Bupa Arabia posts 36% profit rise in FY2019
Thursday, 02 27 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Bupa Arabia for Cooperative Insurance Co. posted a net profit before Zakat and income tax of SAR 712.7 million for fiscal year (FY) 2019, a rise of 35.6% year-on-year (YoY), as compared to SAR 525 million a year earlier.
The increase in profits is due to a growth in underwriting results by 20.1% and a rise in investment and other income by 28%, it said in a bourse statement.
Net earned premiums also increased 15% YoY to SAR 9.37 billion in FY2019 while net claims grew by 14.2% in the same period.
The full-year gross written premiums grew by 21.5% YoY to SAR 10.4 billion.
In Q4 2019, the company posted a 54% increase YoY to SAR 142.1 million.