Bupa Arabia for Cooperative Insurance announces its interim financial results for the period ended 31-03-2012 Three Months
Bupa Arabia for Cooperative Insurance announces its interim financial results for the three month period ended 31/03/2012, as detailed below:
- Net income, before Zakat and income taxes, for the first quarter in 2012 was SR1,869K compared to a net loss, before Zakat and income taxes, of SR32,650K for the first quarter in 2011, and compared to a net income, before Zakat and income taxes, of SR28,351K for the fourth quarter in 2011, representing a 93% reduction.
- Net loss, after Zakat and income taxes, for the first quarter in 2012 was SR4,205K compared to a net loss, after Zakat and income taxes, of SR35,481K for the first quarter in 2011, representing an 88% reduction in net loss, and compared to a net income, after Zakat and income taxes, of SR24,244K for the fourth quarter in 2011.
- The deficit from insurance operations, before policyholder’s investment income, for the first quarter in 2012 was SR7,808K, compared to a SR32,736K deficit for the first quarter in 2011, representing a 76% decrease in deficit.
- Gross written premiums for the first quarter in 2012 were SR811,870K compared to SR741,080K for the first quarter in 2011, representing a 10% increase. Net written premiums for the first quarter in 2012 were SR811,306K compared to SR740,457K for the first quarter in 2011, representing a 10% increase.
- The costs for net claims incurred for the first quarter in 2012 were SR453,448K compared to SR375,028K for the first quarter in 2011, representing a 21% increase.
- Net investment income from insurance operations for the first quarter in 2012 was SR4,317K compared to a net investment income of SR755K for the first quarter in 2011, representing a 472% increase. Net investment income of shareholders for the first quarter in 2012 was SR6,170K compared to a net investment income of SR94K for the first quarter in 2011, representing a 6,464% increase.
- Net income per share for the first quarter in 2012 was SR0.05 compared to a loss of SR0.82 for the first quarter in 2011.
- The reduction in result in the first quarter of 2012 versus the fourth quarter of 2011 was mainly due to a reduction in net underwriting result of SR18,835k, representing a 24% reduction in the net underwriting result, and a reduction in bad debt provision release of SR8,822K versus the previous quarter.
- The improved result for the three month period ended 31st March 2012, versus the same period of the previous year, was due mainly to a reduced year on year bad debt provision movement, of SR43,092K, but offset by a reduced underwriting result of SR10,525K (due to the company margins being reduced due to market pressures). The net underwriting result for the three month period ended 31st March 2012, versus the same period of the previous year, was SR59,073K compared to SR69,598K, representing a 15% reduction in the net underwriting result. Investment income, for the first quarter in 2012 was SR10,487K, compared to SR849K, for the same period of the previous year, representing a 1,135% increase.
- 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 not in accordance with the Standard of interim financial reporting issued by SOCPA. However the company assures that there are no significant differences in the results contained within the financial statements due to using International Accounting Standards rather than the SOCPA accounting standards.
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