Dubai, UAE — Saudi Arabian Bupa Arabia for Cooperative Insurance has posted a net profit of SAR 188.6 million ($50.28 million) for the first quarter of 2023, compared to SAR 60.3 million in the same period of 2022.
But compared to the last quarter of 2022, the net profit fell by 1.4 percent from SAR 191.32 million. Net investment income rose by 24.2 percent YoY and net other revenue doubled YoY.
The company’s insurance service results jumped 145.9 percent year-on-year (YoY), driven by a 27.2 percent YoY increase in insurance revenue and a 77.7 percent YoY decrease in net expenses from reinsurance contracts held. This was partially offset by an increase in insurance service expenses by 24.9 percent YoY.
Other operating expenses rose 20.4 percent YoY and gross written premiums increased 28.1 percent YoY.
Shareholders’ equity, no minority interest, rose to SAR 4.43 billion as of March 31, 2023, from SAR 4.19 billion a year earlier.