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Bupa Arabia for Cooperative Insurance Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)
8210
BUPA ARABIA
-0.91 %
1438/11/07 30/07/2017 09:36:23
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat |
145,773
|
104,226
|
39.86
|
36,693
|
297.28
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
122,322
|
81,557
|
49.98
|
546
|
22,303.3
|
| Gross written premiums (GWP) |
1,847,778
|
1,827,721
|
1.1
|
2,252,770
|
-17.98
|
| Net written premiums (NWP) |
1,831,638
|
1,816,904
|
0.81
|
2,236,363
|
-18.1
|
| Net incurred claims |
1,522,273
|
1,511,087
|
0.74
|
1,668,992
|
-8.79
|
| Net profit (loss) of policy holders investment |
23,018
|
19,416
|
18.55
|
29,500
|
-21.97
|
| Net profit (loss) of shareholders capital investment |
16,629
|
15,254
|
9.01
|
11,864
|
40.16
|
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat |
182,466
|
176,862
|
3.17 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
122,868
|
154,096
|
-20.27 |
| Gross written premiums (GWP) |
4,100,548
|
4,273,750
|
-4.05 |
| Net written premiums (NWP) |
4,068,001
|
4,251,244
|
-4.31 |
| Net incurred claims |
3,191,265
|
3,115,174
|
2.44 |
| Net profit (loss) of policy holders investment |
52,518
|
31,170
|
68.49 |
| Net profit (loss) of shareholders capital investment |
28,493
|
15,323
|
85.95 |
| Earning or loss per share, Riyals |
2.29
|
2.22
|
- |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | The increase in profits before Zakat and Income Tax for the quarter compared with same quarter last year was mainly due to an increase in net earned premium by SR 45,532K, an increase of 2.4%, which was only partially offset by the increase in net claims incurred for the quarter of SR 1,522,273K compared with SR 1,511,087K for same quarter last year, an increase of 0.7%. Investment income increased in the quarter to reach SR 39,647K, compared with SR 34,670K for the same quarter last year, an increase of 14.3%. Gross Written Premium (GWP) was higher by SR 20,057K in the quarter compared with the same quarter last year, an increase of 1.1%. |
| Reasons of increase (decrease) for the period compared with same period last year | The increase in profits before Zakat and Income Tax for the period compared with same period last year, was mainly due to the increase in investment income by SR 34,518K, an increase of 74.2%, despite the drop in net underlying results. While net earned premium increased by SR 39,600K, an increase of 1.1%, net claims incurred for the period reached SR 3,191,265K compared with SR 3,115,174K for same period last year, an increase of 2.4%. Gross Written Premium (GWP) was lower by SR 173,202K in the period compared with the same period last year, a decrease of 4.1%. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The increase in profits before Zakat and Income Tax for the quarter compared with previous quarter of the current year was mainly due to an increase in net underlying results of 86.6%, despite the increase in operating expenses of 27%, which was mainly driven by charging the current quarter with a bad debt provision of SR 42,422K. |
| 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 SAMA guidance on accounting for zakat and tax. |
| Other notes | Total insurance Operations comprehensive income for the current quarter is SR 15,776K compared to SR 10,098K for the same quarter of the last year, an increase of 56%, and SR 3,196K for the previous quarter of the current year, an increase of 394%. While total Shareholders comprehensive income for the current quarter is SR 144,255K compared to SR 104,226K for the same quarter of the last year, an increase of 38.4%, and SR 37,899K for the previous quarter of the current year, an increase of 281%. Total Insurance Operations comprehensive income for the current period is SR 18,972K compared to SR 18,527K for the same period of the last year, an increase of 2.4%. While total Shareholders comprehensive income for the current period is SR 182,154K compared to SR 176,862K for the same period of last year, an increase of 3%. The earnings per share (EPS) for the current period is SR 2.29 per share versus SR 2.22 per share for the same period last year. The total shareholder equity (no minority interest) at current period is SR 2,045 Million versus SR 1,675 Million for the same period last year, an increase of 22%. |
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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