CHUBB Arabia Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Written Premiums (GWP) | 59,814 | 56,306 | 6.23 | 106,930 | -44.06 |
| 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 | 7,226 | 66 | 10,848.48 | 5,167 | 39.85 |
| Total Comprehensive Income | 4,992 | -1,894 | - | 4,485 | 11.3 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Written Premiums (GWP) | 166,744 | 144,162 | 15.66 |
| 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 | 12,393 | 7,694 | 61.07 |
| Total Comprehensive Income | 9,477 | 2,384 | 297.52 |
| Total Share Holders Equity (after Deducting Minority Equity) | 404,280 | 388,168 | 4.15 |
| Profit (Loss) per Share | 0.3 | 0.22 | |
| 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 Q2 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 increase in net profit before zakat and income tax for the quarter of SR 7,160K compared with same quarter of the previous year was due to the following main reasons:
• Improvement in insurance revenue SR 13,328K compared with the same quarter of the previous year, an increase of 18% and a decrease in net expense from reinsurance contracts held SAR 10,446k compared with the same quarter of the previous year, a decrease of 28%. These movements were partially offset by an increase in insurance service expense of SR 19,216K, an increase of 56%, compared with the same quarter of the previous year.
• Increase in net investment income of SR 2,981K compared with the same quarter of the previous year, an increase of 277%.
• Increase in other income of SR 546K compared with the same quarter of the previous year, an increase of 67%.
• These movements were partially offset by an increase in operating expenses of SR 447K, an increase of 15%, compared with the same quarter of the previous year and by an increase in net insurance finance expenses of SR 478K, an increase of 349%, 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 | The increase in net profit before zakat and income tax for the current quarter of SR 2,059K compared with previous quarter of the same year was due to the following main reasons:
• Improvement in insurance revenue for current quarter of SR 10,728K compared with the previous quarter of the same year, an increase of 14% and a decrease in insurance service expense of SR 39,628K compared with the previous quarter of the same year, a decrease of 42% and a decrease in net insurance finance expenses of SR 17K, a decrease of 5%, compared with the previous quarter of the same year. •These movements were partially offset by an increase in net expense from reinsurance contracts held of SAR 45,195k, an increase of 249%, compared with the previous quarter of the same year and a decrease in net investment income of SR 125K compared with the previous quarter of the same year, a decrease of 3%. A decrease in other income of SR 2,837K compared with the previous quarter of the same year, a decrease of 68%.An increase in operating expenses of SR 157K, an increase of 5%, compared with the previous quarter of the same year. |
| 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 increase in net profit before zakat and income tax for the current period of SR 4,699K compared with same period of the previous year was due to the following main reasons:
•Improvement in insurance revenue for current period of SR 16,977K compared with the same period of the previous year, an increase of 12% and a decrease in net expense from reinsurance contracts held SAR 68,898k compared with the same period of the previous year, an decrease of 89%. These movements were partially offset by an increase in insurance service expense of SR 88,450K, an increase of 150%, compared with the same period of the previous year.
• Increase in net investment income of SR 4,751K compared with the same period of the previous year, an increase of 136%.
• Increase in other income of SR 4,547K compared with the same period of the previous year, an increase of 449%.
• These movements were partially offset by an increase in operating expenses of SR 1,028K, an increase of 18%, compared with the same period of the previous year and by an increase in net insurance finance expenses of SR 994K, an increase of 337%, compared with the same period of the previous year. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Reclassification of Comparison Items | 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 Q2 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. |
| Additional Information | 1. Profit per share was calculated after Zakat and Income Tax.
2. Total shareholders’ equity at 30/06/2023 SAR 404,280K compared to SAR 388,168K for the same period of last year with an increase of 4%. 3. The total comprehensive income for the current period is SAR 9,477K compared to SAR 2,384K for the same period last year, an increase of 298%. |
| Attached Documents |  |
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