Bupa Arabia to split into holding company, new insurer: Exec

Logo of Bupa Arabia for Cooperative Insurance Co.

Bupa Arabia for Cooperative Insurance Co.’s restructuring process involves transforming the current firm into a holding company, and establishing a new wholly owned closed joint-stock company to take over its insurance business, Chief Business Development Officer Ali Sheneamer said.

In a statement to Al Arabia TV, Sheneamer said all assets and liabilities related to the insurance business will be transferred to the new entity. This includes insurance contracts with customers as well as employment contracts of staff working in insurance-related departments.

The spin-off comes in accordance with the Companies Law, he said, adding that it may be the first corporate split of its kind under the law that came into force in 2023.

Sheneamer added that the holding company aims to own subsidiaries operating in activities the group intends to pursue.

He clarified that there are currently no discussions regarding acquisitions in the healthcare sector, noting that any such move would depend on market opportunities and shareholder approval, while the current focus remains on completing the transition to a holding company.

He also pointed out that Bupa Integrated Care, a wholly owned subsidiary of Bupa Arabia, has become the largest provider of telemedicine services to the company’s customers, delivering around 1,500 remote medical consultations per day. It has also emerged as the largest provider of home healthcare services and is on track to transform into a healthcare company, a move that requires an organizational structure aligned with this objective.

It has also emerged as the largest provider of home healthcare services and is on track to transform into a healthcare company, a move that requires an organizational structure aligned with this objective.

Sheneamer further stated that Bupa Arabia’s market share stands at approximately 45% of Saudi Arabia’s health insurance market.

According to Argaam data, Bupa Arabia’s board of directors recommended a corporate restructuring, on Jan. 10, through a demerger into two companies.

Under the proposal, all assets and liabilities related to the insurance business would be transferred to a new, wholly owned closed joint-stock company.

Bupa Arabia received a no-objection from the Insurance Authority (IA) on Sept. 9, 2025, for a proposed restructuring aimed at transforming the company into a holding company.