OPERATING PERFORMANCE

As at 31 December 2022	Notes	2022 SR	2021 SR
ASSETS
Cash and cash equivalents	5	31,556,704	27,807,294
Time deposits	14	746,955,702	243,382,085
Accrued special commission income from time deposits		7,674,687	2,310,102
Reinsurance premium receivables, net	6	320,974,537	242,229,593
Investments held at fair value through income statement	7	287,154,293	803,584,596
Accrued dividends and special commission income from bonds, sukuk and held-to-maturity investments		5,175,895	6,810,473
Accrued reinsurance premiums	15	1,077,466,601	680,469,900
Retrocession balances receivable		23,730,685	13,063,654
Retroceded share of unearned premiums	11	449,092,548	67,952,509
Deferred excess of loss premiums		15,410,168	12,049,562
Retroceded share of outstanding claims	8	167,700,801	149,332,878
Retroceded share of claims incurred but not reported	8	31,630,743	38,033,087
Deferred policy acquisition costs	12	231,430,099	168,598,147
Held-to-maturity investments	18	387,652,522	298,022,312
Prepaid expenses, deposits and other assets	9	148,417,762	74,604,344
Property and equipment, net	13	36,379,209	37,155,827
Investment in an equity accounted investee	17	156,802,667	142,000,373
Statutory deposit	29	89,100,000	89,100,000
Accrued income on statutory deposit	29	22,084,429	20,962,172
Total assets		4,236,390,052	3,117,468,908
LIABILITIES
Accounts payable		70,482,781	44,041,910
Margin loan payable	10	56,797,019	56,797,019
Retrocession balances payable		136,373,790	48,771,678
Accrued retroceded premiums		333,253,698	35,491,960
Unearned premiums	11	1,000,717,671	648,869,489
Outstanding claims	8	822,404,823	782,990,731
Claims incurred but not reported	8	533,120,986	427,396,736
Unearned retrocession commission	16	104,561,078	17,149,629
Accrued expenses and other liabilities	20	105,133,027	29,897,226
Employees’ end of service benefits	19	13,867,730	12,288,391
Provision for Zakat and tax	22	17,533,163	15,266,235
Accrued commission income payable to SAMA	29	23,219,213	20,962,172
Total liabilities excluding reinsurance operations’ surplus		3,217,464,979	2,139,923,176
Reinsurance operations’ surplus
Accumulated surplus		18,908,904	13,549,575
Total reinsurance operations’ surplus		18,908,904	13,549,575
Total liabilities including reinsurance operations’ surplus		3,236,373,883	2,153,472,751
Equity
Share capital	23	891,000,000	891,000,000
Statutory reserve	24	43,045,308	34,749,555
Retained earnings		68,678,196	35,495,182
Other reserves		(2,707,335)	2,751,420
Total equity		1,000,016,169	963,996,157
Total liabilities including reinsurance operations’ surplus and equity		4,236,390,052	3,117,468,908

The accompanying notes 1 to 36 form an integral part of these financial statements.