Equity Snap: Bupa Arabia (BUPA AB): 2Q 2026: Earnings broadly in-line

Research evidence excerpt

Equity Snap: Bupa Arabia (BUPA AB): 2Q 2026: Earnings broadly in-line

3 August 2026

Equity Snap: Bupa Arabia (BUPA AB) Equities

Insurance

2Q 2026: Earnings broadly in-line Saudi Arabia

◆ Continued growth in GWP (5.6% y-y) and insurance revenue Ankur Agarwal*, CFA

(up 12.4% y-y); net earnings (up 7.2%) benefited from higher Senior Analyst, MENA Consumer, TMT & Transport HSBC Bank Middle East Limited, Dubai branch

investment income (16.9% y-y) ankurpagarwal@hsbc.com

+971 4 423 6558

Ramesh Pantagolusula*

Bupa Arabia Cooperative (BUPA AB, SAR157.00, Buy, TP SAR200.00) Analyst, MENA Consumer & Education

HSBC Securities and Capital Markets (India) Private

(Priced as of 31 Jul 2026) Limited

ramesh.pantagolusula@hsbc.co.in

Continued growth in GWP and Insurance revenue: Bupa reported gross written +91 80 4550 2854

premium (GWP) of SAR5.9bn (up 5.6% y-y) and slightly lower than our estimate of

SAR6.1bn. Insurance revenue was SAR5.3bn (up 12.4% y-y) and 4.1% below our * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

estimate; revenue growth was principally driven by business growth and increase in

insured lives. During 1H 2026, GWP/revenue were up 11.8%/15.5% respectively

indicating strong top-line momentum and structural growth in insured lives.

Insurance service results were resilient: Net profit from insurance service results

was up 6.6% y-y despite seasonality. Overall, a seasonal uptick in the health

segment claims was expected given that Eid Al Fitr was in 1Q 2026 and lower

summer travel in the current macro backdrop.

Net earnings benefited from Investment income: Net profit after Zakat attributable

to shareholders was up 7.2% y-y to SAR307m and was broadly in line with our

expectations of SAR311m.