As at 31 December 2021
Bupa Arabia for Cooperative Insurance Company (A Saudi Joint Stock Company)
| Notes | 2021 SR ’000 |
2020 SR ’000 |
|
| ASSETS | |||
| Cash and cash equivalents | 5 | 960,758 | 633,251 |
| Premiums receivable – net | 6 | 1,761,300 | 1,320,043 |
| Reinsurers’ share of unearned premiums | 13.1 | 27,935 | 20,108 |
| Reinsurers’ share of outstanding claims | 13.2 | 7,207 | 1,475 |
| Reinsurers’ share of claims incurred but not reported | 13.2 | 7,829 | 6,461 |
| Deferred policy acquisition costs | 14 | 201,042 | 68,214 |
| Investments | 7 | 5,703,773 | 6,029,446 |
| Prepaid expenses and other assets | 8 | 113,254 | 85,086 |
| Term deposits | 9 | 3,093,720 | 2,796,547 |
| Fixtures, Furniture – net | 10.1 | 69,771 | 78,393 |
| Right-of-use assets – net | 10.2 | 112,616 | 125,626 |
| Intangible assets – net | 11 | 67,277 | 61,958 |
| Deferred tax asset | 26.b | 39,735 | 37,941 |
| Goodwill | 4 | 98,000 | 98,000 |
| Statutory deposit | 12 | 120,000 | 120,000 |
| Accrued income on statutory deposit | 12 | 14,885 | 13,806 |
| TOTAL ASSETS | 12,399,102 | 11,496,355 | |
| LIABILITIES | |||
| Accrued and other liabilities | 18.1 | 604,774 | 540,450 |
| Lease liability | 18.2 | 125,333 | 135,600 |
| Insurance operations’ surplus payable | 20 | 190,060 | 200,391 |
| Reinsurers’ balances payable | 25 | 25,397 | 4,873 |
| Unearned premiums | 13.1 | 4,709,555 | 4,023,331 |
| Outstanding claims | 13.2 | 601,168 | 446,519 |
| Claims incurred but not reported | 13.2 | 1,413,888 | 1,378,294 |
| Premium deficiency reserve | 13.2 | 74,602 | 263,751 |
| Claims handling reserve | 13.2 | 21,797 | 20,755 |
| Due to related parties | 24 | 33,723 | 108,521 |
| Provision for end-of-service benefits (EOSB) | 21 | 152,286 | 140,012 |
| Provision for Zakat and income tax | 26.c | 236,610 | 317,199 |
| Accrued income payable to SAMA | 12 | 14,885 | 13,806 |
| TOTAL LIABILITIES | 8,204,078 | 7,593,502 | |
| EQUITY | |||
| Share capital | 27 | 1,200,000 | 1,200,000 |
| Statutory reserve | 28 | 992,210 | 867,096 |
| Share based payments reserve | 29 | 43,500 | 32,800 |
| Shares held under employees share scheme | 29 | (53,356) | (48,779) |
| Retained earnings | 1,790,700 | 1,684,003 | |
| Re-measurement reserve of employees’ EOSB | (23,638) | (31,173) | |
| Investments fair value reserve – related to shareholders | 236,633 | 174,848 | |
| TOTAL SHAREHOLDERS’ EQUITY | 4,186,049 | 3,878,795 | |
| Investments fair value reserve – related to policyholders | 8,975 | 24,058 | |
| TOTAL EQUITY | 4,195,024 | 3,902,853 | |
| TOTAL LIABILITIES AND EQUITY | 12,399,102 | 11,496,355 |
Chairman
Director and Chief Executive Officer
Director and Chief Financial Officer
The accompanying Notes 1 to 40 form an integral part of these Financial Statements.