CHUBB Arabia Profits Decrease to SR14 mln by end of 2021 by 63%

The CHUBB Arabia Cooperative Insurance Company net profit before zakat decreased to SR14 million during the year 2021, compared to SR37 million during the year before last, at a rate of 63%.
This came after CHUBB announcement on Sunday of the estimated financial results for the period ending on 31.12.2021 (12 months).
The net profits of shareholders’ funds investments during the current period amounted to SR3.3 million, compared to SR7 million during the same period last year, a decrease of 50%.
The gross shareholders’ equity (after excluding minority interests) during the current period, it amounted to SR360 million, compared to SR353 million during the same period last year, with a growth of 2%.
Profits per share during the current period amounted to SR0.24, compared to SR1.01 during the same period last 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 and an increase in policy acquisition costs.
The company said in a statement that the 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.
Additional Information:
1. Profit per share was calculated after Zakat and Income Tax.
2. Total shareholders’ equity at 31.12.2021 SR359,864 thousand compared to SR 352,702 thousand for the same period of last year with an increase of 2.03%.
3. The total comprehensive income for the current period is SR7,162 thousand compared to SR30,288 thousand for the same period last year, a decrease of 76.35%.