Bupa Arabia for Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2021-12-31

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 11,382,19410,447,3538.948
Net Written Premiums (NWP) 11,296,11210,382,1118.803
Net Incurred Claims 9,046,5698,719,9283.745
Net Profit (Loss) of Policy Holders Investment 84,843121,788-30.335
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) 498,626679,622-26.631
Net Profit (loss) of Shareholders Capital Investment 175,59491,50791.891
Net Profit (Loss) before Zakat 730,701823,669-11.287
Total Comprehensive Income 679,807843,795-19.434
Total Share Holders Equity (after Deducting Minority Equity) 4,186,0493,878,7957.921
Perpetrating Expenses (First Operation Year) ---
Profit (Loss) per Share 5.235.83
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The decrease in profits before Zakat and Income Tax for the year of SR 92,968K compared with the previous year was due to the following main reasons:

• Decrease in underwriting results of SR 156,101K compared with last year, a decrease of 11.3%. Net earned premiums decreased by SR 116,767K in the current year compared with the last year, a decrease of 1.1%, while net claims incurred increase by SR 326,641K compared with last year, an increase of 3.8%, as a result of the rebound in deferred claims from the abnormal low levels witnessed during the COVID-19 lockdown period of the previous year.

• Operating expenses also increased by 3.2% compared with last year, reaching SR 714,240K.

These unfavorable movements were partially offset with the below movements:

• Decrease in policy acquisition costs expensed during the year reaching SR 343,427K compared with last year, a decrease of 45.6%. The Premium Deficiency Reserve (PDR), which was established in 2020, required the write-off of certain deferred acquisition costs. This was to offset the expected surge in claims post COVID-19 lockdown and to reserve for the impact of the enforcement of Article 11 of the Cooperative Health Insurance Law.

• Decrease in the provision for doubtful receivables of SR 6,312K compared to last year, a decrease of 21.9%, primarily driven by the record collection performance achieved in 2021.

• Increase in investment and other income of SR 57,250K compared to last year, an increase of 23.8%.

• Decrease in Policyholders’ share of insurance operations’ surplus to reach SR 58,347K in the current year versus SR 80,141K in last year, a decrease of 27.2%.

Gross Written Premiums (GWP) increased by SR 934,841K in the current year compared with last year, an increase of 9%.

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 joint independent auditors report on the annual financial statements states that the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRSs”) that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by Saudi organization for Certified Public Accountants (‘SOCPA”) (referred to as “IFRS as endorsed in KSA”).
Reclassification of Comparison Items Certain of the prior year amounts have been reclassified to conform to the presentation in the current year. These changes were made for better presentation of balances and transactions in the Annual financial statements of the Company.
Additional Information Refer to Note 38 of the Annual 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 movements of a PDR.

Total Insurance Operations Comprehensive Income for the current year is SR 43,264K compared to SR 91,695K for the last year, a decrease of 52.8%. Total Shareholders Comprehensive Income for the current year is SR 694,890K compared to SR 832,241K for the last year, a decrease of 16.5%.

The earnings per share (EPS) for the current year is SR 5.23 per share versus SR 5.83 per share for the last year by dividing the net income attributed to shareholders after zakat and income tax amount of SR 625,570K over the weighted average number of ordinary outstanding shares of 119,558K for the current year and SR 696,128K over 119,421K for the last year.

Total Shareholder Equity (no minority interest) as at end of current year is SR 4,186 Million versus SR 3,879 Million as at end of last year, an increase of 7.9%.

The profits after Zakat and Income Tax for the current year reached SR 625,570K compared to SR 696,128K for the last year, a decrease of 10.1%.

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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