CHUBB Q3 Profits Drop 76.9% to SAR 1.7 Million

CHUBB Arabia Cooperative Insurance Co. announced on Monday that net profit declined by 76.9% to 1.7 million riyals during the third quarter of 2024, compared to 7.4 million riyals in the same quarter last year, following the announcement today of the estimated financial results for the duration ending Sep. 30, 2024 (9 months).

Net profit from investment results increased by 51.7% to 5.9 million riyals in the third quarter of 2024, compared to 3.9 million riyals in the same quarter last year.

According to the company, the main reasons for the decrease in net profit before zakat and income tax for the current quarter of 5,652 thousand Saudi riyals compared to the same quarter last year are due to the following:

* An increase in insurance service expenses of 32,088 thousand Saudi riyals, an increase of 206% compared to the same quarter last year, an increase in net insurance finance expenses of 374 thousand Saudi riyals, an increase of 1290% compared to the same quarter last year, and an increase in other operating expenses of 543 thousand Saudi riyals, an increase of 14% compared to the same quarter last year.

* A decrease in the share of the surplus from insurance pool (Hajj&Umrah income) of 789 thousand Saudi riyals, a decrease of 100% compared to the same quarter last year.