Bupa Arabia expects healthy results to extend, aims to mitigate challenges: CFO

Hatim Jamal, CFO of Bupa Arabia for Cooperative Insurance Co.

Bupa Arabia for Cooperative Insurance Co.’s CFO Hatim Jamal attributed the Q2 2024 profit growth to the steady increase in the customer base, the high investment income, and the pricing strategy that complements inflation in health services costs.

Jamal told Argaam that Bupa Arabia focuses on improving the customer experience and developing services, being the key driver of revenue growth in the insurance services field.

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He also affirmed keenness to boost investment income as a result of expanding Bupa Arabia’s insurance portfolio and generating lucrative returns by focusing on medium- and long-term investments to capitalize on the prevailing interest rates.

“There is remarkable growth in the health insurance sector in general, which reflects the positive trend in the market,” the CFO said, indicating that this aligns with the Insurance Authority’s (IA) objectives under the Financial Sector Development Program (FSDP) and the Saudi Vision 2030.

The Saudi insurance provider had an estimated market share of 32% in Q1 2024, given that the second-quarter results were not issued by all sector companies.

Bupa Arabia is a leading healthcare provider that focuses on innovation and developing health products that meet the needs and aspirations of its customers. The company provides the best services to its members.

Regarding Q3 2024’s performance, the CFO expected continued positive results for Bupa Arabia and for the market as a whole, as the company is closely monitoring the insurance sector’s developments and the positive performance of the market in general.

He sees that the strong market growth, favorable interest rates, and the IA’s efforts to develop the Saudi insurance sector are supportive factors.