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Bupa Arabia Cooperative Insurance Company’s net profit has more than doubled on the back of higher revenue, investment and net underwriting results.
Net profit for the third quarter of 2022 reached more than SAR43.02 million ($11.4 million), up by 125% from the same period last year, the insurer told the Saudi Stock Exchange (Tadawul) on Thursday.
Revenues for the same period stood at SAR649.4 million, up by 24% from a year earlier. Net underwriting results and gross income from other activities also jumped by 30% to SAR102.7 million.
Investment and other income rose 107.8% to SAR98.1 million, while gross written premiums grew 20.8% to SAR717.5 million.
For the first nine months of the year, net profit climbed 52% to SAR98.6 million year on year.
(Writing by Cleofe Maceda; editing by Seban Scaria)
