Chubb Insurance Profits Fell to SR1.01 mln during Q2, down 76.4%

Chubb Arabia for Cooperative Insurance revealed that net profit before zakat fell in the second quarter to SR1.01 million, compared to SR4.3 million in the same quarter of last year, by 76.4%.
This came after the announcement on Thursday of the preliminary financial results for the period ending 30.06.2022. (Six months).
The net investment losses of shareholders’ funds in the second quarter amounted to SR44 thousand, compared to a profit of SR970 thousand in the same quarter of the previous year.
The net profit before zakat in the 6-month period amounted to SR3.05 million, compared to SR6.7 million in the same period of the previous year, a decrease of 54.7%.
The gross shareholders’ equity “without minority rights” in the 6-month period amounted to SR361.8 million, compared to SR358 million in the same period last year, a growth of 1.08%.
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 a decrease in the Investment income for Policy holders and Shareholders and a decrease in Net Written Premiums, an increase in General and Administrative Expenses and an increase in Policy Acquisition Costs.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The reasons for the decrease in the net profit before Zakat & Tax are due to an increase in Net claim incurred, a decrease in the Investment income for Shareholder, an increase in General and Administrative Expenses and an increase in Policy Acquisition Costs.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
The reasons for the decrease in the net profit before Zakat & Tax are due to a decrease in the Investment income for Policy holder and Shareholder, an increase in General and Administrative Expenses and an increase in Policy Acquisition Cost, and Reversal of allowance for doubtful debts.
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 30/06/2022 SR361,878 thousand compared to SR358,017 thousand for the same period of last year with an increase of 1.08%.
3. The total comprehensive income for the current period is SR2,014 thousand compared to SR5,315 thousand for the same period last year, a decrease of 62.11%.