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Bupa Arabia for Cooperative Insurance Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross written premiums (GWP) 2,905,4472,489,15716.7241,225,999136.986
Net written premiums (NWP) 2,884,7782,472,49316.6741,206,884139.026
Net incurred claims 1,911,0221,727,83810.6011,891,1741.049
Net profit (loss) of policy holders investment 33,68922,93446.89531,1088.296
Profit (Loss) Insurance Operations minus policy holders investments from operations 39,705-31,457-48,364-17.903
Net profit (loss) of shareholders capital investment 23,13920,79011.29820,16714.736
Net Profit (Loss) before Zakat 94,1229,348906.86792,4401.819
Total Comprehensive Income 124,3992,3845,118.07872,97470.47
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after deducting minority equity) 2,669,9652,307,32915.716
Profit (Loss) per Share 0.790.12
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The increase in profits before Zakat and Income Tax for the quarter of SR 84,774K compared with same quarter last year was due to the following main reasons:

• Increase in underwriting results of SR 61,516K compared with the same quarter last year, an increase of 36.9%.

• Increase in Investment and other income of SR 19,501K compared with the same quarter last year, an increase of 45.2%.

• Decrease in the provision for doubtful receivables of SR 21,886K compared with the same quarter last year, a decrease of 201.8%.

These favorable movements were partially offset with an increase in operating expenses of SR 10,790K compared with the same quarter last year, an increase of 5.7%. Policyholders’ share of insurance operations’ surplus also increased to reach SR 7,339 in the current period versus nil in the same quarter last year.

Net earned premiums increased by SR 259,214K compared with the same quarter last year, an increase of 13.4%, while net claims incurred increased by SR 183,184 compared with the same quarter last year, an increase of 10.6%.

Gross Written Premiums (GWP) increased by SR 416,290K in the quarter compared with the same quarter last year, an increase of 16.7%.

Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The increase in profits before Zakat and Income Tax for the quarter of SR 1,682K compared with previous quarter was mainly due to:

• Increase in net underlying results of 17.8%, reaching SR 228,421K in the current quarter.

• Increase in investment and other income of 12.2%, reaching SR 62,617K in the current quarter.

These favorable variances were offset by an increase in operating expenses, including provision for doubtful receivables and policyholders’ share of insurance operations’ surplus, of 25.2% to reach SR 189,577K in the current quarter.

Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation The external 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.
Additional Information Total Insurance Operations Comprehensive Income for the current quarter is SR 16,980K compared to SR (4,675)K for the same quarter of the last year, an increase of 463.2%, and SR 5,417K for the previous quarter, an increase of 213.5%. Total Shareholders Comprehensive Income for the current quarter is SR 114,758K compared to SR 7,059K for the same quarter of the last year, an increase of 1,525.7%, and SR 75,504K for the previous quarter, an increase of 52.0%. The earnings per share (EPS) for the current quarter are SR 0.79 per share versus SR 0.12 per share for the same quarter last year. Total Shareholder Equity (no minority interest) as at end of current period is SR 2,670 Million versus SR 2,307 Million as at end of same quarter last year, an increase of 15.7%.

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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