Bupa Arabia for Cooperative Insurance announces its financial results for the period ending 30/09/2009, as detailed below:

1. Net profit for shareholders for the third quarter was SR37,290k with no comparison available for the third quarter in 2008 (as Bupa Arabia was not trading) and compared to a net income of SR2,041k for the second quarter in 2009, representing a 1727% growth.
    
2. The surplus from insurance operations, before investment income, for the third quarter was SR41,978k, with no comparison available for the same period in 2008.
    
3. Gross written premiums for the third quarter were SR322,505k with no comparison available for the same period in 2008. Net written premiums for the third quarter were SR322,505k with no comparison available for the same period in 2008.
    
4. The costs for claims incurred for the third quarter were SR228,337k with no comparison available for the same period in 2008.
    
5. Net investment income from insurance operations for the third quarter was SR308k with no comparison available for the same period in 2008. Net investment income of shareholders for the third quarter was SR1,098k with no comparison available for the same period in 2008.
    
6. Net profit for shareholders for the nine months to 30th September 2009 was SR33,752k with no comparison available for the same period in 2008 (as Bupa Arabia was not trading).
    
7. Profit per share for the nine months to 30th September 2009 was SR0.84 with no comparison available for the same period in 2008.
    
8. The surplus from insurance operations, before investment income, for the nine months to 30th September 2009 was SR35,431k, with no comparison available for the same period in 2008.
    
9. Gross written premiums for the nine months to 30th September 2009 were SR1,119,382k with no comparison available for the same period in 2008. Net written premiums for the nine months to 30th September 2009 were SR1,119,382k with no comparison available for the same period in 2008.
    
10. The costs for claims incurred for the nine months to 30th September 2009 were SR701,312k with no comparison available for the same period in 2008.
     
11. Net investment income from insurance operations for the nine months to 30th September 2009 was SR2,149k with no comparison available for the same period in 2008. Net investment income of shareholders’ operations for the nine months to 30th September 2009 was SR4,935k with no comparison available for the same period in 2008.
     
12. The improvement in results in the third quarter of 2009 compared to the second quarter of 2009 is an increase in earned premium and reduced claims incurred during the summer period.
     
13. No comparison is available between the first nine months of 2009 and the first nine 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