Riyadh – Mubasher: Bupa Arabia for Cooperative Insurance on Thursday reported a 49.5% decline in its net profits for the first quarter of 2017 due to a rise in net claims compared to Q1-16.

Net profits amounted to SAR 36.69 million in Q1-17 down from SAR 72.64 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, Bupa’s profits slid by 81%.

The decline in net profits is attributed to the increase in net claims to SAR 1.668 million in Q1-17 from SAR 1.60 million in the year-ago period, which led to a decrease in net underwriting results by 25% to SAR 70,837, the company revealed.

Earnings per share (EPS) stood SAR 0.46 per share in Q1-17, compared to SAR 0.91 in the corresponding period in the year before.

Insurance premiums fell 8.1% to SAR 2.24 million in Q1-17 from SAR 2.43 million in the corresponding period of 2016.

By 11:38 am Saudi time, Bupa’s stock shed 4.60% to SAR 114.