Bupa Arabia for Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

-1.07 %
1441/07/03     27/02/2020 07:57:55

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 10,410,8688,566,64821.527
Net Written Premiums (NWP) 10,305,0748,486,12021.434
Net Incurred Claims 7,749,2976,788,98514.145
Net Profit (Loss) of Policy Holders Investment 137,264100,37436.752
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 531,077386,89837.265
Net Profit (loss) of Shareholders Capital Investment 97,74183,77616.669
Net Profit (Loss) before Zakat 712,654525,43135.632
Total Comprehensive Income 653,316404,33761.577
Total Share Holders Equity (after Deducting Minority Equity) 3,032,3932,599,86916.636
Perpetrating Expenses (First Operation Year) ---
Profit (Loss) per Share 4.973.7
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to The increase in profits before Zakat and Income Tax for the year of SR 187,223K, reaching SR 712,654K, compared with last year was due to the following main reasons:

• Increase in underwriting results of SR 233,758K compared with the last year, an increase of 20.1%.

• Increase in Investment and other income of SR 55,582K compared with the last year, an increase of 28%.

These favorable movements were partially offset with an increase in operating expenses of SR 84,359K compared with the last year, an increase of 11.2%. Policyholders’ share of insurance operations’ surplus also increased to reach SR 66,834K in the current year versus SR 48,727K in the last year.

Net earned premiums increased by SR 1,221,049K compared with the last year, an increase of 15%, reaching SR 9,371,291K while net claims incurred increased by SR 960,312K compared with the last year, an increase of 14.2%, reaching SR 7,749,297K.

Gross Written Premiums (GWP) increased by SR 1,844,220K in the current year compared with the last year, an increase of 21.5% reaching SR 10,410,868K.

Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The joint independent auditors report on the annual financial statements states that the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2019, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”) that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by Saudi organization for Certified Public Accountants (‘SOCPA”) (referred to as “IFRS as endorsed in KSA”).
Reclassification of Comparison Items The basis of preparation has been changed for the year ended 31 December 2019 as a result of the issuance of latest instructions from SAMA dated 23 July 2019. Previously, zakat and income tax were recognized in the statement of changes in equity as per the SAMA circular no 381000074519 dated 11 April 2017. With the latest instructions issued by SAMA dated 23 July 2019, the zakat and income tax shall be recognized in the statement of income. The Company has accounted for this change in the accounting for zakat and income tax retrospectively. The change has resulted in a decrease of reported income of the Company for the year ended 31 December 2018 by SR 82.8 million. The change has no impact on the statement of cash flows for the year then ended.
Additional Information Total Insurance Operations Comprehensive Income for the current year is SR 21,093K compared to SR (9,302)K for the last year. Total Shareholders Comprehensive Income for the current year is SR 632,223K compared to SR 413,639K for the last year, an increase of 52.8%. The earnings per share (EPS) for the current year are SR 4.97 per share versus SR 3.70 per share for the last year. Total Shareholder Equity (no minority interest) as at end of current year is SR 3,045 Million versus SR 2,591 Million as at end of last year, an increase of 17.5%.

The profits after Zakat and Income Tax for the current year increased to reach SR 593,797K compared to SR 442,623K for the last year, an increase of 34.2%.

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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