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Bupa Arabia for Cooperative Insurance Co. announces its Interim Consolidated Financial Results for the period ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 4,409,764 | 4,374,058 | 0.816 | 4,612,850 | -4.402 |
| Result of Insurance Services | 389,808 | 338,479 | 15.164 | -19,702 | - |
| Net Profit (Loss) of The Insurance Results | 351,186 | 321,601 | 9.199 | -44,617 | - |
| Net Profit (Loss) of The Investment Results | 186,217 | 158,144 | 17.751 | 157,686 | 18.093 |
| Net Insurance Financing Expenses | - | - | - | - | - |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 380,232 | 359,423 | 5.789 | 45,693 | 732.144 |
| Total Comprehensive Income | 451,133 | 300,343 | 50.205 | -101,659 | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 5,568,564 | 4,996,918 | 11.439 |
| Profit (Loss) per Share | 2.55 | 2.4 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance revenue for the current quarter amounted to SR 4,409,764K, compared to SR 4,374,058K during the similar quarter of the previous year, an increase of 0.82%, which was principally driven by marginal improvement in business performance. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Profit before zakat and income tax attributable to shareholders for the current quarter amounted to SR 443,698K, compared to SR 416,123K during the similar quarter of the previous year, an increase of 6.63%. Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 380,232K, compared to SR 359,423K during the similar quarter of the previous year, an increase of 5.79%, which was due to the following main reasons: • Insurance service result for the current quarter amounted to SR 389,808K, compared to SR 338,479K during the similar quarter of the previous year, an increase of 15.16%, which was principally driven by improvements in claims management and seasonal trends in claims utilization, mainly shift of Ramadan season, partially offset by recognition of loss component in Q1 2025. • Net insurance service result for the current quarter amounted to SR 351,186K, compared to SR 321,601K during the similar quarter of the previous year, an increase of 9.20%, which was principally driven by improvements in claims management and seasonal trends in claims utilization, mainly shift of Ramadan season, partially offset by recognition of loss component in Q1 2025. • Net investment results for the current quarter amounted to SR 186,217K, compared to SR 158,144K during the similar quarter of the previous year, an increase of 17.75%. • Net other revenue for the current quarter amounted to SR 12,715K, compared to SR 12,109K during the similar quarter of the previous year, an increase of 5%. These favorable movements were partially offset by the following: • Other operating expenses for the current quarter amounted to SR 106,420K compared to SR 75,731K during the similar quarter of the previous year, an increase of 40.52%, which mainly reflected ongoing investments of operation infrastructure, and internal capabilities along with non-recurring other income in prior year. Total comprehensive income for the current quarter amounted to SR 451,133K compared to SR 300,343K during the similar quarter of the previous year, an increase of 50.21%. Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 6,440,958K compared to SR 7,249,442K during the similar quarter of the previous year, a decrease of 11.15%. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenue for the current quarter amounted to SR 4,409,764K, compared to SR 4,612,850K during the previous quarter, a decrease of 4.40%, which was principally driven by marginal decline in business performance. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | Profit before zakat and income tax attributable to shareholders for the current quarter amounted to SR 443,698K, compared to SR 70,311K during the previous quarter, an increase of 531.05%. Net profit after zakat and income tax attributable to shareholders for the current quarter amounted to SR 380,232K, compared to SR 45,693K during the previous quarter, an increase of 732.14%, which was due to the following main reasons: • Insurance service result for the current quarter amounted to SR 389,808K, compared to losses of SR 19,702K during the previous quarter, an increase of 2,078.52%, which was principally driven by seasonal trends in claims utilization. • Net insurance service result for the current quarter amounted to SR 351,186K, compared to losses of SR 44,617K during the previous quarter, an increase of 887.11%, which was principally driven by seasonal trends in claims utilization. • Net investment results for the current quarter amounted to SR 186,217K, compared to SR 157,686K during the previous quarter, an increase of 18.09%. • Net other revenue for the current quarter amounted to SR 12,715K, compared to SR 12,403K during the previous quarter, an increase of 2.52%. These favorable movements were partially offset by the following: • Other operating expenses for the current quarter amounted to SR 106,420K compared to SR 55,161K during the previous quarter, an increase of 92.93%, which is principally driven by operating expenses seasonality. Total comprehensive income for the current quarter amounted to SR 451,133K compared to losses of SR 101,659K during the previous quarter, an increase of 543.77%. Moreover, Gross Written Premiums (GWP) for the current quarter amounted to SR 6,440,958K compared to SR 3,346,539K during the previous quarter, an increase of 92.47%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | No reclassification |
| Additional Information | Loss component recognized in Q1 2025 is a result of two main factors: seasonality and refreshing our methodology to assess loss component in a more granular level. The earnings per share (EPS) for the current quarter is SR 2.55 per share versus SR 2.40 per share for the similar quarter of the previous year which is calculated by dividing the net income attributed to the shareholders after zakat and income tax of SR 380,232K over the weighted average number of ordinary outstanding shares of 149,339K for the current quarter and SR 359,423K over 149,793K shares for the similar quarter of the previous year. Total Shareholders’ Equity (no minority interest) as at end of the current quarter is SR 5,568,564K versus SR 4,996,918K compared to the similar quarter of the previous year, an increase of 11.44%. Total Equity as at end of the current quarter is SR 5,579,639K versus SR 4,985,673K compared to the similar quarter of the previous year, an increase of 11.91%. |
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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