CHUBB Arabia Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 383,410 | 329,438 | 16.38 | ||
| Result of Insurance Services | 207,579 | 175,005 | 18.61 | ||
| Net Profit (Loss) of The Insurance Results | 18,900 | 22,013 | -14.14 | ||
| Net Profit (Loss) of The Investment Results | 18,578 | 19,443 | -4.45 | ||
| Net Insurance Financing Expenses | -1,316 | -1,552 | -15.21 | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 16,293 | 24,818 | -34.35 | ||
| Total Comprehensive Income | 30,574 | 29,038 | 5.29 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 454,415 | 423,840 | 7.21 | ||
| Profit (Loss) per Share | 0.54 | 0.83 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | Insurance revenues for the current year amounted to SR 383,410K, compared to SR 329,438K during the last year, an increase of 16%, which was principally driven by business growth. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The decrease in net profit before zakat and income tax for the current year of SR 10,646K compared with last year was due to the following main reasons:
• Increase in net expenses from reinsurance contracts held for current year of SR 35,687K compared with last year, an increase of 23% and increase in insurance service expenses of SR 21,398K, an increase of 14% compared with last year and an increase in other operating expenses of SR 1,033K, an increase of 7% compared with last year. • Decrease in net investment income of SR 865K, a decrease of 4%, compared with last year. • Decrease in share of surplus from insurance pool (Hajj&Umrah income) of SR 6,376K, a decrease of 89%, compared with last year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | - |
| Additional Information | 1. Profit per share was calculated after Zakat and Income Tax. 2. Total shareholders' equity at 31/12/2024 SAR 454,415K compared to SAR 423,840K for the same period of last year with an increase of 7%. 3. The total comprehensive income for the current year is SAR 30,574K compared to SAR 29,038K for the same period last Year, an increase of 5%. |
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