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Bupa Arabia for Cooperative Insurance Co. announces its Interim Consolidated Financial Results for the Period Ending on 2023-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 5,409,460 | 4,222,419 | 28.11 | - | - |
| 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 | 230,136 | 103,538 | 122.27 | - | - |
| Total Comprehensive Income | 204,251 | 42,755 | 377.72 | - | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 4,430,998 | 4,191,504 | 5.71 |
| Profit (Loss) per Share | 1.26 | 0.4 | |
| 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 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 reported as "0" 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 explanation on the new presentation of the financial results which are attached to this announcement: The Increase in net profit before zakat and income tax for the quarter of SR 126,598K compared with same quarter of the previous year was due to the following main reasons: • Improvement in insurance service result of SR 99,957K compared with the same quarter of the previous year, an increase of 145.9%. This was driven by an increase in insurance revenue of SR 801,420K, an increase of 27.2%, and a decrease in net expenses from reinsurance contracts held of SR 12,325K, a decrease of 77.7% compared with the same quarter of the previous year. These movements were partially offset by an increase in insurance service expense of SR 713,788K, an increase of 24.9%, compared with the same quarter of the previous year. • Increase in net investment income of SR 19,968K compared with the same quarter of the previous year, an increase of 24.2%. • Increase in net other revenue of SR 16,369K compared with the same quarter of the previous year, an increase of 100%. These were partially offset by the following unfavorable movements: • Increase in net other operating expenses of SR 9,696K compared with the same quarter of the previous year, an increase of 20.4%. Moreover, Gross Written Premiums (GWP) increased by SR 1,187,041K compared with the same quarter of the previous year, an increase of 28.1%. |
| 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 reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9. The previous quarter has been reported under the repealed financial reporting standards, IFRS 4 and IAS 39, the restated balances of the previous quarter are not included in the current quarter financial statements. Therefore, no explanation is provided due to the divergence of the reporting standards between the two quarters. |
| 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 reported as "0" 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 1.26 per share versus SR 0.40 per share for the same quarter of the previous year which is calculated by dividing the net income amount of SR 188,596K over the weighted average number of ordinary outstanding shares of 149,328K for the current quarter and SR 60,280K over 149,497K for the same quarter of the previous year. Total comprehensive income for the current quarter is SR 204,251K compared to SR 42,755K for the same quarter of the previous year, an increase of 377.7%. Total Shareholder Equity (no minority interest) as at the end of the current quarter is SR 4,431 million versus SR 4,192 million as at the end of the same quarter in the previous year, an increase of 5.7%. |
| 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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