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Bupa Arabia for Cooperative Insurance announces its interim financial results for the period ended 31/03/2013 (Three months) (To be continued)
6. Net investment income from insurance operations for the first quarter in 2013 was SR5,228K compared to a net investment income of SR4,317K for the first quarter in 2012, representing a 21% increase. Net investment income of shareholders for the first quarter in 2013 was SR10,290K compared to a net investment income of SR6,170K for the first quarter in 2012, representing a 67% increase.
7. Net loss per share for the three months ended 31st March 2013 was SR0.10 compared to a net income per share of SR0.05 for the same period in 2012.
8. The net loss in the results for the first quarter ended 31st March 2013, versus the net income of the same period of the previous year, were mainly due to adverse year on year movement in the bad debt provision of SR17,625K. The net underwriting result for the three month period ended 31st March 2013, versus the same period of the previous year, was SR69,908K compared to SR59,073K, an increase of SR10,835K and representing an 18% increase.
9. The net loss in the first quarter of 2013, versus net income in the fourth quarter of 2012, was due mainly to the seasonality of claims resulting in a decrease in net underwriting result of SR49,226K, representing a decrease of 41%. There was also an increase in Selling and Marketing expenses due to the higher levies of the first quarter of 2013, versus the fourth quarter of 2012, due to the higher written premiums in the first quarter.
10. 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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