Bupa Arabia for Cooperative Insurance Company was awarded a SAR 337.33 million insurance deal from the Saudi National Bank (SNB) on 26 December 2023, according to a bourse statement.
Under the agreement, the listed company will provide health insurance services to the bank’s employees as well as their families for one year, effective from 1 January 2024.
The contract is expected to reflect positively on Bupa Arabia’s 2024 financial results as the initial value of the contract exceeds 1% of its 2022 annual gross written premium (GWP).
In the first nine months (9M) of 2023, the insurance firm recorded 24.80% year-on-year (YoY) higher net profits before Zakat at SAR 990.53 million, compared with SAR 793.70 million.
During the January-September 2023 period, SNB generated SAR 15.04 billion in net profit, higher by 8.92% than SAR 13.81 billion in 9M-22.
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