Bupa Arabia for Cooperative Insurance announces its financial results for the three month period ending 31/03/2010, as detailed below:

1. Net loss for the first quarter in 2010 was SR12,906K compared to a net loss of SR5,579K for the first quarter in 2009, representing a 131% increased loss, and compared to a net profit of SR24,487K for the fourth quarter in 2009.

2. The deficit from insurance operations, before investment income, for the first quarter in 2010 was SR12,598K, compared to a SR8,065K deficit for the first quarter in 2009, representing a 56% increase in deficit.

3. Gross written premiums for the first quarter in 2010 were SR636,974K compared to SR434,398K for the first quarter in 2009, representing a 47% increase. Net written premiums for the first quarter in 2010 were SR636,474K compared to SR434,398K for the first quarter in 2009, representing a 47% increase.

4. The costs for claims incurred for the first quarter in 2010 were SR327,541K compared to SR230,703K for the first quarter in 2009, representing a 42% increase.

5. Net investment income from insurance operations for the first quarter in 2010 was SR245K compared to SR1,314K for the first quarter in 2009, representing an 81% reduction. Net investment income of shareholders for the first quarter in 2010 was SR574K compared to SR2,508K for the first quarter in 2009, representing a 77% reduction.

6. Loss per share for the first quarter in 2010 was SR0.32 compared to SR0.14 for the first quarter in 2009.

7. The decline in results in the first quarter of 2010 was mainly because of increased hospital provider claims costs but there was also an increase in general and administration expenses.

8. The joint auditors’ interim review report on the financial statements mentions that the financial statements have been prepared in accordance with International Accounting Standard 34 and not in accordance with the Standard of interim financial reporting issued by SOCPA. However the company assures that there are no significant differences in the results contained within the financial statements due to using International Accounting Standards rather than the SOCPA accounting standards.

To download Unaudited Interim Condensed financial statements for the Three Monthes period ended 31 March 2010 click here