RIYADH, SAUDI ARABIA – Bupa Arabia for Cooperative Insurance posted H1 2023 net profit of US$149 million (SAR 560 million). The corresponding figure in the same period last year was US$79.8 million (SAR 299.4 million).
The company reported a jump of US$74.9 million (SAR 281.21 million) year-on-year (YoY) in insurance services results compared to H1 2022.
The rise was driven by a 25.36 percent YoY jump in insurance revenue and a 35.07 percent YoY drop in net expenses from reinsurance contracts held.
This was partially offset by an increase in insurance of 21.89 percent YoY in services expenses.
Net investment income leapt 18.69 percent YoY.
Other revenue, net of other costs, grew by US$8 million (SAR 30.09 million) YoY in the six-month period. Gross written premiums (GWPs) increased by 28.60 percent YoY.
