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Bupa Arabia for Cooperative Insurance announces its interim financial results for the period ended 31/12/2012 (Twelve months)
Bupa Arabia for Cooperative Insurance announces its interim financial results for the twelve month period ended 31/12/2012, as detailed below:
1. Net income, before Zakat and income taxes, for the fourth quarter in 2012 was SR47,117K compared to a net income, before Zakat and income taxes, of SR28,351K for the fourth quarter in 2011, representing an increase of 66%, and compared to a net income before Zakat and income taxes, of SR79,915K for the third quarter in 2012, representing a decrease of 41%.
2. Net income, after Zakat and income taxes, for the fourth quarter in 2012 was SR48,117K compared to a net income, after Zakat and income taxes, of SR24,244K for the fourth quarter in 2011, representing an increase of 99%, and compared to a net income after Zakat and income taxes, of SR74,257K for the third quarter in 2012, representing a reduction of 35%.
3. The surplus from insurance operations, before policyholders investment income, for the fourth quarter in 2012 was SR47,396K, compared to surplus of SR32,290K for the fourth quarter in 2011, representing an increase of 47%.
4. Gross written premiums for the fourth quarter in 2012 were SR351,635K compared to SR306,862K for the fourth quarter in 2011, representing a 15% increase. Net written premiums for the fourth quarter in 2012 were SR351,025K compared to SR306,159K for the fourth quarter in 2011, representing a 15% increase.
5. The costs for net claims incurred for the fourth quarter in 2012 were SR434,725K compared to SR423,850K for the fourth quarter in 2011, representing a 3% increase.
6. Net investment income from insurance operations for the fourth quarter in 2012 was SR3,965K compared to a net investment income of SR2,437K for the fourth quarter in 2011, representing a 63% increase. Net investment income of shareholders for the fourth quarter in 2012 was SR2,630K compared to a net investment income of SR2,057K for the fourth quarter in 2011, representing a 28% increase.
7. Net income, before Zakat and income taxes, for the twelve months ended 31st December 2012 was SR134,406K compared to a net income of SR42,244K for the same period in 2011, representing an increase of 218%.
8. Net income after Zakat and income taxes, for the twelve months ended 31st December 2012 was SR113,856K compared to a net income of SR29,642K after Zakat and income taxes, for the same period in 2011, representing an increase of 284%.
(To be continued 1)
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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