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Financial Statements

Consolidated Statement of Financial Position

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As at 31 December 2023 > Bupa Arabia for Cooperative Insurance Company (A Saudi Joint Stock Company)

Notes 31 December
2023

SR ’000
31 December
2022
Restated*
SR ’000
1 January
2022
Restated*
SR ’000
Assets
Cash and cash equivalents 6 1,255,896 1,287,961 960,585
Reinsurance contract assets 7.2 74,090 28,155 59,112
Prepaid expenses and other assets 12 475,475 410,519 284,093
Term deposits 9 7,223,011 6,406,848 3,093,163
Financial assets at amortised cost – net 8 587,360 526,188 333,566
Financial assets at fair value 8 4,246,757 2,852,234 5,372,523
Fixtures, furniture and equipment – net 10.1 69,879 63,643 69,771
Deferred tax asset 22 38,609 40,511 39,829
Due from related parties 21 3,316
Right-of-use assets – net 10.2 143,388 165,947 112,616
Intangible assets – net 11 67,236 65,413 67,277
Statutory deposit – net 13 149,960 149,961 119,978
Accrued income on statutory deposit 13 8,690 16,235 14,885
Goodwill 5 98,000 98,000 98,000
Total assets 14,438,351 12,114,931 10,625,398
Liabilities
Accrued and other liabilities 16.1 734,859 530,715 302,520
Insurance contract liabilities 7.1 8,267,196 6,699,185 5,594,345
Reinsurance contract liabilities 7.2 2,605 25,397
Lease liability 16.2 166,066 184,682 125,333
Due to related parties 21 40,935 14,051
Provision for end-of-service benefits 18 186,487 154,054 152,286
Provision for zakat and income tax 22 358,589 326,566 236,610
Accrued income payable to Insurance Authority 13 8,690 16,235 14,885
Total Liabilities 9,762,822 7,914,042 6,465,427
Equity
Share capital 23 1,500,000 1,500,000 1,200,000
Statutory reserve 24 1,352,757 1,164,724 992,210
Share based payments reserve 25 48,477 54,268 43,500
Shares held under employees share scheme 25 (65,115) (78,235) (53,356)
Retained earnings 1,853,721 1,641,591 1,780,557
Re-measurement reserve for
end-of-service benefits
(13,698) (7,043) (23,638)
Investments fair value reserve (613) (74,416) 220,698
Total equity 4,675,529 4,200,889 4,159,971
Total liabilities and equity 14,438,351 12,114,931 10,625,398

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

Loay Hisham Nazer

Chairman

Tal Hisham Nazer

Director and Chief Executive Officer

Hatim Tariq Jamal

Chief Financial Officer

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

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