Bupa Arabia H1 2024 profit leaps 36% to SAR 764M; Q2 at SAR 404.6M

Bupa Arabia for Cooperative Insurance Co.’s net profit for H1 2024 jumped 36% to SAR 764 million from SAR 559.9 million a year earlier.

Insurance revenue reached SAR 8.93 million during the six-month period, a rise of 17% year-on-year (YoY) from SAR 7.63 million, principally driven by business growth and increase in life insurance.

Insurance service results amounted to SAR 729.06 million, rising 31.26% YoY from SAR 555.41 million.

Net insurance service results also grew 29.31% YoY to SAR 698.92 million, and net investment results amounted to SAR 341 million, an increase of 51.21%.

Moreover, gross written premiums rose 16.97% to SAR 10.86 million from SAR 9.28 million a year before.

Meanwhile, other operating expenses rose 37.72% YoY to SAR 184.10 million on increased expenditure to support business growth

Net other income fell 16.59% to SAR 25.10 million, compared with SAR 30.09 million a year earlier.

The insurer's Q2 2024 net earnings were up 9% to SAR 404.6 million, compared with SAR 371.35 million in Q2 2023, driven mainly by insurance revenues that rose by 17.44% YoY to SAR 4.56 million and insurance service results that rose 1.87% YoY to SAR 390.58 million.

Sequentially, net profit for Q2 2024 rose 12.6% from SAR 359.42 million in Q1 2024.

Total shareholders' equity, after minority interest, reached SAR 4.80 billion as of June 30, 2024, up from SAR 4.27 billion a year earlier.

View More Financial Results