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Bupa Arabia for Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 3,252,782 | 3,469,978 | -6.259 | 1,657,982 | 96.189 |
| Net Written Premiums (NWP) | 3,228,171 | 3,452,414 | -6.495 | 1,629,473 | 98.111 |
| Net Incurred Claims | 2,141,508 | 2,318,131 | -7.619 | 2,421,383 | -11.558 |
| Net Profit (Loss) of Policy Holders Investment | 23,635 | 34,249 | -30.99 | 28,048 | -15.733 |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | 121,254 | 70,905 | 71.009 | 51,691 | 134.574 |
| Net Profit (loss) of Shareholders Capital Investment | 36,241 | 26,556 | 36.47 | 17,200 | 110.703 |
| Net Profit (Loss) before Zakat | 175,419 | 125,657 | 39.601 | 84,887 | 106.65 |
| Total Comprehensive Income | 149,722 | 45,874 | 226.376 | 96,674 | 54.873 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 4,037,199 | 3,095,209 | 30.433 |
| Profit (Loss) per Share | 1.17 | 0.83 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in profits before Zakat and Income Tax for the quarter of SR 49,762K compared with same quarter the previous year was due to the following main reasons: • Increase in underwriting results of SR 82,287K compared with the same quarter in the previous year, an increase of 37.9%. The drop in net earned premiums of SR 174,491K from the same quarter last year, a decrease of 6.5%, was offset by a drop in net claims incurred of SR 176,623K, a decrease of 7.6%. Policy acquisition costs also decreased during the quarter reaching SR 56,668K, a decrease of 58.6% from same quarter last year. The favorable variances in net claims incurred and policy acquisition costs were mainly driven by the Premium Deficiency Reserves (PDR) recognized during 2020. A PDR was established last year to offset the expected surge in claims post Covid-19 lockdown, as well as to partially offset the cost impact of the recently announced enforcement of Article 11 of the Cooperative Health Insurance Law. • Decrease in operating expenses of SR 6,962K compared with the same quarter previous year, a decrease of 4.1%. • Increase in Investment and other income of SR 3,076K compared with the same quarter previous year, an increase of 4.6%. These favorable movements were partially offset with an increase in the provision for doubtful receivables of SR 38,589K, reaching SR 17,018K in the current quarter. Policyholders share of insurance operations’ surplus increased to SR 14,489K, a growth of 37.8% from the same quarter last year. Gross Written Premiums (GWP) dropped by SR 217,196K, a decrease of 6.3% from the same quarter last year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The increase in profits before Zakat and Income Tax for the quarter of SR 90,532K compared with the previous quarter was due to the following main reasons: • Increase in underwriting results of SR 65,059K compared with the previous quarter, an increase of 27.7%. The drop in net earned premiums of SR 167,866K from the previous quarter, a decrease of 6.3%, was offset by the drop in net claims incurred of SR 279,875K, a decrease of 11.6%. The favorable variance in net claims incurred was impacted by the PDR and Incurred But Not Reported Claims (IBNR) movements in the current quarter. • Decrease in operating expenses of SR 48,720K compared with the previous quarter, a decrease of 23%. • Increase in Investment and other income of SR 17,959K compared with the previous quarter, an increase of 34.4%. These favorable movements were partially offset with an increase policy acquisition costs reaching SR 56,668K, an increase of 483.1% from the previous quarter, as well as an increase in the provision for doubtful receivables of SR 34,681K, reaching SR 17,018K in the current quarter. Policyholders share of insurance operations’ surplus increased to reach SR 14,489K in the current quarter versus SR 7,964K in the previous quarter, an increase of 81.9%. Gross Written Premiums (GWP) grew by SR 1,594,800K in the quarter compared with the previous quarter, an increase of 96.2%. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | 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, “Interim Financial Reporting” as endorsed in the Kingdom of Saudi Arabia. And other standards and pronouncement issued by Saudi Organization for Certified Public Accountants (“SOCPA”). |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified and regrouped to conform with the current period’s presentation to these interim financial statements. |
| Additional Information | Refer to Note 22 of the interim consolidated financial statements for further information about the impact of both COVID-19 and Article 11 of the Cooperative Health Insurance Law on the company’s operations and financials, including the recognition of a PDR. Total Insurance Operations Comprehensive Income for the current quarter is SR 10,756K compared to SR (4,928)K for the same quarter of the previous year, an increase of SR 15,684K, and SR 12,925K for the previous quarter, a decrease of 16.8%. Total Shareholders Comprehensive Income for the current quarter is SR 153,455K compared to SR 61,317K for the same quarter of the previous year, an increase of 150.3%, and SR 91,713K for the previous quarter, an increase of 67.3%. The earnings per share (EPS) for the current quarter is SR 1.17 per share versus SR 0.83 per share for the same quarter the previous year by dividing the net income attributed to shareholders after zakat and income tax amount of SR 139,903K over the weighted average number of ordinary outstanding shares of 119,452K for the current quarter and SR 99,735K over 119,346K for the same quarter of the previous year. Total Shareholder Equity (no minority interest) as at end of current quarter is SR 4,037 Million versus SR 3,095 Million as at end of same quarter previous year, an increase of 30.4%. The profits after Zakat and Income Tax for the current quarter reached SR 139,903K compared to SR 99,735K for the same quarter the previous year, an increase of 40.3%, and SR 68,869K for the previous quarter, an increase of 103.1%. |
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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