Bupa Arab Cooperative Insurance Company Bubba has increased by 39.6 percent, with net profit before Zakat, 175.4 million riyals in the first quarter of 2021, for about 125.6 million riyals in the same quarter of 2020.
According to Arabic Net, net profit of Bupa Arabs rose on a quarter of 106.65% compared to net profit 84.9 million riyals in the fourth quarter of 2020.
The company said in a statement on Saudi trading on Monday, on Monday that a net profit rose in the first quarter of this year on an annual year, there were several reasons, including net subscription results for SAR 82.3 million, compared with a quarter of the previous year, an increase of 37.9% .
He added that he was contraction in the net premiums earned for SR 174.5 million, compared with the previous quarter, a decrease of 6.5%, a decrease in net claims incurred at 176.6 million riyals, a decrease of 7.6%. She said: The costs of acquisition of documents have fallen to SR 56.67 million, a decrease of 58.6% from the previous quarter.
It noted that positive changes in net claims incurred and the costs of acquisition of documents are mainly due to the configuration of insurance premiums in the previous year to meet the expected increase in medical claims after the ban on the Covid-19 and reduce the impact of increased costs associated with the recent application of article 11 From the cooperative health insurance system.
Operating expenses fell 6.96 million riyals, in the first quarter of 2021, compared with the same quarter of the previous year, a decrease of 4.1%.
The profits of investments and other income increased at SAR 3.076 million compared to the same quarter of the previous year, an increase of 4.6%.
The earnings after Zakat and income tax for the first quarter of this year was 139.9 million riyals, compared with SR 99.7 million in the previous quarter, up 40.3%.
