“Having weathered the worst turbulence of the pandemic, Bupa Arabia has successfully navigated 2021, emerged stronger, more vibrant, innovative, diverse, equitable, and displayed amazing resilience in the face of adversity.”
Steering Through Daunting Challenges
98% of our workforce effectively transitioned to the Home, Office and Mixed working arrangement, discharging their duties seamlessly and efficiently, while meeting customer needs effectively. The easing of pandemic-induced restrictions led to a gradual restoration of near-normalcy, and an improved operating environment.
The Kingdom’s Vision 2030, and its focus on economic diversification, as well as the Government’s judicious and substantial efforts towards further developing the economy, created a conducive business climate.
During the year, the insurance industry in the KSA registered a growth of 7.7%, overcoming the downturn caused by the exodus of expatriate workers, who comprised a significant component of the number of insured lives. Bupa Arabia achieved a gross written premium of SR 11.38 billion, which is an 8.9% increase over the previous year. This growth helped Bupa consolidate its leadership position in the health insurance segment with a record high volume share (insured lives) of 32% (+0.5 ppt vs. year ago). Our earnings per share was SR 5.23 in 2021.
During COVID-19 restrictions, demand for digital solutions surged phenomenally and Bupa responded promptly with highly digitalized operations, giving us a competitive edge in meeting customer demand, and improving our performance.
The physical and mental well-being of our colleagues was of utmost importance, as we implemented a series of online programs to ensure a successful adaptation to the new working environment. We also carried out a series of learning and development initiatives for our colleagues by harnessing the resources of top-notch international educational and consultancy institutions. This was done in order to optimize workforce efficiency, ensure business continuity, and to maintain a high-performance culture while continuing to develop future leaders.
Regional and International Recognition
We are always pleased to see that our commitment to operational excellence and strong overall performance is recognized regionally and internationally.
Overall
- Forbes List 2021 – Tal Nazer ranked as one of the Top 100 CEOs in the Middle East 2021
- 8th Middle East Insurance Industry Awards – Health Insurance Company of the years 2020 and 2021 – Saudi Arabia
- Brand Finance 2021 – Ranked as the Strongest Brand in Saudi Arabia in 2020 and 2021
- International Business Magazine Awards 2021 – Health Insurance Company of the Year – Saudi Arabia
People
- Chartered Institute of Personnel and Development (CIPD)'s 2021 Middle East People Awards as Employer of Choice and Best Employee Engagement Initiative
- LinkedIn’s Talent Awards as Best Employer Brand (for companies with 500-2,000 employees)
Corporate social responsibility
- Awarded Best CSR Initiative for second consecutive year
- Best CSR Impact Initiative in Saudi Arabia awarded by the CSR Summit, KSA
- Best CSR Integrated Organization in Saudi Arabia awarded by the CSR Summit, KSA
- The Leading Company in Social Responsibility Program Related to Orphans
The Company has been active in building enduring partnerships with all stakeholders as well as the local community. Special attention has been given to relations with business partners and suppliers, especially local SMEs within the areas we operate. We have also cemented our partnerships with leading international business organizations and consultancies.
Bupa Arabia’s Corporate Social Responsibility (CSR) program has been conducted under the “Helping Hands” theme which aims at providing a better future for the most deserving segments of our society. Under our flagship CSR project, we have collaborated with the Ministry of Human Resources and Social Development (MHRSD) in addressing the needs of orphans living in their centers. We are strongly committed to making a positive impact in their lives, physically and emotionally. Our colleagues have participated whole-heartedly in these initiatives.
With the emergence of cybersecurity as an area of prime concern in the industry, our Cybersecurity and Technology Risk Department carried out a total overhaul of all the BCM activities, based on an updated BCM Enterprise Policy.
On behalf of the Board of Directors, I would like to express my sincere appreciation to all our people, who have made an immense contribution to building Bupa Arabia. It is our people, including employees and members of Board Committees, who have enabled us to deliver exceptional results which stand out in the industry.
I also wish to thank all our stakeholders, including shareholders, clients, partners, regulators and service providers, for their continued support, and commitment in helping us overcome daunting challenges of the year. We remain committed as a Board, and as a Company, to our strategic and governance frameworks that enable us to retain our position of strength and leadership.
The achievements we made and the lessons learned during such difficult times could not have been in place without the resilience displayed by our loyal and motivated people, and I am confident that we will continue to excel and navigate challenges, and emerge stronger than ever before.
By order of the Board
Eng. Loay Hisham Nazer
Chairman