JEDDAH — Bupa Arabia for Cooperative Insurance, the largest specialized health insurance company in the Kingdom, posted record profits during the first half of 2016 which reached before zakat to SR176.9 million.
The results showed an increase of 18% compared to the same period last year, which is a significant achievement for Bupa Arabia, a company that has been leading the health insurance sector in the Kingdom since 2014.
Tal Hisham Nazer, CEO of Bupa Arabia, said “we attribute the excellent financial results achieved by Bupa Arabia during the first half of 2016 to business growth in the first and second quarter of this year and the second half of 2015. This led to a rise in net earned premiums, in addition to improved loss rate of 83.2% for the first six months of 2016, compared to 82.8% for the same period last year.”
“Bupa Arabia has achieved remarkable growth from insurance operations for the six months of 2016, reaching the total written premium (GWP) of SR302,928K, an increase of 8%. The results of the net underwriting also improved during the first six-month period by SR85,929 thousand, an increase of 16% over the same period last year. The higher investment profits of bond holders were S.R 18,983K for the six month period, recording an increase of 156% compared to the corresponding period last year. In the second quarter of 2016, profit fell compared with the same quarter last year, due to higher doubtful debt expense provisions and increased general and administrative expenses to support business growth,” Tal further said.
“We are happy with the outstanding results that confirm the pioneering role and leadership of Bupa Arabia in the market of health insurance in the Kingdom. We have been providing the best health insurance services that touch the customer's needs and have been working to provide new and innovative programs selected very carefully with precision and professionalism, to fulfill our promise to be the best healthcare partner to our customers and help them live a life filled with health and happiness,” he added.
Bupa Arabia for Cooperative Health Insurance leads for the second year in a row as the largest health insurance company in the Kingdom with a market share of 38.6%, and a wide margin with its nearest competitor in the market. The success is attributed to the great success achieved by the company to provide programs distinct for all segments of the society, and the signing of several contracts with the largest companies in the public and private sectors in the Kingdom.
