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Bupa Arabia for Cooperative Insurance Announces the correction in the previous announcement relating to the interim financial results for the period ending on 31-12-2013 (Twelve Months)
Further to the announcement published on Tadawul's website on 21-01-2014 related to Bupa Arabia for Cooperative Insurance announces the interim financial results for the period ending on 31-12-2013 (Twelve Months) where the announcement mention that 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%. while the correction is 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 increase in net earned premiums 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%.
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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