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CHUBB Arabia Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 383,410 | 329,438 | 16.38 | ||
| Result of Insurance Services | 207,579 | 175,005 | 18.61 | ||
| Net Profit (Loss) of The Insurance Results | 18,900 | 22,013 | -14.14 | ||
| Net Profit (Loss) of The Investment Results | 18,578 | 19,443 | -4.45 | ||
| Net Insurance Financing Expenses | -1,316 | -1,552 | -15.21 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 16,293 | 24,818 | -34.35 | ||
| Total Comprehensive Income | 30,574 | 29,038 | 5.29 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 454,415 | 423,840 | 7.21 | ||
| Profit (Loss) per Share | 0.54 | 0.83 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | Insurance revenues for the current year amounted to SR 383,410K, compared to SR 329,438K during the last year, an increase of 16%, which was principally driven by business growth. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The decrease in net profit before zakat and income tax for the current year of SR 10,646K compared with last year was due to the following main reasons: • Increase in net expenses from reinsurance contracts held for current year of SR 35,687K compared with last year, an increase of 23% and increase in insurance service expenses of SR 21,398K, an increase of 14% compared with last year and an increase in other operating expenses of SR 1,033K, an increase of 7% compared with last year. • Decrease in net investment income of SR 865K, a decrease of 4%, compared with last year. • Decrease in share of surplus from insurance pool (Hajj&Umrah income) of SR 6,376K, a decrease of 89%, compared with last year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | - |
| Additional Information | 1. Profit per share was calculated after Zakat and Income Tax. 2. Total shareholders' equity at 31/12/2024 SAR 454,415K compared to SAR 423,840K for the same period of last year with an increase of 7%. 3. The total comprehensive income for the current year is SAR 30,574K compared to SAR 29,038K for the same period last Year, an increase of 5%. |
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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