OPERATING PERFORMANCE
Statement of Financial Position
| As at 31 December 2021 | Notes | 2021 SR |
2020
SR
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 Assets
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| Bank balances and cash | 5 | 27,807,294 | 13,156,722 | ||
| Time deposits | 14 | 243,382,085 | 193,459,502 | ||
| Accrued special commission income from time deposits | 2,310,102 | 3,211,493 | |||
| Reinsurance premium receivables, net | 6 | 242,229,593 | 293,755,148 | ||
| Investments held at fair value through income statement | 7 | 631,608,138 | 512,081,378 | ||
| Accrued special commission income from bonds, sukuk and held-to-maturity investments | 6,810,473 | 6,180,645 | |||
| Accrued reinsurance premiums | 15 | 680,469,900 | 594,263,077 | ||
| Retrocession balances receivable | 13,063,654 | 29,509,021 | |||
| Retroceded share of unearned premiums | 11 | 67,952,509 | 71,861,774 | ||
| Deferred excess of loss premiums | 12,049,562 | 12,783,693 | |||
| Retroceded share of outstanding claims | 8 | 149,332,878 | 154,674,308 | ||
| Retroceded share of claims incurred but not reported | 8 | 38,033,087 | 45,796,293 | ||
| Deferred policy acquisition costs | 12 | 168,598,147 | 149,403,279 | ||
| Held-to-maturity investments | 18 | 298,022,312 | 184,022,721 | ||
| Prepaid expenses, deposits and other assets | 9 | 246,580,802 | 289,098,884 | ||
| Property and equipment, net | 13 | 37,155,827 | 33,625,332 | ||
| Investment in an equity-accounted investee | 17 | 142,000,373 | 120,141,077 | ||
| Statutory deposit | 29 | 89,100,000 | 81,000,000 | ||
| Accrued income on statutory deposit | 29 | 20,962,172 | 20,185,653 | ||
| Total assets | 3,117,468,908 | 2,808,210,000 | |||
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Liabilities
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| Accounts payable | 44,041,910 | 31,974,787 | |||
| Margin loan payable | 10 | 56,797,019 | 23,116,816 | ||
| Retrocession balances payable | 48,771,678 | 77,219,757 | |||
| Accrued retroceded premiums | 35,491,960 | 39,812,365 | |||
| Unearned premiums | 11 | 648,869,489 | 548,541,182 | ||
| Outstanding claims | 8 | 782,990,731 | 716,946,866 | ||
| Claims incurred but not reported | 8 | 427,396,736 | 350,741,781 | ||
| Unearned retrocession commission | 16 | 17,149,629 | 15,805,185 | ||
| Accrued expenses and other liabilities | 20 | 29,897,226 | 23,860,764 | ||
| Employees’ end of service benefits | 19 | 12,288,391 | 10,673,191 | ||
| Provision for Zakat and tax | 22 | 15,266,235 | 15,173,830 | ||
| Accrued commission income payable to SAMA | 29 | 20,962,172 | 20,185,653 | ||
| Total liabilities excluding reinsurance operations’ surplus | 2,139,923,176 | 1,874,052,177 | |||
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Reinsurance operations’ surplus
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| Accumulated surplus | 13,549,575 | 10,978,352 | |||
| Total reinsurance operations’ surplus | 13,549,575 | 10,978,352 | |||
| Total liabilities including reinsurance operations’ surplus | 2,153,472,751 | 1,885,030,529 | |||
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Equity
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| Share capital | 23 | 891,000,000 | 810,000,000 | ||
| Statutory reserve | 24 | 34,749,555 | 27,087,676 | ||
| Retained earnings | 35,495,182 | 85,847,666 | |||
| Other reserves | 2,751,420 | 244,129 | |||
| Total equity | 963,996,157 | 923,179,471 | |||
| Total liabilities including reinsurance operations’ surplus and equity | 3,117,468,908 | 2,808,210,000 |
The accompanying notes 1 to 36 form an integral part of these financial statements.