Riyadh – Mubasher: Bupa Arabia for Cooperative Insurance Company was awarded a health insurance deal from the Saudi National Bank (SNB) on 18 December 2022.
The Saudi firm will provide the bank’s employees and their families with health insurance services for one year, starting from 1 January 2023, according to a bourse filing.
Bupa Arabia noted that the initial value of the contract exceeds 1% of the company’s annual gross written premiums (GWP) in 2021.
Additionally, the agreement is projected to reflect positively on Bupa Arabia’s 2023 income statements.
In the first nine months (9M) of 2022, the insurer generated net profits before Zakat worth SAR 804.30 million, higher by 9.09% year-on-year (YoY) than SAR 737.30 million.
During the January-September 2022 period, SNB witnessed a 42.35% hike in net profit to SAR 13.81 billion, compared to SAR 9.70 billion in 9M-21.
