As at December 31, 2022
| Description | Notes | 2022 | 2021 |
| SAR’000 | |||
| ASSETS | |||
| Statutory deposit | 14 | 125,000 | 125,000 |
| Accrued income on statutory deposit | 5,420 | 3,050 | |
| Property, equipment and right-of-use assets, net | 4 | 255,565 | 236,970 |
| Intangible assets | 5 | 13,441 | 16,627 |
| Investment properties | 6 | 59,562 | 60,850 |
| Investments in equity accounted investments | 7 | 95,948 | 89,556 |
| Prepaid expenses and other assets | 10 | 767,968 | 668,962 |
| Mudaraba/murabaha deposits | 9 | 5,903,752 | 3,780,598 |
| Deferred excess of loss premiums | 7,088 | 7,501 | |
| Deferred policy acquisition costs | 11 | 187,314 | 127,951 |
| Reinsurers’ share of gross outstanding claims | 11 | 1,782,371 | 1,762,324 |
| Reinsurers’ share of incurred but not reported claims | 11 | 392,894 | 329,243 |
| Reinsurers’ share of gross unearned premiums | 11 | 1,097,750 | 717,382 |
| Available for sale investments | 8 | 1,058,341 | 2,370,943 |
| Receivables, net | 13 | 5,421,514 | 3,222,001 |
| Accrued investment income | 28 | 81,726 | 11,029 |
| Cash and cash equivalents | 15 | 1,659,343 | 1,188,266 |
| TOTAL ASSETS | 18,914,997 | 14,718,253 | |
| LIABILITIES | |||
| Return payable on statutory deposit | 5,420 | 3,050 | |
| Defined benefits obligation | 18 | 125,297 | 142,110 |
| Zakat payable | 20 | 272,168 | 415,023 |
| Reserve for takaful activities | 2,861 | 3,372 | |
| Incurred but not reported claims reserve | 11 | 2,400,908 | 1,770,241 |
| Gross outstanding claims | 11 | 2,826,056 | 2,400,729 |
| Premium deficiency reserve | 11 | 13,591 | 30,277 |
| Unearned commission income | 11 | 61,183 | 42,289 |
| Surplus distribution payable | 16 | 265,167 | 258,163 |
| Gross unearned premiums | 11 | 7,014,914 | 5,031,265 |
| Claims payable, accrued expenses and other liabilities | 17 | 1,591,463 | 1,070,631 |
| Reinsurers’ balances payable | 962,225 | 503,409 | |
| Dividends payable | 8,602 | 8,602 | |
| TOTAL LIABILITIES | 15,549,855 | 15,549,855 | |
| EQUITY | |||
| Share capital | 21 | 1,250,000 | 1,250,000 |
| Statutory reserve | 22 | 1,250,000 | 1,197,495 |
| Fair value reserve for investments | 75,166 | 152,513 | |
| Remeasurement of defined benefits obligation | (7,674) | (20,096) | |
| Retained earnings | 797,650 | 459,152 | |
| TOTAL EQUITY | 3,365,142 | 3,039,064 | |
| TOTAL LIABILITIES AND EQUITY | 18,914,997 | 3,039,064 | |
| CONTINGENT LIABILITIES | 36 | ||
Abdulaziz A. AlKhamis
Board Director
Ammr K. Kurdi
Chief Financial Officer
Abdulaziz H. Al Boug
Chief Executive Officer
The accompanying Notes 1 to 40 form an integral part of these consolidated financial statements.
As at December 31, 2022
