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Bupa Arabia for Cooperative Insurance Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) before Zakat 36,693 72,636 -49.48 193,489 -81.04
Surplus (deficit) of insurance transactions less returns of policy holders investment (operating transactions results) 546 72,539 -99.25 149,218 -99.63
Gross written premiums (GWP) 2,252,770 2,446,029 -7.9 1,086,223 107.39
Net written premiums (NWP) 2,236,363 2,434,340 -8.13 1,052,569 112.47
Net incurred claims 1,668,992 1,604,087 4.05 1,664,622 0.26
Net profit (loss) of policy holders investment 29,500 11,754 150.98 29,264 0.81
Net profit (loss) of shareholders capital investment 11,864 69 17,094.2 33,490 -64.57
Earning or loss per share, Riyals 0.46 0.91 - - -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for the quarter compared with same quarter last year The decline in the results before Zakat and Income tax for the three (3) month period ended 31 March 2017, versus the same period of 2016, was mainly due to an increase in net claims incurred which resulted in a decrease in net underwriting results by SR70,837K, a 25% decrease. The net claims incurred to net earned ratio has increased in the first quarter of 2017, compared to the same period of 2016 (adverse by 3.7%, Q1 2017 at 88.9% versus Q1 2016 at 85.2%). The losses were partially offset by an increase in investment income in first quarter, by SR 29,495K, an increase of 248%. Commission expense is adverse in Q1 2017 compared with the same period last year, despite lower GWP, due to higher broker commissions. Gross Written Premium (GWP) was lower by SR 193,259K in the first quarter of 2017, versus the first quarter of 2016, a decrease of 8%, and net earned premium were lower by SR5, 932K, a decrease of 0.3%. Policyholders' share of surplus from insurance operations decreased by SR 5,424K due to reduced surplus from insurance operations, (SR3,005K in the current quarter versus SR8,429K for the same period of 2016, a reduction of 64%).
Reasons of increase (decrease) for the quarter compared with the previous quarter The decline in net profit before Zakat and Income tax in the first quarter of 2017, versus the fourth quarter of 2016, by SR156, 796K a reduction of 81%, was mainly due to seasonality of claims, as reflected by the net claims to net earned premium ratio, Q1 2017at 88.9% versus 2016 Q4 at 83.9%).Gross Written Premium (GWP) were higher by SR1,166,547K, an increase of 107%, and net earned premiums were lower in the first quarter of 2017, versus the fourth quarter of 2016 by SR105,981K, a decrease of 5%.
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 and SAMA guidance on accounting for zakat and tax.
Other notes Total Insurance Operations comprehensive income for the current quarter is SR 3,196K compared to SR 8,429K for the same quarter of the previous year, a decrease of 62%, and SR 17,848K for the previous quarter, a decrease of82 %. While total Shareholders comprehensive income for the current quarter is SR 37,899K compared to SR 72,636K for the same quarter of the previous year, a decrease of 47.8%, and SR 104,148K for the previous quarter, a decrease of 63.61%.

The earnings per share (EPS) for the three months period ended 31 March 2017 of SR0.46 per share versus SR 0.91 per share for the same period in 2016. The total shareholder equity (no minority interest) at current period is SR 2,049 Million versus SR 1,713 Million for the same period of 2016 with an increase of 20%.

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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