Financial Results : CHUBB Arabia 2024 profit drops 34% to SAR 16.3M; Q4 at SAR 5.3M

CHUBB Arabia 2024 profit drops 34% to SAR 16.3M; Q4 at SAR 5.3M

13/03/2025 Argaam Exclusive

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CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 16.3 million for 2024, down 34%, compared to SAR 24.8 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 350.87 398.01 13.4 %
Insurance Revenues 329.44 383.41 16.4 %
Net Profit Before Zakat & Tax 32.30 21.66 (33.0 %)
Net Income 24.82 16.29 (34.4 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) 0.83 0.54 (34.4 %)
EPS (Riyals) 0.83 0.54 (34.4 %)

Net expenses from reinsurance contracts held for the current year increased by 23% (SAR 35.68 million) compared with a year earlier, and insurance service expenses rose by 14% (SAR 21.39 million) year-on-year (YoY). Other operating expenses were up 7% (SAR 1.03 million) YoY, and net investment income fell 4% (SAR 865 million) YoY.

 

In addition, the company's share of surplus from insurance pool (Hajj & Umrah income) fell 89% (SAR 6.37 million) YoY.

 

However, annual revenues increased by 16%, mainly due to business growth.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 119.42 125.16 4.8 %
Insurance Revenues 83.56 99.73 19.4 %
Net Profit Before Zakat & Tax 10.15 4.70 (53.7 %)
Net Income 8.40 5.27 (37.3 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items 0.28 0.18 (37.3 %)
EPS (Riyals) 0.28 0.18 (37.3 %)

In Q4 2024, the insurance services provider reported a net profit of SAR 5.3 million, marking a 37% YoY decline.

 

Q4 2024 net profit soared from SAR 1.72 million in the previous quarter.

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 350.87 398.01 13.4 %
Insurance Revenues 329.44 383.41 16.4 %
Insurance Services Income 29.19 19.70 (32.5 %)
Investment Income 19.44 18.58 (4.4 %)
Net Profit of Insurance Services and Investment 47.08 36.97 (21.5 %)

Shareholders’ equity, no minority interest, increased to SAR 454.41 million as of Dec. 31, 2024, from SAR 423.84 million a year earlier.

 

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