Strong GWP and NWP growth (+14% Y-o-Y) Investment income improved Y-o-Y, but was weaker Q-o-Q Deterioration in loss ratio (72% in 3Q16 vs. 66% in 3Q15) Bad debt provision at SAR43.4mn in 3Q16 vs. SAR48.6mn in 2Q16   Bupa Arabia released preliminary headline numbers for 3Q16. Net income for 3Q16 came in at SAR260mn, 6% lower Y-o-Y, but in line with our estimates.   Our take on the results: An encouraging set of results. Premium growth recovered strongly (+14% Y-o-Y) after sluggish growth in the previous quarter and should address investor concerns on growth for now. As expected, loss ratio deteriorated from an exceptionally low base in 3Q15, but improved strongly on a Q-o-Q basis. Third quarter tends to have a large seasonality swing, and is the best quarter of the year in terms of earnings. (Earnings release, Murad Ansari)   Bupa: SAR112.10 as of 16 October 2016, Rating: Buy, FV: SAR155.00 per share, MCap: USD2,391mn, BUPA AB / 8210.SE