CHUBB Arabia Cooperative Insurance Co. announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 329,438 | 299,356 | 10.05 | ||
| Result of Insurance Services | 175,005 | 102,008 | 71.56 | ||
| Net Profit (Loss) of The Insurance Results | 22,013 | 14,085 | 56.29 | ||
| Net Profit (Loss) of The Investment Results | 19,443 | 8,280 | 134.82 | ||
| Net Insurance Financing Expenses | -1,552 | 126 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 24,817 | 12,537 | 97.95 | ||
| Total Comprehensive Income | 29,037 | 9,017 | 222.03 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 423,840 | 394,802 | 7.36 | ||
| Profit (Loss) per Share | 0.83 | 0.42 | |||
| 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 | - | - | |
| Accumulated Losses | - | - | |
| 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 329,438K, compared to SR 299,356K during the last year, an increase of 10%, 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 increase in net profit before zakat and income tax for the current year of SR 32,302K compared with previous year was due to the following main reasons:
• Improvement in insurance revenue for current year of SR 30,082K compared with the same previous year, an increase of 10%, a decrease in insurance service expenses of SR 42,915K, decrease of 22% compared with the same previous year, these movements were partially offset by the increase in net expenses from reinsurance contracts held of 65,069K, increase of 74% compared with the same previous year.
• decrease in share of surplus from insurance pool of SR 2,263K compared with the same period of the previous year, an decrease of 24%.
• Increase in net investment income of SR 11,163K compared with the same period of the previous year, an increase of 135%.
• Decrease in other income of SR 968K compared with the same period of the previous year, a decrease of 76%.
• These movements were partially offset by an increase in operating expenses of SR 1,573K, an increase of 12%, compared with the same period of the previous year and an increase in net insurance finance expenses of SR 1,678K, an increase of 1332%, compared with the same period of the previous 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) | - |
| 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 | 1. Profit per share was calculated after Zakat and Income Tax.
2. Total shareholders' equity at 31/12/2023 SAR 423,840K compared to SAR 394,802K for the same period of last year with an increase of 7%.
3. The total comprehensive income for the current period is SAR 29,038K compared to SAR 9,017K for the same period last Year, an increase of 222%. |
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