Bupa Arabia for Cooperative Insurance Company (8210) Q1 2026 earnings summary

Executive summary

• Achieved robust profitability growth in Q1 2026, with insurance revenue up 18.8% year-over-year, driven by business expansion and increased insured members.

• Maintained leadership in the Saudi health insurance market with a 26.2% market share on a GWP basis.

• Interim condensed consolidated financial statements for the three months ended 31 March 2026 were reviewed, with no material misstatements identified by independent auditors.

• The company operates as a mono-line insurer, focusing exclusively on medical insurance in Saudi Arabia.

• A restructuring was approved to demerge the insurance business into a wholly owned subsidiary, with execution in progress.

Financial highlights

• Insurance revenue for Q1 2026 reached SR 5,240.4 million, up 18.8% year-over-year.

• Net income attributed to shareholders after zakat and income tax for Q1 2026 was SR 387.3 million, up from SR 380.2 million in Q1 2025.

• Total gross written premium for Q1 2026 was SR 7,541.7 million, up from SR 6,441.0 million in Q1 2025.

• Net insurance service results increased by 2.8% to 361M SAR; EBT rose 2.1% to 453M SAR.

• Investment income grew 5.5% year-over-year to 196M SAR, supported by portfolio growth and higher rates.

Outlook and guidance

• The company is actively preparing for the implementation of a Risk-Based Capital (RBC) regime in 2027, which is expected to increase capital requirements and impact solvency positions.

• Management continues to monitor geopolitical developments, with no adjustments required as of the reporting date.

• Strategic focus remains on expanding healthcare offerings and vertical integration, leveraging data analytics, and containing medical inflation.

• Operating profits are expected to fluctuate due to seasonality.

• Interim results may not be indicative of full-year performance.