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Bupa Arabia for Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

8210
BUPA ARABIA
-2.53 %
1439/08/24     10/05/2018 15:50:59
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat
9,348
36,693
-74.52
101,167
-90.76
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results)
-31,457
546
-
74,019
-
Gross written premiums (GWP)
2,489,157
2,252,770
10.49
1,109,788
124.29
Net written premiums (NWP)
2,472,493
2,236,363
10.56
1,099,637
124.85
Net incurred claims
1,727,838
1,668,992
3.53
1,738,399
-0.61
Net profit (loss) of policy holders investment
22,934
29,500
-22.26
25,122
-8.71
Net profit (loss) of shareholders capital investment
20,790
11,864
75.24
17,076
21.75
Earning or loss per share, Riyals
0.12
0.46
-
-
-
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The decrease in net profit before zakat and income tax for the period compared with the same period last year was mainly driven by the increase in operating expenses. Net claims incurred increased to reach SR 1,727,838K compared with SR 1,668,992K for the same period last year, an increase of SR 58,846K which represents an increase of 3.5%. This was offset by an increase in net earned premium during the period of SR 61,673K compared with the same period last year, an increase of 3.3%. Investment income increased during the period to reach SR 43,724K, compared with SR 41,364K for the same period last year, an increase of 5.7%. Gross written premium increased during the period to reach SR 2,489,157K compared with SR 2,252,770K for the same period last year, an increase of 10.5%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decrease in net profit before zakat and income tax for the period compared with the previous period was driven by the increase in the allowance for doubtful receivables due to collection seasonality, and the increase in other operating expenses.
External auditor's report containing reservation The joint auditors interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 as modified by SAMA for the accounting of zakat and income tax.
Other notes Total Insurance Operations Comprehensive Income for the current period is SR (13,198)K compared to SR 3,196K for the same period last year, a decrease of 513%, and SR 8,796K for the previous period, a decrease of 250%. Total Shareholders Comprehensive Income for the current period is SR 15,582K compared to SR 37,899K for the same period last year, a decrease of 59%, and SR 101,041K for the previous period, a decrease of 84.6%. The Earnings per Share (EPS) for the current period is SR 0.12 per share versus SR 0.46 per share for the same period last year. Total Shareholders Equity (no minority interest) in the current period is SR 2,307 Million versus SR 2,049 Million for the same period last year, an increase of 12.6%. During the current period, SAMA issued illustrative financial statements for the insurance sector in the Kingdom of Saudi Arabia. Following the illustrative financial statements, this is the first period where the Company issued its interim condensed financial statements combining shareholders and insurance operations.

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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BUPA ARABIA
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Key Parameters
Last Price 239.2
Net Change -6.2 (-2.53%)
Value Traded (Sar) 46,769,901
Volume Traded 192,644
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