Financial Results : CHUBB Arabia 9M 2024 profit falls 33% to SAR 11M; Q3 at SAR 1.7M

CHUBB Arabia 9M 2024 profit falls 33% to SAR 11M; Q3 at SAR 1.7M

04/11/2024 Argaam Exclusive

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CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 11 million for the first nine months of 2024, falling 33% from SAR 16.4 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 231.45 272.85 17.9 %
Insurance Revenues 245.88 283.68 15.4 %
Net Profit Before Zakat & Tax 22.15 16.96 (23.5 %)
Net Income 16.42 11.03 (32.9 %)
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items (Riyals) 0.41 0.28 (32.9 %)
EPS (Riyal) 0.41 0.28 (32.9 %)

Insurance revenues increased by 15% year-on-year (YoY) to SAR 283.67 million, principally driven by business growth.

 

Net expenses from reinsurance contracts held for the current period soared 120% YoY to SAR 81.92 million. Meanwhile, share of surplus from insurance pool (Hajj & Umrah income) dropped by 87% YoY in 9M 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 64.71 68.16 5.3 %
Insurance Revenues 83.60 96.65 15.6 %
Net Profit Before Zakat & Tax 9.76 4.11 (57.9 %)
Net Income 7.44 1.72 (77.0 %)
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items (Riyal) 0.19 0.04 (77.0 %)
EPS (Riyal) 0.19 0.04 (77.0 %)

In Q3 2024, the insurance services provider reported a net profit of SAR 1.7 million, marking a 77% YoY decline, mainly due to a 206% annual surge in insurance service expenses.

 

The third-quarter net profit fell 53% from SAR 3.65 million in Q2 2024.

 

Shareholders’ equity, no minority interest, increased to SAR 437.96 million as of Sept. 30, 2024, from SAR 410.84 million a year earlier.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 231.45 272.85 17.9 %
Insurance Revenues 245.88 283.68 15.4 %
Insurance Services Income 21.05 13.81 (34.4 %)
Investment Income 12.18 14.76 21.2 %
Net Profit of Insurance Services and Investment 32.50 27.36 (15.8 %)

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