VIEW OF THE LEADERSHIP

Bupa Arabia continued to make decisions and evaluate strategies to improve its trajectory, which resulted in powerful results.

Chairman’s Message

The Kingdom’s Vision 2030 and our focus on including UN SDGs continued to create a conducive business climate.

Celebrating 25 years of excellence

It is my greatest pleasure to be writing to you as our Company celebrates its 25th year anniversary in serving the insurance sector and the people of the Kingdom of Saudi Arabia. Over the years, Bupa Arabia has contributed to the development of the overall insurance sector of the country, with a particular focus on the health insurance sector, improving the quality and efficiency of health services within the country. I take this opportunity to thank our Bupa Arabia team and to remember those who have served our Company over these past years, strengthening its foundation to serve our customers for the years to come.

Building on Strengths

Leaving behind two consecutive years of the pandemic, Bupa Arabia continued to build upon its strengths in 2022. Despite a number of global uncertainties in the backdrop, Saudi Arabia’s economy recorded a healthy growth trajectory during the year, both from oil and non-oil related activities. In addition, the Kingdom’s Vision 2030 and its focus on including UN SDGs goals such as gender equality, good health and wellbeing, climate change, and economic diversification – continued to create a conducive business climate.

During the year, the KSA insurance industry grew by approximately 26.0%, driven by the medical and non-medical insurance business lines. Bupa Arabia achieved a gross written premium of SR 13.9 billion in 2022, growing by 22.0% vs 2021. Bupa continued to maintain its market leadership position in the Health Insurance Line, maintaining its market share of +28% of insured lives. Our company earnings per share also improved to SR 5.75 in 2022(a), compared to SR 4.17 in 2021(a).

Using the momentum from the COVID-19 restrictions that resulted in a surge in demand for digital solutions, the Company stepped up its digital strategy and expanded its digital footprint to provide automation and digital solutions with optimized processes and increased efficiency. The initiatives resulted in a collective 97.7 million transactions via our mobile app, Robotic Process Automation (RPA), NPHIES System and the Pharmaceutical Benefits Management (PBM) system.

“Bupa Arabia continues to create strong bonds with the people that matter to us, and grow on its strengths, such as digitalization, maintaining both its growth trajectory and market leadership.”

The physical and mental well-being of our colleagues was of utmost importance and we partnered with a local firm to provide individualized mental wellness support to employees and their families. We also fully implement our flexi strategy where the entire workforce enjoys a degree of flexibility based on the nature of their work. In addition to the regular grievance policy provided by the Company, we also provide a hotline process “SPEAK UP” to raise any violations. This year’s annual employee engagement survey on overall satisfaction achieved its highest engagement score of 88%.

Local and Regional Recognition

We are always pleased to see that our commitment to excellence and strong overall performance is recognized locally and regionally.

Brand Awards

  • Best Insurance Brand – InsureTek
  • Most Valuable Insurance Brand – Brand Finance
  • 10th of the Strongest Saudi Brands – Brand Finance
  • Top 10 Most Valuable Saudi Brands – Kantar BrandZ

General Insurance Awards

  • Best Healthcare Insurance Innovation – InsureTek
  • 3G Social Innovation – Global Good Governance
  • 3G Commitment to Corporate Governance
  • Celent Model Insurer Award 2022 for Customer Experience Transformation
  • Ranked 79 Top Companies in the Middle East – Forbes

The Company actively seeks to build enduring partnerships with the local community and stakeholders. Special attention was given to the development of local content of suppliers, as well as sourcing through SMEs to contribute to the flourishing local market for supplies related to CSR. Measures such as revision of key contracts and utilizing Vendor Managed Inventory principles, were implemented to ensure excellent client experience.

Bupa Arabia’s Corporate Social Responsibility (CSR) flagship program to provide free insurance for orphans living in charities or foster houses, continues to thrive. Additionally, the annual blood donation initiative as well as the Ramadan initiative engages the community and provides for those in need. The Company also partners with a number of universities across the region that lead to training graduates and providing eventual employment.

On behalf of the Board of Directors, I would like to extend my gratitude and appreciation to our most valuable asset, our people, who were committed to strengthening our business over these past years. It is our people, who have enabled our Company to deliver strong results amidst numerous adverse macroeconomic conditions, maintaining our industry leadership position.

I also wish to thank all our stakeholders, including shareholders, clients, partners, regulators and service providers, for their continued support, and commitment. As the Board of Directors and as a Company, we continue to be committed to our strategic and governance frameworks, which enables us to retain our position of strength and leadership.

Our strengths and development as a whole are only possible thanks to our loyal and motivated people, who have displayed remarkable resilience in the face of challenges, and who continue to help Bupa Arabia grow.

 

By order of the Board

Eng. Loay Hisham Nazer

Chairman