Bupa Arabia for Cooperative Insurance Company (8210) Q4 2024 earnings summary

Executive summary

• Achieved robust profitability growth and significant value creation for shareholders, with over 25 years of experience and a network of 1,450+ providers.

• Maintains leadership in the health insurance market, with a 26.1% market share on a GWP basis in FY24.

• Strategic focus on transforming into a healthcare company by 2030 through the 3B strategy: Boost the Core, Bend the Curve, and Beyond PMI.

Financial highlights

• FY24 EBT increased by approximately 23% year-over-year, driven by favorable business performance and investment income.

• Insurance revenue rose 13.9% to SAR 18.1B in FY24 compared to FY23.

• Investment income grew by 31% year-over-year, supported by higher interest rates and a larger portfolio.

• EBT margin improved to 7.6% in FY24, up 0.6 percentage points from FY23.

Outlook and guidance

• The 3B strategy aims to expand beyond traditional health insurance, leveraging data analytics and vertical integration to sustain growth and market leadership by 2030.