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Bupa Arabia for Cooperative Insurance announces the interim financial results for the period ending on 30-09-2014 (Nine Months)

8210
BUPA ARABIA
0.84 %
1435/12/25     19/10/2014 08:47:21
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat
160,349
74,006
116.67
37,843
323.72
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
172,284
73,876
133.21
33,309
417.23
Gross written premiums (GWP)
2,120,863
902,638
134.96
1,376,946
54.03
Net written premiums (NWP)
2,043,225
831,142
145.83
1,375,478
48.55
Net incurred claims
977,310
529,174
84.69
819,938
19.19
Net profit (loss) of policy holders investment
4,692
3,630
29.26
4,650
0.9
Net profit (loss) of shareholders capital investment
2,307
3,785
-39.05
2,858
-19.28
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat
177,404
55,804
217.91
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
178,427
39,522
351.46
Gross written premiums (GWP)
4,919,066
2,602,997
88.98
Net written premiums (NWP)
4,838,680
2,530,261
91.23
Net incurred claims
2,564,301
1,498,710
71.1
Net profit (loss) of policy holders investment
13,665
11,275
21.2
Net profit (loss) of shareholders capital investment
8,464
15,651
-45.92
Earning or loss per share, Riyals
4.46
1.4
-
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 September 2014 versus the same period of 2013, was due mainly to very strong business growth, including a major account win, resulting in a much higher net written and earned premium, and combined with an improved claims ratio (74.2% vs. 75.3%) resulted 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 and staff/infrastructure related expenses to support the growth. Gross Written Premium (GWP) increased by SR1,218,225K, an increase of 135%, and the net underwriting result for the three month period ended 30 September 2014, versus the same period of 2013, improved by SR165,391K, an increase of 95%. The improvement in the net earned premium by SR613,527K, represented an increase of 87%, 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 nine months ended 30th September 2014, versus the same period of 2013, was due mainly to very strong business growth, including a major account win, resulting in a much higher net written and earned premium, and combined with an improved claims ratio (80.3% vs. 81.9%), resulted in a significantly higher net underwriting result. The net underwriting result improved by SR298,412K versus the same period of the previous year, representing a 90% increase. Gross Written Premium (GWP) increased by SR2,316,069K, versus the same period of 2013, representing an increase of 89%. There was an increase in operating expenses driven by the growth, including commissions and levies (increasing by a combined SR80,192K ) and other expense 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 third quarter of 2014, versus the second quarter of 2014, was mainly due to very strong business growth, including a major account win, resulting in a much higher net written and earned premium, and supported by an improved claims ratio, collectively resulting in a significantly increased net underwriting result. This resulted in an improvement of surplus from insurance operations of SR139,017K, a surplus in the third quarter of SR176,976K versus SR37,959 in the second quarter of the same year. The net underwriting result for the three month period ended 30 September 2014, versus the second quarter, improved by SR163,242K, an increase of 93%. The claims ratio of the third quarter was at 74.2%, an improvement versus the second quarter at 82.3% due to seasonality of claims.
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.
Other notes Earnings per share were calculated based on the weighted average number of ordinary shares outstanding

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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Last Price 238.8
Net Change 2.0 (+0.84%)
Value Traded (Sar) 23,445,040.4
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