Riyadh – Bupa Arabia for Cooperative Insurance Company posted an annual increase of 24.80% in net profit before Zakat to SAR 990.53 million during the first nine months (9M) of 2023, compared with SAR 793.70 million.

The earnings per share (EPS) rose to SAR 5.59 in 9M-23 from SAR 4.41 in 9M-22, according to the financial results.

Meanwhile, the gross written premiums (GWP) soared by 21.98% year-on-year (YoY) to SAR 13.90 billion during January-September 2023 from SAR 11.40 billion.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, Bupa Arabia witnessed a 21.07% decrease in net profit before Zakat to SAR 328.09 million, compared with SAR 415.66 million.

The GWP, meanwhile, grew by 10.53% to SAR 4.61 billion during July-September 2023 from SAR 4.17 billion.

On a quarterly basis, the net profits before Zakat in Q3-23 were 24.11% lower than SAR 432.30 million in Q2-23, while the GWP rose by 18.97% from SAR 3.88 billion.

It is worth noting that in the first half (H1) of 2023, Bupa Arabia recorded a 75.23% YoY surge in net profit to SAR 662.44 million from SAR 378.04 million.

In addition, the GWP in H1-23 stood at SAR 9.28 billion, which came 28.60% lower than SAR 7.22 billion in H1-22.

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