Riyadh - Mubasher: Bupa Arabia for Cooperative Insurance Company posted a 105% growth in net profits before Zakat during the second quarter (Q2) of 2020, logging SAR 443.058 million from SAR 216.074 million in the same quarter in 2019.
This is due to a rise in underwriting results by 49%, coupled with higher net earned premiums and net claims incurred by 18% and 1%, respectively, according to a stock exchange filing on Wednesday.
Moreover, the provision for doubtful receivables contracted by 69%.
These positive changes were partially offset by higher deferred acquisition costs expense by 325%. Operating expenses grew by 8.3%, while investment and other income earned slumped by 13.4%, and gross written premiums (GWP) fell by 8%.
The insurer gained SAR 2.232 billion in net written premiums (NWP) over the April-June period of the year, a drop of 7.3% when compared to SAR 2.408 billion in the same period last year.
