Chubb Arabia’s net profit rises 15% to SAR 40.8 mln in 2020

21/03/2021 Argaam Exclusive

Chubb Arabia Cooperative Insurance Co. reported a net profit before Zakat of SAR 40.8 million in 2020, an increase of 15% compared to SAR 35.4 million in 2019.

Financials (M)

Item 2019 2020 Change‬
Gross Written Premium (GWP) 258.22 274.66 6.4 %
Net Profit Before Zakat & Tax 32.19 36.82 14.4 %
Net Income 29.35 30.29 3.2 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.98 1.01 3.2 %

The increase was attributed to a decrease in net incurred claims and reversal of allowance for doubtful debts, along with an increase in reinsurance commission income and other income.

 

The fourth-quarter net profit before Zakat fell 6% year-on-year (YoY) to SAR 12.2 million.

Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Gross Written Premium (GWP) 78.22 87.59 12.0 %
Net Profit Before Zakat & Tax 9.69 8.21 (15.2 %)
Net Income 11.22 6.35 (43.4 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.37 0.21 (43.4 %)

Insurance Operations (M)

Item 2019 2020 Change‬
Gross Written Premium (GWP) 258.22 274.66 6.4 %
Net Written Premiums (NWP) 88.64 89.34 0.8 %
Net Incurred Claims (30.41) (18.55) 39.0 %

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Share Price

CHUBB Arabia Cooperative Insurance Co.
20.98
0.00 0.00 %

CHUBB Arabia Cooperative Insurance Co. (CHUBB)

Financial Ratios
Current
Market Cap (M) 629.40
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 0.39
Book Value (BV) ( Riyal) 13.48
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/Book 1.56
Return on Average Assets (%) (TTM) 1.4
Return on Average Equity (%) (TTM) 2.9
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