Bupa Arabia’s net profit rises 40% to SAR 175.4 mln in Q1 2021
Tuesday, 05 04 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
Bupa Arabia for Cooperative Insurance Co. reported a net profit before Zakat of SAR 175.4 million for Q1 2021, a 40% increase from a profit of SAR 125.7 million in the same period last year.
The profit rise was attributed to higher underwriting results, a drop in net claims incurred and policy acquisition costs.
The insurer also noted a decrease in operating expenses and an increase in investment and other income. Meanwhile, there was a rise in the provision for doubtful receivables and gross written premiums (GWPs) dropped 6.3% year-on-year (YoY).
When compared to the previous quarter, the company’s net profit before Zakat doubled in Q1 2021.