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Bupa Arabia for Cooperative Insurance announces its annual financial results for the year ended 31/12/2012
Bupa Arabia for Cooperative Insurance announces its annual financial results for the year ended 31/12/2012, as detailed below:
1.Net income, before Zakat and income taxes, for the year was SR134,406K compared to a net income, before Zakat and income taxes, of SR42,244K for the previous year, representing a 218% increase.
2. Net income per share, before Zakat and income taxes, for the year was SR3.37 compared to a net income per share, before Zakat and income taxes, of SR1.06 for the previous year.
3. The surplus from insurance operations, before policyholders investment income, for the year, was SR131,179K compared to a SR52,563K surplus for the previous year, representing a 150% increase.
4.Gross written premiums for the year were SR2,194,301K compared to SR1,993,251K for the previous year, representing a 10% increase. Net written premiums for the year were SR2,191,958K compared to SR1,990,549K for the previous year, representing a 10% increase.
5.The costs for net claims incurred for the year were SR1,701,051K compared to SR1,551,030K for the previous year, representing a 10% increase.
6. Net investment income from insurance operations for the year was SR12,635K compared to net investment income of SR2,341K for the previous year, representing a 440% increase. Net investment income of shareholders for the year was SR10,068K compared to a net investment loss of SR254K for the previous year.
7. The improvement in result for the year, versus the previous year, was mainly due 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. Net investment income, for the year was SR22,703K, compared to a net investment income of SR2,087K, for the previous year, representing an increase of 988%.
8. 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.
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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