As at December 31, 2022
| Description | Notes | 2022 | 2021 |
| SAR’000 | |||
| REVENUES | |||
| Gross premiums written | 11 | 14,349,620 | 10,218,606 |
| Reinsurance ceded – Local | 11 | (36,939) | (78,906) |
| Reinsurance ceded – International | 11 | (2,106,570) | (1,515,582) |
| Excess of loss premiums – Local | (12,986) | (13,176) | |
| Excess of loss premiums – International | (34,182) | (7,543) | |
| Fee income from takaful | 5,786 | 4,466 | |
| Net premiums written | 12,164,729 | 8,607,865 | |
| Changes in gross unearned premiums | (1,983,649) | (711,887) | |
| Changes in reinsurers’ share of gross unearned premiums | 380,368 | 33,684 | |
| Net premiums earned | 10,561,448 | 7,929,662 | |
| Reinsurance commissions | 11 | 136,464 | 132,294 |
| Other underwriting income | 11,867 | 6,269 | |
| TOTAL REVENUES | 10,709,779 | 8,068,225 | |
| UNDERWRITING COSTS AND EXPENSES | |||
| Gross claims paid | 8,107,508 | 6,750,880 | |
| Expenses incurred related to claims | 229,074 | 13,162 | |
| Reinsurers’ share of claims paid | (836,863) | (347,397) | |
| Net claims and other benefits paid | 11 | 7,499,719 | 6,416,645 |
| Changes in gross outstanding claims | 425,327 | (115,923) | |
| Changes in reinsurance share of gross outstanding claims | (20,047) | 200,246 | |
| Changes in incurred but not reported claims reserve | 630,667 | 220,891 | |
| Changes in reinsurance share of incurred but not reported claims | (63,651) | (39,459) | |
| Changes in premium deficiency reserve | (16,686) | (22,124) | |
| Net claims and other benefits incurred | 8,455,329 | 6,660,276 | |
| Changes in reserves for takaful activities | (511) | (172) | |
| Policy acquisition costs | 11 | 495,742 | 350,263 |
| Other underwriting expenses | 251,269 | 137,541 | |
| Insurance share distribution | 9,642,966 | 7,210,769 | |
| TOTAL UNDERWRITING COSTS AND EXPENSES | 1,066,813 | 857,456 | |
| Net underwriting income | 1,066,813 | 857,456 | |
| OTHER OPERATING (EXPENSES)/INCOME | |||
| General and administrative expenses | 26 | (901,229) | (746,268) |
| Allowance for doubtful debts | 13 | (33,830) | (39,891) |
| Investment income, net | 24 | 280,712 | 284,185 |
| Other income/(expenses), net | 25 | 87,617 | (1,616) |
| TOTAL OTHER OPERATING EXPENSES | (566,730) | (503,590) | |
| Net operating income | 500,083 | ||
| Share of profit from investments in equity accounted investments, net |
7 | 23,769 | 353,866 |
| Net income for the year before attribution and zakat | 523,852 | 18,602 | |
| Net income for the year attributed to the insurance operations | (43,463) | 372,468 | |
| Net income for the year attributable to the shareholders before zakat |
480,389 | (22,330) | |
| Zakat charge for the year | 20 | (89,386) | 350,138 |
| Net income for the year attributable to the shareholders after zakat |
391,003 | 266,560 | |
| Earnings per share | |||
| Basic and diluted earnings per share (in SAR) | 27 | 3.13 | 2.13 |
| Weighted average number of shares in issue | 125,000,000 | 125,000,000 | |
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.
