News Middle East08 Aug 2019

Saudi Arabia:Bupa Arabia's 1H net profit jumps

08 Aug 2019

Bupa Arabia for Cooperative Insurance has posted a 64.8% rise in net profit before zakat for the first six months of 2019 compared to the same period last year. Profit reached SAR310.2m ($82.7m) for 1H Bupa Arabia announced in a bourse filing. Bupa Arabia attributed the increase in net profit before zakat to a 23.2% rise in underwriting results, a 37.6% growth of investment and other income, and an 18.5% drop in provision for doubtful receivables. Net claims incurred increased by SAR427.47m, representing a 13.1% rise compared to 1H in 2018. The insurer's net profit after zakat and tax for H1 reached SAR261.56m compared to SAR144.17 m for the same period last year, an increase of 81.4%. Bupa Arabia is 39.25% owned by UK-headquartered Bupa Investments Overseas.

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