CHUBB Arabia announces higher value of investment in Najm

09/04/2023 Argaam
Logo of CHUBB Arabia Cooperative Insurance Co.

Logo of CHUBB Arabia Cooperative Insurance Co.

CHUBB Arabia Cooperative Insurance Co. announced an increase in the value of the investment held in Najm for Insurance Services Co.

 

According to a statement on Tadawul, this material update will have a favorable impact on CHUBB Arabia’s net assets by 10%.

 

The Saudi listed firm owns 3.45% of Najm’s shares, amounting to SAR 1.9 million.

 

The company will now have to measure and recognize it at a fair value at SAR 39.7 million for the year ended Dec. 31, 2022, according to IFRS 9 Financial Instruments as of Jan. 1, 2023.

 

It added that it will recognize this increase in the net changes in the fair value of investments through its income statement.

 

This impact will be reflected in the preliminary financial statements for the three-month period ended March 31, 2023, Chubb Arabia stated.

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