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Bupa Arabia renews insurance deal with SABIC

Bupa Arabia renews insurance deal with SABIC
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BUPA ARABIA
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Riyadh – Mubasher: Bupa Arabia for Cooperative Insurance Company extended its health insurance contract with Saudi Basic Industries Corporation (SABIC) for one year, starting from Monday, 4 July.

Upon the contract awarded on 3 July 2022, Bupa Arabia will provide SABIC’s employees and their families with health insurance services, according to a recent bourse filing.

The Saudi insurer expects that revenues from the agreement will exceed 5% of the 2021 annual gross written premiums (GWP). Meanwhile, the contract is forecast to reflect positively on Bupa Arabia’s income statements for the period ending on 31 December 2022.

It is worth noting that the two parties renewed the insurance deal in July 2021.

During the first quarter (Q1) of 2022, Bupa Arabia logged net profits before Zakat worth SAR 137.95 million, a plunge of 21.35% from SAR 175.41 million in the year-ago period.

Meanwhile, SABIC generated SAR 6.47 billion in net profit after Zakat and tax in Q1-22, an annual surge of 33.12% from SAR 4.86 billion.