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CHUBB Arabia Cooperative Insurance Co. announces its Interim Financial Results for the period ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Insurance Revenues | 90,257 | 75,775 | 19.111 | 83,558 | 8.017 |
| Result of Insurance Services | 60,912 | -17,687 | - | 92,018 | -33.804 |
| Net Profit (Loss) of The Insurance Results | 5,828 | 461 | 1,164.208 | 7,186 | -18.897 |
| Net Profit (Loss) of The Investment Results | 4,482 | 4,183 | 7.147 | 7,266 | -38.315 |
| Net Insurance Financing Expenses | -489 | -358 | 36.592 | -823 | -40.583 |
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 5,666 | 4,007 | 41.402 | 8,396 | -32.515 |
| Total Comprehensive Income | 5,689 | 4,485 | 26.845 | 12,992 | -56.211 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 429,530 | 399,287 | 7.574 |
| Profit (Loss) per Share | 0.188 | 0.133 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the revenues during the current quarter compared to the same quarter of last year is | Insurance revenues for the current quarter amounted to SR 90,257K, compared to SR 75,775K during the same quarter of last year, an increase of 19%, which was principally driven by business growth |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit before zakat and income tax for the current quarter of SR 2,166K compared with same quarter of the last year was due to the following main reasons: • Improvement in insurance revenue for current quarter of SR 14,482K compared with the same quarter last year, an increase of 19%, a decrease in insurance service expenses of SR 64,117K, a decrease of 69% compared with the same quarter last year, these movements were partially offset by the increase in net expenses from reinsurance contracts held of 73,233K, an increase of 404% compared with the same quarter last year. • Increase in net investment income of SR 299K compared with the same quarter of last year, an increase of 7%. • These movements were partially offset by an increase in net insurance finance expenses of SR 131K, an increase of 37%, compared with the same quarter of the last year. |
| The reason of the increase (decrease) in the revenues during the current quarter compared to the previous quarter is | Insurance revenues for the current quarter amounted to SR 90,257K, compared to SR 83,558K during the previous quarter, an increase of 8%, which was principally driven by business growth |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous quarter is | The decrease in net profit before zakat and income tax for the current quarter of SR 2,817K compared with previous quarter of last year was due to the following main reasons: • Improvement in insurance revenue for current quarter of SR 6,699K compared with the previous quarter of last year, an increase of 8%, the decrease in net expenses from reinsurance contracts held of 29,746K, a decrease of 35% compared with the previous quarter of last year , these movements were partially offset by an increase in insurance service expenses of SR 37,805K, an increase of 447% compared with the previous quarter of last year. • A decrease in net investment income of SR 2,784K compared with the previous quarter of last year, a decrease of 38%. • A decrease in other operating expenses of SR 1,239K compared with the previous quarter of last year, a decrease of 27% and a decrease net insurance finance expenses of SR 334K, a decrease of 41%, compared with the same quarter of the last year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | The Company has reclassified and restated comparative other income from Hajj and Umrah to meet the requirements of the newly implemented standards IFRS 17 and in compliance with Insurance Authority guidelines |
| Additional Information | 1. Profit per share was calculated after Zakat and Income Tax. 2. Total shareholders’ equity as at 31/03/2024 SAR 429,530K compared to SAR 423,840K for last year with an increase of 1%. 3.Total shareholders’ equity as at 31/03/2024 SAR 429,530K compared to SAR 399,287K for same quarter of last year with an increase of 8%. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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