Bupa Arabia for Cooperative Insurance Co. announces its Annual Consolidated Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 15,887,715 | 12,873,111 | 23.42 | ||
| Result of Insurance Services | 893,283 | 667,078 | 33.91 | ||
| Net Profit (Loss) of The Insurance Results | 865,037 | 637,628 | 35.66 | ||
| Net Profit (Loss) of The Investment Results | 513,276 | 552,134 | -7.04 | ||
| Net Insurance Financing Expenses | - | - | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 940,163 | 805,117 | 16.77 | ||
| Total Comprehensive Income | 1,007,311 | 526,598 | 91.29 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 4,656,882 | 4,221,949 | 10.3 | ||
| Profit (Loss) per Share | 6.29 | 5.39 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | Insurance revenues for the current year amounted to SR 15,887,715K, compared to SR 12,873,111K during the previous year, an increase of 23.42%, which was principally driven by business growth and increase in insured lives. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit before zakat and income tax attributable to shareholders for the current year amounted to SR 1,116,679K, compared to SR 969,163K during the previous year, an increase of 15.22%.
Net profit after zakat and income tax attributable to shareholders for the current year amounted to SR 940,163K, compared to SR 805,117K during the previous year, an increase of 16.77%, which was due to the following main reasons:
• Insurance service result for the current year amounted to SR 893,283K, compared to SR 667,078K during the previous year, an increase of 33.91%, which was principally driven by business growth and increase in insured lives.
• Net insurance service result for the current year amounted to SR 865,037K, compared to SR 637,628K during the previous year, an increase of 35.66%, which was principally driven by business growth, increase in insured lives and reduction in reinsurance net expenses.
• Net other revenue for the current year amounted to SR 55,179K, compared to SR 26,255K during the previous year, an increase of 110.20%, which was principally driven by business growth and activation of subsidiary operations.
These favorable movements were partially offset by the following:
• Net investment results for the current year amounted to SR 513,276K, compared to SR 552,134K during the previous year, a decrease of 7.04%, driven by non-recurring gains in previous year.
• Other operating expenses for the current year amounted to SR 316,813K compared to SR 246,854K during the previous year, an increase of 28.34%, arising from increased expenditure to support business growth.
Total comprehensive income for the current year amounted to SR 1,007,311K compared to SR 526,598K during the previous year, an increase of 91.29%.
Moreover, Gross Written Premiums (GWP) for the current year amounted to SR 16,668,744K compared to SR 13,896,883K during the previous year, an increase of 19.95%. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None. |
| Reclassification of Comparison Items | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9. |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards.
The earnings per share (EPS) for the current year is SR 6.29 per share versus SR 5.39 per share for the previous year which is calculated by dividing the net profit amount of SR 940,163K over the weighted average number of ordinary outstanding shares of 149,502K for the current year and SR 805,117K over 149,323K shares for the previous year.
Total Shareholders’ Equity (no minority interest) as at end of current year is SR 4,657 million versus SR 4,222 million as at end of the previous year, an increase of 10.30%.
Total Equity as at end of current year is SR 4,676 million versus SR 4,201 million as at end of the previous year, an increase of 11.30% |
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