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Bupa Arabia for Cooperative Insurance Co. announces its Interim Consolidated Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

8210
BUPA ARABIA
1.23 %
1445/04/16     31/10/2023 08:02:46

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 4,616,2544,176,33610.533,880,09618.97
Net Written Premiums (NWP) -----
Net Incurred Claims -----
Net Profit (Loss) of Policy Holders Investment -----
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) -----
Net Profit (loss) of Shareholders Capital Investment -----
Net Profit (Loss) before Zakat 328,094415,661-21.07432,304-24.11
Total Comprehensive Income 225,027232,891-3.38349,442-35.6
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 13,905,81011,400,03521.98
Net Written Premiums (NWP) ---
Net Incurred Claims ---
Net Profit (Loss) of Policy Holders Investment ---
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) ---
Net Profit (loss) of Shareholders Capital Investment ---
Net Profit (Loss) before Zakat 990,534793,70224.8
Total Comprehensive Income 778,720444,62975.14
Total Share Holders Equity (after Deducting Minority Equity) 4,523,0564,138,6949.29
Profit (Loss) per Share 5.594.41
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are marked "-" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.

The following explanation will cover the relevant financial information reflected in the announcement above along with an explanation on the new presentation of the financial results, which is attached to this announcement.

The decrease in profit before zakat and income tax for the current quarter of SR 87,567K, a decrease of 21.07% compared with same quarter of the previous year was due to the following main reasons:

• Decrease in insurance service result of SR 49,197K compared with the same quarter of the previous year, a decrease of 16.06%. This was driven by an increase in insurance service expense of SR 778,225K, an increase of 25.52 % and an increase in net expenses from reinsurance contracts held of SR 847K, an increase of 13.09%, which was partially offset by an increase in insurance revenue of SR 729,875K, an increase of 21.71% driven by business growth.

• Decrease in net investment income of SR 33,883K compared with the same quarter of the previous year, a decrease of 19.34%.

• Increase in net other operating expenses of SR 4,897K compared with the same quarter of the previous year, an increase of 6.32%.

These unfavorable movements were partially offset by the following:

• Increase in other revenue, net of other costs, of SR 410K compared with the same quarter of previous year, an increase of 3.49%.

Net income attributed to the shareholders after zakat and income tax for the current quarter is SR 275,350K compared to SR 359,478K for the same quarter of the previous year, a decrease of 23.40%.

Total comprehensive income for the current quarter is SR 225,027K compared to SR 232,891K for the same quarter of the previous year, a decrease of 3.38%.

Moreover, Gross Written Premiums (GWP) increased by SR 439,918K compared with the same quarter of the previous year, an increase of 10.53%.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are marked "-" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.

The following explanation will cover the relevant financial information reflected in the announcement above along with an explanation on the new presentation of the financial results, which is attached to this announcement.

The decrease in profit before zakat and income tax for the current quarter of SR 104,210K, a decrease of 24.11% compared with previous quarter was due to the following main reasons:

• Decrease in insurance service result of SR 114,974K compared with the previous quarter, a decrease of 30.91%. This was driven by an increase in insurance service expense of SR 326,596K, an increase of 9.33%, which was partially offset by an increase in insurance revenue of SR 207,563K, an increase of 5.34% driven by business growth and a decrease in net expenses from reinsurance contracts held of SR 4,059K, a decrease of 35.67%.

• Increase in net other operating expenses of SR 5,908K compared with the previous quarter, an increase of 7.72%.

• Decrease in other revenue, net of other costs, of SR 1,575K compared with the previous quarter, a decrease of 11.48%.

These unfavorable movements were partially offset by the following:

• Increase in net investment income of SR 18,247K compared with the previous quarter, an increase of 14.82%.

Net income attributed to the shareholders after zakat and income tax for the current quarter is SR 275,350K compared to SR 371,350K with the previous quarter, a decrease of 25.85%.

Total comprehensive income for the current quarter is SR 225,027K compared to SR 349,442K with the previous quarter, a decrease of 35.60%.

Moreover, Gross Written Premiums (GWP) increased by SR 736,158K compared with the previous quarter, an increase of 19%.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are marked "-" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.

The following explanation will cover the relevant financial information reflected in the announcement above along with an explanation on the new presentation of the financial results, which is attached to this announcement.

The increase in profit before zakat and income tax for the current period of SR 196,832K, an increase of 24.80% compared with same period of previous year was due to the following main reasons:

• Increase in insurance service result of SR 232,013K compared with the same period of previous year, an increase of 41.02%. This was driven by an increase in insurance revenue of SR 2,274,609K, an increase of 24.06% driven by business growth and a decrease in net expenses from reinsurance contracts held of SR 7,206K, a decrease of 24.48%, which was partially offset by an increase in insurance service expense of SR 2,049,802K, an increase of 23.14%.

• Increase in net investment income of SR 1,631K compared with the same period of previous year, an increase of 0.45%.

• Increase in other revenue, net of other costs, of SR 30,503K compared with the same period of previous year, an increase of 259.8%.

These favorable movements were partially offset by the following:

• Increase in net other operating expenses of SR 67,315K compared with the same period of previous year, an increase of 45.24%.

Net income attributed to the shareholders after zakat and income tax for the current period is SR 835,296K compared to SR 658,874K with the same period of previous year, an increase of 26.78%.

Total comprehensive income for the current period is SR 778,720K compared to SR 444,629K with the same period of previous year, an increase of 75.14%.

Moreover, Gross Written Premiums (GWP) increased by SR 2,505,775K compared with the same period of previous year, an increase of 21.98%.

Statement of the type of external auditor's report Unmodified Conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9.
Additional Information The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are marked "-" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.

Refer to the attachment for further details on the financial results items that are relevant under the newly implemented financial reporting standards for insurance companies.

The earnings per share (EPS) for the current quarter is SR 1.86 per share versus SR 2.41 per share for the same quarter of the previous year which is calculated by dividing the net income amount of SR 275,350K over the weighted average number of ordinary outstanding shares of 147,970K for the current quarter and SR 359,478K over 149,345K shares for the same quarter of the previous year.

The earnings per share (EPS) for the current period is SR 5.59 per share versus SR 4.41 per share for the same period of the previous year which is calculated by dividing the net income amount of SR 835,296K over the weighted average number of ordinary outstanding shares of 149,502K for the current period and SR 658,874K over 149,323K shares for the same period of the previous year.

Total Shareholders’ Equity (no minority interest) as at end of current period is SR 4,523 million versus SR 4,138 million as at end of the same period in the previous year, an increase of 9.29%.

Total Equity as at end of current period is SR 4,474 million versus SR 4,110 million as at end of the same period in the previous year, an increase of 8.86%.

Attached Documents  

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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BUPA ARABIA
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Last Price 246.0
Net Change 3.0 (+1.23%)
Value Traded (Sar) 13,522,385.6
Volume Traded 55,342
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