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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.