Riyadh – Mubasher: Bupa Arabia for Cooperative Insurance Company (Bupa) reported its interim financial results for the second quarter of 2019.

Net profits advanced by 20.8% to SAR 216.07 million in Q2-19, compared to SAR 178.8 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

The company attributed the increase in profits to the rise in underwriting results by 17.3%, or SAR  66.231 million.

Gross written premiums (GWP) of the insurance firm increased by 20.7% to SAR 2.43 billion during the three-month period ended June, from SAR 2.01 billion in the same period a year ago.

For the first half of 2019, Bupa reported a 64.8% year-on-year profit surge, recording SAR 310.19 million.

The company’s GWP levelled up by 18.5% to SAR 5.3 billion in H1-19, versus SAR 4.5 billion in H1-18.

Profit per share rose to SAR 2.19 during the first six months of 2019, compared to SAR 1.2 in the same period of the prior year.