CHUBB Arabia Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 106,930 | 87,856 | 21.71 | - | - |
| Net Written Premiums (NWP) | - | - | - | - | - |
| Net Incurred Claims | - | - | - | - | - |
| Net Profit (Loss) of Policy Holders Investment | - | - | - | - | - |
| Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results) | - | - | - | - | - |
| Net Profit (loss) of Shareholders Capital Investment | - | - | - | - | - |
| Net Profit (Loss) before Zakat | 5,167 | 7,628 | -32.26 | - | - |
| Total Comprehensive Income | 4,485 | 4,277 | 4.86 | - | - |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 399,287 | 390,062 | 2.37 |
| Profit (Loss) per Share | 0.13 | 0.23 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | ||
|---|---|---|---|
| 0 | 300,000 | ||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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 Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.
The following explanation will cover the relevant financial information reflected in the announcement above along with explanation on the new presentation of the financial results which are attached to this announcement:
The decrease in net profit before zakat and income tax for the quarter of SR 2,461K compared with same quarter of the previous year was due to the following main reasons:
• Improvement in insurance revenue SR 3,649K compared with the same quarter of the previous year, an increase of 5% and an increase in net income from reinsurance contracts held SAR 58,451k compared with the same quarter of the previous year, an increase of 145%. These movements were partially offset by an increase in insurance service expense of SR 69,234K, an increase of 286%, compared with the same quarter of the previous year.
• Increase in net investment income of SR 1,770K compared with the same quarter of the previous year, an increase of 73%.
• Increase in other income of SR 4,000K compared with the same quarter of the previous year, an increase of 2022%.
• These movements were partially offset by an increase in operating expenses of SR 581K, an increase of 21%, compared with the same quarter of the previous year and by an increase in net financial expenses of SR 517K, an increase of 326%, compared with the same quarter of the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | - |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Reclassification of Comparison Items | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9. |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards. As a result, the Company has only reflected the relevant financial information under the new standards in the above announcement. Items that are reported as "0" are no longer presented in the new financial statements under IFRS 17 and IFRS 9.
Refer to the attachment for further details on the financial results items that are relevant under the newly implemented financial reporting standards for insurance companies.
1. Profit per share was calculated after Zakat and Income Tax.
2. Total shareholders’ equity at 31/03/2023 SAR 399,287K compared to SAR 390,062K for the same period of last year with an increase of 2%.
3. The total comprehensive income for the current period is SAR 4,485K compared to SAR 4,277 thousand for the same period last quarter, an increase of 5%. |
| Attached Documents |  |
Comments