Financial Results : CHUBB Arabia H1 2024 profit rises 4% to SAR 9.3M; Q2 down to SAR 3.7M

CHUBB Arabia H1 2024 profit rises 4% to SAR 9.3M; Q2 down to SAR 3.7M

05/08/2024 Argaam Exclusive

View other reports

CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 9.3 million for H1 2024, compared to SAR 9 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Insurance Revenues 162.28 187.03 15.2 %
Net Profit Before Zakat & Tax 12.39 12.85 3.7 %
Net Income 8.98 9.31 3.7 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.30 0.31 3.7 %

Revenue increased by 15%, mainly due to business growth, while insurance revenue improved in H1 2024 to SAR 24.74 million, an increase of 15% year-on-year (YoY).

 

Meanwhile insurance service expenses decreased to SAR 74.31 million, a 51% decrease compared to H1 2023. These changes were partially offset by an increase in net expenses from reinsurance contracts held of SAR 95.08 million, an increase of 1068% compared to the year-earlier period.

 

Net investment income rose 7% YoY to SAR 547,000.

 

Meanwhile, the insurer noted a 71% YoY decrease in other income to SAR 3.96 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Gross Written Premium (GWP) 59.81 - -
Insurance Revenues 86.50 96.77 11.9 %
Net Profit Before Zakat & Tax 7.23 5.52 (23.7 %)
Net Income 4.97 3.65 (26.7 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.17 0.12 (26.7 %)

Q2 2024 net earnings plunged 27% YoY to SAR 3.7 million on higher net expenses from reinsurance contracts and a decrease other income. However, insurance revenues rose 12% YoY and insurance service expenses edged lower.

 

In addition, Q2 profit fell 35.7% quarter-on-quarter (QoQ) from SAR 5.67 million.

Insurance Operations

Item 6m 2023 6m 2024 Change‬
Insurance Revenues 162.28 187.03 15.3 %
Insurance Services Income 6.09 10.14 66.5 %
Investment Income 8.24 8.79 6.7 %
Net Profit of Insurance Services and Investment 13.63 18.12 32.9 %

Shareholders’ equity, no minority interest, increased to SAR 433.219 million as of June 30, 2024, from SAR 404.280 million a year earlier.

 

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.