Bupa Arabia for Cooperative Insurance achieved a growth of 15.577% in profits, as the net profit before zakat reached 823.669 million riyals compared to 712.654 million riyals during the corresponding period.
According to Arabnet, the company said in a statement that the reason for the increase in net profit before zakat and income tax for the current year by an amount of 111.015 million riyals compared to the previous year is due to the increase in net underwriting results by an amount of 225.368 million riyals compared to the previous year, an increase of 19.5%. The net earned premiums in the current year increased by 1.363 billion riyals compared to the previous year, an increase of 14.6%, and against this was an increase in the net claims incurred by an amount of 970.631 million Saudi riyals compared to the previous year, an increase of only 12.5%.
This was due to the significant drop in demand for healthcare services during the lockdown period linked to the COVID-19 pandemic earlier in the year.
The company also attributed the increase to a decrease in the provision for doubtful receivables by SAR 3.137 million compared to the previous year, a decrease of 9.8%, mainly due to the record performance of collection achieved in 2020.
