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 Financial Position

As at 31 December 2022 > Bupa Arabia for Cooperative Insurance Company (A Saudi Joint Stock Company)

Notes 2022
SR ’000
2021
SR ’000
ASSETS
Cash and cash equivalents 5 1,288,297 960,758
Premiums receivable – net 6 2,159,183 1,761,300
Reinsurers’ share of unearned premiums 13.1 48,265 27,935
Reinsurers’ share of outstanding claims 13.2 7,221 7,207
Reinsurers’ share of claims incurred but not reported 13.2 12,602 7,829
Deferred policy acquisition costs 14 264,931 201,042
Investments 7 3,374,302 5,703,773
Prepaid expenses and other assets 8 147,763 113,254
Term deposits 9 6,408,489 3,093,720
Fixtures, furniture and equipment – net 10.1 63,643 69,771
Right-of-use assets – net 10.2 165,947 112,616
Intangible assets – net 11 65,413 67,277
Deferred tax asset 26.b 40,151 39,735
Goodwill 4 98,000 98,000
Statutory deposit 12 150,000 120,000
Accrued income on statutory deposit 12 16,235 14,885
TOTAL ASSETS 14,310,442 12,399,102
LIABILITIES
Accrued and other liabilities 18.1 871,560 604,774
Lease liability 18.2 184,682 125,333
Insurance operations’ surplus payable 20 208,021 190,060
Reinsurers’ balances payable 25 2,605 25,397
Unearned premiums 13.1 5,695,725 4,709,555
Outstanding claims 13.2 601,366 601,168
Claims incurred but not reported 13.2 1,867,017 1,413,888
Premium deficiency reserve 13.2 22,982 74,602
Claims handling reserve 13.2 23,470 21,797
Due to related parties 24 42,280 33,723
Provision for end-of-service benefits 21 154,054 152,286
Provision for zakat and income tax 26.c 326,566 236,610
Accrued income payable to SAMA 12 16,235 14,885
TOTAL LIABILITIES 10,016,563 8,204,078
EQUITY
Share capital 27 1,500,000 1,200,000
Statutory reserve 28 1,164,724 992,210
Share based payments reserve 29 54,268 43,500
Shares held under employees share scheme 29 (78,235) (53,356)
Retained earnings 1,709,186 1,790,700
Re-measurement reserve for end-of-service benefits (7,043) (23,638)
Investments fair value reserve – related to shareholders (25,054) 236,633
TOTAL SHAREHOLDERS’ EQUITY 4,317,846 4,186,049
Investments fair value reserve – related to policyholders (23,967) 8,975
TOTAL EQUITY 4,293,879 4,195,024
TOTAL LIABILITIES AND EQUITY 14,310,442 12,399,102

 

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.