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Bupa Arabia for Cooperative Insurance Co. announces its Annual Consolidated Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 13,896,883 | 11,382,194 | 22.09 | ||
| Net Written Premiums (NWP) | 13,802,601 | 11,296,112 | 22.19 | ||
| Net Incurred Claims | -10,924,527 | -9,046,569 | 20.76 | ||
| Net Profit (Loss) of Policy Holders Investment | 152,141 | 84,843 | 79.32 | ||
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 500,890 | 498,626 | 0.45 | ||
| Net Profit (loss) of Shareholders Capital Investment | 400,849 | 175,594 | 128.28 | ||
| Net Profit (Loss) before Zakat | 1,026,881 | 730,701 | 40.53 | ||
| Total Comprehensive Income | 584,535 | 679,807 | -14.01 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 4,317,846 | 4,186,049 | 3.15 | ||
| Perpetrating Expenses (First Operation Year) | 0 | 0 | - | ||
| Profit (Loss) per Share | 5.78 | 4.18 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in profits before zakat and income tax for the current year of SR 296,180K compared with previous year was principally due to the following reasons: • Increase in net underwriting results and other activities gross income of SR 132,614K compared with the previous year, an increase of 10.8%. This was driven by an increase in total revenues of SR 2,261,679K compared with the previous year, an increase of 21.3%. This was offset by an increase in net claims incurred of SR 1,877,958K, an increase of 20.8%, and an increase in policy acquisition costs and other costs by SR 251,107K, an increase of 73.1% from the previous year. • Increase in investment and other income of SR 277,829K compared with the previous year, an increase of 93.2%. These favorable movements were partially offset by: • Increase in operating expenses by SR 88,880K compared with the previous year, an increase of 12.4%. • Increase in allowance for doubtful receivables by SR 18,427K compared with the previous year, an increase of 82.1%. • Increase in insurance operations’ surplus by SR 6,956K compared with the previous year, an increase of 12%. Gross Written Premiums (GWP) increased by SR 2,514,689K compared with the previous year, an increase of 22.1%. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | Certain of the prior year amounts have been reclassified to conform to the presentation in the current year. These changes were made for better presentation of balances and transactions in the annual consolidated financial statements of the Company. |
| Additional Information | Total insurance operations comprehensive income for the current year is SR 32,361K compared to SR 43,264K for the previous year, a decrease of 25%. Total shareholders’ operations comprehensive income for the current year is SR 617,477K compared to SR 694,890K for the previous year, a decrease of 11%. The earnings per share (EPS) for the current year is SR 5.78 per share versus SR 4.18 per share for the previous year, adjusted for current year bonus share issuance, by dividing the net income attributed to shareholders after zakat and income tax amount of SR 862,569K over the weighted average number of ordinary outstanding shares of 149,316K for the current year and SR 625,570K over 149,558K shares for the previous year. The weighted average number of ordinary shares issued and outstanding at the previous year have been adjusted for the bonus shares issued during the current year. Total shareholders’ equity (no minority interest) as at end of current year is SR 4,317,846K compared to SR 4,186,049K as at end of previous year, an increase of 3.15%. Net income attributed to shareholders after zakat and income tax for the current year reached SR 862,569K compared to SR 625,570K for the previous year, an increase of 37.9%. |
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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