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Bupa Arabia for Cooperative Insurance Co. announces its Interim Consolidated Financial Results for the Period Ending on 2022-09-30 (Nine Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 4,176,336 | 3,458,784 | 20.75 | 3,001,280 | 39.15 |
| Net Written Premiums (NWP) | 4,165,161 | 3,446,173 | 20.86 | 2,969,955 | 40.24 |
| Net Incurred Claims | -2,760,952 | -2,247,308 | 22.86 | -2,584,317 | 6.83 |
| Net Profit (Loss) of Policy Holders Investment | 43,026 | 19,087 | 125.42 | 29,938 | 43.72 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 204,351 | 156,203 | 30.82 | 206,520 | -1.05 |
| Net Profit (loss) of Shareholders Capital Investment | 144,765 | 61,825 | 134.15 | 68,751 | 110.56 |
| Net Profit (Loss) before Zakat | 375,323 | 228,277 | 64.42 | 291,023 | 28.97 |
| Total Comprehensive Income | 181,701 | 169,383 | 7.27 | 195,442 | -7.03 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 11,400,035 | 9,281,283 | 22.83 |
| Net Written Premiums (NWP) | 11,330,060 | 9,227,216 | 22.79 |
| Net Incurred Claims | -7,923,740 | -6,438,813 | 23.06 |
| Net Profit (Loss) of Policy Holders Investment | 98,592 | 64,657 | 52.48 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 460,248 | 559,659 | -17.76 |
| Net Profit (loss) of Shareholders Capital Investment | 269,746 | 150,007 | 79.82 |
| Net Profit (Loss) before Zakat | 804,300 | 737,306 | 9.09 |
| Total Comprehensive Income | 454,516 | 676,877 | -32.85 |
| Total Share Holders Equity (after Deducting Minority Equity) | 4,187,021 | 4,187,432 | -0.01 |
| Profit (Loss) per Share | 5.62 | 5.07 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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 increase in profits before zakat and income tax for the current quarter of SR 147,046K compared with the same quarter of previous year was principally due to the following reasons: • Increase in net underwriting results & other activities gross income of SR 102,783K compared with the same quarter of previous year, an increase of 30%. This was driven by an increase in total revenues of SR 649,432K compared with the same quarter of the previous year, an increase of 24%, which was partially offset by increase in net claims incurred of SR 513,644K compared with the same quarter of previous year, an increase of 22.9%, as well as an increase in policy acquisition costs and other expenses of SR 33,005K, an increase of 27.2%. • Increase in investment and other income of SR 98,109K compared with the same quarter of previous year, an increase of 107.8%. These favorable movements were partially offset by: • Increase in operating expenses of SR 29,238K compared with the same quarter of previous year, an increase of 16.3%. • Increase in the allowance for doubtful receivables of SR 17,399K compared with the same quarter of previous year, an increase of 202%. • Increase in insurance operations’ surplus by SR 7,209K compared with the same quarter of previous year, an increase of 41.1%. Gross Written Premiums (“GWP”) grew by SR 717,552K compared with the same quarter of previous year, an increase of 20.8%. |
| 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 increase in profits before zakat and income tax for the current quarter of SR 84,300K compared with previous quarter was principally due to the following reasons: • Increase in net underwriting results & other activities gross income of SR 32,493K compared with the previous quarter, an increase of 7.9%. This was driven by an increase in total revenues of SR 220,393K from the previous quarter, an increase of 7%. This was offset by an increase in net claims incurred of SR 176,635K, an increase of 6.8%, and increase in policy acquisition costs and other expenses by SR 11,265K, an increase of 7.9% from the previous quarter. • Increase in investment and other income of SR 80,927K compared with previous quarter, an increase of 74.8%. These favorable movements were partially offset by: • Increase in operating expenses of SR 24,725K compared with previous quarter, an increase of 13.4%. • Increase in allowance for doubtful receivables of SR 3,303K compared with previous quarter, an increase of 14.6%. • Increase in insurance operations’ surplus of SR 1,092K compared with previous quarter, an increase of 4.6%. Gross Written Premiums (“GWP”) grew by SR 1,175,056K compared with previous quarter, an increase of 39.2%. |
| 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 increase in profits before zakat and income tax for the current period of SR 66,994K compared with the same period of previous year was principally due to the following reasons: • Increase in net underwriting results & other activities gross income of SR 10,680K compared with the same period of previous year, an increase of 1%. This was driven by an increase in total revenues of SR 1,668,637K compared with the same period of the previous year, an increase of 21.5%, which was partially offset by an increase in net claims incurred of SR 1,484,927K compared with the same period of previous year, an increase of 23%, as well as an increase in policy acquisition costs and other expenses of SR 173,030K, an increase of 70.5%. • Increase in investment and other income of SR 148,925K compared with same period of previous year, an increase of 60.8%. • Decrease in insurance operations’ surplus by SR 6,548K compared with same period of previous year, a decrease of 10.5%. These favorable movements were partially offset by: • Increase in allowance for doubtful receivables by SR 45,095K compared to the same period of previous year, an increase of 129%. • Increase in operating expenses by SR 54,064K compared with the same period of the previous year, an increase of 10.7%. Gross Written Premiums (“GWP”) grew by SR 2,118,752K compared with the same period of previous year, an increase of 22.9%. |
| 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 | None |
| Additional Information | Refer to Note 9 of the interim condensed consolidated financial statements for further information about the impact of both COVID-19 and Article 11 of the Cooperative Health Insurance Law on the company’s operations and financials, including the recognition of a PDR. Total insurance operations comprehensive income for the current quarter is SR 9,146K compared to SR 14,787K for the same quarter of previous year, a decrease of 38.2%, and comprehensive income of SR 13,282K for the previous quarter, a decrease of 31.1% from the current quarter. Total shareholders’ operations comprehensive income for the current quarter is SR 197,293K compared to SR 172,125K for the same quarter of previous year, an increase of 14.7%, and SR 205,806K for the previous quarter, a decrease of 4.2%. The earnings per share (“EPS”) for the current quarter is SR 2.68 per share versus SR 1.49 per share for the same quarter of previous year, which is calculated based on the weighted average number of ordinary shares outstanding during the quarter. Total Shareholders’ Equity (no minority interest) as at end of current quarter is SR 4,187,021K compared to SR 4,187,432K as at end of same quarter of previous year, with no noticeable change. |
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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