Financial Results : CHUBB Arabia 9M 2024 profit falls 33% to SAR 11M; Q3 at SAR 1.7M

CHUBB Arabia 9M 2024 profit falls 33% to SAR 11M; Q3 at SAR 1.7M

04/11/2024 Argaam Exclusive

View other reports

CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 11 million for the first nine months of 2024, falling 33% from SAR 16.4 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 245.88 283.68 15.4 %
Net Income 16.42 11.03 (32.9 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.55 0.37 (32.9 %)

Insurance revenues increased by 15% year-on-year (YoY) to SAR 283.67 million, principally driven by business growth.

 

Net expenses from reinsurance contracts held for the current period soared 120% YoY to SAR 81.92 million. Meanwhile, share of surplus from insurance pool (Hajj & Umrah income) dropped by 87% YoY in 9M 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Insurance Revenues 83.60 96.65 15.6 %
Net Income 7.44 1.72 (77.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.25 0.06 (77.0 %)

In Q3 2024, the insurance services provider reported a net profit of SAR 1.7 million, marking a 77% YoY decline, mainly due to a 206% annual surge in insurance service expenses.

 

The third-quarter net profit fell 53% from SAR 3.65 million in Q2 2024.

 

Shareholders’ equity, no minority interest, increased to SAR 437.96 million as of Sept. 30, 2024, from SAR 410.84 million a year earlier.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 245.88 283.68 15.4 %
Insurance Services Income 14.83 13.01 (12.3 %)
Investment Income 12.18 14.76 21.2 %
Net Profit of Insurance Services and Investment 26.28 26.55 1.0 %

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.