Bupa Arabia for Cooperative Insurance Company (8210) Q3 2025 earnings summary

Executive summary

• Achieved robust profitability growth and significant value creation for shareholders, with a 21% CAGR in health GWP since 2008 and continued market leadership in health insurance.

• Strategic transformation underway to become the most trusted healthcare company in the Arab world by 2030, focusing on core business, efficiency, and diversification.

• Interim condensed consolidated financial statements reviewed with no material misstatements found as of 30 September 2025.

• The group operates solely in medical insurance, with all activities in Saudi Arabia.

• Received regulatory non-objection for restructuring to demerge insurance business into a new subsidiary, pending shareholder and regulatory approval.

Financial highlights

• Insurance revenue for 9M 2025 reached SR 14,169.6 million, up 5.0% year-over-year, driven by growth in insured members.

• Net income after zakat and income tax for nine months ended 30 September 2025 was SR 1,030.5 million, down from SR 1,120.3 million year-over-year.

• Investment income rose 8.4% year-over-year to 558M, supported by portfolio growth and strong equity/alternative distributions.

• EBT for 9M 2025 was 1.2B, down 9.6% year-over-year, with EBT margin at 8.3%.

• Gross written premium for nine months: SR 16,673.9 million, up from SR 15,047.6 million year-over-year.

Outlook and guidance

• Inflation is expected to remain stable in 2025, with similar trends forecasted for 2026.

• Signs of margin improvement observed in H2 2025, with ongoing efforts to manage medical inflation and enhance cost efficiency.

• Management notes seasonality in operations, with profits expected to fluctuate between periods.

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