Consolidated Statement of Cash Flows

For the year ended 31 December 2023 > Bupa Arabia for Cooperative Insurance Company (A Saudi Joint Stock Company)

	Notes	2023 SR ’000	2022 Restated* SR ’000
CASH FLOWS FROM OPERATING ACTIVITIES
Net income attributed to shareholders before zakat and income tax		1,116,679	969,163
Adjustments for non-cash items
Depreciation of fixtures, furniture and equipment	10.1	16,169	15,734
Amortisation of right-of-use assets	10.2	22,559	21,019
Amortisation of intangible assets	11	17,029	13,105
(Gain)/loss on disposal of fixtures and furniture and equipment		(169)	238
Loss on disposal of intangible assets		–	326
Provision for employees share scheme		26,164	22,391
Net impairment loss on financial assets		742	1,432
Investment income on financial assets at amortized cost		(350,636)	(167,197)
Investment income on financial assets at fair value		(163,425)	(386,622)
Provision for end-of-service benefits	18	31,564	25,799
Finance cost	16.2	6,065	6,287
Changes in operating assets and liabilities
Insurance contract liabilities		1,612,240	1,152,182
Reinsurance contract assets		(45,935)	30,957
Reinsurance contract liabilities		(2,605)	(22,792)
Prepaid expenses and other assets		(64,956 )	(126,426)
Due from related parties		3,316	(3,316)
Accrued and other liabilities		204,144	296,626
Due to related parties		40,935	(14,051)
		2,469,880	1,834,855
End-of-service benefits paid	18.1	(5,786)	(7,436)
Surplus paid to policyholders	30	(44,229)	(47,342)
Zakat and income tax paid	22	(142,591)	(74,772)
Net cash generated from operating activities		2,277,274	1,705,305
CASH FLOWS FROM INVESTING ACTIVITIES
Placement in term deposits	9	(4,334,871)	(6,211,723)
Proceeds from maturity of term deposits	9	3,804,800	3,037,483
Additions to investments carried at fair value	8	(2,321,377)	(8,681,380)
Additions to investments carried at amortised cost	8	(101,265)	(184,437)
Disposal of investments carried at fair value	8	1,056,683	11,190,350
Proceeds from maturity of amortised cost investments	8	3,939	–
Additions to statutory deposit		–	(29,983)
Proceeds from commissions and dividends		207,356	120,962
Additions to fixtures, furniture and equipment	10.1	(22,405)	(9,902)
Proceeds from disposal of fixtures, furniture and equipment		169	58
Additions to intangible assets	11	(18,852)	(11,567)
Net cash used in investing activities		(1,725,823)	(780,139)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	31	(540,000 )	(540,000)
Purchase of shares held under employees share scheme		(18,835)	(36,502)
Lease liability paid	16.2	(24,681)	(21,288)
Net cash used in financing activities		(583,516)	(597,790)
Net change in cash and cash equivalents		(32,065)	327,376
Cash and cash equivalents at beginning of the year		1,287,961	960,585
Cash and cash equivalents at end of the year		1,255,896	1,287,961
Non-cash transactions
Income tax refundable from non-Saudi shareholders		–	68,431
Recognition of lease liability / Right-of-use assets		–	74,350

*Comparative information has been restated (refer note 4).

The accompanying notes 1 to 35 form an integral part of these consolidated financial statements.