- The Financial Sector Conference gathers government official leaders, and decision-makers from the Kingdom’s financial industry and beyond.
- Bupa Arabia registers a 38% rise in annual net income in 2022.
- Nazer: FSC helps revive many economic sectors, especially the financial sector.
- Bupa Arabia is the first insurance company in Saudi Arabia to establish a dedicated department for digital transformation in 2018.
Riyadh: Tal Nazer, CEO of Bupa Arabia for Cooperative Insurance, joined a key panel discussion in the second edition of the Financial Sector Conference (FSC) 2023, which was held on March 15-16 in Riyadh.
The event, spotlighting global economic trends and next-generation digitization, is an important platform for dialogue, drawing financial sector leaders from the region and beyond.
The conference hosted experts in several sessions with themes such as: “Global Economic Challenges and Opportunities,' “Capital Institutions in the New Financial Status,” “Safe Investment for Tomorrow,' and “Future of the Financial Sector in Light of Digitization.”
Nazer participated in a discussion titled “From Risk Avoidance to New Opportunities in Insurance,” on Wednesday. He was joined by Michel Grosso, CEO of Democrance Insurance Company, and Jerome Drouche, CEO of the Health Department, Cigna Healthcare, while Dr. Sven-Olaf Vathje, Partner, Oliver Wyman - Dubai, moderated the session.
Meanwhile, Bupa Arabia joined the Financial Sector Conference buoyed by a 38% rise in annual net income. The profit growth, which rose to SR 862.6 million (from SR
625.6 million in 2021), was stimulated by net underwriting results and other activities’ gross income, which grew by 10.8% year-on-year (YoY) to SR 132.61 million.
The insurer reported a surge of 93.2% YoY, or SR 277.82 million, in investment and other income.
Commenting on the significance of the conference, Nazer said: “It comes within the framework of Saudi Arabia's endeavor to contribute to the revival and revitalization of the many economic sectors, especially the financial sector.”
He pointed out that FSC 2023 aimed to support the national economy by developing financial sector institutions, making advancements in the capital market, and empowering financial planning among various segments of society.
Nazer said the world is “witnessing an economic slowdown that has exceeded expectations, due to rising inflation, high-interest rates, and supply chain shortages.”
He said that the competitive economic landscape, driven by rapid technological development and the current economic reality, makes it imperative for financial institutions, especially insurance companies, to reconsider their roles in the Saudi market and ways to serve their customers.
As the Saudi insurance sector undergoes rapid digital transformation, Bupa Arabia prides itself in being a digitization pioneer as it was the first company in the insurance sector to establish an exclusive department for digital transformation in 2018. The company leverages advanced technologies to provide state-of-the-art digital services, such as a telehealth platform and other exclusive programs, benefiting 3 million users.
Nazer said he was happy to join the session at FSC 2023, which he said is a key platform to support innovation and build partnerships in the financial sector and projects that drive sustainable economic growth, raising the quality of life under Saudi Vision 2030.
Held at the King Abdulaziz International Conference Center, the two-day deliberations are being organized by the Financial Sector Development Program (FSDP) partners, including the Ministry of Finance, Capital Market Authority, and Saudi Central Bank.
Top hosts at the summit included Minister of Finance Mohammed Al-Jadaan, Chairman of the Board of the Capital Market Authority Mohammed Al-Kuwaiz, Governor of the Saudi Central Bank Ayman Al-Sayari, Minister of Investment Khalid Al-Falih, and Minister of Economy and Planning Faisal Al-Ibrahim.
Global participants from outside Saudi Arabia included ministers from Egypt and South Africa, and top executives from JP Morgan, Morgan Stanley, World Bank for MENA, and Organization for Economic Cooperation and Development.