Bupa Arabia for Cooperative Insurance Co.’s net profit for Q1 2024 rose by 91% to SAR 359.4 million from SAR 188.6 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 5,409.46 | 7,249.44 | 34.0 % |
| Insurance Revenues | 3,750.41 | 4,374.06 | 16.6 % |
| Net Profit Before Zakat & Tax | 230.14 | 416.12 | 80.8 % |
| Net Income | 188.60 | 359.42 | 90.6 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 1.26 | 2.40 | 90.6 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 2,762.93 | 7,249.44 | 162.4 % |
| Insurance Revenues | 4,159.71 | 4,374.06 | 5.2 % |
| Net Profit Before Zakat & Tax | 126.15 | 416.12 | 229.9 % |
| Net Income | 104.87 | 359.42 | 242.7 % |
| Average Shares | 150.00 | 150.00 | - |
| EPS (Riyals) | 0.70 | 2.40 | 242.7 % |
Insurance revenue rose 16.63% year-on-year (YoY) to SAR 4.37 billion, driven by business growth and an increase in life insurance.
The profit growth was driven by a 96.77% increase YoY in insurance service result to SAR 338.47 million, which was mainly driven by claims seasonality, business growth and increase in insured lives.
Net insurance service result for the current quarter amounted to SAR 321.60 million, an increase of 90.88% YoY, affected by claims seasonality, business growth and increase in insured lives.
Net investment results for the current quarter amounted to SAR 158.14 million, an increase of 54.38%YoY.
These favorable movements were partially offset by a 32.51%YoY rise in other operating expenses, arising from increased expenditure to support business growth and a 26.02% YoY decline in net other revenue.
Meanwhile, total comprehensive income for the current quarter grew by 47.05% YoY and gross written premiums (GWP) by 34.01% YoY.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 5,409.46 | 7,249.44 | 34.0 % |
| Insurance Revenues | 3,750.41 | 4,374.06 | 16.6 % |
| Insurance Services Income | 168.48 | 321.60 | 90.9 % |
| Investment Income | 102.44 | 158.14 | 54.4 % |
| Net Profit of Insurance Services and Investment | 270.92 | 479.75 | 77.1 % |
Sequentially, net profit for Q1 2024 skyrocketed by 242% from SAR 104.87 million in Q4 2023.
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