Bupa Arabia 2023 profit up 17% to SAR 940.2M; Q4 at SAR 104.9M

30/01/2024 Argaam Exclusive

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Share Price

Bupa Arabia for Cooperative Insurance Co. (BUPA ARABIA)

Bupa Arabia for Cooperative Insurance Co.’s net profit for 2023 rose by 17% to SAR 940.2 million from SAR 805.1 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	13,896.88	16,668.74	19.9 %
Insurance Revenues	12,873.11	15,887.72	23.4 %
Net Profit Before Zakat & Tax	969.16	1,116.68	15.2 %
Net Income	805.12	940.16	16.8 %
Average Shares	150.00	150.00	-
EPS (Riyals)	5.37	6.27	16.8 %

The insurer attributed the rise in 2023 profits to a YoY 33.91% increase in insurance services to SAR 893.28 million from SAR 667.07 million in 2022, mainly due to business growth and an increase in insured lives.

Net insurance services rose 35.66% to SAR 865.03 million in 2023 from SAR 637.62 million a year ago, driven by business growth, an increase in insured lives, and a reduction in reinsurance net expenses.

Net other revenue soared in 2023 by 110.20% to SAR 55.17 million from SAR 26.25 million in 2022, supported by business growth and the activation of subsidiary operations.

These favorable movements were partially offset by a 7.04% decline in net investments in 2022 to SAR 513.27 million from SAR 552.13 million in the previous year, owing to non-recurring gains in the previous year.

Meanwhile, other operating expenses increased in 2023 by 28.34% to SAR 316.81 million from SAR 246.85 million in 2022, due to higher expenditures to support business growth.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	2,496.85	2,762.93	10.7 %
Insurance Revenues	3,419.72	4,159.71	21.6 %
Net Profit Before Zakat & Tax	175.46	126.15	(28.1 %)
Net Income	146.24	104.87	(28.3 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	0.97	0.70	(28.3 %)

Item	Q3 2023	Q4 2023	Change‬
Gross Written Premium (GWP)	4,616.25	2,762.93	(40.1 %)
Insurance Revenues	4,092.58	4,159.71	1.6 %
Net Profit Before Zakat & Tax	328.09	126.15	(61.6 %)
Net Income	275.35	104.87	(61.9 %)
Average Shares	150.00	150.00	-
EPS (Riyals)	1.84	0.70	(61.9 %)

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	13,896.88	16,668.74	19.9 %
Insurance Revenues	12,873.11	15,887.72	23.4 %
Insurance Services Income	637.63	865.04	35.7 %
Investment Income	552.13	513.28	(7.0 %)
Net Profit of Insurance Services and Investment	1,189.76	1,378.31	15.8 %

Total shareholders’ equity, no minority interest, increased to SAR 4.65 billion as of Dec. 31, 2023, from SAR 4.22 billion a year earlier.

According to data compiled by Argaam, Bupa Arabia’s subsidiary, Horizon Medical Services Co., obtained the final license to practice telehealth care and telemedicine from the Ministry of Health on Jan. 28. The license is valid for five years.

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Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	(28.61)	(331.2 %)	(0.19)	-	-
Q2 2014	65.44	631.5 %	0.44	-	-
Q3 2014	153.52	119.1 %	1.02	-	-
Q4 2014	115.47	31.5 %	0.77	-	-
2014	305.81	120.1 %	2.04	-	-
Q1 2015	20.18	170.5 %	0.13	-	-
Q2 2015	119.83	83.1 %	0.80	-	-
Q3 2015	277.74	80.9 %	1.85	-	-
Q4 2015	200.80	73.9 %	1.34	-	-
2015	618.54	102.3 %	4.12	-	-
Q1 2016	55.26	173.9 %	0.37	-	-
Q2 2016	119.63	(0.2 %)	0.80	-	-
Q3 2016	244.45	(12.0 %)	1.63	-	-
Q4 2016	105.32	(47.5 %)	0.70	-	-
2016	524.66	(15.2 %)	3.50	-	-
Q1 2017	17.90	(67.6 %)	0.12	36.69	-
Q2 2017	126.99	6.2 %	0.85	145.77	-
Q3 2017	198.19	(18.9 %)	1.32	216.98	-
Q4 2017	78.30	(25.7 %)	0.52	101.17	-
2017	421.39	(19.7 %)	2.81	500.61	-
Q1 2018	(13.22)	(173.8 %)	(0.09)	9.35	(74.5 %)
Q2 2018	157.39	23.9 %	1.05	178.86	22.7 %
Q3 2018	226.43	14.2 %	1.51	244.78	12.8 %
Q4 2018	72.03	(8.0 %)	0.48	92.44	(8.6 %)
2018	442.62	5.0 %	2.95	525.43	5.0 %
Q1 2019	69.84	628.3 %	0.47	94.12	906.9 %
Q2 2019	186.03	18.2 %	1.24	216.07	20.8 %
Q3 2019	226.58	0.1 %	1.51	260.40	6.4 %
Q4 2019	105.66	46.7 %	0.70	142.05	53.7 %
2019	593.80	34.2 %	3.96	712.65	35.6 %
Q1 2020	99.74	42.8 %	0.66	125.66	33.5 %
Q2 2020	387.91	108.5 %	2.59	443.06	105.0 %
Q3 2020	139.62	(38.4 %)	0.93	170.07	(34.7 %)
Q4 2020	68.87	(34.8 %)	0.46	84.89	(40.2 %)
2020	696.13	17.2 %	4.64	823.67	15.6 %
Q1 2021	139.90	40.3 %	0.93	175.42	39.6 %
Q2 2021	287.96	(25.8 %)	1.92	333.61	(24.7 %)
Q3 2021	177.72	27.3 %	1.18	228.28	34.2 %
Q4 2021	19.99	(71.0 %)	0.13	(6.61)	(107.8 %)
2021	625.57	(10.1 %)	4.17	730.70	(11.3 %)
Q1 2022	60.28	(56.9 %)	0.40	103.54	(41.0 %)
Q2 2022	239.12	(17.0 %)	1.59	274.50	(17.7 %)
Q3 2022	359.48	102.3 %	2.40	415.66	82.1 %
Q4 2022	146.24	631.5 %	0.97	175.46	2756.5 %
2022	805.12	28.7 %	5.37	969.16	32.6 %
Q1 2023	188.60	212.9 %	1.26	230.14	122.3 %
Q2 2023	371.35	55.3 %	2.48	432.30	57.5 %
Q3 2023	275.35	(23.4 %)	1.84	328.09	(21.1 %)
Q4 2023	104.87	(28.3 %)	0.70	126.15	(28.1 %)
2023	940.16	16.8 %	6.27	1,116.68	15.2 %

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	305.81	120.1 %	2.04	-	-
2015	618.54	102.3 %	4.12	-	-
2016	524.66	(15.2 %)	3.50	-	-
2017	421.39	(19.7 %)	2.81	500.61	-
2018	442.62	5.0 %	2.95	525.43	5.0 %
2019	593.80	34.2 %	3.96	712.65	35.6 %
2020	696.13	17.2 %	4.64	823.67	15.6 %
2021	625.57	(10.1 %)	4.17	730.70	(11.3 %)
2022	805.12	28.7 %	5.37	969.16	32.6 %
2023	940.16	16.8 %	6.27	1,116.68	15.2 %

Insurance Operations Performance (M)

Compared With The

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
Q1 2014	1,421.26	72.3 %	-	-	-	-
Q2 2014	1,376.95	57.2 %	-	-	-	-
Q3 2014	2,120.86	135.0 %	-	-	-	-
Q4 2014	821.38	43.0 %	-	-	-	-
2014	5,740.45	80.7 %	-	-	-	-
Q1 2015	2,079.45	46.3 %	-	-	-	-
Q2 2015	1,891.37	37.4 %	-	-	-	-
Q3 2015	2,257.20	6.4 %	-	-	-	-
Q4 2015	1,099.99	33.9 %	-	-	-	-
2015	7,328.02	27.7 %	-	-	-	-
Q1 2016	2,446.03	17.6 %	-	-	-	-
Q2 2016	1,827.72	(3.4 %)	-	-	-	-
Q3 2016	2,578.66	14.2 %	-	-	-	-
Q4 2016	1,086.22	(1.3 %)	-	-	-	-
2016	7,938.63	8.3 %	-	-	-	-
Q1 2017	2,252.77	(7.9 %)	-	-	-	-
Q2 2017	1,847.78	1.1 %	-	-	-	-
Q3 2017	2,522.63	(2.2 %)	-	-	-	-
Q4 2017	1,109.79	2.2 %	-	-	-	-
2017	7,732.96	(2.6 %)	-	-	-	-
Q1 2018	2,489.16	10.5 %	-	-	-	-
Q2 2018	2,019.61	9.3 %	-	-	-	-
Q3 2018	2,831.88	12.3 %	-	-	-	-
Q4 2018	1,226.00	10.5 %	-	-	-	-
2018	8,566.65	10.8 %	-	-	-	-
Q1 2019	2,905.45	16.7 %	-	-	-	-
Q2 2019	2,438.80	20.8 %	-	-	-	-
Q3 2019	3,076.44	8.6 %	-	-	-	-
Q4 2019	1,990.18	62.3 %	-	-	-	-
2019	10,410.87	21.5 %	-	-	-	-
Q1 2020	3,469.98	19.4 %	-	-	-	-
Q2 2020	2,243.22	(8.0 %)	-	-	-	-
Q3 2020	3,076.18	0.0 %	-	-	-	-
Q4 2020	1,657.98	(16.7 %)	-	-	-	-
2020	10,447.35	0.4 %	-	-	-	-
Q1 2021	3,252.78	(6.3 %)	-	-	-	-
Q2 2021	2,569.72	14.6 %	-	-	-	-
Q3 2021	3,458.78	12.4 %	-	-	-	-
Q4 2021	2,100.91	26.7 %	-	-	-	-
2021	11,382.19	8.9 %	-	-	-	-
Q1 2022	4,222.42	29.8 %	68.53	-	151.00	-
Q2 2022	3,001.28	16.8 %	190.77	-	298.31	-
Q3 2022	4,176.34	20.7 %	306.25	-	481.46	-
Q4 2022	2,496.85	18.8 %	72.09	-	259.00	-
2022	13,896.88	22.1 %	637.63	-	1,189.76	-
Q1 2023	5,409.46	28.1 %	168.48	145.9 %	270.92	79.4 %
Q2 2023	3,880.10	29.3 %	372.02	95.0 %	495.11	66.0 %
Q3 2023	4,616.25	10.5 %	257.05	(16.1 %)	398.38	(17.3 %)
Q4 2023	2,762.93	10.7 %	67.48	(6.4 %)	213.91	(17.4 %)
2023	16,668.74	19.9 %	865.04	35.7 %	1,378.31	15.8 %

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	5,740.45	80.7 %	-	-	-	-
2015	7,328.02	27.7 %	-	-	-	-
2016	7,938.63	8.3 %	-	-	-	-
2017	7,732.96	(2.6 %)	-	-	-	-
2018	8,566.65	10.8 %	-	-	-	-
2019	10,410.87	21.5 %	-	-	-	-
2020	10,447.35	0.4 %	-	-	-	-
2021	11,382.19	8.9 %	-	-	-	-
2022	13,896.88	22.1 %	637.63	-	1,189.76	-
2023	16,668.74	19.9 %	865.04	35.7 %	1,378.31	15.8 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	150.00	0.78	0.78	4.68
Q2 2014	150.00	1.30	1.30	4.99
Q3 2014	150.00	1.85	1.85	6.00
Q4 2014	150.00	2.04	2.04	7.01
Q1 2015	150.00	2.36	2.36	7.14
Q2 2015	150.00	2.73	2.73	7.94
Q3 2015	150.00	3.55	3.55	9.77
Q4 2015	150.00	4.12	4.12	11.11
Q1 2016	150.00	4.36	4.36	11.42
Q2 2016	150.00	4.36	4.36	11.17
Q3 2016	150.00	4.13	4.13	12.81
Q4 2016	150.00	3.50	3.50	13.51
Q1 2017	150.00	3.25	3.25	13.66
Q2 2017	150.00	3.30	3.30	13.63
Q3 2017	150.00	2.99	2.99	14.95
Q4 2017	150.00	2.81	2.81	15.48
Q1 2018	150.00	2.60	2.60	15.38
Q2 2018	150.00	2.80	2.80	15.36
Q3 2018	150.00	2.99	2.99	16.74
Q4 2018	150.00	2.95	2.95	17.33
Q1 2019	150.00	3.50	3.50	17.80
Q2 2019	150.00	3.70	3.70	19.25
Q3 2019	150.00	3.70	3.70	19.50
Q4 2019	150.00	3.92	3.92	20.22
Q1 2020	150.00	4.12	4.12	20.63
Q2 2020	150.00	5.47	5.47	23.84
Q3 2020	150.00	4.89	4.89	25.22
Q4 2020	150.00	4.64	4.64	25.86
Q1 2021	150.00	4.91	4.91	26.91
Q2 2021	150.00	4.24	4.24	26.64
Q3 2021	150.00	4.50	4.50	27.92
Q4 2021	150.00	4.17	4.17	27.91
Q1 2022	150.00	3.64	3.64	27.91
Q2 2022	150.00	3.31	3.31	25.70
Q3 2022	150.00	4.53	4.53	27.40
Q4 2022	150.00	5.37	5.37	28.01
Q1 2023	150.00	6.22	6.22	29.43
Q2 2023	150.00	7.10	7.10	28.32
Q3 2023	150.00	6.54	6.54	29.82
Q4 2023	150.00	6.27	6.27	31.17

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	150.00	2.04	2.04	7.01
2015	150.00	4.12	4.12	11.11
2016	150.00	3.50	3.50	13.51
2017	150.00	2.81	2.81	15.48
2018	150.00	2.95	2.95	17.33
2019	150.00	3.96	3.96	20.22
2020	150.00	4.64	4.64	25.86
2021	150.00	4.17	4.17	27.91
2022	150.00	5.37	5.37	28.01
2023	150.00	6.27	6.27	31.17

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E
Q1 2014	19.15	19.15
Q2 2014	16.98	16.98
Q3 2014	20.58	20.58
Q4 2014	22.10	22.10
Q1 2015	20.55	20.55
Q2 2015	23.22	23.22
Q3 2015	18.75	18.75
Q4 2015	14.87	14.87
Q1 2016	13.95	13.95
Q2 2016	17.18	17.18
Q3 2016	13.95	13.95
Q4 2016	20.04	20.04
Q1 2017	19.21	19.21
Q2 2017	21.28	21.28
Q3 2017	21.08	21.08
Q4 2017	17.66	17.66
Q1 2018	19.41	19.41
Q2 2018	17.10	17.10
Q3 2018	19.25	19.25
Q4 2018	21.97	21.97
Q1 2019	19.27	19.27
Q2 2019	21.09	21.09
Q3 2019	23.03	23.03
Q4 2019	20.90	20.90
Q1 2020	17.75	17.75
Q2 2020	15.99	15.99
Q3 2020	20.11	20.11
Q4 2020	21.07	21.07
Q1 2021	19.50	19.50
Q2 2021	23.43	23.43
Q3 2021	26.55	26.55
Q4 2021	25.21	25.21
Q1 2022	39.35	39.35
Q2 2022	38.49	38.49
Q3 2022	29.77	29.77
Q4 2022	26.79	26.79
Q1 2023	27.93	27.93
Q2 2023	26.12	26.12
Q3 2023	31.79	31.79
Q4 2023	34.05	34.05

Period	P/E	Adjusted P/E
2014	22.10	22.10
2015	14.87	14.87
2016	20.04	20.04
2017	17.66	17.66
2018	21.97	21.97
2019	20.70	20.70
2020	21.07	21.07
2021	25.21	25.21
2022	26.79	26.79
2023	34.05	34.05

Business Segments - Gross Premium Written (Million)

Compared With The

Period	Corporate	SME & Other	Major	Non- Major
Q1 2014	-	-	817.73	603.53
Q2 2014	-	-	777.20	599.74
Q3 2014	-	-	1,692.87	427.99
Q4 2014	-	-	326.83	494.55
Q1 2015	-	-	1,195.95	883.50
Q2 2015	-	-	1,073.36	818.01
Q3 2015	-	-	1,701.01	556.19
Q4 2015	-	-	463.13	636.86
Q1 2016	-	-	1,504.69	941.34
Q2 2016	-	-	929.82	897.90
Q3 2016	-	-	1,964.90	613.76
Q4 2016	-	-	472.57	613.65
Q1 2017	-	-	1,338.07	914.70
Q2 2017	-	-	976.58	871.20
Q3 2017	-	-	1,937.31	585.32
Q4 2017	-	-	475.43	634.35
Q1 2018	-	-	1,507.53	981.63
Q2 2018	-	-	1,176.61	842.99
Q3 2018	-	-	2,217.87	614.02
Q4 2018	-	-	552.93	673.07
Q1 2019	-	-	1,789.24	1,116.21
Q2 2019	-	-	1,465.71	973.09
Q3 2019	-	-	2,395.16	681.28
Q4 2019	-	-	1,197.99	792.18
Q1 2020	-	-	2,315.21	1,154.77
Q2 2020	-	-	1,357.96	885.26
Q3 2020	-	-	2,388.63	687.54
Q4 2020	-	-	910.77	747.22
Q1 2021	-	-	2,099.04	1,153.74
Q2 2021	-	-	1,571.24	998.48
Q3 2021	-	-	2,634.17	824.61
Q4 2021	-	-	1,124.05	976.87
Q1 2022	3,182.33	1,040.09	-	-
Q2 2022	2,027.19	974.09	-	-
Q3 2022	3,378.80	797.54	-	-
Q4 2022	1,664.03	832.82	-	-
Q1 2023	4,064.23	1,345.23	-	-
Q2 2023	2,744.77	1,135.32	-	-
Q3 2023	3,785.23	831.02	-	-
Q4 2023	1,857.82	905.12	-	-

Period	Corporate	SME & Other	Major	Non- Major
2014	-	-	3,614.64	2,125.81
2015	-	-	4,433.45	2,894.57
2016	-	-	4,871.98	3,066.65
2017	-	-	4,727.40	3,005.56
2018	-	-	5,454.93	3,111.72
2019	-	-	6,848.10	3,562.77
2020	-	-	6,972.56	3,474.79
2021	-	-	7,428.50	3,953.69
2022	10,252.34	3,644.55	-	-
2023	12,452.05	4,216.70	-	-

Financial Ratios

	Current
Market Cap (M)	36,510.00
EPS ( Riyal) (TTM)	7.41
Book Value (BV) ( Riyal)	33.24
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	32.86
P/E (TTM)	32.86
Price/Book	7.32
Return on Average Assets (%) (TTM)	7.9
Return on Average Equity (%) (TTM)	23.6
Shares Outstanding (M)	150.00
Return on Market Cap (%)	2.9

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Bupa Arabia 2023 profit up 17% to SAR 940.2M; Q4 at SAR 104.9M

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Share Price

Bupa Arabia for Cooperative Insurance Co. (BUPA ARABIA)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

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Bupa Arabia 2023 profit up 17% to SAR 940.2M; Q4 at SAR 104.9M

View other reports

Share Price

Bupa Arabia for Cooperative Insurance Co. (BUPA ARABIA)

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

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Business Segments - Gross Premium Written (Million)