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Ordinary General Assembly Meeting

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Voting on deals and contracts concluded between the company and Rawabi Holding Group, with the chairman of the board of directors - Mr. member of the board of directors - Mr.

Annual Report 31/12/2022

The Board of Directors assures the shareholders that it always works with all its strength and sincerity for the interests of the company and the interests of the shareholders, and will always strive to achieve positive results that will satisfy the ambitions of the company. shareholders of the company. The company has managed to establish itself and offer its services to many segments of Saudi society and is today one of the leading state-owned companies in the Kingdom of Saudi Arabia.

2022 Segment

Below is the performance of the operating segments over the past five years in thousands of Saudi Riyals).

2,524Total loss for the year attributable to the shareholders

Total Total Gross Written Premium

Change %

Set aside Zakat and income tax established by regulation

The General Assembly may terminate this set-aside when the total reserves reach (100%) of the paid-up capital. After determining the net earnings per share, the ordinary general assembly may decide to form other reserves to the extent that the interest of the company is achieved or to ensure the best possible distribution of fixed earnings among shareholders.

Upon determination net profits per share, the ordinary general assembly may decide to form other reserves to the extent achieving the interest of the company or ensuring the distribution of fixed profits as possible among shareholders

Distribute the company annual net profits determined by it after deducting all overheads and other costs and forming the reserves required to face doubtful debts, losses of investments and contingent liabilities the board of directors deems necessary in accordance with the provisions of the

Member of the Board of Directors and Member of the Audit Committee of Abdullah Al-Khudary Sons Company. Member of the Board of Directors and Chairman of the Audit Committee - Global Beverage Company.

Consider the sector in which the company operates, its size and the experience of the members of the board of directors. There is also a liability insurance policy for the members of the Board of Directors and Executives in the amount of 291,050 Saudi Riyals.

Saudi Central Bank Enforcement Resolutions

Statutory payments due: The company has outstanding payments that were not paid until the end of the 2022 financial year and amounted to (39,522 thousand Saudi Riyals). Government payments 1,495 - Expenses for labor and passport offices + Ministry of Commerce according to the regulations of the Ministry of Internal Affairs and the Ministry of Labor. Central Bank Supervisory Fees - - The company is exempt from Central Bank supervisory fees.

Sanctions / penalties on the company

The operations of the company are subject to regulatory requirements in the Kingdom of Saudi Arabia. The company sets up programs to develop and stimulate the participation and performance of the company's employees.

Agenda Item # 2

Voting on the Auditors Report on the company’s

Agenda Item # 3

GULF UNION ALAHLIA COOPERATIVE INSURANCE COMPANY

A SAUDI JOINT STOCK COMPANY) FINANCIAL STATEMENTS

General information - legal status and principal activities (a) General information

The purpose of the Company is to conduct cooperative insurance operations and all related activities. The company operates through six main branches and various point of sale stores in the Kingdom of Saudi Arabia. As at 31 December 2022, the accumulated losses of the Company amounted to 111.7 million Saudi Riyals and were 24% of the share capital of the Company at that date.

Such measures have resulted in better results compared to 2021 and the company has earned a total profit for the year attributable to shareholders of Saudi Riyals 2.5 million (2021: total loss for the year attributable to shareholders of Saudi Riyals 141, 2 million).

General information - legal status and principal activities (continued) (c) Shareholding percentage

The statements of financial position, statements of income, statement of comprehensive income and cash flows of insurance operations and shareholder operations presented in note 28 of the financial statements are provided as supplementary financial information and in accordance with the requirements and instructions issued by implementing regulations of SAMA. SAMA's implementing regulations require clear separation of assets, liabilities, income and expenses of insurance operations and shareholder operations. Accordingly, the statements of financial position, income statements, comprehensive income and cash flows prepared for insurance operations and shareholder operations as mentioned above reflect only the assets, liabilities, income, expenses and comprehensive profit or loss of operations relevant. .

In the preparation of the Company's financial statements in accordance with IFRS that have been adopted in the Kingdom of Saudi Arabia, the balances and transactions of the insurance operations are combined and combined with those of the shareholders' operations.

Summary of significant accounting policies

  • New and amended standards adopted by the Company

Structure and status of the Implementation project

Significant judgements and accounting policy choices

  • Summary of significant accounting policies (continued)
    • New standards, amendments and interpretations not yet applied by the Company (continued)

Significant judgements and accounting policy choices (continued) c) Level of aggregation

  • New standards, amendments and interpretations not yet applied by the Company (continued)

The Company reasonably expects that the resulting measurement will not differ materially from the result of applying the general measurement model. The Company reasonably expects that the resulting measurement under the APP measurement model will not materially differ from the result of applying the general measurement model. At the initial recognition of each group of contracts, the Company expects that the time between the provision of each part of the coverage and the due date of the corresponding premium will not be more than one year.

The Company therefore expects to elect not to adjust the obligation for residual coverage to reflect the time value of money and the effect of financial risk.

Significant judgements and accounting policy choices (continued) Measurement (continued)

  • New standards, amendments and interpretations not yet applied by the Company (continued)
  • New standards, amendments and interpretations not yet applied by the Company (continued)

The Company will not consider the effect of reinsurance in the risk adjustment for the non-financial risk of the underlying insurance contracts. With respect to income statement presentation, the Company expects to present all insurance financing income or expense for the period in the income statement. Regarding the presentation in the income statement – ​​regarding the breakdown of the risk adjustment, the Company expects that the entire risk adjustment will be presented in the results of the insurance service.

The company is required to divide the amounts recognized in the statement of income into insurance income, insurance service expenses and insurance financing income or expense.

Transition impact

  • New standards, amendments and interpretations not yet applied by the Company (continued)
  • Summary of significant accounting policies (continued) 3 Insurance Contracts
    • Revenue recognition
  • Summary of significant accounting policies (continued) 5 Claims
    • Salvage and subrogation reimbursement
    • Reinsurance
  • Summary of significant accounting policies (continued) 7 Reinsurance (continued)
    • Liability adequacy test
    • Insurance contract liabilities
  • Summary of significant accounting policies (continued) 10 Deferred policy acquisition costs
    • Premiums and reinsurers’ receivable (including premium receivables from related parties)
    • Investments
  • Summary of significant accounting policies (continued) 12 Investments (continued)
    • Held-to-maturity investments
    • Financial assets at fair value through profit or loss
    • Recognition, measurement and de-recognition
  • Summary of significant accounting policies (continued) 14 Offsetting
    • Trade date accounting
    • Determination of fair values
    • Impairment of financial assets
  • Summary of significant accounting policies (continued) 17 Impairment of financial assets (continued)
    • Financial liabilities
  • Summary of significant accounting policies (continued) 19 Impairment of non-financial assets
    • Dividend distribution
    • Cash and cash equivalents
    • Foreign currencies
  • Summary of significant accounting policies (continued) 23 Operating segments
    • Short-term and long-term deposits
    • Property and equipment
  • Summary of significant accounting policies (continued) 26 Intangible assets and Goodwill
    • Leases Lease liabilities
  • Summary of significant accounting policies (continued) 27 Leases (continued)
  • Summary of significant accounting policies (continued) 27 Leases (continued)
    • Provisions and other liabilities
    • Employee benefit obligations
  • Summary of significant accounting policies (continued) 30 Zakat and income tax
  • Summary of significant accounting policies (continued) 31 Business combination
  • Summary of significant accounting policies (continued) 31 Business combination (continued)
  • Goodwill
  • Significant accounting judgments, estimates and assumptions
  • Significant accounting judgments, estimates and assumptions (continued) iv) Fair value of financial instruments
  • Cash and cash equivalents
  • Premiums and reinsurers’ receivable - net
  • Premiums and reinsurers’ receivable - net (continued)
  • Premiums receivable - related parties - net
  • Premiums receivable - related parties – net (continued)

The remaining amount of the change in fair value is presented in the income statement. Changes in the fair value of investments available for sale are recognized in the statement of comprehensive income. Exchange rate gains or losses on investments available for sale are recognized in the income statement.

When the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognized in the income statement.

  • Outstanding claims and reserves
  • Movement in net unearned premiums Movement in unearned premiums comprise of the following
  • Movement in deferred policy acquisition costs and unearned reinsurance commission

At the reporting date, investments amounting to 28.8 million Saudi Riyals were denominated in United States Dollars (December 31, 2021: 24.7 million Saudi Riyals). Short-term deposits, amounting to 70.1 million Saudi riyals, are placed with domestic banks and financial institutions with an original maturity of more than three months but less than or equal to twelve months from the date of placement. These deposits earned commission income at a rate of 3% to 6% per annum for the year ended December 31, 2022.

The long-term deposit, in the amount of 90 million Saudi Riyals, represents a deposit with a maturity of more than one year from the date of placement and is placed with the financial institution with income from the commission at the rate of 6% and 6.5% per year and will mature. until September 2024 and August 2025, respectively.

December 31

December 31 December

  • Right-of-use assets and lease liabilities (continued)
  • Basic and diluted losses per share
  • Related party transactions and balances
  • Related party transactions and balances (continued) a) Compensation of key management personnel
  • Zakat and income tax a) Zakat
    • Amounts recognised in the statements of income and comprehensive income The amounts recognised in the statements of income and comprehensive income related to employee
    • Expected maturity analysis
  • Share capital
  • General and administrative expenses

The Company has obtained Zakat and income tax certificates from the Zakat, Taxation and Customs Authority (ZATCA) for the years up to 2021. The ZATCA issued a final assessment for the year 2014 with an additional Zakat liability of Saudi Riyal 7.0 million. During 2020, the Company also received zakat and income tax assessment for the year 2015 to 2018 amounting to Saudi Riyal 10.3 million.

In 2018, Al Ahlia received zakat and income tax assessments for the years 2011 and 2012 of 2.1 million. Saudi Riyal.

Level 2 Level 3 Total Financial assets measured

  • Fair value of financial instruments (continued) (a) Carrying amounts and fair value (continued)
  • Risk management 1 Insurance risk
    • Insurance risk (continued)
    • Reinsurance risk
    • Market risk (continued)
    • Market risk (continued) c) Price risk (continued)
    • Credit risk
    • Credit risk (continued) Concentration of credit risk
    • Operational risk (continued)
    • Claims development
    • Claims development (continued)
    • Capital management risk
    • Accounts payable

The company uses the following hierarchy to determine and disclose the fair value of financial instruments: The table below summarizes the maturities of the Company's discounted contractual obligations per 31 December 2022 and 2021. Adjustments to current capital levels are made in light of changes in market conditions and risk characteristics of the Company's activities.

The company's current paid-up share capital is in accordance with Section 3 of the Act.

Agenda Item # 4

BOD Members List

PreviousBoard Members in the

Second

Gulf Union Al Ahlia Cooperative Insurance

NamePosition

Membership typeNationality

Abdulaziz Ali Al-TurkiChairman

Non - ExecutiveSaudi

Zaid Abdullah Al YaeeshVice Chairman

IndependentSaudi

Munir Hashem Al-BornoMember

ExecutiveCanadian

Ahmed Sulaiman Al MuzainiMember

Majid Shatti Al DhafiriMember

Abdullah AbdulwahabMember

Mohammed Abdulrahman Al KatheerMember

Fawaz Talal Al-TamimiVice Chairman

Ibrahim Abdullah Al-MutrifMember

Ayham Muhammad Al-YoussefMember

Ghassan Muhammad KashmiriMember

Agenda Item # 5

Voting on appointing the Auditors for the Company from among the candidates based on the Audit Committee's

ةنجل ةيصوت ىلع ءانب نيحشرلما نيب نم ةكرشلا تاباسح يعجارم نييعت ىلع تيوصتلا يونسلاو ثلاثلاو يناثلا عبرلل ةيلالما مئاوقلا قيقدتو ةعجارمو صحفل كلذو ،ةعجارلما

عبرلاو م ماعلا نم لولأا

2024مهباعتأ ديدحتو م

ةك ر شلا Company

Fees (SAR)

نوينوناق نوبساحم زربوك سواهرتو سيارب ةك ر شPwC

يدوعس لاير

Mazars)

Esteemed Members of the Board of Directors of Gulf Union Al Ahlia Cooperative Insurance Company

Greetings,

Recommendation of the Audit Committee for the Appointment and Reappointment of the External Auditors

Audit Firm Crowe PwC Al-Kharashi (Mazars)

KPMG RSM Al-Bassam &

Audit Committee Signatures

Dear Board Members of Gulf Union Al Ahlia Cooperative Insurance Company.

Board of Directors Recommendation \ appointment / re-appointment of External Auditors

Al-Kharashi (Mazars)

RSMAl-Bassam & Co

PKF)

Name

Fees

FeesName of the company

1,090,000 SR PricewaterhouseCoopers Public Accountants (PwC)

PROPOSAL TO

GULF UNION ALAHLIA COOP

INSURANCE COMPANY

We are pleased to present to you our proposal for the position of Auditor for Gulf Union Al-Ahlia Coop. We will provide a professional audit that goes beyond legal obligations to examine the key strategic risks to your business, providing insight, a balanced perspective and a challenge to help Gulf Union Al-Ahlia Coop. A fair and transparent hat reflects our desire to work with Gulf Union Al-Ahlia Coop.

Our goal is to build a valued and lasting professional relationship with Gulf Union Al-Ahlia Coop.

YOU WANT TO ENSURE YOUR BUSINESS GROWS HEALTHILY

EXECUTIVE SUMMARY

Our experience, international presence and commitment make us the right fit for Gulf Union Al-Ahlia Coop. We believe that we would be able to tailor our audit service specifically to the circumstances of Gulf Union Al-Ahlia Coop. This technical proposal contains our offer for the annual external audit of Gulf Union Al-Ahlia Coop.

Our proposal also contains a summary of the work we intend to carry out, to carry out a smooth transition for the Gulf Union Al-Ahlia Coop.

SERVICE DESCRIPTION

The table below identifies your main audit risks as we see them at this early stage, the time we propose to allocate to each and how we will address each during the audit. We will set financial statement materiality at 1%] of revenue and will report to the Audit Committee all audit differences that we identify that represent more than 3% of financial statement materiality. The platform enables seamless delivery of audits with full interoperability between all teams involved in the audit 3.

Report on internal controls and any material year-end accounting estimates or treatments discussed with management and submitted to the Audit Committee.

A TAILORED APPROACH TO YOUR AUDIT

Our audit approach and methods are constantly evolving to reflect the needs of our clients. Efficiency and innovation are embedded in our audit methodology; through our global audit platform, our audit tools and utilities, data analysis and processes. However, at Mazars we also believe that our team's mindset is a key factor in delivering an innovative, high-quality, tailored audit approach.

We use design thinking techniques to shape our audits to the specifics of our clients and encourage our teams to think differently about their approach to the audit, as well as how to problem-solve individual issues they encounter within the audit.

ENSURING A SMOOTH TRANSITION

The transition to your new auditor is important, but you have a business to run, so we do everything we can to make the transition as efficient and painless as possible for you. Our team will conduct an initial review of your local accounting and business processes, assessing these against your policies and local compliance requirements. We will time this review so that we can provide initial feedback to senior management on the control environment and effectiveness of the accounting team at all locations.

OUR TEAM

AND EXPERIENCE

OUR TEAM AND EXPERIENCE

Extensive experience in various Middle Eastern countries with different accounting frameworks and regulations (i.e. he has the rare combination of expertise in the areas of life and non-life insurance as well as pension benefits/providing funds He has over 15 years of hands-on experience in providing consulting services to insurance companies and retirement benefit schemes in Africa, UAE, Saudi Arabia, Bahrain, Nigeria, Qatar, Oman, Lebanon, Iran, Luxembourg, Ireland and Pakistan.

He has worked/worked as an auditor expert for well-known firms such as PwC, BDO, Crowe, Grant Thornton and PKF in Saudi Arabia, Qatar and Pakistan.•He has served more than 300 entities in Saudi Arabia as a consulting actuary.

A2: MAZARS AT A GLANCE

AUDIT

LEGAL SERVICES

Referensi

Dokumen terkait

Box 8282, Riyadh 11482, Kingdom of Saudi Arabia T: +966 11 211-0400, F: +966 11 211-0401, www.pwc.com/middle-east To the shareholders of Amlak International Finance Company A Saudi

Audit Committee Report to the General Assembly - FY 2022 P a g e 2 | 3 Third: Committee work: The most important work of the Committee that it carried out during the fiscal year