Riyadh, Saudi Arabia — Bupa Arabia for Cooperative Insurance has posted a 27 percent increase in the net profit for the first nine months of 2023 to SAR 835.3 million ($222 million) from SAR 658.9 million in the same period last year.
Insurance service result grew 41.02 percent year-on-year (YoY), or by SAR 232.01 million, driven by higher insurance revenue due to business growth and lower net expenses from reinsurance contracts held, Argaam reported.
This was partially offset by a 23.14 percent rise in insurance service expenses. The company also reported higher net investment income and other revenue net of other costs, according to Argaam.
These favorable movements were partially offset by higher net other operating expenses and net income attributed to the shareholders after Zakat and income tax, it added.
The third-quarter net profit fell 23 percent to SAR 275.4 million, compared to SAR 359.48 million in Q3 2022.
Compared to the second quarter of 2023, the insurer’s Q3 2023 declined 25.9 percent from SAR 371.35 million.
Total shareholders’ equity, with no minority interests, increased to SAR 4.52 billion as of Sept. 30, 2023, compared with SAR 4.13 billion in the earlier-year period, Argaam reported.