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Bupa Arabia for Cooperative Insurance announces the annual financial results for the period ending on 31-12-2013
8210
BUPA ARABIA
-1.63 %
1435/04/20
20/02/2014 08:07:31
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) before Zakat |
147,334
|
134,406
|
9.62
|
| Earning or loss per share, Riyals |
3.71
|
3.37
|
-
|
| Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) |
129,701
|
131,179
|
-1.13
|
| 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
|
| Pre operating expenses (first operation year) |
-
|
-
|
-
|
*All figures are in (Thousands) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The improvement in result for the year, versus the previous year, 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 previous year, representing a 19% increase. Net investment income, for the year ended 31st December 2013, was SR35,474K, compared to a net investment income of SR22,703K for the previous year, representing a 56% increase. 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 previous year, representing a 45% increase. |
| External auditor's report containing reservation | The joint independent auditors report on the annual financial statements mentions that the financial statements have been prepared in accordance with International Financial Reporting Standards and not in accordance with the accounting standards generally accepted in the Kingdom of Saudi Arabia. However the company assures that there are no significant differences in the results contained within the financial statements due to using International Financial Reporting 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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