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Bupa Arabia for Cooperative Insurance Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

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BUPA ARABIA
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1440/02/30     08/11/2018 17:37:22

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross written premiums (GWP) 2,831,8812,522,62512.2592,019,61140.219
Net written premiums (NWP) 2,814,2682,496,97512.7071,992,47541.244
Net incurred claims 1,632,2401,475,33910.6341,537,7336.145
Net profit (loss) of policy holders investment 24,20622,0289.88722,1269.4
Profit (Loss) Insurance Operations minus policy holders investments from operations 223,250207,3647.66146,74152.138
Net profit (loss) of shareholders capital investment 19,61913,00450.86823,200-15.435
Net Profit (Loss) before Zakat 244,780216,98112.811178,86336.853
Total Comprehensive Income 265,446238,87611.122187,12141.857
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross written premiums (GWP) 7,340,6496,623,17310.832
Net written premiums (NWP) 7,279,2366,564,97610.879
Net incurred claims 4,897,8114,666,6044.954
Net profit (loss) of policy holders investment 69,26674,546-7.082
Profit (Loss) Insurance Operations minus policy holders investments from operations 338,534330,2322.513
Net profit (loss) of shareholders capital investment 63,60941,49753.285
Net Profit (Loss) before Zakat 432,991399,4478.397
Total Comprehensive Income 454,951440,0023.397
Total Share Holders Equity (after deducting minority equity) 2,517,4662,242,39912.266
Profit (Loss) per Share 5.435.01
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The increase in profits before Zakat and Income Tax for the quarter of SR 27,799K compared with same quarter last year was mainly due to the increase in Investment and other income, which reached SR 48,294K compared with SR 34,623K for the same quarter last year, an increase of 39.5%, while operating expenses, including provision for doubtful receivables, decreased by SR 14,169K compared with the same quarter last year, a decrease of 5.5%. Net earned premium increased by SR 158,667K, an increase of 8.2%, while net claims incurred for the quarter reached SR 1,632,240K compared with SR 1,475,339K for same quarter last year, an increase of 10.6%. Gross Written Premium (GWP) increased by SR 309,256K in the quarter compared with the same quarter last year, an increase of 12.3%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The increase in profits before Zakat and Income Tax for the quarter of SR 65,917K compared with previous quarter of the current year was mainly due to an increase in net underlying results of 9.5%, while operating expenses, including provision for doubtful receivables, for the quarter decreased by SR 40,782K compared with previous quarter of the current year, a decrease of 17.0%.
Reason for increase (decrease) in net profit for current period compared to the previous year similar period The increase in profits before Zakat and Income Tax for the period of SR 33,544K compared with same period last year was mainly driven by the increase in net earned premium by SR 284,655K, an increase of 5.0%, which was partially offset by the increase of net claims incurred for the period which reached SR 4,897,811K compared with SR 4,666,604K for same period last year, an increase of 4.9%. Investment and other income also increased in the period to reach SR 142,417K compared with SR 115,634K for the same period last year, an increase of 23.2%, while operating expenses for the period, including provision for doubtful receivables, increased by SR 46,385K compared with same period last year, an increase of 6.3%. Gross Written Premium (GWP) increased by SR 717,476K for the period compared with the same period last year, an increase of 10.8%.
Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation The external auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 and SAMA guidance on accounting for zakat and tax.
Additional Information Total Insurance Operations Comprehensive Income for the current quarter is SR 26,078K compared to SR 23,337K for the same quarter of the last year, an increase of 11.8%, and SR 12,605K for the previous quarter of the current year, an increase of 106.9%. Total Shareholders Comprehensive Income for the current quarter is SR 239,368K compared to SR 215,539K for the same quarter of the last year, an increase of 11.1%, and SR 174,516K for the previous quarter of the current year, an increase of 37.2%. Total Insurance Operations Comprehensive Income for the current period is SR 34,008K compared to SR 42,309K for the same period of the last year, a decrease of 19.6%. Total Shareholders Comprehensive Income for the current period is SR 420,943K compared to SR 397,693K for the same period of last year, an increase of 5.8%. The earnings per share (EPS) for the current period are SR 5.4 per share versus SR 5.0 per share for the same period last year. Total Shareholder Equity (no minority interest) as at end of current period is SR 2,517 Million versus SR 2,242 Million as at end of same period last year, an increase of 12.3%.

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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