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Bupa Arabia for Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 3,469,9782,905,44719.431,990,17674.355
Net Written Premiums (NWP) 3,452,4142,884,77819.6761,955,83176.519
Net Incurred Claims 2,318,1311,911,02221.3032,195,7845.571
Net Profit (Loss) of Policy Holders Investment 34,24933,6891.66236,584-6.382
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 70,90539,70578.57998,293-27.863
Net Profit (loss) of Shareholders Capital Investment 26,55623,13914.76719,82733.938
Net Profit (Loss) before Zakat 125,65794,12233.504142,052-11.541
Total Comprehensive Income 45,874100,113-54.177114,175-59.821
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 3,095,2092,669,96515.926
Profit (Loss) per Share 0.830.58
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The increase in profits before Zakat and Income Tax for the quarter of SR 31,535K compared with same quarter last year was due to the following main reasons:

• Increase in underwriting results of SR 62,892K compared with the same quarter last year, an increase of 27.5%.

• Increase in Investment and other income of SR 4,534K compared with the same quarter last year, an increase of 7.2%.

• Reversal in the provision for doubtful receivables of SR 21,571K compared to a reversal of 11,038K in the same quarter last year, an increase of 95.4%.

These favorable movements were partially offset with an increase in operating expenses of SR 43,249K compared with the same quarter last year, an increase of 21.6%. Policyholders’ share of insurance operations’ surplus increased to reach SR 10,515K in the current quarter versus SR 7,339K in the same quarter last year, an increase of 43.3%.

Net earned premiums increased by SR 475,031K in the current quarter compared with the same quarter last year, an increase of 21.6%, while net claims incurred increased by SR 407,109K compared with the same quarter last year, an increase of 21.3%.

Gross Written Premiums (GWP) increased by SR 564,531K in the quarter compared with the same quarter last year, an increase of 19.4%.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The decrease in profits before Zakat and Income Tax for the quarter of SR 16,395K compared with previous quarter was due to the following main reasons:

• Reversal in the provision for doubtful receivables of SR 21,571K compared to a reversal of 58,574 in the previous quarter, a decrease of 63%.

• Increase in operating expenses of SR 7,594K compared with the previous quarter, an increase of 3.2%.

These unfavorable movements were partially offset with an increase in underwriting results of SR 17,737K compared with the previous quarter, an increase of 6.5%, and an increase in Investment and other income of SR 7,491K compared with the previous quarter, an increase of 12.6%. Policyholders’ share of insurance operations’ surplus decreased to reach SR 10,515K in the current quarter versus SR 13,488K in the previous quarter, a decrease of 22%.

Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion 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, “Interim Financial Reporting” as endorsed in the Kingdom of Saudi Arabia.
Reclassification of Comparison Items The financial statements of the Company as at and for the three-months period ended 31 March 2019 was prepared in compliance with IAS 34 as modified by SAMA for the accounting of zakat and income tax’ (relating to application of IAS 12 - “Income Taxes” and IFRIC 21 - “Levies” so far as these relate to zakat and income tax).

The company has updated its accounting policy to account for zakat and income taxes in the statement of income based on the recent instructions issued. This aligns with the IFRS that are endorsed in the Kingdom of Saudi Arabia and other pronouncements and standards endorsed by Saudi Organization of Certified Public Accountants (“SOCPA”). Accordingly, the Company changed its accounting treatment for zakat and income tax by retrospectively adjusting the impact in line with International Accounting Standard 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Additional Information Total Insurance Operations Comprehensive Income for the current quarter is SR (4,928) K compared to SR 16,980K for the same quarter of the last year, and SR 12,180K for the previous quarter. Total Shareholders Comprehensive Income for the current quarter is SR 61,317K compared to SR 90,472K for the same quarter of the last year, a decrease of 32.2%, and SR 115,482K for the previous quarter, a decrease of 46.9%. The earnings per share (EPS) for the current quarter is SR 0.83 per share versus SR 0.58 per share for the same quarter last year by dividing the net income attributed to shareholders after zakat and income tax amount of SR 99,735K over the weighted average number of ordinary outstanding shares of 119,346K for the current quarter and SR 69,836K over 119,550K for the same quarter of the last year. Total Shareholder Equity (no minority interest) as at end of current period is SR 3,095 Million versus SR 2,670 Million as at end of same quarter last year, an increase of 16%.

The profits after Zakat and Income Tax for the current quarter reached SR 99,735K compared to SR 69,836K for the same quarter of last year, an increase of 42.8%, and SR 105,654K for the previous quarter, a decrease of 5.6%.

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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