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

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.

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.

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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