| Announcement Detail |
Chubb Arabia cooperative insurance Company announces a significant favorable impact in the net assets of the company, due to an increase in the value of investment held in Najm for insurance services company (Najm). The Company owns 3.45% shares in Najm for insurance services company and this was historically carried at cost, amounting to SAR 1.9million, will now be valued at fair value estimated to be at SAR 39.7 million for the years ended 31 December 2022, based on the independent valuation carried out by Najm following the adoption of IFRS 9 “Financial Instruments” effective January 01, 2023. The Company will be accounting for this increase in the net asset value of investments through other comprehensive income. The impact of this will be reflected in the quarterly financial statement for the period ending 31st March 2023. |
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