CHUBB Arabia 2023 profit jumps 98% to SAR 24.8M; Q4 at SAR 8.4M

18/03/2024 Argaam Exclusive

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.



Financials (M)

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 97.9 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.42 0.83 97.9 %

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.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Gross Written Premium (GWP) 103.85 119.42 15.0 %
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 %

Insurance Operations

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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Share Price

CHUBB Arabia Cooperative Insurance Co.
49.50
(1.60) (3.13 %)

CHUBB Arabia Cooperative Insurance Co. (CHUBB)

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Financial Ratios
Current
Market Cap (M) 1,485.00
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 0.65
Book Value (BV) ( Riyal) 14.60
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/Book 3.39
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 4.6
Return on Market Cap (%) 1.5
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