FINANCIAL STATEMENTS

Bupa Arabia is an insurance business operating in the Kingdom of Saudi Arabia and the consolidated financial statements have been presented in accordance with International Financial Reporting Standards that are endorsed in the Kingdom.

Consolidated Statement of Changes in Equity

For the year ended 31 December 2022 > Bupa Arabia for Cooperative Insurance Company (A Saudi Joint Stock Company)

Related to shareholders’ operations
2022 Share capital





SR ’000
Statutory reserve




SR ’000
Share- based payments reserve


SR ’000
Shares held under employees share scheme

SR ’000
Retained earnings




SR ’000
Re-measurement reserve end-of-service benefits

SR ’000
Investments fair value reserve – related to shareholders’ operations
SR ’000
Total shareholders’ operations equity


SR ’000
Investments fair value reserve – related to policyholders operations SR ’000 Total equity




SR ’000
Balance at 1 January 2022 1,200,000 992,210 43,500 (53,356) 1,790,700 (23,638) 236,633 4,186,049 8,975 4,195,024
Total comprehensive income for the year
Net income for the year attributed to the shareholders after zakat and income tax 862,569 862,569 862,569
Other comprehensive income/(loss) 16,595 (261,687) (245,092) (32,942) (278,034)
Total comprehensive income for the year 862,569 16,595 (261,687) 617,477 (32,942) 584,535
Transfer to statutory reserves (Note 28) 172,514 (172,514)
Provision for employees share scheme 22,391 22,391 22,391
Delivery of shares under employees share scheme (11,623) 11,623
Purchase of shares under employees share scheme (36,502) (36,502) (36,502)
Bonus shares issued (Note 27) 300,000 (300,000)
Dividends (Note 37) (540,000) (540,000) (540,000)
Income tax refundable from non-Saudi shareholders (Note 27) 68,431 68,431 68,431
Balance at 31 December 2022 1,500,000 1,164,724 54,268 (78,235) 1,709,186 (7,043) (25,054) 4,317,846 (23,967) 4,293,879

 

Related to shareholders’ operations
2021 Share capital




SR ’000
Statutory reserve




SR ’000
Share-based payments reserve


SR ’000
Shares held under employees share scheme

SR ’000
Retained earnings




SR ’000
Remeasurement reserve end-of- service benefits



SR ’000
Investments fair value reserve – related to shareholders’ operations
SR ’000
Total shareholders’ operations equity


SR ’000
Investments fair value reserve – related to policyholders operations
SR ’000
Total equity




SR ’000
Balance at 1 January 2021 1,200,000 867,096 32,800 (48,779) 1,684,003 (31,173) 174,848 3,878,795 24,058 3,902,853
Total comprehensive income for the year
Net income for the year attributed to shareholders after Zakat and income tax 625,570 625,570 625,570
Other comprehensive income/(loss) 7,535 61,785 69,320 (15,083) 54,237
Total comprehensive income for the year 625,570 7,535 61,785 694,890 (15,083) 679,807
Transfer to statutory reserves (Note 28) 125,114 (125,114)
Provision for employees share scheme 20,386 20,386 20,386
Delivery of shares under employees share scheme (9,686) 9,686
Purchase of shares under employees share scheme (14,263) (14,263) (14,263)
Dividends (Note 37) (408,000) (408,000) (408,000)
Income tax refundable from non-Saudi shareholders (Note 27) 14,241 14,241 14,241
Balance at 31 December 2021 1,200,000 992,210 43,500 (53,356) 1,790,700 (23,638) 236,633 4,186,049 8,975 4,195,024

 

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.