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RIYADH: Bupa Arabia for Cooperative Insurance Co. reported a net profit drop of 32.8 percent to SR94 million ($25 million) after zakat in the first quarter against the same period last year, according to a bourse filing.
The company attributed the drop in net profit to a number of factors including an increase in net claims, policy acquisition costs, and operating expenses.
Its net profit however increased by over 370 percent when compared with the SR20-million profit reported in the previous quarter.
The company’s total shareholders’ equity now stands at SR4.2 billion, up 5.59 percent compared to the same period in the previous year.
Bupa Arabia urges digital transformation in insurance sectorBupa Arabia’s 2021 profit drops 10% after paying out $2.4bn in claims
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