Riyadh – Mubasher: The Saudi Telecom Company (STC) has selected Bupa Arabia for Cooperative Insurance Company (Bupa) to provide health insurance services to its employees.

Under the deal, Bupa will provide insurance services to the STC employees, and their families, for one year starting from 5 October, according to Bupa’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The contract revenues are expected to be greater than 5% of the 2018 annual gross written premium (GWP) of Bupa.

The Saudi insurance provider noted that the deal is expected to have a positive impact on its 2019 financial results.

It is worth noting that Bupa posted a 20.8% year-on-year profits increase during the second quarter of 2019, recording SAR 216.07 million.