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

18/03/2024 Argaam Exclusive

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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 %

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	83.60	83.56	(0.1 %)
Net Profit Before Zakat & Tax	9.76	10.15	4.0 %
Net Income	7.44	8.40	12.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.25	0.28	12.8 %

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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