Bupa Arabia posts 17% jump in 2023 net profits

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Insurance revenues jumped by 23.42% year-on-year

Staff Writer, Mubasher

January 31, 2024

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Riyadh – Bupa Arabia for Cooperative Insurance Company recorded net profits after Zakat attributable to the owners valued at SAR 940.16 million in 2023, an annual rise of 16.77% from SAR 805.11 million.

Insurance revenues jumped by 23.42% year-on-year (YoY) to SAR 15.88 billion as of 31 December 2023 from SAR 12.87 billion, according to the financial results.

The higher revenues were backed by business growth and an increase in insured lives.

Additionally, the earnings per share (EPS) climbed to SAR 6.29 last year from SAR 5.39 in 2022.

In the first nine months (9M) of 2023, Bupa Arabia logged 24.80% higher net profit before Zakat at SAR 990.53 million, versus SAR 793.70 million in 9M-22.

The gross written premiums (GWP) amounted to SAR 13.90 billion in 9M-23, up 21.98% YoY from SAR 11.40 billion.

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