CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 24.8 million for 2023, up 98% compared with SAR 12.5 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 303.68 | 350.87 | 15.5 % |
| Insurance Revenues | 299.36 | 329.44 | 10.0 % |
| Net Profit Before Zakat & Tax | 19.69 | 32.30 | 64.0 % |
| Net Income | 12.54 | 24.82 | 98.0 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.42 | 0.83 | 98.0 % |
Insurance revenues rose 10% year-on-year (YoY) to SAR 329.43 million driven by business growth, along with a 22% YoY decline in insurance service expenses. Net investment income jumped 135% YoY.
Meanwhile, net expenses from reinsurance contracts held increased 74% YoY. Share of surplus from insurance pool fell 24% YoY. Other income decreased 76% YoY.
In addition, operating expenses rose 12% YoY and net insurance finance expenses soared 1,332%, YoY.
In Q4 2023, the insurance services provider reported a net profit of SAR 8.4 million, marking a 91% YoY growth.
Q4 net profit led up 12.8% from SAR 7.44 million in the previous quarter.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 103.85 | - | - |
| Insurance Revenues | 78.06 | 83.56 | 7.0 % |
| Net Profit Before Zakat & Tax | 9.52 | 10.15 | 6.7 % |
| Net Income | 4.41 | 8.40 | 90.6 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.15 | 0.28 | 90.6 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 303.68 | 350.87 | 15.5 % |
| Insurance Revenues | 299.36 | 329.44 | 10.0 % |
| Insurance Services Income | 14.09 | 22.01 | 56.2 % |
| Investment Income | 8.28 | 19.44 | 134.8 % |
| Net Profit of Insurance Services and Investment | 22.49 | 39.90 | 77.4 % |
Shareholders’ equity, no minority interest, increased to SAR 423.84 million as of Dec. 31, 2023, from SAR 394.80 million a year earlier.
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