CHUBB Insurance Profit Fell to 2.9 mln in the 3Q down 78%

CHUBB Arabia Cooperative Insurance Company net profit before zakat decreased to SR2.9 million during the third quarter, compared to SR13.2 million for the same quarter of the previous year, by 78%.

This came after CHUBB Arabia Cooperative Insurance Co. announced on Sunday its interim financial results for the period ending on 2021-09-30 ( nine months).

The surplus of insurance operations, minus the return on investments of policyholders (the results of operations) for the current quarter amounted to SR3.71 million, compared to AR13.22 million during the same period of the previous year, a decline of 71.9%.

Profits per share during the current period amounted to SR0.25, compared to SR0.8 riyals during the same period of the previous year.

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 Policy holder and Shareholder and a decrease in Other income.

The reasons for the decrease in the net profit before Zakat & Tax are due to an increase inPolicy Acquisition Costs, a decrease in the Investment income for Policy holder and Shareholder and Other income, a decrease in Reinsurance commission income.

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 Policy holder and Shareholder and a decrease in Other income, and an increase in Policy Acquisition Costs.

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 30/09/2021 SAR 360,198 thousand compared to SAR 346,354 thousand for the same period of last year with an increase of 4.00%.
3. The total comprehensive income for the current period is SAR 7,496 thousand compared to SAR 23,939 thousand for the same period last year, a decrease of 68.69%.