Consolidated Statement of Cash Flows
For the year ended 31 December 2022 > Bupa Arabia for Cooperative Insurance Company (A Saudi Joint Stock Company)
| Notes | 2022 SR ’000 |
2021 SR ’000 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | 1,026,881 | 730,701 | |
| Net income attributed to the shareholders before Zakat and income tax | |||
| Adjustments for non-cash items: | 65,303 | 58,347 | |
| Net income attributed to the insurance operations | 20 | 15,734 | 15,216 |
| Depreciation of fixtures, furniture and equipment | 10 | 21,019 | 15,939 |
| Amortisation of right-of-use assets | 10 | 13,105 | 14,446 |
| Amortisation of intangible assets | 11 | 238 | 2,521 |
| Loss on disposal of fixtures and furniture and equipment | 326 | – | |
| Loss on disposal of intangible assets | 22,391 | 20,386 | |
| Provision for employees share scheme | 40,885 | 22,458 | |
| Allowance for doubtful receivables | 6 | (140,529) | (58,357) |
| Commission income on term deposits | 9 | (412,461) | (202,080) |
| Other investment income, net | 25,799 | 27,495 | |
| Provision for end-of-service benefits | 21 | 6,287 | 5,834 |
| Finance cost | |||
| Changes in operating assets and liabilities: | |||
| Premiums receivable | (438,768) | (463,715) | |
| Reinsurers’ share of unearned premiums | (20,330) | (7,827) | |
| Reinsurers’ share of outstanding claims | (14) | (5,732) | |
| Reinsurers’ share of claims incurred but not reported | (4,773) | (1,368) | |
| Deferred policy acquisition costs | (63,889) | (132,828) | |
| Prepaid expenses and other assets | (34,439) | (28,168) | |
| Accrued and other liabilities | 266,786 | 64,324 | |
| Reinsurers’ balances payable | (22,792) | 20,524 | |
| Unearned premiums | 986,170 | 686,224 | |
| Outstanding claims | 198 | 154,649 | |
| Claims incurred but not reported | 453,129 | 35,594 | |
| Premium deficiency reserve | (51,620) | (189,149) | |
| Claims handling reserve | 1,673 | 1,042 | |
| Due to related parties | 76,988 | (60,557) | |
| 1,833,297 | 725,919 | ||
| End-of-service benefits paid | 21 | (7,436) | (7,686) |
| Surplus paid to policyholders | 20 | (47,342) | (68,678) |
| Zakat and income tax paid | 26 | (74,842) | (187,514) |
| Net cash generated from operating activities | 1,703,677 | 462,041 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Placement in term deposits | 9 | (6,211,723) | (2,213,328) |
| Proceeds from maturity of term deposits | 9 | 3,037,483 | 1,974,512 |
| Additions to investments | 7 | (8,865,817) | (15,166,118) |
| Disposals of investments | 7 | 11,187,974 | 15,541,136 |
| Proceeds from commission and dividends | 125,146 | 199,437 | |
| Increase in statutory deposit | 12 | (30,000) | – |
| Additions to fixtures, furniture and equipment | 10 | (9,902) | (9,115) |
| Proceeds from disposal of fixtures, furniture and equipment | 58 | – | |
| Additions to intangible assets | 11 | (11,567) | (19,765) |
| Net cash (used in)/generated from investing activities | (778,348) | 306,759 | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Dividends paid | 38 | (540,000) | (408,000) |
| Purchase of shares held under employees share scheme | (36,502) | (14,263) | |
| Lease liability paid | 18 | (21,288) | (19,030) |
| Net cash used in financing activities | (597,790) | (441,293) | |
| Net change in cash and cash equivalents | 327,539 | 327,507 | |
| Cash and cash equivalents at beginning of the year | 960,758 | 633,251 | |
| Cash and cash equivalents at end of the year | 5 | 1,288,297 | 960,758 |
| Non-cash transactions | |||
| Recognition of Right-of-use assets/lease liability | 74,350 | 2,929 | |
| Actuarial gains on end-of-service-benefits | 21 | 16,595 | 7,535 |
| Income tax refundable from non-Saudi shareholders | 68,431 | 14,241 |
Chairman
Loay Hisham Nazer
Director and Chief Executive Officer
Tal Hisham Nazer
Director, Deputy CEO and CFO
Nader Mohammed Saleeh Ashoor
The accompanying Notes 1 to 38 form an integral part of these Consolidated Financial Statements.