Consolidated Statement of Income
For the year ended 31 December 2022 > Bupa Arabia for Cooperative Insurance Company (A Saudi Joint Stock Company)
| Notes | 2022 SR ’000 |
2021 SR ’000 |
|
| REVENUES | |||
| Gross premiums written | 13 | 13,896,883 | 11,382,194 |
| Reinsurance premiums ceded – Local | (175) | (5,345) | |
| Reinsurance premiums ceded – International | (94,107) | (80,737) | |
| Net premiums written | 13,802,601 | 11,296,112 | |
| Changes in unearned premiums – net | (965,840) | (678,397) | |
| Net premiums earned | 13 | 12,836,761 | 10,617,715 |
| Other revenues | 42,633 | – | |
| Total revenues | 12,879,394 | 10,617,715 | |
| UNDERWRITING and other Direct Costs | |||
| Gross claims paid | (10,565,431) | (9,114,251) | |
| Reinsurers’ share of claims paid | 39,497 | 62,718 | |
| Net claims paid | (10,525,934) | (9,051,533) | |
| Changes in outstanding claims | (198) | (154,649) | |
| Changes in claims incurred but not reported | (453,129) | (35,594) | |
| Changes in premium deficiency reserve | 51,620 | 189,149 | |
| Changes in claims handling reserves | (1,673) | (1,042) | |
| Reinsurance share of changes in outstanding claims | 14 | 5,732 | |
| Reinsurance share of changes in claims incurred but not reported | 4,773 | 1,368 | |
| NET CLAIMS INCURRED | (10,924,527) | (9,046,569) | |
| Policy acquisition costs | 14 | (578,156) | (343,427) |
| Other costs | (16,378) | – | |
| TOTAL UNDERWRITING AND OTHER DIRECT COSTS | (11,519,061) | (9,389,996) | |
| NET UNDERWRITING AND OTHER ACTIVITIES GROSS INCOME | 1,360,333 | 1,227,719 | |
| OTHER OPERATING (EXPENSES)/INCOME | |||
| Allowance for doubtful receivables | 6 | (40,885) | (22,458) |
| General and administrative expenses | 31 | (667,145) | (598,594) |
| Selling and marketing expenses | 32 | (135,975) | (115,646) |
| Investment income – net | 33 | 552,990 | 260,437 |
| Other income – net | 22,866 | 37,590 | |
| TOTAL OTHER OPERATING (EXPENSES)/INCOME | (268,149) | (438,671) | |
| INCOME BEFORE SURPLUS, ZAKAT AND INCOME TAX | 1,092,184 | 789,048 | |
| INCOME ATTRIBUTED TO THE INSURANCE OPERATIONS (TRANSFER TO SURPLUS PAYABLE) | 20 | (65,303) | (58,347) |
| INCOME ATTRIBUTED TO THE SHAREHOLDERS BEFORE ZAKAT AND INCOME TAX | 1,026,881 | 730,701 | |
| Zakat charge | 26 | (72,938) | (41,136) |
| Income tax charge | 26 | (91,374) | (63,995) |
| NET INCOME ATTRIBUTED TO SHAREHOLDERS AFTER ZAKAT AND INCOME TAX | 862,569 | 625,570 | |
| WEIGHTED AVERAGE NUMBER OF ORDINARY OUTSTANDING SHARES (IN THOUSANDS) | 34 | 149,316 | 149,558 |
| BASIC AND DILUTED EARNINGS PER SHARE (EXPRESSED IN SR PER SHARE) | 34 | 5.78 | 4.18 |
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.