Riyadh – Mubasher: Bupa Arabia for Cooperative Insurance posted a 7.57% decline year-on-year in its profits during the fourth quarter of 2016, according to a bourse statement.
Net profits reached SAR 193.5 million ($51.6 million) in Q4-16, compared to SAR 209.3 million ($55.8 million) in Q4-15.
The year-on-year profit decline is mainly attributed to an increase in net claims incurred which has resulted in a decrease in net underwriting result by 15%.
The losses were partially trimmed by an increase in investment and other income in fourth quarter by 288%.
Net profits reached SAR 630.7 million in 2016, down 2.2% from SAR 645 million in 2015.
