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Bupa Arabia for Cooperative Insurance Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 101,167 193,489 -47.71 216,981 -53.38
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 74,019 149,218 -50.4 207,364 -64.3
Gross written premiums (GWP) 1,109,788 1,086,223 2.17 2,522,625 -56.01
Net written premiums (NWP) 1,099,637 1,052,569 4.47 2,496,975 -55.96
Net incurred claims 1,738,399 1,664,622 4.43 1,475,339 17.83
Net profit (loss) of policy holders investment 25,122 29,264 -14.15 22,028 14.05
Net profit (loss) of shareholders capital investment 17,076 33,490 -49.01 13,004 31.31
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) before Zakat 500,614 630,705 -20.63
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 404,251 573,761 -29.54
Gross written premiums (GWP) 7,732,961 7,938,630 -2.59
Net written premiums (NWP) 7,664,613 7,871,171 -2.62
Net incurred claims 6,405,003 6,178,445 3.67
Net profit (loss) of policy holders investment 99,668 80,188 24.29
Net profit (loss) of shareholders capital investment 58,573 50,237 16.59
Earning or loss per share, Riyals 6.27 7.9 -
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 quarter compared with the same quarter last year was mainly due to the decrease in underwriting results by SR 106,638K. The decrease was driven by an increase in the net claims incurred for the quarter which totaled SR 1,738,399K compared with SR 1,664,622K for the same quarter last year, an increase of 4.4%, and the decrease in net earned premium by SR 32,861K, a decrease of 1.7%. The investment income in the quarter decreased to reach SR 42,198K, compared with SR 62,754K for the same quarter last year, a decrease of 32.8%. Gross Written Premium (GWP) was higher by SR 23,565K in the quarter compared with the same quarter last year, an increase of 2.2%.
Reasons of increase (decrease) for the period compared with same period last year The decrease in net profit before Zakat and Income Tax for the period compared with the same period last year was due to the drop in net underwriting results by SR 221,560K. The drop was mainly driven by the increase in the net claims incurred which totaled SR 6,405,003K compared with SR 6,178,445K for the same period last year, an increase of 3.7%; with only a small increase in net earned premium by SR 4,998K, an increase of 0.1%. Investment income increased by SR 27,816K, an increase of 21.3%. Gross Written Premium (GWP) was lower by SR 205,669K in the period compared with the same period last year, a decrease of 2.6%.
Reasons of increase (decrease) for the quarter compared with the previous quarter The decrease in net profits before Zakat and Income Tax for the quarter compared with the previous quarter of the current year was mainly due to a decrease in net underwriting results of 54.3%, which was partially offset by the decrease in operating expenses of 46.1%.
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 quarter is SR 8,796K compared to SR 17,848K for the same quarter last year, a decrease of 50.7%, and SR 23,337K for the previous quarter of the current year, a decrease of 62.3%. While total Shareholders Comprehensive Income for the current quarter is SR 101,041K compared to SR 193,489K for the same quarter last year, a decrease of 47.8%, and SR 215,539K for the previous quarter of the current year, a decrease of 53.1%. Total Insurance Operations Comprehensive Income for the current period is SR 51,105K compared to SR 65,395K for the same period last year, a decrease of 21.9%. While total Shareholders Comprehensive Income for the current period is SR 498,734K compared to SR 630,705K for the same period of last year, a decrease of 20.9%. The Earnings per Share (EPS) for the current period is SR 6.27 per share versus SR 7.90 per share for the same period last year. Total Shareholder Equity (no minority interest) in the current period is SR 2,321 Million versus SR 2,027 Million for the same period last year, an increase of 14.5%.

The Capital Market Authority and the Saudi Stock 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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