Riyadh – Mubasher: Bupa Arabia for Cooperative Insurance Company reported a 906.9% year-on-year profit surge during the first quarter of 2019.

Net profits after zakat and tax reached SAR 94.12 million in Q1-19, compared to SAR 9.35 million in Q1-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Net written premiums grew 16.6% to SAR 2.88 billion in Q1-19, compared to SAR 2.47 billion in the same period of the previous year.

Earnings per share (EPS) stood at SAR 0.79 in the three-month period ended March, against SAR 0.12 in the corresponding period in the year before.

The increase in Q1-19 profits was ascribed to the rise in underwriting results, combined with higher investment and other income.

Total insurance operations comprehensive income jumped 463.2% year-on-year to SAR 16.8 million in Q1-19.

In 2018, the Saudi insurer reported a 5% year-on-year rise in profits, recording SAR 525.43 million.