Riyadh – Bupa Arabia for Cooperative Insurance Company has achieved net profits before Zakat worth SAR 137.95 million during the first quarter (Q1) of 2022, an annual drop of 21.35% from SAR 175.41 million.
Earnings per share (EPS) declined to SAR 0.79 in Q1-22 from SAR 1.17 in Q1-21, according to the interim financials on Thursday.
During the January-March 2022 period, the net written premiums (NWP) reached SAR 4.19 billion, up 29.94% year-on-year (YoY) from SAR 3.22 billion.
Meanwhile, the net incurred claims soared by 20.40% to SAR 2.57 billion in the first three months (3M) of 2022 from SAR 2.14 billion during the same period a year earlier.
On a quarterly basis, Bupa Arabia turned profitable in Q1-22 against net losses before Zakat worth SAR 6.60 million in Q4-21.
The written premiums in Q1-22 leaped by 102.76% from SAR 2.06 billion in Q4-21, while the incurred claims edged down by 1.12% from SAR 2.60 billion.
In 2021, the insurer logged net profits before Zakat worth SAR 730.70 million, lower by 11.28% than SAR 823.66 million in 2020.
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