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Bupa Arabia for Cooperative Insurance announces the interim financial results for the period ending on 31-12-2013 (Twelve Months)

8210
BUPA ARABIA
-1.19 %
1435/03/20     21/01/2014 09:17:07
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat
91,530
47,117
94.26
74,006
23.68
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
90,179
47,396
90.27
73,876
22.07
Gross written premiums (GWP)
574,483
351,635
63.37
902,638
-
Net written premiums (NWP)
567,586
351,025
61.69
831,142
-
Net incurred claims
595,644
434,725
37.02
529,174
12.56
Net profit (loss) of policy holders investment
4,210
3,965
6.18
3,630
15.98
Net profit (loss) of shareholders capital investment
4,338
2,630
64.94
3,785
14.61
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat
147,334
134,406
9.62
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
129,701
131,179
-
Gross written premiums (GWP)
3,177,480
2,194,301
44.81
Net written premiums (NWP)
3,097,847
2,191,958
41.33
Net incurred claims
2,094,354
1,701,051
23.12
Net profit (loss) of policy holders investment
15,485
12,635
22.56
Net profit (loss) of shareholders capital investment
19,989
10,068
98.54
Earning or loss per share, Riyals
3.71
3.37
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The improvement in result for the three (3) month period ended 31st December 2013, versus the same period of 2012, was due to a combination of business growth and change in seasonality of claims which resulted in a higher underwriting result. This was partially offset by increased growth related operational expenses, such as staff costs, commissions and levies. Gross Written Premium (GWP) increased by SR222,848K, an increase of 63%, and the net underwriting result for the three month period ended 31st December 2013, versus the same period of 2012, increased by SR60,343K, an increase of 51%.
Reasons of increase (decrease) for the period compared with same period last year The improvement in result for the twelve (12) months ended 31st December 2013, versus the same period of 2012, was due mainly to business growth driving an improved underwriting result and also an increase in investment income. The underwriting result was higher by SR83,127K versus the same period of previous year, representing a 19% increase Net investment income, for the twelve months ended 31st December 2013, was SR35,474K, compared to a net investment income of SR22,703K for the same period of 2012, representing an increase of 56% in net investment income. These improvements were partially offset by growth related operating expenses higher by SR84,493k, mainly commissions, levies and bad debt provision. Gross Written Premium (GWP) increased by SR983,179K, versus the same period of 2012, representing an increase of 45%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The improved result in the fourth quarter of 2013, versus the third quarter of 2013, was mainly due to an increased underwriting result due to an improved claims experience versus the previous quarter. Combined with a reduced quarter on quarter bad debt provision expense of SR16,669K resulted in an improvement of surplus from insurance operations of SR16,883K versus the third quarter of 2013, representing an increase of 22%.
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.
Other notes The outstanding claims provision has been calculated in accordance with SAMA's implementing regulations and the income per share has been calculated based on profit before zakat and income tax divided by the weighted average number of ordinary shares outstanding (39,741k shares)

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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Last Price 165.6
Net Change -2.0 (-1.19%)
Value Traded (Sar) 13,140,207
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