Bupa Arabia has registered an increase of net profit (after zakat) for 2024, up 24% to SAR 1.16bn ($313m) from SAR 940.2m in 2023. However, the insurer faced headwinds in the fourth quarter, with net income missing market estimates by a big margin.
Insurance services jumped 19.57% to SAR 1.06bn from SAR 893.28m in 2023.
Net insurance services results showed healthy growth rising 15.38% to SAR 998.09m in 2024 from SAR 865.03m in the previous year.
GWP increased by 10.4% from SAR 16.7bn in 2023 to SAR 18.4bn in 2024.
Despite positive annual results, the company faced increased costs with other operating expenses increasing in 2024 by 10.05% to SAR 348.64m from SAR 316.81m in 2023 due to higher expenditures aimed at supporting business growth.
Net profit for the fourth quarter of 2024 declined steeply to SAR 45.67m, a decrease of 56% from SAR 104.87m in the same quarter of 2023. According to figures obtained from financial news portal Argaam, this performance fell considerably short of market expectations which had projected earnings of SAR 174m for this period.