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Bupa Arabia for Cooperative Insurance announces its interim financial results for the period ended 31/12/2012 (Twelve months) (Continue 2)
15. The improved result for the twelve months ended 31st December 2012, versus the same period of the previous year, was due mainly to a reduced year on year bad debt provision movement, of SR53,500K and an improved net underwriting result of SR50,378K, representing a 13% increase in net underwriting results. Net investment income, for the twelve months ended 31st December 2012, was SR22,703K, compared to a net investment income of SR2,087K, for the same period of the previous year, representing an increase of 988% in net investment income.
16. The decline in result in the fourth quarter of 2012, versus the third quarter of 2012, was mainly due to a decrease in net underwriting result of SR43,535K, representing a decrease of 27%, due to the higher claims of the fourth quarter versus the third quarter summer period
17. 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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