Chubb Arabia Cooperative Insurance Co. reported a net profit before Zakat of SAR 35.4 million for the fiscal year 2019, a decline of 28% year-on-year (YoY), compared to SAR 49.5 million from a year earlier.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The decrease is attributed to lower net earned premiums, as well as higher net incurred claims and general & administrative expenses.
Gross written premiums (GWPs) stood at SAR 258.2 million, up by 10.4% YoY, while net incurred claims increased by 19.2% YoY to SAR 30.4 million in FY2019.
The insurer incurred a 45% decline YoY in net profit to SAR 12.9 million in FY2019.