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Nader Ashoor, CFO of Bupa Arabia for Cooperative Insurance Co.
Bupa Arabia for Cooperative Insurance Co. expects to achieve positive results during the third quarter of 2023, if medical inflation rates stabilize to normal levels, supported by the current interest rates and the company’s strategic plans, the insurer’s CFO Nader Ashoor told Argaam in an interview.
The company worked to achieve operational efficiency and focused on growing its investments, which contributed to achieving positive results. This was reflected in the significant jump in profits achieved during the second quarter, he noted.
The increase in profits is driven by the fact that health insurance companies in the Kingdom set their prices in line with inflation rates in the health sector. This is in addition to the new advantages of the compulsory health insurance system, which led to the growth of written premiums in the health insurance sector following the rise in the number of subscribers, Ashoor added.
He pointed out that Bupa Arabia market share during Q1 2023 amounted to 27% of the total insurance sector in the Kingdom, while its health insurance sector’s market share reached 43%, expecting the company to maintain its market share in Q2 2023.
The application IFRS 17 - Insurance Contracts by insurance companies has positive and negative effects, as it contributes to the development of recognition and measurement, improving the level of presentation and disclosure of insurance contracts, and improving the level of transparency in financial reports of companies, which helps attract investors. However, the excessive exposure of information and risks may lead to the negative interaction of potential investors, and the application of the standard increases the expenses of insurance companies, the CFO noted.
He pointed out that mergers and acquisitions (M&As) have become one of the most prominent options on the global and local financial scene, as they bring benefits to small businesses.
M&As help smaller insurance companies willing to cut their operating costs to create a competitive advantage and increase value for shareholders, expand customer base, and raise returns, he explained.
Despite the benefits of the process, reaching the integration stage after a merger is a serious challenge, whether from a cultural point of view or the implementation of new technologies that employees are not accustomed to. This could lead to poor interaction among employees, and the dissatisfaction of customers with the new changes.
According to data available with Argaam, Bupa Arabia's profit increased 87% to SAR 662 million before Zakat and SAR 560 million after Zakat by the end of the first half of 2023, from SAR 299.4 million after Zakat a year earlier. Q2 2023 profit stood at SAR 432.3 million before Zakat tax and SAR 371.4 million after Zakat.
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