Bupa Arabia’s profits fell 33% to 94 million riyals in the first quarter

The net profit of Bupa Arabia for Cooperative Insurance “Bupa Arabia” decreased by 32.8% in the first quarter of 2022, to about 94.07 million riyals after zakat and taxes, compared to a net profit of about 139.9 million riyals in the same quarter of 2021 .

The company stated in a statement on Saudi Tadawul that profits are due in the first quarter of 2022, on an annual basis, due to a decrease in net underwriting results of approximately 53.8 million riyals, a decrease of 18% compared to the same quarter of 2021 .

He added that this was determined by an increase in net claims incurred in the amount of approximately 436.96 million riyals, an increase of 20.4%, in addition to the increase in document acquisition costs in the amount of 64. , 2 million riyals, an increase of 113.3%, each benefiting from the premium deficit reserve in the same quarter of the previous year. to the Covid-19 epidemic, and these changes were offset by an increase in net earned premiums for an amount of 447.3 million riyals, an increase of 17.9%.

Operating costs increased by 2.69 million riyals compared to the same quarter of the previous year, an increase of 1.7%.

The bad debt insurance premium reserve increased by 14.328 million riyals, an increase of 84.2%.

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