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Bupa Arabia for Cooperative Insurance Co. announces the annual financial results for the period ending on 31-12-2015
8210
BUPA ARABIA
2.43 %
1437/05/08
01/05/2016 15:49:25
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat |
645,077
|
301,275
|
114.12
|
| Earning or loss per share, Riyals |
8.07
|
3.78
|
-
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
704,915
|
308,425
|
128.55
|
| Gross written premiums (GWP) |
7,328,016
|
5,740,449
|
27.66
|
| Net written premiums (NWP) |
7,285,552
|
5,658,642
|
28.75
|
| Net incurred claims |
5,211,046
|
3,649,005
|
42.81
|
| Net profit (loss) of policy holders investment |
26,261
|
18,844
|
39.36
|
| Net profit (loss) of shareholders capital investment |
-7,714
|
10,804
|
-
|
| Pre operating expenses (first operation year) |
-
|
-
|
-
|
*All figures are in (Thousands) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The improvement in results for the year ended 31 December 2015, as compared with the year ended 31 December 2014, was mainly due to strong business growth resulting in a higher net earned premium and, combined with an improved, lower, net claims incurred to net earned premium ratio (77.3% for the year 2015 compared with 79.4% for the year 2014), 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, levies, bad debt provision expense and other operating expenses, including staff costs, as well as a higher Cooperative distribution expense. Additionally a reduction in investment and other income, of SR23,035K, in part due to the stock market major decline in the third quarter of 2015, compared with 2014, also partially offset the net underwriting result gains. Gross Written Premium (GWP) increased by SR1,587,567K, an increase of 28%, the Net earned premium increased by SR2,144,323K, an increase of 47%, and the net underwriting result for the year ended 31 December 2015, as compared to the previous year, improved by SR582,282K, representing an increase of 62%. The surplus from Insurance Operations of SR731,176K, is an increase of SR403,907K, versus a surplus of SR327,269K for the year ended 31 December 2014, representing an increase of 123%. The Cooperative distribution expense was at SR73,118K for 2015, versus 2014 at SR32,727K, an increase of SR40,391K, due to the significantly higher 2015 surplus from Insurance Operations. |
| 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 and not in accordance with the accounting standards generally accepted in the Kingdom of Saudi Arabia. However the company assures that there are no significant differences in the results contained within the financial statements due to using International Financial Reporting Standards rather than the SOCPA accounting standards |
| Reclassifications in annual financial results | Some numbers within the annual financial results have been re-classified for comparative reasons. |
| Other notes | The earnings per share (EPS) for the year ended 31 December 2014, of SR3.78 per share has been calculated based on the new number of shares in issue after the Capital increase, to 80,000,000 (eighty million) shares, as approved during the Extraordinary General Assembly meeting of our shareholders, held on Monday 25th of Safar 1437H (Monday 7th December 2015G), as announced on Tadawul on Tuesday 26th of Safar 1437H (Tuesday 8th December 2015G). The prior year EPS restatement is as reflected within the financial results and in accordance with the relevant International Accounting Standards. |
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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