXPENSES Gross claims paid (40,120) (15,656) (83) (1,801) (5,938) (63,598)Reinsurance share of claims paid 9,073 159 76 1,613 5,074 15,995Net claims paid (31,047) (15,497) (7) (188) (864) (47,603)Changes in outstanding claims, net (1,975) 396 (254) 24 (862) (2,671)Changes in claims incurred but not reported, net 6,491 (3600) (1,015) - 72 1,948Net claims incurred (26,531) (18,701) (1,276) (164) (1,654) (48,326)Changes in mathematical reserve - - - 3,254 - 3,254Changes in premium deficiency reserve 8,014 1,915 (290) - (136) 9,503Change in other technical reserve (250) - - - - (250)Policy acquisition costs (3,444) (475) (577) (218) (168) (4,882)Supervision and inspection fees - - - - - -Other underwriting expenses (6,335) (4,041) (382) - (146) (10,904)TOTAL UNDERWRITING COSTS AND EXPENSES (28,546) (21,302) (2,525) 2,872 (2,104) (51,605)NET UNDERWRITING INCOME / (LOSS) 9,089 (9,330) (718) 10,995 4,873 14,909OTHER OPERATING INCOME/(EXPENSES) Impairment loss on premium receivable (518)General and administrative expenses (19,551)Commission from held to maturity investments 2,854Commission income on deposits 370Unrealized gain on FVIS investments 834Realized loss on FVIS investments (25)Dividends from FVIS investments 30Other income 2,797TOTAL OTHER OPERATING EXPENSES, NET (13,209)Income before surplus, Zakat and income tax 1,700Net loss attributed to the Insurance Operations 74 Income for the period attributable to the shareholders’ before Zakat and income tax 1,774Zakat 27Income tax 6NET INCOME FOR THE PERIOD ATTRIBUTABLE TO THE SHAREHOLDERS’ 1,807 18. OPERATING SEGMENT INFORMATION (continued) For the six-month period ended 30 June 2022 (Unaudited) Medical Motor General Life Individual Life Group Total Insurance Operations SR'000 SR'000 SR'000 SR'000 SR'000 SR'000 REVENUES Gross written premium: Individual - 24,896 123 80,104 - 105,123 Very Small Enterprises 3,490 (1,299) - - - 2,191 Small Enterprises 3,664 - - - - 3,664 Medium Enterprises 4,571 3,765 16,646 - 68 25,050 Corporate 461 1,359 - - 1,238 3,058Total gross written premium 12,186 28,721 16,769 80,104 1,306 139,086Less Investible premium - - - (60,481) - (60,481)Reinsurance premium ceded: Local - - (13,867) - - (13,867)Foreign (688) (136) (1,103) (5,735) (1,502) (9,164)Excess of loss expenses (122) (225) (16) - - (363)Net premium written 11,376 28,360 1,783 13,888 (196) 55,211Change in unearned premium, net 6,933 (14,582) (360) - 14,101 6,092Net premiums earned 18,309 13,778 1,423 13,888 13,905 61,303Reinsurance commission earned - - 1,628 - - 1,628Other underwriting income / (loss) 560 31 1 542 - 1,134TOTAL REVENUES 18,869 13,809 3,052 14,430 13,905 64,065 UNDERWRITING COSTS AND EXPENSES Gross claims paid (15,079) (14,025) (312) (1,158) (16,276) (46,850)Reinsurers’ share of claims paid 2,160 915 261 1,065 12,810 17,211Net claims paid (12,919) (13,110) (51) (93) (3,466) (29,639)Changes in outstanding claims, net 2,510 746 276 (39) 932 4,425 Changes in claims incurred but not reported, net 5,518 (1,143) (206) - 1,363 5,532 Net claims incurred (4,891) (13,507) 19 (132) (1,171) (19,682)Changes in mathematical reserve - - - (80) - (80)Changes in premium deficiency reserve 6,533 (4,206) 388 - - 2,715 Change in other technical reserve - - 68 - 68Policy acquisition costs (1,480) (1,377) (733) (357) (346) (4,293)Supervision and inspection fees - - - - - - Other underwriting expenses (5,502) (948) - - - (6,450)TOTAL UNDERWRITING COSTS AND EXPENSES (5,340) (20,038) (258) (569) (1,517) (27,722)NET UNDERWRITING INCOME / (LOSS) 13,529 (6,229) 2,794 13,861 12,388 36,343 OTHER OPERATING INCOME/(EXPENSES) Impairment loss on premium receivable (71)General and administrative expenses (33,548)Commission from held to maturity Investments 6,804 Commission income on deposits 1 Unrealized gain on FVIS investments 1,894 Realized gain on FVIS investments 22 Dividends from FVIS investments 158 Other income 5,439 TOTAL OTHER OPERATING EXPENSES, NET (19,301)Income before surplus, Zakat and income tax 17,042Net income attributed to the Insurance Operations (1,157) Income for the period attributable to the shareholders’ before zakat and income tax 15,885Zakat (682)Income tax (697)NET INCOME FOR THE PERIOD ATTRIBUTABLE TO THE SHAREHOLDERS’ 14,50618. OPERATING SEGMENT INFORMATION (continued) For the six-month period ended 30 June 2021 (Unaudited) Medical Motor General Life Individual Life Group Total Insurance Operations SR'000 SR'000 SR'000 SR'000 SR'000 SR'000 REVENUES Gross written premium: Individual - 5,465 434 84,579 - 90,478 Very Small Enterprises 2,234 - - - - 2,234 Small Enterprises 5,270 - - - 61 5,331 Medium Enterprises 5,656 1,299 6,232 - 145 13,332 Corporate 1,673 - - - 5,799 7,472Total gross written premium 14,833 6,764 6,666 84,579 6,005 118,847Less Investible premium - - - (62,911) - (62,911)Reinsurance premium ceded: Local (19) (94) (99) - - (212)Foreign 20 94 (5,626) (5,539) (3,503) (14,554)Excess of loss expenses (2,070) (786) (174) - - (3,030)Net premium written 12,764 5,978 767 16,129 2,502 38,140Change in unearned premium, net 35,896 11,697 407 10,348 58,348Net premiums earned 48,660 17,675 1,174 16,129 12,850 96,488Reinsurance commission earned - - 873 - - 873Other underwriting income / (loss) 3,400 - - 6,149 - 9,549TOTAL REVENUES 52,060 17,675 2,047 22,278 12,850 106,910 UNDERWRITING COSTS AND EXPENSES Gross claims paid (52,870) (23,719) (92) (2,101) (10,278) (89,060)Reinsurers’ share of claims paid 10,813 196 76 1,913 8,585 21,583Net claims paid (42,057) (23,523) (16) (188) (1,693) (67,477)Changes in outstanding claims, net (1,475) 979 (237) (80) (772) (1,585)Changes in claims incurred but not reported, net 11,194 (16,355) 420 - (53) (4,794)Net claims incurred (32,338) (38,899) 167 (268) (2,518) (73,856)Changes in mathematical reserve - - - 3,199 - 3,199Changes in premium deficiency reserve (29) 10,243 (1,120) - (442) 8,652Change in other technical reserve 16,769 - - - (30) 16,739 Policy acquisition costs (4,455) (647) (790) (792) (259) (6,943)Supervision and inspection fees (114) (5) (1) (191) (31) (342)Other underwriting expenses (10,634) (4,688) (383) - (183) (15,888)TOTAL UNDERWRITING COSTS AND EXPENSES (30,801) (33,996) (2,127) 1,948 (3,463) (68,439)NET UNDERWRITING INCOME / (LOSS) 21,259 (16,321) (80) 24,226 9,387 38,471OTHER OPERATING INCOME/(EXPENSES) Impairment loss on premium receivable (656)General and administrative expenses (34,022)Commission from held to maturity Investments 5,239Commission income on deposits 377Unrealized gain on FVIS investments 1,948Realized gain on FVIS investments 1Dividends from FVIS investments 61Other income 5,615TOTAL OTHER OPERATING EXPENSES, NET (21,437)Income before surplus, Zakat and income tax 17,034Net income attributed to the Insurance Operations (1,273) Income for the period attributable to the shareholders’ before zakat and income tax 15,761Zakat (424)Income tax (41)NET INCOME FOR THE PERIOD ATTRIBUTABLE TO THE SHAREHOLDERS’ 15,296 | |
| Disclosure of fair value of financial assets and liabilities [text block] | a) 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 Company’s financial assets consist of Cash and cash equivalents, premium receivable, due from reinsurers, available for sale investments held to cover unit-linked liabilities, FVIS investments, held to maturity investments, other receivables, and its financial liabilities consist of other liabilities, reinsurance balances payable, lease liabilities, due to a related party, payable to agents policy holders and claimants, and outstanding claims. The fair values of financial instruments are not materially different from their carrying values. As at 30 June 2022, apart from the investments which are carried at fair value (note 7 and 8), there were no other financial instruments held by the Company that were measured at fair value.b) The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments:Level 1: quoted prices in active markets for the same instrument (i.e., without modification or repackaging);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.The following table presents the carrying amounts and the fair values of financial assets, including their levels in fair value hierarchy. It does not include fair value information for financial assets not measured at fair value if the carrying amount is a reasonable approximation of fair value: 30 June 2022 (SAR’000)Fair value (Unaudited) Carrying value Amortised cost Level 1 Level 2 Level 3 TotalFinancial assets measured at fair value: Available for sale investments held to cover unit- linked liabilities 1,285,552 - - 1,285,552 - 1,285,552 Held to maturity investments 474,104 474,104 - - - 474,104FVIS investments 243,790 - 4,235 237,632 1,923 243,790Total 2,003,446 474,104 4,235 1,523,184 1,923 2,003,446 31 December 2021 (SAR’000)Fair value (Audited) Carrying value Amortised cost Level 1 Level 2 Level 3 TotalFinancial assets measured at fair value: Available for sale investments held to cover unit-linked liabilities 1,524,882 -- -- 1,524,882 -- 1,524,882Held to maturity investments 466,815 466,815 -- -- -- 466,815FVIS investments 155,875 -- 3,564 150,388 1,923 155,875Total 2,147,572 466,815 3,564 1,675,270 1,923 2,147,572There are no transfers between Level 1, Level 2 and Level 3 during the period / year. | |
| Disclosure of other notes relevant to understanding of financial statements [text block] | 19. SUPPLEMENTARY INFORMATIONa) CONDENSED STATEMENT OF FINANCIAL POSITION Insurance operations Shareholders’ operations 30 June 2022 (Unaudited) Insurance operations Shareholders’ operations 31 December 2021 (Audited) SAR'000 SAR'000 SAR'000 SAR'000 SAR'000 SAR'000ASSETS Cash and cash equivalents 102,521 4,151 106,672 77,628 5,395 83,023 Premium receivable, net 27,154 - 27,154 20,286 - 20,286Due from reinsurers, net 1,801 - 1,801 1,385 - 1,385 Reinsurers’ share of unearned premium 18,996 - 18,996 25,716 - 25,716 Reinsurers’ share of outstanding claims 48,421 - 48,421 52,471 - 52,471 Reinsurers’ share of claims incurred but not reported 17,902 - 17,902 26,924 - 26,924 Deferred policy acquisition costs 2,307 - 2,307 2,686 - 2,686 Available for sale investments held to cover unit-linked liabilities 1,285,552 - 1,285,552 1,524,882 - 1,524,882 Investments 100,160 617,734 717,894 119,459 503,231 622,690Due from a related party - 1,069 1,069 - 60,788 60,788 Prepayments and other assets 9,578 5,152 14,730 23,105 56,156 79,261Property and equipment 3,145 - 3,145 3,818 - 3,818 Intangible assets 2,857 - 2,857 3,562 - 3,562 Right of use assets 3,539 - 3,539 1,212 - 1,212Goodwill - 232,948 232,948 - 232,948 232,948 Statutory deposit - 55,000 55,000 - 47,066 47,066 Due from Shareholder / Insurance operations 24,566 - 24,566 33,478 - 33,478 1,648,500 916,053 2,564,553 1,916,612 905,584 2,822,196Less: Inter-operations eliminations (24,566) - (24,566) (33,478) - (33,478) TOTAL ASSETS 1,623,934 916,053 2,539,987 1,883,134 905,584 2,788,718 LIABILITIES Accrued expenses and other liabilities 67,729 61,945 129,674 57,655 56,356 114,011 Lease liabilities 2,959 - 2,959 1,190 - 1,190Due to agents and third-party service providers 27,891 - 27,891 36,194 - 36,194Unearned reinsurance commission 1,508 - 1,508 632 - 632Reinsurance balances payable 36,096 - 36,096 34,389 - 34,389Unearned premium 63,753 - 63,753 76,567 - 76,567 Outstanding claims 73,265 - 73,265 81,740 - 81,740Claims incurred but not reported 47,569 - 47,569 62,123 - 62,123Premium Deficiency Reserve 6,902 - 6,902 9,617 - 9,617Unit reserves 1,291,210 - 1,291,210 1,526,927 - 1,526,927 Mathematical reserve 5,548 - 5,548 5,468 - 5,468 Other technical reserves 191 - 191 259 - 259Employee benefits 5,016 - 5,016 5,248 - 5,248 Zakat and income tax - 2,306 2,306 - 2,182 2,182Due to a related party - - - 146 838 984Surplus from Insurance Operations 17,621 - 17,621 17,215 - 17,215Due to Shareholders' / insurance operations - 24,566 24,566 - 33,478 33,478 1,647,258 88,817 1,736,075 1,915,370 92,854 2,008,224Less: Inter-operations eliminations - (24,566) (24,566) - (33,478) (33,478) TOTAL LIABILITIES 1,647,258 64,251 1,711,509 1,915,370 59,376 1,974,746 EQUITY Share capital - 550,000 550,000 - 550,000 550,000Share Premium - 197,286 197,286 - 197,286 197,286Statutory reserve - 42,632 42,632 - 42,632 42,632Retained earnings - 37,318 37,318 - 22,812 22,812Re-measurement reserve of employee benefits – related to Insurance Operations 1,242 - 1,242 1,242 - 1,242 TOTAL EQUITY 1,242 827,236 828,478 1,242 812,730 813,972 TOTAL LIABILITIES AND EQUITY 1,648,500 891,487 2,539,987 1,916,612 872,106 2,788,718 19. SUPPLEMENTARY INFORMATION (continued)b) CONDENSED STATEMENT OF INCOME Three-month period ended 30 June (Unaudited) Insurance operations Shareholders’ operations 2022 Insurance operations Shareholders’ operations 2021 SR'000 SR'000 SR'000 SR'000 SR'000 SR'000REVENUE Gross written premium 74,999 - 74,999 69,471 - 69,471Investible premium (30,496) - (30,496) (30,515) - (30,515)Reinsurance premium ceded: Local (7,752) - (7,752) (189) - (189) Foreign (4,223) - (4,223) (11,079) - (11,079) Excess of loss expenses (181) (181) (2,182) (2,182) Net premium written 32,347 - 32,347 25,506 - 25,506Changes in unearned premium, net (3,121) - (3,121) 37,639 - 37,639 Net premium earned 29,226 - 29,226 63,145 - 63,145Reinsurance premium earned 850 - 850 594 - 594Other underwriting income 507 - 507 2,775 - 2,775 TOTAL REVENUES 30,583 - 30,583 66,514 - 66,514 UNDERWRITING COSTS AND EXPENSES Gross claims paid (16,444) - (16,444) (63,598) - (63,598)Reinsurers’ share of claims paid 4,682 - 4,682 15,995 - 15,995 Net claims paid (11,762) - (11,762) (47,603) - (47,603)Changes in outstanding claims, net (2,830) - (2,830) (2,671) - (2,671)Changes in claims incurred but not reported, net 2,118 - 2,118 1,948 - 1,948 Net claims incurred (12,474) - (12,474) (48,326) - (48,326)Changes in mathematical reserve (637) - (637) 3,254 - 3,254Changes in Premium deficiency reserves 4,108 - 4,108 9,503 - 9,503Changes in other technical reserves (21) - (21) (250) - (250)Policy acquisition costs (1,201) - (1,201) (4,882) - (4,882)Supervision and inspection fees - - - - - -Other direct underwriting expenses (2,819) - (2,819) (10,904) - (10,904) TOTAL UNDERWRITING COSTS AND EXPENSES (13,044) - (13,044) (51,605) - (51,605) NET UNDERWRITING INCOME 17,539 - 17,539 14,909 - 14,909 OTHER OPERATING (EXPENSES)/ INCOME Impairment loss on premium receivable (779) - (779) (518) - (518)General and administrative expenses (15,746) (1,026) (16,772) (18,189) (1,362) (19,551)Commission from held to maturity Investments - 3,289 3,289 2 2,852 2,854Commission income on deposits - - - 1 369 370Unrealized gain / (loss) on FVIS investments 402 329 731 291 543 834Realised gain / (loss) on FVIS investments - - - 1 (26) (25)Dividends from FVIS investments - 120 120 - 30 30Other income 2,733 (6) 2,727 2,766 31 2,797 TOTAL OTHER OPERATING (EXPENSES)/ INCOME (13,390) 2,706 (10,684) (15,646) 2,437 (13,209) 19. SUPPLEMENTARY INFORMATION (continued)b) CONDENSED STATEMENT OF INCOME (continued) Three-month period ended 30 June (Unaudited) Insurance operations Shareholders’ operations 2022 Insurance operations Shareholders’ operations 2021 SR'000 SR'000 SR'000 SR'000 SR'000 SR'000 NET (DEFICIT) / SURPLUS FROM OPERATIONS 4,149 2,706 6,855 (737) 2,437 1,700 Surplus transferred to Shareholders’ (3,734) 3,734 - 663 (663) - NET (LOSS) / INCOME FOR THE PERIOD BEFORE ZAKAT AND INCOME TAX 415 6,440 6,855 (74) 1,774 1,700 Zakat - (447) (447) - 27 27Income tax - (552) (552) - 6 6 NET (LOSS) / INCOME FOR THE PERIOD 415 5,441 5,856 (74) 1,807 1,733 Weighted average number of ordinary shares outstanding (in thousands) - 55,000 - - 47,066 - Basic and diluted earnings per share for the period (SR) - 0.099 - - 0.038 - c) CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME Three-month period ended 30 June (Unaudited) Insurance operations Shareholders’ operations 2022 Insurance operations Shareholders’ operations 2021 SR'000 SR'000 SR'000 SR'000 SR'000 SR'000 NET (LOSS) / INCOME FOR THE PERIOD 415 5,441 5,856 (74) 1,807 1,733 Other comprehensive income - - - - - - TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD 415 5,441 5,856 (74) 1,807 1,733 19. SUPPLEMENTARY INFORMATION (continued)d) CONDENSED STATEMENT OF INCOME Six-month period ended 30 June (Unaudited) Insurance operations Shareholders’ operations 2022 Insurance operations Shareholders’ operations 2021 SR'000 SR'000 SR'000 SR'000 SR'000 SR'000REVENUE Gross written premium 139,086 - 139,086 118,847 - 118,847Investible premium (60,481) - (60,481) (62,911) - (62,911)Reinsurance Premium ceded: Local (13,867) - (13,867) (212) - (212) Foreign (9,164) - (9,164) (14,554) - (14,554) Excess of loss expense (363) - (363) (3,030) - (3,030) Net premium written 55,211 - 55,211 38,140 - 38,140Changes in unearned premium, net 6,092 - 6,092 58,348 - 58,348 Net premium earned 61,303 - 61,303 96,488 - 96,488Reinsurance commission earned 1,628 - 1,628 873 - 873Other underwriting income 1,134 - 1,134 9,549 - 9,549 TOTAL REVENUES 64,065 - 64,065 106,910 - 106,910 UNDERWRITING COSTS AND EXPENSES Gross claims paid (46,850) - (46,850) (89,060) - (89,060)Reinsurers’ share of claims paid 17,211 - 17,211 21,583 - 21,583 Net claims paid (29,639) - (29,639) (67,477) - (67,477)Changes in outstanding claims, net 4,425 - 4,425 (1,585) - (1,585)Changes in claims incurred but not reported, net 5,532 - 5,532 (4,794) - (4,794) Net claims incurred (19,682) - (19,682) (73,856) - (73,856)Changes in mathematical reserve (80) - (80) 3,199 - 3,199Changes in premium deficiency reserves 2,715 - 2,715 8,652 - 8,652Changes in other technical reserves 68 - 68 16,739 - 16,739Policy acquisition costs (4,293) - (4,293) (6,943) - (6,943)Supervision and inspection fees - - - (342) - (342)Other direct underwriting expenses (6,450) - (6,450) (15,888) - (15,888) TOTAL UNDERWRITING COSTS AND EXPENSES (27,722) - (27,722) (68,439) - (68,439) NET UNDERWRITING INCOME 36,343 - 36,343 38,471 - 38,471 OTHER OPERATING (EXPENSES)/ INCOME Impairment loss on premium receivable (71) - (71) (656) - (656)General and administrative expenses (30,843) (2,705) (33,548) (31,234) (2,788) (34,022)Commission from held to maturity Investments - 6804 6,804 10 5,229 5,239Commission income on deposits 1 - 1 6 371 377Unrealised gain on FVIS investments 693 1,201 1,894 568 1,380 1,948Realised gain on FVIS investments 9 13 22 1 - 1Dividends from FVIS investments - 158 158 - 61 61Other income 5,439 - 5,439 5,567 48 5,615 TOTAL OTHER OPERATING (EXPENSES) / INCOME (24,772) 5,471 (19,301) (25,738) 4,301 (21,437) 19. SUPPLEMENTARY INFORMATION (continued)d) CONDENSED STATEMENT OF INCOME (continued) Six-month period ended 30 June (Unaudited) Insurance operations Shareholders’ operations 2022 Insurance operations Shareholders’ operations 2021 SR'000 SR'000 SR'000 SR'000 SR'000 SR'000 NET SURPLUS FROM OPERATIONS 11,571 5,471 17,042 12,733 4,301 17,034 Surplus transferred to Shareholders’ (10,414) 10,414 - (11,460) 11,460 - NET INCOME FOR THE PERIOD BEFORE ZAKAT AND INCOME TAX 1,157 15,885 17,042 1,273 15,761 17,034 Zakat - (682) (682) - (424) (424)Income tax - (697) (697) - (41) (41) NET INCOME FOR THE PERIOD 1,157 14,506 15,663 1,273 15,296 16,569 Weighted average number of ordinary shares outstanding (in thousands) - 55,000 - - 43,044 - Basic and diluted earnings per share for the period (SR) - 0.264 - - 0.355 - e) CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME Six-month period ended 30 June (Unaudited) Insurance operations Shareholders’ operations 2022 Insurance operations Shareholders’ operations 2021 SR'000 SR'000 SR'000 SR'000 SR'000 SR'000 NET INCOME FOR THE PERIOD 1,157 14,506 15,663 1,273 15,296 16,569 Other comprehensive income - - - - - - TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1,157 14,506 15,663 1,273 15,296 16,569 19. SUPPLEMENTARY INFORMATION (continued)f) CONDENSED STATEMENT OF CASH FLOWS Six-month period ended 30 June (Unaudited) Insurance operations Shareholders’ operations 2022 Insurance operations Shareholders’ operations 2021 SR'000 SR'000 SR'000 SR'000 SR'000 SR'000OPERATING ACTIVITIES Net income for the period before Zakat and income tax 1,157 15,885 17,042 1,273 15,761 17,034Adjustments for non-cash items: Impairment loss on premium receivable 71 - 71 656 - 656Loss on disposal of property and equipment - - - 239 - 239 Commission from held to maturity investments - (6804) (6,804) (10) (5,229) (5,239)Unrealized gain on FVIS investments (693) (1,201) (1,894) (568) (1,380) (1,948)Realized gain on FVIS investments (9) (13) (22) (1) - (1)Dividends from FVIS investments - (158) (158) - (61) (61)Depreciation and amortization 2,277 - 2,277 2,098 - 2,098Finance cost of lease liabilities 23 - 23 96 - 96Employee benefits 785 - 785 660 - 660 3,611 7,709 11,320 4,443 9,091 13,534Changes in operating assets and liabilities: Premium receivable, net (6,868) - (6,868) 300 - 300 Due from reinsurers, net (416) - (416) 3,022 - 3,022Reinsurers’ share of unearned premium 6,720 - 6,720 11,088 - 11,088 Unearned premium (12,814) - (12,814) (69,436) - (69,436)Unearned reinsurance commission 876 - 876 (378) - (378)Deferred policy acquisition costs 379 - 379 4,171 - 4,171Reinsurers’ share of outstanding claims 4,050 - 4,050 1,526 - 1,526 Reinsurers’ share of claims incurred but not reported 9,022 - 9,022 1,449 - 1,449 Available for sale investments held to cover unit-linked liabilities, net 239,330 - 239,330 (141,526) - (141,526)Due from related parties - 59,719 59,719 - (7,122) (7,122)Due to a related party - (984) (984) - - -Prepayments and other assets 13,526 51,005 64,531 9,609 867 10,476Accrued expenses and other liabilities 10,074 5,589 15,663 (12,317) (1,019) (13,336)Payable to agents, policy holders and claimants (8,303) - (8,303) 23,807 - 23,807Reinsurers' balances payable 1,707 - 1,707 (1,159) - (1,159)Outstanding claims (8,475) - (8,475) (2,685) - (2,685)Claims incurred but not reported (14,554) - (14,554) 6,089 - 6,089Unit reserves (235,717) - (235,717) 139,889 - 139,889Mathematical reserve 80 - 80 (3,199) - (3,199)Premium deficiency reserves (2,715) - (2,715) (8,652) - (8,652)Other technical reserves (68) - (68) (16,739) - (16,739)Due to Shareholders' Operations / Insurance Operations 8,765 (8,765) -- 49,176 (49,176) - Cash generated from / (used in) operations 8,211 114,272 122,483 (1,522) (47,359) (48,881)Release of short-term deposit - - - - 37,500 37,500Increase in statutory deposit - (7,934) (7,934) - (12,066) (12,066)Zakat and income tax paid - (1,255) (1,255) - (3,027) (3,027)Employee benefits paid (751) - (751) (636) - (636)Distribution of surplus to policyholders (1,017) - (1,017) (260) - (260) Net cash generated from / (used in) operating activities 6,443 105,083 111,526 (2,418) (24,952) (27,370)INVESTING ACTIVITIES Proceeds from maturity of held to maturity investments - 12,049 12,049 16,380 136,285 152,665 Proceeds from disposal of FVIS investments 19,991 25,000 44,991 9,999 48,486 58,485Purchase of held to maturity investments - (20,000) (20,000) - (50,000) (50,000)Purchase of FVIS investments - (131,000) (131,000) (60,000) (168,000) (228,000)Commission received from held to maturity investments - 7,466 7,466 - 23,241 23,241 Dividends from FVIS investments - 158 158 - 61 61 Cash and cash equivalents acquired through Business combination - - - 48,215 92,635 140,850Purchase of property and equipment (470) - (470) (232) - (232) Net cash (used in) / generated from investing activities 19,521 (106,327) (86,806) 14,362 82,708 97,070 FINANCING ACTIVITIES Rentals paid against lease liability (1,071) - (1,071) (1,276) - (1,276) Net increase in cash and cash equivalents 24,893 (1,244) 23,649 10,668 57,756 68,424Cash and cash equivalents at the beginning of the period 77,628 5,395 83,023 72,500 33,532 106,032 Cash and cash equivalents at the end of the period 102,521 4,151 106,672 83,168 91,288 174,456 | |
