d659bc21-5d25-4dc8-9123-3f5eb5307b77

ARABIA INSURANCE COOPERATIVE COMPANY
(A SAUDI JOINT STOCK COMPANY)
UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

AND INDEPENDENT AUDITORS’ REVIEW REPORT
FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024

UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW
INDEX PAGES
Independent auditors’ review report 1
Unaudited Interim condensed statement of financial position 2
Unaudited Interim condensed statement of income 3
Unaudited Interim condensed statement of comprehensive income 4
Unaudited Interim condensed statement of changes in equity 5
Unaudited Interim condensed statement of cash flows 6
Notes to the unaudited interim condensed financial statements 7-27

A Crowe
Crowe Solutions for Professional Consulting
Member Crowe Global
( 3 i:1,*,t:ll*:11i***[i:1,
INDEPENDENT AU DITORS' REPORT
ON REVIEW OF'INTERIM CONDENSED FINANCIAL STATEMENTS
TO THE SHAREHOLDERS OF
(A SAUDr JOrNT STOCK COMPANY)
Kingdom of Saudi Arabia
INTRODUCTION
We have reviewed the accotnpanying interirn condensed statement of financial position of Arabia Insurance Cooperative
Company - (the "Company") as at 31't March 2024, and the related interirn condensed statements of income, cotnprehensive
income for the three months period then ended and changes in shareholders' equity and cash flows for the three months period then
ended and a sulilnary of material accounting policies and other explanatory notes ("interirn condensed financial statements").
Managernent is responsible for the preparation and presentation of these interim condensed financial statetnents in accordance with
International Accounting Standard 34, "lnterim Financial Reporting" ("lAS 34") as endorsed in the Kingdom of Saudi Arabia. Our
responsibility is to express a conclusion on these interim condensed financial statetnents based on our review.
SCOPE OF REVIEW
We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interiu Financial
Information Performed by the lndependent Auditor of the Entity" that is endorsed in the Kingdom of Saudi Arabia. A review of
interirn condensed financial statements corlsists of rnaking inquiries, prirnarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing that are endorsed in the Kingdorn of Saudi Arabia and consequently does not
enable us to obtain assut'ance that we would become aware of all significant rnatters that rnight be identified in an audit. Accordingly,
we do not express an audit opinion.
CONCLUSION
Based on our review, nothing has corne to our attention that causes us to believe that the accotnpanying interirn condensed financial
staternents is not prepared, in all material respects, in accordance with IAS 34, as endorsed in the Kingdorn of Saudi Arabia.
Crowe Solutions AlKharashi & Co. Certified Accountants and

for Professional Consultants Auditors
P. O. Box 10504 P.O. Box 8306
Riyadh 11443 Riyadh 11482
Kingdom of Saudi Arabia Kingdom of Saudi Arabia
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Abdullah M. Ai Azem Abdullah S. Al Msned
Paftner Partner
License No. 335 License No. 456
t2MAY 2024
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UNAUDITED INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
All amounts expressed in Saudi Riyals
31 March 2024 3 I December 2023

Note (Unaudited) (Audited)
ASSETS
Cash and cash equivalents 3 102,639,00 I 57,719,509
Insurance contract assets 10 40,710,068 23,654,641
Reinsurance contract assets 10 795,682,481 844,690,084
Prepaid expenses and other assets 67,078,054 89,713,875
Term deposits 4 490,989,385 526,608,416
Statutory deposit 53,000,000 53,000,000
Accrued income on statutory deposit 9,143,218 8,447,040
Investments 5 174,006,020 178,952,226
Right-of-use assets 6,309,946 5,717,052
Property and equipment, net 10,492,893 11,422,528
TOTAL ASSETS 1,750,051,066 1,799,925,371
LIABILITIES
Insurance contract liabilities 10 1,038,301,585 1,118,895,267
Reinsurance contract liabilities 10 31,849,874 4,397,493
Accrued income on statutory deposit 9,143,707 8,447,524
Accrued expenses and other liabilities 66,287,601 76,140,583
Provision for zakat and income tax 8 13,601,375 11,601,375
Lease liabilities 6,472,434 5,143,216
Provision for end-of-service benefits 15,222,497 15,384,258
TOTAL LIABJLITJES l ,180,879,073 1,240,009,716
EQUITY
Share capital 11 530,000,000 530,000,000
Fair value reserve for investments 5 46,296,067 44,871,167
Actuarial loss on defined benefit plan (2,633,079) (2,633,079)
Accumulated losses (4,490,995) (12,322,433)
TOTAL EQUITY 569,171,993 559,9 J 5,655
1275020512066 1,799,925,371
l s,,, �aS�
Chief Financial Officer Chairman of the Board of Directors Chief Executive Officer
The accompanying notes I to 18 fo1111 pa,t of these unaudited interim condensed financial statements.
2
UNAUDITED INTERIM CONDENSED STATEMENT OF INCOME
FOR TIIE THREE MONTHS PERIOD ENDED 31 MARCH 2024
AII amounts expressed in Saudi Riyals
31 March 2024 31 March 2023

Note (Unaudited) (Unaudited)
REVENUES
Insurance revenue 10 198,271,385 197,279,217
Insurance service expenses 10 (137,242,967) (148,636.507)

Insurance service result before reinsurance contracts held 61,028,418 48,642.7 J 0
Allocation of reinsurance premiums 10 (37,377,927) (27,610.794)
Amounts reversed from reinsurance 10 (17,667,967) (4,808,358)
Net expenses from reinsurance contracts held (55,045,894) (32,419.152)
Insurance service result 5,982,524 16.223,558
Income from investment and deposits 9,234,001 6,431,658
Expected credit reverse/(loss) 117,510 (26.128)

Net investment income 9,351,511 6,405.530
Net finance expenses from insurance contracts issued 10 (8,720,025) (8,671,685)
Net linance income from reinsurance contracts held 10 6,896,329 7.170.273
Net insurance finance expenses ( l,823,696) (1,501,412)
Net insurance and investment result 13,510,339 21,127.676
Other income 3,337,580

Other operating expenses (non-attributable) (6,576,456) (9,565,032)
Gross income for the period befor·e zakat and income tax 10,271,463 11,562,644
Provision for zakat and income tax s (2,000,000) (3,500,000)
Gross income for the period after zakat and inrome tax 8,271,463 8.062.644
Net income attributable to insurance operations (435,625) (740.563)

Net income attributable to shareholders 7,835,838 7,322.081
Basie and diluted earning per share 0.15 0.15
Chief Financial Officer Chairman of the Board of Directors
The accompanying notes 1 to 18 form part of these unaudited interim condensed financial statements.
3
ARABIA INSURANCE COOPERATIYE COMPANY
UNAllDITED TNTERlM CO 'DE SEO STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE THREE MO 'TIIS PERlOD ENDED 31 MARCH 2024
31 March 2024 31 March 2023

Note (Unaudited) (Unaudited)
Net income attributable to the shareholders 7,835,838 7,322,081
Other comprehensive income
Items that will not be reclassified to statement of income in subsequent periods

Net change in investments held at fair value through other comprehensive income 5 1,424,900 (79,273)
Total other comprehensive income for the period attributable to the shareholders 9,260,738 7,242,808
Net other comprehensive income attributed to the insurance operations 435,625 740,563
Total comprehensive income 9,696,363 7,983,371
L (,,
Chief Financial Officer Chairman of the Board of Directors Chief Executive Officer
The accompanying notes I to 18 fonn part of these unaudited interim condensed financial statements.
4
UNAUDITED INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY
All amo11n1s expressed in Saudi Riyals
Fair value reserve Actuarial loss on Accumulated

31 March 2024 Note Share capital for investments defined benefit plan losses Total equity
Balance at the beginning of the period (Audited) 530,000,000 44,871,167 (2,633,079) (12,322,433) 559,915,655
Total comprehensive income for the period:
Net income for the period allributable to the shareholders 7,835,838 7,835,838
Changes in fair values or investments 5 1,424,900 1,424,900
Total comprehensive income for the period attributed to the shareholders 1,424,900 7,835,838 9,260,738
Transfer of realized fair value loss for rvOCI equity instruments to
accumulated losses
(4,400) (4,400)
Balance at the end of the period (Unaudited) 530,000,000 46,296,067 (2,633,079) (4,490,995) 569,171,993
31 March 2023 Fair value reserve Actuarial loss on Accumulated

Share capital for investments defined benefit plan Losses Total equity
Balance at the beginning of the period (Restated - Audited) 265,000.000 36.191.540 (58.054,717) 243.136.823
Total comprehensive income for the period:
Net income for the period allributable 10 the shareholders 7,322.08 I 7.322.081
I
Changes in fair values of investments (79.273) (79.273)_
Total comprehensive income for the period attributed to the shareholders (79,273) 7.322.081 7.242.808
Increase in share capital 265,000.000 265.000.000
Transaction cost related to increase in share capital (14,903,782) (14,903.782)
36.112.267 (65.636.418) 500.475.849
·�
Balance at the end of the period (Unaudited)
L c,. r- ,_. �
Chief Financial Officer Chi� Executive O 1cer
The accompanying notes I to l 8 form part of these unaudited interim condensed financial statements.
5
UNAUDlTED INTERIM CONDENSED STATEMENT OF CASH FLOWS
31 March 2024 3 I March 2023

(Unaudited) (Unaudited)
Cash flows from operating activities

Gross income for the period after zakat and income tax 8,271,463 8.062,644
Adjustments for non-cash items:
Depreciation of property and equipment 1,038,009 921.613
Lease finance charges 93,700 12,052
Provision for employee benefits obligation 751,268 628.391
Depreciation of right-of-use assets 717,773 190.463
Provision for zakat and income tax 2,000,000 3.500,000
Expected credit reverse Jl7,510 233
12,989,723 13.315.396
Changes in operating assets and liabilities:
Prepaid expenses and other assets 22,635,821 (7,088.872)
Accrued income on statutory deposit 5 107
Accrued expenses and other liabilities (10,288,607) 32.131.470
Insurance contracts (97,649,109) (45.031,235)
Reinsurance contracts 76,459,984 22.813.627
Cash generated from operating activities 4,147,817 16.140.493
Payment of employee benefits obligation (913,029) (15.000)
Net cash generated from operating activities 3,234,788 16.125.493
Cash flows from investing activities

Additions to property and equipment (108,374) (2.204.414)
Proceeds from investments 6,366,706
Proceeds/(additions) from term deposits 35,501,52 I (203.896.298)
Increase in statutory deposit (13.000.000)
Net cash generated from/(used in) investing activities 41,759,853 (219,100,712)
Cash flows from financing activities
Issue of right shares 265.000.000
Transaction costs on the issue of right shares (14,903,784)
Repayment of lease liabilities (75,149) (363.261)
Net cash (used in)/generated from financing activities (75,149) 249.732.955
Net increase in cash and cash equivalents 44,919,492 46.757.736
Cash and cash equivalents at the beginning of the period 57,719,509 79.119.375
102,639,001 125.877.111
1,424,900 (79.273)
Chief Financial Officer
The accompanying notes I to 18 form pait of these unaudited interim condensed financial statements.
6
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
1. ORGANISATION AND PRINCIPAL ACTIVITIES
Arabia Insurance Cooperative Company (the “Company”) is a Saudi Joint Stock Company registered in the Kingdom of Saudi Arabia under commercial
registration number 1010243302 dated 18 Muharram 1429H (corresponding to 27 January 2008). The registered address of the Company is P.O. Box 28655,
Riyadh 11323, Kingdom of Saudi Arabia.
The objectives of the Company is to transact cooperative insurance business and carry out related activities in the Kingdom of Saudi Arabia. Its principal activity
includes all classes of general insurance, medical insurance, savings and protection. The Company was listed on the Saudi Stock Exchange (Tadawul) on 26
Muharram 1429H (corresponding to 4 February 2008). The Company started insurance and reinsurance operations on 4 Muhrram 1430H (corresponding to 1
January 2009).
On 14 Jumada Thani 1435H (corresponding to 14 April 2014), the Saudi Central Bank (SAMA) issued official approval numbered 351000076885 to amend the
licence issued to the Company number TMN/15/20086 to transact insurance and reinsurance activities to be restricted to insurance activities only.
The amended Company’s by laws were approved on January 25th, 2023, to reflect the new share capital of SR 530 million. Commercial registration was updated
as well.
2. BASIS OF PREPARATION
a) Statement of compliance
These interim condensed financial statements of the Company for the three-months period ended March 31, 2024, have been prepared in accordance with
International Financial Reporting Standards (IFRSs) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi
Organization for Chartered and Professional Accountants and in compliance with Regulations for Companies in the Kingdom of Saudi Arabia and By-Laws of
the Company.
The Company’s interim condensed statement of financial position is presented in order of liquidity but not using current / non-current classification. However,
except for property and equipment, intangible assets, statutory deposit, accrued income on statutory deposit, some components of investment in financial assets
such as Sukuks carried at amortized cost, Investment at FVOCI, long-term deposits, right of use assets, lease liabilities, end-of-service indemnities and accrued
commission income payable to Insurance Authority (IA), 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 is recorded in the respective accounts. The basis of the 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, comprehensive income and cash flows of the insurance operations and shareholders operations which are presented in Note 14 of these interim
condensed financial statements have been provided as supplementary financial information to comply with the requirements of the Insurance Implementing
Regulations and is not required under IFRSs.
The 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.
(b) Basis of measurement

These interim condensed financial statements are prepared under the historical cost convention, except for the financial assets measured at fair value through
profit or loss (FVTPL) and financial assets measured at fair value through other comprehensive income (FVOCI), investments which are accounted for under the
equity method, defined benefits obligation recorded at the present value using the projected unit credit method and liability of incurred claims (LIC) and assets
for incurred claims (AIC) recorded at the present value at the current discount rates. In preparing the Company-level interim condensed 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 unrealized 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.
c) Functional and presentation currency

Amounts in these interim condensed financial statements are expressed in Saudi Arabian Riyals (SAR) and are rounded off to the nearest thousands except
where otherwise mentioned. Saudi Arabian Riyals (SAR) is the functional currency of the Company as well.
(d) Seasonality of operations

There are no seasonal changes that may affect the insurance operations of the Company.
(e) Critical accounting judgments, estimates and assumptions

The preparation of these interim condensed financial information 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 expenses. Actual results may differ from these estimates.
7
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (CONTINUED)
2. BASIS OF PREPARATION (continued)
e) Critical accounting judgments, estimates and assumptions (continued)

The significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as
those that applied to the Company’s annual financial statements for the year ended December 31, 2023.
Financial risk management objectives and policies are consistent with those disclosed in the Company’s annual financial statements for the year ended December
31, 2023.
The accounting policies used in the preparation of this interim condensed financial information are consistent with those used in the preparation of the
Company’s annual financial statements for the year ended December 31, 2023, and the notes attached thereto, except for the adoption of certain new and revised
standards, that became effective in the current period as set out below.
Newly effective amendments and improvements to standards
Following are the new amendments that became effective during the period. They did not have a significant impact on the Company's interim condensed
financial statements.
New amendments Effective date

Classification of liabilities as Current or Non-current - Amendments to IAS 1 1 January 2024
Lease Liability in a Sale and Leaseback - Amendments to IFRS 16 1 January 2024
Non-current Liabilities with Covenants - Amendments to IAS 1 1 January 2024
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 1 January 2024
New amendments issued but not yet effective
Following are the amendments that are issued and are not yet effective. The Company is currently evaluating the impact of these new amendments and will adopt
them on their effective dates.
New amendments Effective date

Lack of Exchangeability - Amendments to IAS 21 1 January 2025
Available for optional
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28 adoption/ effective date
deferred indefinitely
The Company does not expect that the adoption of the above new and amended standards will have a significant impact on the interim condensed financial
statements.
8
3. CASH AND CASH EQUIVALENTS
31 March 2024
(Unaudited)
Insurance Shareholders’
Total
Operations Operations
Cash in banks 19,925,317 2,455,125 22,380,442

Term deposits 78,721,059 1,537,500 80,258,559
98,646,376 3,992,625 102,639,001
31 December 2023
(Audited)
Insurance Shareholders’
Total
Operations Operations
Cash in banks 39,235,251 3,484,258 42,719,509

Term deposits 15,000,000 - 15,000,000
54,235,251 3,484,258 57,719,509
Term deposits are made for varying periods of between one day and three months depending on the immediate cash
requirements of the Company. The average variable commission rate on term deposits at end of the period is 4.87%
per annum (31 December 2023: 5.48% per annum).
Current accounts and term deposits are placed with counterparties who have good investment grade credit ratings.
The carrying amounts disclosed above reasonably approximate the fair value at the statement of financial position
date.
4. TERM DEPOSITS
Term deposits are placed with a maturity of more than three months from the date of original acquisition and earn
special commission income at an average rate of 5.72% per annum (31 December 2023: 5.73% per annum).
Term deposits are deposited with other parties having good investment grade credit ratings. The carrying amount
disclosed above approximates the fair value at the statement of financial position date.
The management has conducted a review as required under IFRS 9 and based on such assessment, the management
believes that there is no need for any significant expected credit loss against the carrying value of cash and cash
equivalents.
9
5. INVESTMENTS
Investments comprise of the following:
31 March 2024 31 December 2023
(Unaudited) (Audited)
Insurance Shareholders’ Insurance Shareholders’
Total Total
Operations Operations Operations Operations
Investments at fair value through OCI - 113,624,596 113,624,596 - 113,305,698 113,305,698

Debt instruments at amortized cost * 12,015,113 48,410,050 60,425,163 15,765,113 49,930,225 65,695,338
ECL provision (1,805) (41,934) (43,739) (4,796) (44,014) (48,810)
Total 12,013,308 161,992,712 174,006,020 15,760,317 163,191,909 178,952,226
* This item represents bonds which are stated in the statement of financial position at amortized cost. The fair value of these investments amounted to SAR 57,672,925 (31
December 2023: SAR 63,027,231).
The movement in investments is as follows: Insurance Operations

Beginning balance - net 15,760,317 32,432,470
Additions - -
Disposals (3,750,000) (16,685,512)
ECL reversed 2,991 13,359
Ending balance 12,013,308 15,760,317
Shareholders’ Operations
Beginning balance - net 163,191,909 159,704,937
Additions - 9,431,815
Disposals (2,621,777) (14,629,198)
Net additions and disposals (2,621,777) (5,197,383)
Transfer of realized fair value loss for FVOCI
(4,400) (5,470)
equity instruments to accumulated losses
Change in investments at fair value through OCI 1,424,900 8,679,627
ECL reversed 2,080 10,198
Ending balance 161,992,712 163,191,909
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The
fair value measurement is based on the presumption that the transaction takes place either:
- in the accessible principal market for the asset or liability, or

- in the absence of a principal market, in the most advantages accessible market for the asset or liability
The fair values of on-balance sheet financial instruments are not significantly different from their carrying amounts included in the financial information.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments:
Level 1: quoted prices in active markets for the same or identical instrument that an entity can access at the measurement date;
Level 2: quoted prices in active markets for similar assets and liabilities or other valuation techniques for which all significant inputs are based on observable market data; and
Level 3: valuation techniques for which any significant input is not based on observable market data.
Fair value
The following table shows the carrying amount and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy for financial
instruments measured at fair value. 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.
10
5. INVESTMENTS (CONTINUED)
Fair value
31 March 2024 (Unaudited) Level 1 Level 2 Level 3 Total
Investments at fair value through OCI
- Mutual funds - 38,541,957 - 38,541,957

- Discretionary portfolio 14,629,887 - - 14,629,887
- REIT 2,986,484 - - 2,986,484
- Bonds/sukuk 3,479,250 10,502,766 - 13,982,016
- Equity - Najm - - 43,484,252 43,484,252
Total 21,095,621 49,044,723 43,484,252 113,624,596
Fair value
31 December 2023 (Audited) Level 1 Level 2 Level 3 Total
Investments at fair value through OCI
- Mutual funds - 37,810,673 - 37,810,673

- Discretionary portfolio 14,023,826 - - 14,023,826
- REIT 3,384,053 - - 3,384,053
- Bonds/sukuk 4,227,300 10,375,594 - 14,602,894
- Equity - Najm - - 43,484,252 43,484,252
Total 21,635,179 48,186,267 43,484,252 113,305,698
11
6. COMMITMENTS AND CONTINGENCIES
a. Commitments and contingencies comprise of the following:

Letter of guarantee 1,900,000 1,800,000
Total 1,900,000 1,800,000
b. Litigations and lawsuits
- The Company operates in the insurance business and is vulnerable to lawsuits during its normal business cycle.
- While it is impractical to predict or know the final outcome of all lawsuits, management believes that these lawsuits (including the cases) will not have any material
impact on the Company's results or its financial position.
- The Company does not have any material lawsuit on the date of the financial statements.
7. RELATED PARTIES TRANSACTIONS AND BALANCES
The related parties represent the main shareholders, directors, and senior management employees of the company, the companies that they are their main owners,
and any other companies that are subject to their control or are jointly controlled or have effective control over them. Pricing policies and terms of these transactions
are approved by the company's management and the Board of Directors. Details of major related party transactions and their balances are as follows:
Three months period ended
31 March 2024 31 March 2023
Related party Nature of transactions
Board of Directors and the companies Gross premiums 106,545 105,718

they represent
Claims paid 57,401 575,213
Expenses paid by Arabia Insurance Company on behalf of the Company - 706,448
Arabia Insurance Company - Lebanon
Expenses paid by the Company for Arabia Insurance Company 198,273 -
(shareholder)
Settlement of the balance by Arabia Insurance Company 384,649 -
The above transactions with the related parties resulted in the following balances:

Arabia Insurance Company – Lebanon – Shareholder 22,374 208,750

Jordan Insurance Company – Shareholder 83,346 83,346
Board members and the companies they represent 224,372 1,133,982
Reinsurance balance due from Jordan Insurance Company 546,767 546,767
Compensation of key management personnel
The compensation of the key management personnel during the period were as follows:
31 March 2024 31 March 2023

Short-term benefits 1,237,380 883,500
End of service benefit 51,245 36,563
1,288,625 920,063
12
8. PROVISION FOR ZAKAT AND INCOME TAX
Zakat charge for the period

The zakat provision consists of the zakat charged during the period in the amount of SAR 1,500,000 (March 31, 2023: SAR 3,500,000). The
zakat provision is calculated on the Saudi shareholders share of the capital at 68.25% (2023: 68.25%).
Income tax charge for the period

Income tax provision consists of income tax charged during the period in an amount of SAR 500,000 (March 31, 2023: Zero Saudi riyals).
Income tax is calculated on the share of capital by non-Saudi shareholders at a rate of 31.75% (2023: 31.75%).
Status of assessment
The Company submitted its tax and zakat returns to the Zakat, Tax and Customs Authority ("ZATCA") for all years up to the fiscal year
ended on December 31, 2023, and the Company has received a final certificate for the fiscal year ending December 31, 2023.
Zakat, Income Tax and Withholding Tax

During the current period the Company submitted a request to the General Secretariat of the Zakat, Tax and Customs Committees to include
the decision issued by the first appeal department for violations and income tax disputes, with regards to the Zakat and Income Tax
assessement for the year 2018, especially its decision regarding the withholding tax on reinsurance premium through local reinsurance
brokerage companies as an additional document that supports the Company's position in the appeal of the evaluation of the withholding tax
for the years: 2015, 2016 and 2017. Noting that the decision document was received and filled under the appeals as per the reply of the
General Secretariat of the Zakat, Tax and Customs Committees.
During the current period, the Company received a decision issued by the first appeal department for income tax violations and disputes,
regarding the appeal submitted by the ZATCA for the decision of the first department to adjudicate the violations and income tax disputes in
Dammam in the appeal related to the Zakat and Tax for the year 2019 and 2020 against the Company, whereby it was decided to support
ZATCA opinion, and it is possible for this decision to result zakat differences of SAR 673,743.
During the current period, the Company has completed submitting the requirements for examining the zakat and income tax returns
submitted by the Company for the years 2021 and 2022, but no final assessement has been issued up to date.
Value Added Tax
During the current period, the Company has completed submitting the requirements for examining the value-added tax returns submitted by
the Company for the years 2021 and 2022, but no final assessment has been issued up to date.
E-Invoicing
The Company has successfully completed within the deadline specified by the ZATCA on January 31, 2024, all the requirements imposed to
join the group of taxpayers under the third phase obligated to integrate its invoices to the 'Fatora' platform by developing its systems to be in
line with the platform.
13
9. OPERATING SEGMENTS
Operating segments are identified on the basis of internal reports about components of the Company that are regularly
reviewed by the Company’s Board of Directors in their function as chief operating decision maker in order to allocate
resources to the segments and to assess its performance.
Transactions between the operating segments are on normal commercial terms and conditions. The revenue from
external parties reported to the Board is measured in a manner consistent with that in the condensed income statement.
Segment assets and liabilities comprise operating assets and liabilities.
There have been no changes to the basis of segmentation or the measurement basis for the segment profit or loss since
31 December 2023.
Segment assets do not include property and equipment, prepaid expenses and other assets, investments, term deposits,
cash and cash equivalents, amounts due from a related party, statutory deposit, and investment returns from the statutory
deposit, and thus they are included in the unallocated assets.
Segments liabilities do not include end-of-service benefits provision, payables and accrued expenses and other
liabilities, other provisions, surplus payable distributions, actuarial loss for specific benefit plans, accrued zakat and
income tax, and due statutory deposit investment returns and thus they are included in the unallocated liabilities.
General and administrative expenses, interest income were allocated as per IFRS 17 requirements.
14
9. OPERATING SEGMENTS (Continued)
Statement of Financial Position

31 March 2024
(Unaudited)
Motor Medical Engineering Property Marine Others Total
Assets
Insurance contract assets 9,962,896 13,111,062 4,524,898 9,619,307 1,349,597 2,142,308 40,710,068
Reinsurance contract assets 12,475,285 14,462,798 45,069,901 690,858,683 3,594,883 29,220,931 795,682,481
Unallocated assets - - - - - - 913,658,517
Total 22,438,181 27,573,860 49,594,799 700,477,990 4,944,480 31,363,239 1,750,051,066
Liabilities
Insurance contract liabilities 68,296,624 169,004,155 65,591,107 688,963,724 5,823,373 40,622,602 1,038,301,585
Reinsurance contract liabilities - - 5,033,041 21,014,802 1,707,149 4,094,882 31,849,874
Unallocated liabilities - - - - - - 110,727,614
Total 68,296,624 169,004,155 70,624,148 709,978,526 7,530,522 44,717,484 1,180,879,073
31 December 2023
(Audited)
Assets
Insurance contract assets 13,103,444 - 1,475,796 8,607,930 342,396 125,075 23,654,641
Reinsurance contract assets 11,406,295 12,723,875 76,415,125 705,594,693 5,667,242 32,882,854 844,690,084
Unallocated assets - - - - - - 931,580,646
Total 24,509,739 12,723,875 77,890,921 714,202,623 6,009,638 33,007,929 1,799,925,371
Liabilities
Insurance contract liabilities 80,848,912 220,615,054 69,358,158 702,789,169 7,054,820 38,229,154 1,118,895,267
Reinsurance contract liabilities - - 659,177 3,738,316 - - 4,397,493
Unallocated liabilities - - - - - - 116,716,956
Total 80,848,912 220,615,054 70,017,335 706,527,485 7,054,820 38,229,154 1,240,009,716
15
9. OPERATING SEGMENTS (Continued))

Statement of Income
Three months period ended 31 March 2024 (Unaudited)
REVENUES
Insurance revenue 40,900,084 115,287,575 12,235,635 18,372,645 3,095,048 8,380,398 198,271,385
Insurance service expenses (38,742,801) (102,914,934) (5,071,697) 12,649,697 (766,337) (2,396,895) (137,242,967)
Insurance service result before reinsurance contracts held 2,157,283 12,372,641 7,163,938 31,022,342 2,328,711 5,983,503 61,028,418
Allocation of reinsurance premiums (382,990) - (12,720,774) (15,812,651) (2,081,555) (6,379,957) (37,377,927)

Amounts reversed from reinsurance (80,000) 1,740,297 1,521,641 (20,607,269) (317,336) 74,700 (17,667,967)
Net expenses from reinsurance contracts held (462,990) 1,740,297 (11,199,133) (36,419,920) (2,398,891) (6,305,257) (55,045,894)
Insurance service result 1,694,293 14,112,938 (4,035,195) (5,397,578) (70,180) (321,754) 5,982,524
Income from investment and deposits 9,234,001
Expected credit loss 117,510
Net investment income 9,351,511
Net finance expenses from insurance contracts issued (805,207) (882,652) (50,779) (6,633,952) (55,109) (292,326) (8,720,025)
Net finance income from reinsurance contracts held - - 30,322 6,594,820 42,250 228,937 6,896,329
Insurance finance result (805,207) (882,652) (20,457) (39,132) (12,859) (63,389) (1,823,696)
Net insurance and investment result 889,086 13,230,286 (4,055,652) (5,436,710) (83,039) (385,143) 13,510,339
Other income 3,337,580

Other operating expenses (non-attributable) (6,576,456)
Gross income for the period before zakat and income tax 10,271,463
Provision for zakat and income tax (2,000,000)
Gross income for the period after zakat and income tax 8,271,463
Net income attributable to insurance operations (435,625)
Net Income attributable to shareholders 7,835,838
16
9. OPERATING SEGMENTS (Continued)

Statement of Income
Three months period ended 31 March 2023 (Unaudited)

REVENUES
Insurance revenue 40,607,350 121,290,871 4,926,707 20,764,640 3,228,988 6,460,661 197,279,217
Insurance service expenses (57,192,841) (85,548,177) (1,039,219) (945,793) (1,418,425) (2,492,052) (148,636,507)
Insurance service result before reinsurance contracts held (16,585,491) 35,742,694 3,887,488 19,818,847 1,810,563 3,968,609 48,642,710
Allocation of reinsurance premiums (535,500) - (3,437,544) (16,989,632) (2,180,782) (4,467,336) (27,610,794)

Amounts reversed from reinsurance (899,964) 227,925 (330,551) (5,284,215) 604,254 874,193 (4,808,358)
Net income/(expenses) from reinsurance contracts held (1,435,464) 227,925 (3,768,095) (22,273,847) (1,576,528) (3,593,143) (32,419,152)
Insurance service result (18,020,955) 35,970,619 119,393 (2,455,000) 234,035 375,466 16,223,558
Income from investment and deposits 6,431,658
Expected credit loss (26,128)
Net investment income 6,405,530
Net finance expenses from insurance contracts issued (586,529) (839,396) (59,031) (6,943,406) (24,152) (219,171) (8,671,685)
Net finance income from reinsurance contracts held - 29,491 38,130 6,912,613 19,055 170,984 7,170,273
Insurance finance result (586,529) (809,905) (20,901) (30,793) (5,097) (48,187) (1,501,412)
Net insurance and investment result (18,607,484) 35,160,714 98,492 (2,485,793) 228,938 327,279 21,127,676
Other income -
Other operating expenses (non-attributable) (9,565,032)
Gross income for the period before zakat and income tax 11,562,644
Provision for zakat and income tax (3,500,000)
Gross income for the period after zakat and income tax 8,062,644
Net income attributable to insurance operations (740,563)
Net Income attributable to shareholders 7,322,081
17
10. INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES

PAA, gross (Total)
31 March 2024 (Unaudited)
Liability for remaining coverage (LRC) Liability for incurred claims (LIC)
Estimates of present value Risk adjustment for non- Total
Excluding loss component Loss component
of FCF financial risk
Insurance contracts - 1 January 2024
Insurance contract assets (23,654,641) - - - (23,654,641)
Insurance contract liabilities 235,280,834 937,213 874,534,649 8,142,571 1,118,895,267
Net insurance contract liabilities 211,626,193 937,213 874,534,649 8,142,571 1,095,240,626
Changes in the statement of income and OCI:
Insurance revenue (198,271,385) - - - (198,271,385)
Insurance service expenses
Incurred claims and other directly attributable expenses - - 142,756,178 3,464,997 146,221,175
Insurance acquisition cash flows amortization 13,377,525 - - - 13,377,525
Losses and reversals of losses on onerous contracts - (35,134) - - (35,134)
Changes that relate to past service - adjustments to the LIC - - (17,954,307) (4,366,292) (22,320,599)
Insurance service expenses 13,377,525 (35,134) 124,801,871 (901,295) 137,242,967
Insurance service result (184,893,860) (35,134) 124,801,871 (901,295) (61,028,418)
Finance expense from insurance contracts - - 8,614,237 105,788 8,720,025
Total changes in the statement of income and OCI (184,893,860) (35,134) 133,416,108 (795,507) (52,308,393)
Cash flows
Premiums received 130,530,315 - - - 130,530,315
Claims and other directly attributable expenses paid - - (171,093,942) - (171,093,942)
Insurance acquisition cashflows paid (4,777,089) - - - (4,777,089)
Total cash inflows / (outflows) 125,753,226 - (171,093,942) - (45,340,716)
Net closing balance 152,485,559 902,079 836,856,815 7,347,064 997,591,517
Insurance contracts
Net insurance contract liabilities - 31 March 2024 152,485,559 902,079 836,856,815 7,347,064 997,591,517
18
10. INSURANCE AND REINSURANCE CONTRACTS ASSETS AND LIABILITIES (Continued)

PAA, gross (Total) (Continued)
31 March 2024 (Unaudited)
Asset for remaining coverage (ARC) Asset for incurred claims (AIC)
Risk adjustment, Total

PVCF, Contracts
Excluding loss component Loss component Contracts measured under
measured under PAA
PAA
Reinsurance contracts - 1 January 2024
Reinsurance contract assets 85,659,627 - 757,762,701 1,267,756 844,690,084
Reinsurance contract liabilities (4,397,493) - - - (4,397,493)
Net reinsurance contract assets 81,262,134 - 757,762,701 1,267,756 840,292,591
Amounts Allocated to Reinsurance (37,377,927) - - - (37,377,927)
Incurred Claims Amounts Recoverable from Reinsurance - - 7,845,509 115,609 7,961,118
Changes that relate to past service: changes related to AIC - - (25,548,942) (80,143) (25,629,085)
Losses and reversals of losses on onerous contracts - - - - -
Net expenses from reinsurance contracts - - (17,703,433) 35,466 (17,667,967)
Net expenses from reinsurance contracts held (37,377,927) - (17,703,433) 35,466 (55,045,894)
Finance income from reinsurance contracts - - 6,883,760 12,569 6,896,329
Total changes in the statement of income and OCI (37,377,927) - (10,819,673) 48,035 (48,149,565)
Cash flows - - - - -
Premiums ceded and acquisition cashflows paid (26,157,231) - - - (26,157,231)
Recoveries from reinsurance - - (2,153,188) - (2,153,188)
Total cash inflows / (outflows) (26,157,231) - (2,153,188) - (28,310,419)
Net closing balance 17,726,976 - 744,789,840 1,315,791 763,832,607
Insurance contracts
Net reinsurance contract assets 31 March 2024 17,726,976 - 744,789,840 1,315,791 763,832,607
19

31 December 2023 (Audited)
Liability for remaining coverage (LRC) Liability for incurred claims (LIC)
Estimates of present value Risk adjustment for non- Total
Excluding loss component Loss component
of FCF financial risk
Insurance contracts - 1 January 2023
Insurance contract liabilities 194,227,545 5,340,297 859,483,015 6,873,952 1,065,924,808
Net insurance contract liabilities 185,305,206 5,340,297 859,483,015 6,873,952 1,057,002,468
Insurance revenue (838,947,058) - - - (838,947,058)
Insurance service expenses
Incurred claims and other directly attributable expenses - - 550,580,927 5,091,635 555,672,561
Insurance acquisition cash flows amortization 62,830,948 - - - 62,830,948
Losses and reversals of losses on onerous contracts - (4,403,083) - - (4,403,083)
Changes that relate to past service - adjustments to the LIC - - 11,505,702 (4,233,798) 7,271,904
Insurance service expenses 62,830,948 (4,403,083) 562,086,629 857,836 621,372,330
Insurance service result (776,116,110) (4,403,083) 562,086,629 857,836 (217,574,728)
Finance expense from insurance contracts - - 34,694,873 410,783 35,105,656
Total changes in the statement of income and OCI (776,116,110) (4,403,083) 596,781,502 1,268,619 (182,469,072)
Cash flows
Premiums received 847,464,354 - - - 847,464,354
Claims and other directly attributable expenses paid - - (581,729,868) - (581,729,868)
Insurance acquisition cashflows paid (45,027,257) - - - (45,027,257)
Total cash inflows / (outflows) 802,437,098 - (581,729,868) - 220,707,230
Net closing balance 211,626,193 937,214 874,534,649 8,142,571 1,095,240,626
Insurance contracts
Net insurance contract liabilities - 31 December 2023 211,626,193 937,214 874,534,649 8,142,571 1,095,240,626
20

31 December 2023 (Audited)
Asset for remaining coverage (ARC) Asset for incurred claims (AIC)
Risk adjustment, Total

PVCF, Contracts
Excluding loss component Loss component Contracts measured under
measured under PAA
PAA
Reinsurance contracts - 1 January 2023
Reinsurance contract assets 30,903,483 - 765,539,005 882,531 797,325,019
Net reinsurance contract assets 25,671,818 - 765,539,005 882,531 792,093,354
Amounts Allocated to Reinsurance (138,885,421) - - - (138,885,421)
Incurred Claims Amounts Recoverable from Reinsurance - - 32,404,077 303,216 32,707,292
Changes that relate to past service: changes related to AIC - - (34,930,398) 54,405 (34,875,993)
Losses and reversals of losses on onerous contracts - - - - -
Net expenses from reinsurance contracts - - (2,526,322) 357,621 (2,168,701)
Net expenses from reinsurance contracts held (138,885,421) - (2,526,322) 357,621 (141,054,122)
Finance income from reinsurance contracts - - 28,497,248 27,605 28,524,852
Total changes in the statement of income and OCI (138,885,421) - 25,970,926 385,225 (112,529,269)
Cash flows - - - - -
Premiums ceded and acquisition cashflows paid 194,475,736 - - - 194,475,736
Recoveries from reinsurance - - (33,747,230) - (33,747,230)
Total cash inflows / (outflows) 194,475,736 - (33,747,230) - 160,728,506
Net closing balance 81,262,134 - 757,762,701 1,267,756 840,292,591
Insurance contracts
Net reinsurance contract assets 31 December 2023 81,262,134 - 757,762,701 1,267,756 840,292,591
21
11. SHARE CAPITAL
The authorized, subscribed and paid up share capital of the Company is SAR 530 million, divided into 53 million shares at nominal value of
SAR 10 each. (As at 31 December 2023, paid up share capital of the Company is SAR 530 million, divided into 53 million shares at nominal
value of SAR 10 each.)
12. CAPITAL MANAGEMENT
Objectives are set by the Company to maintain good capital ratios in order to support its business objectives and increase shareholder value.
Manages its capital campany requirements by assessing deficiencies between the authorized and required levels of capital on a regular basis.
Adjustments are made to current capital levels in light of changes in market conditions and the risk characteristics of the Company's activities.
To maintain or adjust capital, the Company may adjust dividends paid to shareholders or issue shares.
In the opinion of the Board of Directors, the Company has fully complied with the capital requirements imposed from abroad during the
reported financial period.
13. EARNINGS PER SHARE
The earnings per share for the periods ended 31 March 2024 and 2023 are calculated by dividing the net profit of the period attributed to the
shareholders by the weighted average number of shares issued at the reporting date. The weighted average shares outstanding was recalculated
to account for the capital increase for the prior period.
For the three months period ended
31 March 2024 31 March 2023
Issued ordinary shares as at 1st of January 53,000,000 26,500,000
New shares issued during the period (Right issue) - 21,494,444
Weighted average number of ordinary shares 53,000,000 47,994,444
The weighted average number of ordinary shares for prior period is computed using an adjustment factor of 1.10 which is a ratio of the
theoretical ex-rights of SAR 11.18 and closing price per share of SAR 12.34 on 20 November 2022, the last day on which the shares were
traded before the rights issue.
The basic and diluted loss per share is calculated as follows:

31 March 2024 31 March 2023
Net Income for the period attributable to the shareholders 7,835,838 7,322,081
Weighted average number of ordinary shares 53,000,000 47,994,444
Basic and diluted earnings per share 0.15 0.15
22
14. SUPPLEMENTARY INFORMATION
- Interim Condensed Statement of Financial Position

31 March 2024 (Unaudited) 31 December 2023 (Audited)
Policyholders Shareholders Policyholders Shareholders
Total Total
ASSETS
Cash and cash equivalents 98,646,376 3,992,625 102,639,001 54,235,251 3,484,258 57,719,509
Insurance contract assets 40,710,068 - 40,710,068 23,654,641 - 23,654,641
Reinsurance contract assets 795,682,481 - 795,682,481 844,690,084 - 844,690,084
Prepaid expenses and other assets 54,037,194 13,040,860 67,078,054 81,485,844 8,228,031 89,713,875
Term deposits 135,260,893 355,728,492 490,989,385 172,434,868 354,173,548 526,608,416
Statutory deposit - 53,000,000 53,000,000 - 53,000,000 53,000,000
Accrued income on statutory deposit - 9,143,218 9,143,218 - 8,447,040 8,447,040
Investments 12,013,308 161,992,712 174,006,020 15,760,318 163,191,908 178,952,226
Due from shareholders’ 167,918 - 167,918 5,736,205 - 5,736,205
Right-of-use assets 6,309,946 - 6,309,946 5,717,052 - 5,717,052
Property and equipment, net 10,492,893 - 10,492,893 11,422,528 - 11,422,528
TOTAL ASSETS 1,153,321,077 596,897,907 1,750,218,984 1,215,136,791 590,524,785 1,805,661,576
LIABILITIES
Insurance contract liabilities 1,038,301,585 - 1,038,301,585 1,118,895,267 - 1,118,895,267
Reinsurance contract liabilities 31,849,874 - 31,849,874 4,397,493 - 4,397,493
Accrued Income on statutory deposit - 9,143,707 9,143,707 - 8,447,524 8,447,524
Accrued expenses and other liabilities 64,107,766 2,179,835 66,287,601 73,949,636 2,190,947 76,140,583
Provision for zakat and income tax - 13,601,375 13,601,375 - 11,601,375 11,601,375
Lease liability 6,472,434 - 6,472,434 5,143,216 - 5,143,216
Due to insurance operations - 167,918 167,918 5,736,205 5,736,205
Provision for end-of-service benefits 15,222,497 - 15,222,497 15,384,258 - 15,384,258
TOTAL LIABILITIES 1,155,954,156 25,092,835 1,181,046,991 1,217,769,870 27,976,051 1,245,745,921
EQUITY
Share capital - 530,000,000 530,000,000 - 530,000,000 530,000,000
Fair value reserve for investments - 46,296,067 46,296,067 - 44,871,167 44,871,167
Actuarial loss on defined benefit plan (2,633,079) - (2,633,079) (2,633,079) - (2,633,079)
Accumulated losses - (4,490,995) (4,490,995) - (12,322,433) (12,322,433)
TOTAL EQUITY (2,633,079) 571,805,072 569,171,993 (2,633,079) 562,548,734 559,915,655
TOTAL LIABILITIES AND EQUITY 1,153,321,077 596,897,907 1,750,218,984 1,215,136,791 590,524,785 1,805,661,576
23
14. SUPPLEMENTARY INFORMATION (Continued)
- Interim Condensed Statement of Income

31 March 2024 (Unaudited) 31 March 2023 (Unaudited)
Total Total
REVENUES
Insurance revenue 198,271,385 - 198,271,385 197,279,217 - 197,279,217
Insurance service expenses (137,242,967) - (137,242,967) (148,636,507) - (148,636,507)
Insurance service result before reinsurance contracts held 61,028,418 - 61,028,418 48,642,710 - 48,642,710
Allocation of reinsurance premiums (37,377,927) - (37,377,927) (27,610,794) - (27,610,794)

Amounts reversed from reinsurance (17,667,967) - (17,667,967) (4,808,358) - (4,808,358)
Net expenses from reinsurance contracts held (55,045,894) - (55,045,894) (32,419,152) - (32,419,152)
-
Insurance service result 5,982,524 - 5,982,524 16,223,558 - 16,223,558
Income from investment and deposits 3,299,491 5,934,510 9,234,001 2,054,319 4,377,339 6,431,658
Expected credit income/(loss) 20,350 97,160 117,510 40,770 (66,898) (26,128)
Net investment income 3,319,841 6,031,670 9,351,511 2,095,089 4,310,441 6,405,530
Net finance expenses from insurance contracts issued (8,720,025) - (8,720,025) (8,671,685) - (8,671,685)
Net finance income from reinsurance contracts held 6,896,329 - 6,896,329 7,170,273 - 7,170,273
Net insurance finance expenses (1,823,696) - (1,823,696) (1,501,412) - (1,501,412)
Net insurance and investment result 7,478,669 6,031,670 13,510,339 16,817,235 4,310,441 21,127,676
Other income 3,337,580 - 3,337,580 - - -

Other operating expenses (non-attributable) (6,459,995) (116,461) (6,576,456) (9,411,605) (153,427) (9,565,032)
Gross income for the period before zakat & income tax 4,356,254 5,915,209 10,271,463 7,405,630 4,157,014 11,562,644
Provision for zakat & income tax - (2,000,000) (2,000,000) - (3,500,000) (3,500,000)
Gross income for the period after zakat & income tax 4,356,254 3,915,209 8,271,463 7,405,630 657,014 8,062,644
Gross income attributable to the shareholders (3,920,629) 3,920,629 - (6,665,067) 6,665,067 -

Net income for the period 435,625 7,835,838 8,271,463 740,563 7,322,081 8,062,644
24
- Inteirm Condensed Statement of Comprehensive Income

31 March 2024 (Unaudited) 31 March 2023 (Unaudited)
Total Total
Net income for the period after zakat and income tax 435,625 7,835,838 8,271,463 740,563 7,322,081 8,062,644
Other comprehensive Income
Items that will not be reclassified to statement of

income in subsequent periods
Net change in investments held at fair value through

other comprehensive income - 1,424,900 1,424,900 - (79,273) (79,273)
Total comprehensive income for the period 435,625 9,260,738 9,696,363 740,563 7,242,808 7,983,371
Net comprehensive income attributed to the insurance operations - (435,625) (435,625) - (740,563) (740,563)
Total comprehensive income attributable to the shareholders 435,625 8,825,113 9,260,738 740,563 6,502,245 7,242,808
25

For the three months period ended
Interim Condensed Statement of Cash Flows 31 March 2024 (Unaudited) 31 March 2023 (Unaudited)
Policyholders Operations Shareholders Operations Total Policyholders Operations Shareholders Operations Total
Cash Flow From Operating Activities
Gross income for the period after zakat and income tax 435,625 7,835,838 8,271,463 740,563 7,322,081 8,062,644
Adjustments For Non-Cash Items:
Depreciation and amortisation of property and equipment 1,038,009 - 1,038,009 921,613 - 921,613
Lease finance charges 93,700 - 93,700 12,052 - 12,052
Provision For employee benefits obligation 751,268 - 751,268 628,391 - 628,391
Depreciation of Right-of-use assets 717,773 - 717,773 190,463 - 190,463
Accrued zakat and income tax 2,000,000 2,000,000 - 3,500,000 3,500,000
Expected credit loss 117,510 - 117,510 (2,799) 3,032 233
3,153,885 9,835,838 12,989,723 2,490,283 10,825,113 13,315,396
Changes In Operating Assets And Liabilities:
Prepaid Expenses And Other Assets 27,448,650 (4,812,829) 22,635,821 (5,366,703) (1,722,169) (7,088,872)
Accrued Income On Statutory Deposit - 5 5 - 107 107
Accrued Expenses And Other Liabilities (10,277,495) (11,112) (10,288,607) 32,119,980 11,490 32,131,470
Insurance Contracts (97,649,109) - (97,649,109) (45,031,235) - (45,031,235)
Reinsurance Contracts 76,459,984 - 76,459,984 22,813,627 - 22,813,627
Cash Generated from/(used in) Operating Activities (864,085) 5,011,902 4,147,817 7,025,952 9,114,541 16,140,493
Zakat And Income Tax Paid - - - - - -
Payment of employee benefits obligation - (913,029) (913,029) (15,000) - (15,000)
Net cash generated from/(used in) operating activities (864,085) 4,098,873 3,234,788 7,010,952 9,114,541 16,125,493
Cash flow from investing activities

Additions to property and equipment (108,374) - (108,374) (2,204,414) - (2,204,414)
Proceeds/(additions) from Investments 3,747,010 2,619,696 6,366,706 - - -
Proceeds/(additions) in term deposits 37,056,465 (1,554,944) 35,501,521 (37,959) (203,858,339) (203,896,298)
(Increase) in statutory deposit - - - - (13,000,000) (13,000,000)
Net cash generated from /(used in) investing activities 40,695,101 1,064,752 41,759,853 (2,242,373) (216,858,339) (219,100,712)
Cash flow from investing activities

Issue of right shares - - - - 265,000,000 265,000,000
Transaction costs on the issue of right shares - - - - (14,903,784) (14,903,784)
Repayment of lease liabilities (75,149) - (75,149) (363,261) - (363,261)
Due From/ To Shareholders’ 5,568,287 (5,568,287) - (13,825,604) 13,825,604 -
Net cash generated from (used in) financing activities 5,493,138 (5,568,287) (75,149) (14,188,865) 263,921,820 249,732,955
Net increase/(decrease) in cash and cash equivalents 45,324,154 (404,662) 44,919,492 (9,420,286) 56,178,022 46,757,736
Cash and cash equivalents at the beginning of the period 54,235,251 3,484,258 57,719,509 34,387,257 44,732,118 79,119,375
Cash and cash equivalents at the end of the period 99,559,405 3,079,596 102,639,001 24,966,971 100,910,140 125,877,111
Supplemental schedule of non-cash information

Change in fair value reserve on investments - OCI - 1,424,900 1,424,900 - (79,273) (79,273)
26
15. PREMIUMS WRITTEN BY TYPE OF CUSTOMERS
For the period ended 31 March 2024

(Unaudited)
Property and Protection and
Medical Motor Total
accidents savings
Individual clients 6,710,034 12,135,552 192,714 - 19,038,300
Very small size entities 56,531,417 333,213 327,087 - 57,191,717
Small size entities 15,113,337 1,531,278 6,204,111 - 22,848,726
Medium size entities 4,702,909 9,207,720 15,116,710 390,382 29,417,721
Large size entities 8,461,115 13,178,967 82,824,504 - 104,464,586
Total 91,518,812 36,386,730 104,665,126 390,382 232,961,050
For the period ended 31 March 2023

(Unaudited)
Medical Motor Property and accidents Protection and savings Total
Individual clients 12,706,079 16,588,293 53,751 - 29,348,123

Very small size entities 87,306,697 243,513 525,892 - 88,076,102
Small size entities 12,276,801 4,089,448 8,855,837 - 25,222,086
Medium size entities 10,727,248 34,600,829 12,722,395 196,300 58,246,772
Large size entities 2,874,923 29,606,859 76,374,750 - 108,856,532
Total 125,891,748 85,128,942 98,532,625 196,300 309,749,615
16. COMPARATIVE FIGURES
Certain prior period figures have been reclassified to conform to the current period presentation.
17. EVENTS AFTER THE REPORTING PERIOD
The condensed interim financial information are adjusted to reflect events that occurred between the condensed interim
statement of financial position date and the date when the condensed interim financial information are authorised for issue,
provided they give evidence of conditions that existed at the condensed statement of financial position date.
18. APPROVAL OF THE INTERIM CONDENSED FINANCIAL STATEMENTS
The interim condensed financial statements have been approved by the Board of Directors on 9 May 2024 corresponding to 1 Dhu al-Qa'dah 1445 H.
27

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ARABIA INSURANCE COOPERATIVE COMPANY

(A SAUDI JOINT STOCK COMPANY)

UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2024

Independent auditors’ review report 1

Unaudited Interim condensed statement of financial position 2

Unaudited Interim condensed statement of income 3

Unaudited Interim condensed statement of comprehensive income 4

Unaudited Interim condensed statement of changes in equity 5

Unaudited Interim condensed statement of cash flows 6

Notes to the unaudited interim condensed financial statements 7-27

Crowe Solutions AlKharashi & Co. Certified Accountants and

31 March 2024 3 I December 2023

31 March 2024 31 March 2023

Insurance service expenses 10 (137,242,967) (148,636.507)

Allocation of reinsurance premiums 10 (37,377,927) (27,610.794)

Amounts reversed from reinsurance 10 (17,667,967) (4,808,358)

Net expenses from reinsurance contracts held (55,045,894) (32,419.152)

Insurance service result 5,982,524 16.223,558

Income from investment and deposits 9,234,001 6,431,658

Expected credit reverse/(loss) 117,510 (26.128)

Net finance expenses from insurance contracts issued 10 (8,720,025) (8,671,685)

Net linance income from reinsurance contracts held 10 6,896,329 7.170.273

Net insurance finance expenses ( l,823,696) (1,501,412)

Net insurance and investment result 13,510,339 21,127.676

Other income 3,337,580

Net income attributable to insurance operations (435,625) (740.563)

Basie and diluted earning per share 0.15 0.15

Chief Financial Officer Chairman of the Board of Directors

31 March 2024 31 March 2023

Net income attributable to the shareholders 7,835,838 7,322,081

Other comprehensive income

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

Total comprehensive income 9,696,363 7,983,371

Fair value reserve Actuarial loss on Accumulated

Total comprehensive income for the period:

31 March 2023 Fair value reserve Actuarial loss on Accumulated

31 March 2024 3 I March 2023

Cash flows from operating activities

Cash flows from investing activities

Chief Financial Officer

1. ORGANISATION AND PRINCIPAL ACTIVITIES

(b) Basis of measurement

c) Functional and presentation currency

(d) Seasonality of operations

(e) Critical accounting judgments, estimates and assumptions

2. BASIS OF PREPARATION (continued)

e) Critical accounting judgments, estimates and assumptions (continued)

Newly effective amendments and improvements to standards

New amendments Effective date

New amendments issued but not yet effective

New amendments Effective date

3. CASH AND CASH EQUIVALENTS

Cash in banks 19,925,317 2,455,125 22,380,442

Cash in banks 39,235,251 3,484,258 42,719,509

Investments at fair value through OCI - 113,624,596 113,624,596 - 113,305,698 113,305,698

The movement in investments is as follows: Insurance Operations

- in the accessible principal market for the asset or liability, or

- Mutual funds - 38,541,957 - 38,541,957

- Mutual funds - 37,810,673 - 37,810,673