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Bupa Arabia for Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 3,076,443 | 2,831,881 | 8.636 | 2,438,802 | 26.145 |
| Net Written Premiums (NWP) | 3,056,112 | 2,814,268 | 8.593 | 2,408,353 | 26.896 |
| Net Incurred Claims | 1,860,475 | 1,632,240 | 13.982 | 1,782,015 | 4.402 |
| Net Profit (Loss) of Policy Holders Investment | 33,307 | 24,206 | 37.598 | 33,685 | -1.122 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 222,431 | 223,250 | -0.366 | 170,648 | 30.344 |
| Net Profit (loss) of Shareholders Capital Investment | 26,744 | 19,619 | 36.316 | 28,031 | -4.591 |
| Net Profit (Loss) before Zakat | 260,404 | 244,780 | 6.382 | 216,074 | 20.516 |
| Total Comprehensive Income | 234,997 | 222,345 | 5.69 | 198,334 | 18.485 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 8,420,692 | 7,340,649 | 14.713 |
| Net Written Premiums (NWP) | 8,349,244 | 7,279,236 | 14.699 |
| Net Incurred Claims | 5,553,512 | 4,897,811 | 13.387 |
| Net Profit (Loss) of Policy Holders Investment | 100,680 | 69,266 | 45.352 |
| Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 432,787 | 338,534 | 27.841 |
| Net Profit (loss) of Shareholders Capital Investment | 77,914 | 63,609 | 22.488 |
| Net Profit (Loss) before Zakat | 570,601 | 432,991 | 31.781 |
| Total Comprehensive Income | 539,141 | 351,775 | 53.263 |
| Total Share Holders Equity (after Deducting Minority Equity) | 2,924,711 | 2,517,466 | 16.176 |
| Profit (Loss) per Share | 4.08 | 3.1 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The increase in profits before Zakat and Income Tax for the quarter of SR 15,624K compared with same quarter last year was due to the following main reasons: • Increase in underwriting results of SR 26,389K compared with the same quarter last year, an increase of 6.3%. • Increase in Investment and other income of SR 16,303K compared with the same quarter last year, an increase of 33.8%. These favorable movements were partially offset with an increase in the provision for doubtful receivables of SR 13,331K compared with the same quarter last year, an increase of 325.3% and an increase in operating expenses of SR 12,909K compared with the same quarter last year, an increase of 6.6%. Policyholders’ share of insurance operations’ surplus also increased to reach SR 25,574K in the current quarter versus SR 24,746K in the same quarter last year. Net earned premiums increased by SR 265,611K compared with the same quarter last year, an increase of 12.7%, while net claims incurred increased by SR 228,235K compared with the same quarter last year, an increase of 13.9%. Gross Written Premiums (GWP) increased by SR 244,562K in the quarter compared with the same quarter last year, an increase of 8.6%. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The increase in profits before Zakat and Income Tax for the quarter of SR 44,330K compared with previous quarter was mainly due to a decrease in the provision for doubtful receivables of SR 66,661K compared with the previous quarter, a decrease of 79.3%. This favorable variance was offset by the following: • Increase in operating expenses of 6.1%, reaching SR 207,573K in the current quarter. • Increase in policyholders’ share of insurance operations’ surplus of 25.2%, reaching SR 25,574K in the current quarter. • Decrease in net underwriting results of 0.6%, reaching SR 446,383K in the current quarter. • Decrease in investment and other income of 3.5%, reaching SR 64,597K in the current quarter. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The increase in profits before Zakat and Income Tax for the period of SR 137,610K compared with same period last year was due to the following main reasons: • Increase in underwriting results of SR 154,136K compared with the same period last year, an increase of 15.9%. • Increase in Investment and other income of SR 51,723K compared with the same period last year, an increase of 36.3%. • Decrease in the provision for doubtful receivables of SR 3,293K compared with the same period last year, a decrease of 3.5%. These favorable movements were partially offset with an increase in operating expenses of SR 58,975K compared with the same period last year, an increase of 10.8%. Policyholders’ share of insurance operations’ surplus also increased to reach SR 53,347K in the current period versus SR 40,780K in the same period last year. Net earned premiums increased by SR 835,908K compared with the same period last year, an increase of 13.9%, while net claims incurred increased by SR 655,701K compared with the same period last year, an increase of 13.4%. Gross Written Premiums (GWP) increased by SR 1,080,043K in the period compared with the same period last year, an increase of 14.7%. |
| Basis of the External Auditor's Opinion | 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. |
| Reclassification of Comparison Items | On 23 July 2019, SAMA instructed insurance companies in the Kingdom of Saudi Arabia to account for zakat and income taxes in the statement of income. This aligns with IFRSs adopted in the Kingdom of Saudi Arabia and other pronouncements and standards endorsed by Saudi Organization of Certified Public Accountants (“SOCPA”). Accordingly, the Company changed its accounting treatment for zakat and income tax by retrospectively adjusting the impact in line with International Accounting Standard 8 “Accounting Policies, Changes in Accounting Estimates and Errors”. The change has resulted in an increase of reported income of the Company for the period ended 30 September 2018 by SR 2.9 million. This reclassification has also resulted in recognizing a Deferred Tax Asset (DTA) as of 30 September 2019 for an amount of SR 33,982K compared to SR 25,552K recognized as of 31 December 2018. No other impact on the statement of cash flows, statement of financial position and statement of income. |
| Additional Information | Total Insurance Operations Comprehensive Income for the current quarter is SR 4,781K compared to SR 1,332K for the same quarter of the last year, an increase of 258.9%, and SR 7,978K for the previous quarter, a decrease of 40.1%. Total Shareholders Comprehensive Income for the current quarter is SR 230,216K compared to SR 221,013K for the same quarter of the last year, an increase of 4.2%, and SR 190,356K for the previous quarter, an increase of 20.9%. The earnings per share (EPS) for the current quarter are SR 1.89 per share versus SR 1.89 per share for the same quarter last year. Total Shareholder Equity (no minority interest) as at end of current period is SR 2,925 Million versus SR 2,517 Million as at end of same quarter last year, an increase of 16.2%. The profits after Zakat and Income Tax for the current quarter reached SR 226,583K compared to SR 226,425K for the same quarter of last year, an increase of 0.1%. The profits after Zakat and Income Tax for the current period reached SR 488,142K compared to SR 370,595K for the same period of last year, an increase of 31.7%. |
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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