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Bupa Arabia for Cooperative Insurance announces the interim financial results for the period ending on 30-06-2013 (six months)

8210
BUPA ARABIA
-1.07 %
1434/09/10     18/07/2013 17:06:45
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat
-14,186
5,505
-
-4,016
-253.24
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
-16,619
7,348
-
-17,135
3.01
Gross written premiums (GWP)
875,696
563,867
55.3
824,663
6.19
Net written premiums (NWP)
875,042
563,285
55.35
824,077
6.18
Net incurred claims
507,746
442,399
14.77
461,790
9.95
Net profit (loss) of policy holders investment
2,417
687
251.82
5,228
-53.77
Net profit (loss) of shareholders capital investment
1,576
-919
-
10,290
-84.68
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat
-18,202
7,374
-
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
-34,354
-460
-7,368.26
Gross written premiums (GWP)
1,700,359
1,375,737
23.6
Net written premiums (NWP)
1,699,119
1,374,591
23.61
Net incurred claims
969,536
895,847
8.23
Net profit (loss) of policy holders investment
7,645
5,004
52.78
Net profit (loss) of shareholders capital investment
11,866
5,251
125.98
Earning or loss per share, Riyals
-0.46
0.18
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The decline in result in the second quarter of 2013, versus the first quarter of 2013, was mainly due to increase in operational expenses of insurance operations by SR15,843K, due mainly to business growth, and decrease in net investment income by SR11,525K. The net underwriting result in the second quarter of 2013 improved by SR17,018K, versus the first quarter of 2013, representing an increase of 24%.
Reasons of increase (decrease) for the period compared with same period last year The decline in result for the six months ended 30th June 2013, versus the same period of 2012, was due mainly to an increased year on year bad debt provision expense of SR23,738K. The net underwriting result for the six months ended 30th June 2013 improved by SR11,660K, representing an 8% increase in net underwriting results versus the same period of 2012. Net investment income, for the six months ended 30th June 2013, was SR19,511K, compared to a net investment income of SR10,255K, for the same period of 2012, representing an increase of 90% in net investment income.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decline in result for the three month period ended 30th June 2013, versus the same period of 2012, was due to increased operational expenses, in line with increased business growth and activities, such as levies and BDP expense. The net underwriting result for the three month period ended 30th June 2013, versus the same period of the previous year, was SR86,926K compared to SR86,101K, representing a 1% increase in the net underwriting result.
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 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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BUPA ARABIA
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Last Price 240.0
Net Change -2.6 (-1.07%)
Value Traded (Sar) 33,122,056
Volume Traded 137,563
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