Bupa Arabia for Cooperative Insurance Co. announces its Annual financial results for the period ending on 2018-12-31

-2.53 %
1440/07/04     11/03/2019 09:42:27

Element ListCurrent YearPrevious Year%Change
Gross written premiums (GWP) 8,566,6487,732,96110.78
Net written premiums (NWP) 8,486,1207,664,61310.718
Net incurred claims 6,788,9856,405,0035.995
Net profit (loss) of policy holders investment 100,37499,6680.708
Profit (Loss) Insurance Operations minus policy holders investments from operations 386,898404,251-4.292
Net profit (loss) of shareholders capital investment 83,77658,57343.028
Net Profit (Loss) before Zakat 525,431500,6144.957
Total Comprehensive Income 496,447498,734-0.458
Total Share Holders Equity (after deducting minority equity) 2,574,3172,321,33710.898
Pre operating expenses (first operation year) ---
Profit (Loss) per Share 4.394.18
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Reason for increase (decrease) in net profit for current year compared to last year Net profit before zakat and income tax for the current year is SR 525,431K versus SR500,614K for the previous year, an increase of 5%, which is mainly attributable to the increase in net underwriting results by SR78,641K. Net earned premiums for the year is SR8,150,242K versus SR7,672,314K for the previous year, an increase of 6.2%, while net claims incurred for the current year is SR6,788,985K versus SR6,405,003K for the previous year, an increase of 6%. The increase in operating costs, including provisions for doubtful accounts, versus last year of SR 95,875K, an increase of 13.8%, this was partially offset by the increase in investment and other income of SR40,386K, versus last year an increase of 25.6%.

Gross written premiums for the current year is SR8,566,648K versus SR7,732,961K for the previous year, an increase of 10.8%, while net written premiums for the current year is SR8,486,120K versus SR7,664,613K for the previous year, an increase of 10.7%. Investment income for the current year is SR184,150K versus SR 158,241K for the previous year, an increase of 16.4%.

The surplus from insurance operations less investment income of policyholders for the current year is SR 386,898K versus SR 404,251K for the previous year, a decrease of 4.3%.

Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation The joint independent auditors report on the annual financial statements states that the financial statements have been prepared in accordance with International Financial Reporting Standards IFRS as modified by the Saudi Arabian Monetary Authority (SAMA) for the accounting of zakat and income tax.
Reclassifications in annual financial results Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.
Additional Information Total comprehensive income for the current year is SR 496,447K versus SR 498,734K for the previous year, a decrease of 0.5%. The Earnings per Share (EPS) for the current year is SR 4.39 versus SR 4.18 for the previous year, which is calculated based on the weighted average number of ordinary shares outstanding during the year. Total shareholders’ equity (no minority interest) in the current year is SR 2,574,317K versus SR 2,321,337K for the previous year, an increase by 10.9%.

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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