Riyadh – Mubasher: Al Rajhi Capital has set the target price of Bupa Arabia for Cooperative Insurance’s share at SAR 93, with a neutral rating, according to a report released on Thursday.

Bupa is the top health insurer in Saudi Arabia with strong underwriting experience, the report stated.

“We set a TP of SAR 93 per share on BUPA in the context of 7% net income CAGR 2018-23e, and leadership position in less fragmented health segment with stable clientele.”

Despite a group of challenges faced the company in years, the Saudi Arabia-listed BUPA Arabia maintained a 43% share in the health insurance market in 2018, the report said. 

Bupa Arabia reported a 5% year-on-year rise in profits during the full-year 2018.

Bupa Arabia’s profits after calculating Zakat and Tax amounted to SAR 525.43 million ($140.08 million) from January to December 2018, up from SAR 500.61 million ($133.46 million) in 2017.