Riyadh – Mubasher: Chubb Arabia Cooperative Insurance Company announced its initial financial statements for the second quarter of 2019.

Net profits retreated by 62.7% to SAR 3.82 million in Q2-19, compared to SAR 10.2 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The drop in profits was attributed to the decrease in net premium earned, an increase in the net claim incurred, and an increase in the allowance for doubtful debts.

Chubb’s gross written premiums (GWP) declined by 3.5% to SAR 50.8 million in Q2-19, from SAR 52.7 million in the same period last year.

On a yearly basis, the company’s net profits fell by 35.6% to SAR 13.4 during the first six months of 2019.

Total GWP of Chubb levelled down by 5.06% to SAR 143.9 million in H1-19, from SAR 151.5 million in H1-18.

Profits per share registered SAR 0.54 during the six-month period ended June, compared to SAR 0.85 in the same period the year before.