For the year ended 31 December 2021
Bupa Arabia for Cooperative Insurance Company (A Saudi Joint Stock Company)
| Notes | 2021 SR ’000 |
2020 SR ’000 |
|
| REVENUES | |||
| Gross premiums written | 13.1 | 11,382,194 | 10,447,353 |
| Reinsurance premiums ceded – Local | (5,345) | (5,953) | |
| Reinsurance premiums ceded – International | (80,737) | (59,289) | |
| Net premiums written | 11,296,112 | 10,382,111 | |
| Changes in unearned premiums – net | (678,397) | 352,371 | |
| Net premiums earned | 13.1 | 10,617,715 | 10,734,482 |
| UNDERWRITING COSTS AND EXPENSES | |||
| Gross claims paid | (9,073,926) | (8,262,050) | |
| Reinsurers’ share of claims paid | 22,393 | 20,987 | |
| Net claims paid | (9,051,533) | (8,241,063) | |
| Changes in outstanding claims | 13.2 | (154,649) | 5,269 |
| Changes in claims incurred but not reported | 13.2 | (35,594) | (220,866) |
| Changes in premium deficiency reserve | 189,149 | (263,751) | |
| Changes in claims handling reserves | (1,042) | (2,263) | |
| Reinsurance share of changes in outstanding claims | 5,732 | 257 | |
| Reinsurance share of changes in claims incurred but not reported | 1,368 | 2,489 | |
| Net claims incurred | (9,046,569) | (8,719,928) | |
| Policy acquisition costs | 14 | (343,427) | (630,734) |
| Total underwriting costs and expenses | (9,389,996) | (9,350,662) | |
| NET UNDERWRITING INCOME | 1,227,719 | 1,383,820 | |
| OTHER OPERATING (EXPENSES)/INCOME | |||
| Allowance for doubtful receivables | 6 | (22,458) | (28,770) |
| General and administrative expenses | 31 | (598,594) | (585,549) |
| Selling and marketing expenses | 32 | (115,646) | (106,467) |
| Investment income – net | 33 | 260,437 | 213,295 |
| Other income – net | 37,590 | 27,481 | |
| Total other operating (expenses)/income | (438,671) | (480,010) | |
| Income before surplus, Zakat and income tax | 789,048 | 903,810 | |
| Income attributed to the insurance operations (transfer to surplus payable) | 20 | (58,347) | (80,141) |
| Income attributed to the shareholders before Zakat and income tax | 730,701 | 823,669 | |
| Zakat charge | 26.a | (41,136) | (64,297) |
| Income tax charge | 26.b | (63,995) | (63,244) |
| NET INCOME ATTRIBUTED TO SHAREHOLDERS AFTER ZAKAT AND INCOME TAX | 625,570 | 696,128 | |
| Weighted average number of ordinary outstanding shares (in thousands) | 119,558 | 119,421 | |
| Basic and diluted earnings per share (Expressed in SR per Share) | 34 | 5.23 | 5.83 |
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.