CHUBB Arabia logs 41% profit leap to SAR 5.7M in Q1 2024

12/05/2024 Argaam Exclusive

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CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 5.7 million in Q1 2024, soaring 41% compared with SAR 4 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	106.93	117.76	10.1 %
Insurance Revenues	75.78	90.26	19.1 %
Net Profit Before Zakat & Tax	5.17	7.33	41.9 %
Net Income	4.01	5.67	41.4 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.13	0.19	41.4 %

Item	Q4 2023	Q1 2024	Change‬
Gross Written Premium (GWP)	119.42	117.76	(1.4 %)
Insurance Revenues	83.56	90.26	8.0 %
Net Profit Before Zakat & Tax	10.15	7.33	(27.8 %)
Net Income	8.40	5.67	(32.5 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.28	0.19	(32.5 %)

Insurance revenues for the current quarter amounted to SAR 90.25 million, up 19% year-on-year (YoY) from SAR 75.77 million, mainly driven by business growth.

The company also posted a 19% (SAR 14.48 million) rise YoY in insurance revenue and a drop of 69% (SAR 64.11 million) in insurance service expenses. This was partially offset by a 404% surge in net expenses from reinsurance contracts held.

Net investment income rose 7%, or SAR 299,000, compared with a year earlier.

In Q1 2024, the insurance services provider posted a 32.5% profit decline from SAR 8.40 million in Q4 2023.

Insurance Operations

Item	3m 2023	3m 2024	Change‬
Gross Written Premium (GWP)	106.93	117.76	10.1 %
Insurance Revenues	75.78	90.26	19.1 %
Insurance Services Income	0.46	5.83	1167.4 %
Investment Income	4.18	4.48	7.2 %
Net Profit of Insurance Services and Investment	4.29	9.82	128.9 %

Shareholders’ equity, no minority interest, amounted to SAR 429.53 million as of March 31, 2024, compared to SAR 399.28 million in the same period a year ago.

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