Bupa Arabia for Cooperative Insurance Co. posted a 64.8 per cent rise in net profit before zakat for the first six months of 2019 compared to the same period last year.
The Shariah-compliant company’s profit reached 310.2 million Saudi riyals ($82.72 million) for H1, it reported in a bourse filing on Tuesday.
Bupa Arabia attributed the increase in net profit before zakat to a 23.2 per cent rise in underwriting results, a 37.6 per cent growth of investment and other income, and an 18.5 per cent drop in provision for doubtful receivables.
These were partially offset with a 13.2 per cent increase in operating expenses, it said.
Net earned premiums went up by 570.3 million riyals, a 14.6 per cent increase.
Net claims incurred increased by 427.47 million riyals, representing a 13.1 per cent rise compared to H1 in 2018.
The insurer’s net profit after zakat and tax for H1 reached 261.56 million riyals compared to 144.17 million riyals for the same period last year, an increase of 81.4 per cent.
Bupa Arabia is 39.25 per cent owned by UK-headquartered Bupa Investments Overseas Ltd.
($1 = 3.75 Saudi riyals)
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