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Bupa Arabia for Cooperative Insurance announces the interim financial results for the period ending on 31-03-2014 (three months)
8210
BUPA ARABIA
-0.91 %
1435/06/16 01/05/2016 09:03:07
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) before Zakat |
-20,788
|
-4,016
|
-417.63
|
91,530
|
-
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
-27,166
|
-17,735
|
-53.18
|
90,179
|
-
|
| Gross written premiums (GWP) |
1,421,257
|
824,663
|
72.34
|
574,483
|
147.4
|
| Net written premiums (NWP) |
1,419,977
|
824,077
|
72.31
|
567,586
|
150.18
|
| Net incurred claims |
767,053
|
461,790
|
66.1
|
595,644
|
28.78
|
| Net profit (loss) of policy holders investment |
4,323
|
5,228
|
-17.31
|
4,210
|
2.68
|
| Net profit (loss) of shareholders capital investment |
3,299
|
10,290
|
-67.94
|
4,338
|
-23.95
|
| Earning or loss per share, Riyals |
-0.52
|
-0.1
|
-
|
-
|
-
|
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for the quarter compared with same quarter last year | The increased loss for the three (3) month period ended 31st March 2014, versus the same period of 2013, was mainly due to an increase in Selling & Marketing expenses driven by growth (commissions and levies increased by a combined SR24,008K and bad debt provision expense was adverse by SR7,383K). The remaining operating expense increase was due to staff and infrastructure related costs to support the growth. Total investment income for the period decreased by SR7,896K. Gross Written Premium (GWP) for the three month period ended 31st March 2014, versus the same period of 2013, increased by SR596,594K, an increase of 72%, and the net underwriting result increased by SR44,005K, an increase of 63%. The main driver of the increase in net underwriting result was the increase in net earned premiums of SR349,268K, due to business growth, representing an increase of 66% versus the same period of 2013. |
| Reasons of increase (decrease) for the quarter compared with the previous quarter | The loss in the first quarter of 2014, versus the profit in the fourth quarter of 2013, was due mainly to the higher claims in the first quarter of 2014 (seasonality) which resulted in a decrease in net underwriting result of SR65,564K, a 37% decrease. There was also an increase in Selling & Marketing expenses driven by growth (commissions and levies increased by a combined SR20,628K and bad debt provision expense was adverse quarter on quarter by SR18,366K). The remaining operating expense increase was due to staff and infrastructure related costs to support the growth.Gross written premiums (GWP) were higher by SR846,774K in the first quarter of 2014, versus the fourth quarter of 2013, an increase of 147%, and net earned premiums higher by SR105,845K, an increase of 14%. |
| 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 basic and diluted loss per share of SR0.52 per share is calculated as the net loss for the period of SR20,788K divided by the weighted average number of ordinary shares outsanding 39,720 (in thousands). |
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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