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Bupa Arabia for Cooperative Insurance announces the interim financial results for the period ending on 30-09-2013 (Nine Months)
8210
BUPA ARABIA
-0.91 %
1434/12/23 01/05/2016 17:17:55
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat |
74,006
|
79,915
|
-7.39
|
-14,186
|
-
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
73,876
|
84,243
|
-12.31
|
-16,619
|
-
|
| Gross written premiums (GWP) |
902,638
|
466,929
|
93.31
|
875,696
|
3.08
|
| Net written premiums (NWP) |
831,142
|
466,342
|
78.23
|
875,042
|
-5.02
|
| Net incurred claims |
529,174
|
370,479
|
42.84
|
507,746
|
4.22
|
| Net profit (loss) of policy holders investment |
3,630
|
3,666
|
-0.98
|
2,417
|
50.19
|
| Net profit (loss) of shareholders capital investment |
3,785
|
2,187
|
73.07
|
1,576
|
140.16
|
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat |
55,804
|
87,289
|
-36.07 |
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
39,522
|
83,783
|
-52.83 |
| Gross written premiums (GWP) |
2,602,997
|
1,842,666
|
41.26 |
| Net written premiums (NWP) |
2,530,261
|
1,840,933
|
37.44 |
| Net incurred claims |
1,498,710
|
1,266,326
|
18.35 |
| Net profit (loss) of policy holders investment |
11,275
|
8,670
|
30.05 |
| Net profit (loss) of shareholders capital investment |
15,651
|
7,438
|
110.42 |
| Earning or loss per share, Riyals |
1.4
|
2.19
|
- |
| 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 for the three month period ended 30th September 2013, versus the same period of 2012, was due to increased operational expenses driven mainly by growth related costs, such as Bad Debt Provision (BDP) expense and commissions. Gross Written Premium (GWP) increased by SR435,709K, an increase of 93%, and the net underwriting result for the three month period ended 30th September 2013, versus the same period of 2012, improved by SR11,124K, an increase of 7%. |
| Reasons of increase (decrease) for the period compared with same period last year | The decline in result for the nine months ended 30th September 2013, versus the same period of 2012, was due mainly to an increased year on year BDP expense movement of SR31,904K and the growth related costs of commissions. Gross Written Premium (GWP) increased by SR760,331K, an increase of 29%, and the net underwriting result for the nine months ended 30th September 2013 improved by SR22,784K, representing a 7% increase, versus the same period of 2012. Net investment income, for the nine months ended 30th September 2013, was SR26,926K, compared to a net investment income of SR16,108K, for the same period of 2012, representing an increase of 67% in net investment income |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The improved result in the third quarter of 2013, versus the second quarter of 2013, was mainly due to the seasonality of claims. This resulted in an improvement in the net underwriting result in the third quarter of 2013, versus the second quarter of 2013, of SR86,867K, an increase of 100%. |
| 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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