Chubb Profits Fell to SR2 mln during 1Q, by 16%.

The net profit before zakat for Chubb Arabia Cooperative Insurance Company decreased to SR2 million during the first quarter, compared to SR2.4 million during the same quarter of the previous year, by 16%.

This came after CHUBB announcement on Wednesday the consolidated preliminary financial results for the period ending on 31.03.2022 (three months).

As for the net investment profits of shareholders’ funds, it amounted to SR874 thousand during the first quarter, compared to SR740 thousand during the same quarter of the previous year, a growth of 18%.

Profits per share during the current period amounted to SR0.04, compared to SR0.5 during the same period of the previous year.

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 reasons for the decrease in the net profit before Zakat & Tax are due to an increase in Net claim incurred and increase in General and Administrative Expenses, a decrease in the Investment income for Policyholders and in Other income, an increase in Policy Acquisition Costs.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is:

The reasons for the decrease in the net profit before Zakat and Tax is due to a decrease in the Investment income for Policyholders, an increase in Policy Acquisition Costs, and a decrease in Reinsurance commission income.

Certain of the amounts have been reclassified to conform to the presentation in the current year. These changes were made for better presentation of balances and transactions in the Annual financial statements of the Company. The Company asserts that there is no financial impact of these re-classifications on Net Results From Retained Earnings, and Equity.

1. Profit per share was calculated after Zakat and Income Tax.

2. Total shareholders equity at 31/03/2022 SR 361,118 thousand compared to SR 354,265 thousand for the same period of last year with an increase of 1.93%.

3. The gross comprehensive income for the current period is SR 1,254 thousand compared to SR 1,563 thousand for the same period last year, a decrease of 19.77%.