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Bupa Arabia for Cooperative Insurance announces the annual financial results for the period ending on 31-12-2014
8210
BUPA ARABIA
-0.91 %
1436/05/05
01/05/2016 15:50:59
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat |
301,275
|
147,334
|
104.48
|
| Earning or loss per share, Riyals |
7.57
|
3.71
|
-
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
308,425
|
129,701
|
137.8
|
| Gross written premiums (GWP) |
5,740,449
|
3,177,480
|
80.66
|
| Net written premiums (NWP) |
5,658,642
|
3,097,847
|
82.66
|
| Net incurred claims |
3,649,005
|
2,094,354
|
74.23
|
| Net profit (loss) of policy holders investment |
18,844
|
15,485
|
21.69
|
| Net profit (loss) of shareholders capital investment |
10,804
|
19,989
|
-45.95
|
| Pre operating expenses (first operation year) |
-
|
-
|
-
|
*All figures are in (Thousands) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The improvement in result for the year ended 31 December 2014, as compared with the year ended 31 December 2013, was due mainly to very strong business growth, which included a major account win. This resulted in a much higher net written and net earned premium. The significant improvement in result is also attributable to a lower net claims incurred to net net earned premiums ratio [79.4% for the year 2014 compared with 80.4% for the year 2013] resulting in a significantly higher net underwriting result. The underwriting result was higher by SR435,966K for the year 2014 representing an 85% increase as compared to the previous year. Gross Written Premiums [GWP] increased by SR2,562,969K as compared to the previous year, representing an 81% increase. Operating expenses also increased in line with the business growth, including commissions and levies [which increased by a combined SR97,111K] and other expense increases were due to staff and infrastructure related costs required to support the growth. |
| 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 |
| Other notes | The outstanding claims provision has been calculated in accordance with SAMA's implementing regulations and the income per share has been calculated based on profit before zakat and income tax divided by the weighted average number of ordinary shares outstanding (39,796k shares) |
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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