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Bupa Arabia for Cooperative Insurance Co. announces the annual financial results for the period ending on 31-12-2017
8210
BUPA ARABIA
-0.91 %
1439/07/11
28/03/2018 08:34:17
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat |
500,614
|
630,705
|
-20.63
|
| Earning or loss per share, Riyals |
6.27
|
7.9
|
-
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
404,251
|
573,761
|
-29.54
|
| Gross written premiums (GWP) |
7,732,961
|
7,938,630
|
-2.59
|
| Net written premiums (NWP) |
7,664,613
|
7,871,171
|
-2.62
|
| Net incurred claims |
6,405,003
|
6,178,445
|
3.67
|
| Net profit (loss) of policy holders investment |
99,668
|
80,188
|
24.29
|
| Net profit (loss) of shareholders capital investment |
58,573
|
50,237
|
16.59
|
| Pre operating expenses (first operation year) |
-
|
-
|
-
|
*All figures are in (Thousands) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | Net profit before Zakat and income Tax for the current year is SR 500,614K versus SR 630,705K for the previous year, which represents a decrease of 20.6%. This decrease was mainly due to the decrease in net underwriting result by SR 221,560K which was driven by an increase in the net claims incurred for the year which totaled SR 6,405,003K compared with SR 6,178,445K for last year, an increase of 3.7%. Net Written Premiums for the current year decreased to reach 7,664,613K compared to SR 7,871,171K for the previous year, a decrease of 2.6%. The surplus from Insurance Operations less investment income of Policyholders for the current year is SR 404,251K compared to SR 573,761K for the previous year, a decrease of 29.5%. However, the investment income for the year increased to reach SR 157,832K, compared with SR 130,392K for last year, an increase of 21.04%. Gross written premiums (GWP) for the current year is SR 7,732,961K compared to SR7,938,630K for the previous year , a decrease of 2.6%. |
| External auditor's report containing reservation | The joint independent auditors report on the annual financial statements mentions that the financial statements have been prepared in accordance with International Financial Reporting Standards IFRS as modified by the Saudi Arabian Monetary Authority for the accounting of zakat and income tax. |
| Other notes | Total Comprehensive Income for the current period is SR 498,734 thousand compared to SR 630,705 thousand in the same period in previous year, decreased by 20.9%.The Earnings Per Share (EPS) for the current year is SR6.27 versus SR7.90 per share for the previous year, which has been calculated based on the weighted average number of ordinary shares outstanding during the year. Total Shareholder Equity (no minority interest) in the current year is SR 2,321,337K versus SR 2,027,054K for the previous year with an increase of 14.5%. |
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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