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.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Insurance Revenues | 245.88 | 283.68 | 15.4 % |
Net Profit Before Zakat & Tax | 22.15 | 16.96 | (23.5 %) |
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.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Insurance Revenues | 83.60 | 96.65 | 15.6 % |
Net Profit Before Zakat & Tax | 9.76 | 4.11 | (57.9 %) |
Net Income | 7.44 | 1.72 | (77.0 %) |
Average Shares | 30.00 | 30.00 | - |
EPS (Riyals) | 0.25 | 0.06 | (77.0 %) |
Item | Q2 2024 | Q3 2024 | Change |
---|---|---|---|
Gross Written Premium (GWP) | 86.93 | 68.16 | (21.6 %) |
Insurance Revenues | 96.77 | 96.65 | (0.1 %) |
Net Profit Before Zakat & Tax | 5.52 | 4.11 | (25.6 %) |
Net Income | 3.65 | 1.72 | (52.9 %) |
Average Shares | 30.00 | 30.00 | - |
EPS (Riyals) | 0.12 | 0.06 | (52.9 %) |
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.
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 % |
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