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Bupa Arabia for Cooperative Insurance announces the interim financial results for the period ending on 30-06-2014 (Six Months)

8210
BUPA ARABIA
1.23 %
1435/09/20     01/05/2016 09:44:29
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat
37,843
-14,186
-
-20,788
-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
33,309
-16,619
-
-27,166
-
Gross written premiums (GWP)
1,376,946
875,696
57.24
1,421,257
-3.12
Net written premiums (NWP)
1,375,478
875,042
57.19
1,419,977
-3.13
Net incurred claims
819,938
507,746
61.49
767,053
6.89
Net profit (loss) of policy holders investment
4,650
2,417
92.39
4,323
7.56
Net profit (loss) of shareholders capital investment
2,858
1,576
81.35
3,299
-13.37
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat
17,055
-18,202
-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
6,143
-34,354
-
Gross written premiums (GWP)
2,798,203
1,700,359
64.57
Net written premiums (NWP)
2,795,455
1,699,119
64.52
Net incurred claims
1,586,991
969,536
63.69
Net profit (loss) of policy holders investment
8,973
7,645
17.37
Net profit (loss) of shareholders capital investment
6,157
11,866
-48.11
Earning or loss per share, Riyals
0.43
-0.46
-
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 month period ended 30th June 2014 versus the same period of 2013, was due mainly to strong business growth resulting in a higher net earned premium, and combined with an improved, lower, claims experience, 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. Gross Written Premium (GWP) increased by SR501,250K, an increase of 57%, and the net underwriting result for the three month period ended 30 June 2014, versus the same period of 2013, improved by SR89,016K, an increase of 102%. The improvement in the net earned premium by SR401,208K, represented an increase of 67%, versus the same period of 2013.
Reasons of increase (decrease) for the period compared with same period last year The improvement in results for the 6 months ended 30th June 2014, versus the same period of 2013, was due mainly to strong business growth resulting in a higher net earned premium, and combined with an improved, lower, claims experience, resulting in a significantly higher net underwriting result. The net underwriting result improved by SR133,021K versus the same period of previous year, representing a 85% increase. Gross Written Premium (GWP) increased by SR1,097,844K, versus the same period of 2013, representing an increase of 65%, . There was an increase in operating expenses driven by the growth, including commissions and levies increasing by a combined SR44,684K and other increases were due to staff and infrastructure related costs required to support the growth.
Reasons of increase (decrease) for the quarter compared with the previous quarter The improved result in the second quarter of 2014, versus the first quarter of 2014, was mainly due to an improved, lower, claims experience, and supported by an increase in net earned premiums, collectively resulting in a significantly increased net underwriting result. This resulted in an improvement of surplus from insurance operations of SR60,802K, a surplus in the second quarter of SR37,959K versus a deficit in the first quarter of SR22,843. The net underwriting result for the three month period ended 30 June 2014, versus the first quarter, improved by SR62,029K, an increase of 54%. The main driver of the increase in net underwriting result was the reduced claims ratio of the second quarter versus the first quarter, at 82.3% versus 87.1% respectively.
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.

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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BUPA ARABIA
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Last Price 246.0
Net Change 3.0 (+1.23%)
Value Traded (Sar) 13,522,385.6
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