Bupa Arabia for Cooperative Insurance announces its financial results for the period ending 31/12/2009 (twelve months)

Date: 1/19/2010

Bupa Arabia for Cooperative Insurance announces its financial results for the period ending 31/12/2009, as detailed below:

1. Net profit for shareholders for the fourth quarter was SR24,487k with no comparison available for the fourth quarter in 2008 (as Bupa Arabia was not trading) and compared to a net income of SR37,290k for the third quarter in 2009, representing a 34% reduction.

2. The surplus from insurance operations, before investment income, for the fourth quarter was SR29,950k, with no comparison available for the same period in 2008.

3. Gross written premiums for the fourth quarter were SR 227,955k with no comparison available for the same period in 2008. Net written premiums for the fourth quarter were SR 227,955k with no comparison available for the same period in 2008.

4. The costs for claims incurred for the fourth quarter were SR 274,106k with no comparison available for the same period in 2008.

5. Net investment income from insurance operations for the fourth quarter was SR 263k with no comparison available for the same period in 2008. Net investment income of shareholders for the fourth quarter was SR 943k with no comparison available for the same period in 2008.

6. Net profit for shareholders for the twelve months to 31st December 2009 was SR 58,239k with no comparison available for the same period in 2008 (as Bupa Arabia was not trading).

7. Profit per share for the twelve months to 31st December 2009 was SR 1.46 with no comparison available for the same period in 2008.

8. The surplus from insurance operations, before investment income, for the twelve months to 31st December was SR 65,381k, with no comparison available for the same period in 2008.

9. Gross written premiums for the twelve months to 31st December 2009 were SR1,347,337k with no comparison available for the same period in 2008. Net written premiums for the twelve months to 31st December 2009 were SR 1,347,337k with no comparison available for the same period in 2008.

10. The costs for claims incurred for the twelve months to 31st December 2009 were SR 975,418k with no comparison available for the same period in 2008.

11. Net investment income from insurance operations for the twelve months to 31st December 2009 was SR 2,412k with no comparison available for the same period in 2008. Net investment income of shareholders’ operations for the twelve months to 31st December 2009 was SR 5,878k with no comparison available for the same period in 2008.

12. The decline in results in the fourth quarter of 2009 compared to the third quarter of 2009 is due to increased claims incurred.

13. No comparison is available between the twelve months of 2009 and the twelve months of 2008 as Bupa Arabia was not trading in 2008. The company started trading upon receiving approval from SAMA to transfer the book from Bupa Middle East (Bahrain) to Bupa Arabia on 01/01/2009.

14. 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 the SOCPA accounting standards. 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.