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Bupa Arabia for Cooperative Insurance announces the interim financial results for the period ending on 31-03-2015 (Three Months)
8210
BUPA ARABIA
-0.91 %
1436/07/01 01/05/2016 17:22:52
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat |
36,771
|
-20,788
|
-
|
123,871
|
-70.32
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
33,024
|
-27,166
|
-
|
129,998
|
-74.6
|
| Gross written premiums (GWP) |
2,079,449
|
1,421,257
|
46.31
|
821,384
|
153.16
|
| Net written premiums (NWP) |
2,073,269
|
1,419,977
|
46.01
|
819,963
|
152.85
|
| Net incurred claims |
1,302,447
|
767,053
|
69.8
|
1,084,704
|
20.07
|
| Net profit (loss) of policy holders investment |
6,177
|
4,323
|
42.89
|
5,179
|
19.27
|
| Net profit (loss) of shareholders capital investment |
3,040
|
3,299
|
-7.85
|
2,340
|
29.91
|
| Earning or loss per share, Riyals |
0.92
|
-0.52
|
-
|
-
|
-
|
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | The improvement in results for the three (3) month period ended 31st March 2015, versus the same period of 2014, was mainly due to strong business growth, in the current quarter and the second half of 2014, resulting in a higher net earned premium, and combined with an improved, lower, net claims incurred to net earned premium ratio (2015 Q1 at 86.0% versus 2014 Q1 at 87.1%) , resulting in a significantly higher net underwriting result. The net underwriting result gains were partially offset by increased growth related operational expenses, such as commissions and levies, as well as by the Cooperative Distribution expense of SR3,920K for 2015 Q1, versus 2014 Q1 at nil due to a 2014 Q1 deficit from insurance operations. Gross Written Premium (GWP) increased by SR658,192K, an increase of 46%, and the net underwriting result for the three month period ended 31 March 2015, versus the same period of 2014, improved by SR97,330K, representing an increase of 85%. The improvement in net earned premium by SR632,724K represented an increase of 72%, versus the same period of 2014. The result from Insurance Operations increased by SR62,044K, a surplus of SR39,201K from Insurance Operations for the period ended 31st March 2015, versus a deficit from Insurance Operations of SR22,843K for the same period of 2014. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The decline in result in the first quarter of 2015, versus the fourth quarter of 2014, was mainly due to higher claims in the first quarter of 2015 (due to the seasonality of claims, as reflected by the net claims incurred to net earned premium ratio (2015 Q1 at 86.0% versus 2014 Q4 at 77.4%)) which resulted in a decrease in net underwriting result of SR105,788K, a 33% decrease. There was also an increase in Selling and Marketing expenses driven by commissions and levies impacted by the seasonality of the Gross Written Premium (GWP) growth. This was partially offset by Cooperative Distribution reduced by SR9,598K due to the reduced surplus from Insurance Operations, SR39,201K for the current quarter versus SR135,177k for the previous quarter, a reduction of 71%. Gross Written Premiums (GWP) were higher by SR1,258,065K in the first quarter of 2015, versus the fourth quarter of 2014, an increase of 153%, and net earned premiums were higher by SR111,955K, an increase of 8%. |
| External auditor's report containing reservation | The joint auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 and not in accordance with the Standard of interim financial reporting issued by SOCPA. However the company assures that there are no significant differences in the results contained within the financial statements due to using International Accounting Standards rather than the SOCPA accounting standards. |
| Reclassifications in quarterly financial results | Certain comparative figures for the previous period have been reclassified to be consistent with the presentation of the current period. |
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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