Riyadh – Mubasher: Chubb Arabia Cooperative Insurance Company recorded net profits before Zakat of SAR 22.15 million in the first nine months (9M) of 2023, signalling a surge of 117.71% from SAR 10.17 million in the same period of the previous year.

The company achieved earnings per share (EPS) of SAR 0.55 in 9M-23, compared with SAR 0.27 in 9M-22, according to the initial income statements.

The gross written premiums (GWP) rose by 15.82% year-on-year (YoY) to SAR 231.45 million in 9M-23 from SAR 199.82 million.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the firm posted net profits before Zakat of SAR 9.75 million, a jump of 293.35% from SAR 2.48 million in Q3-22.

The GWP grew by 16.24% to SAR 64.70 million in Q3-23 from SAR 55.66 million a year ago.

On a quarterly basis, the net profits in Q3-23 increased by 35.05% from SAR 7.22 million in Q2-23, while the GWP rose by 8.18% from SAR 59.81 million.

It is worth mentioning that in October 2023, Moody’s Investor Service confirmed the ‘A3’ financial strength rating (IFSR) of Chubb Arabia, with a stable outlook.