CHUBB Arabia Cooperative Insurance Co. announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )
Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
---|---|---|---|---|---|
Gross Written Premiums (GWP) | 40,469 | 36,095 | 12.118 | 49,509 | -18.259 |
Net Written Premiums (NWP) | 16,538 | 12,068 | 37.04 | 17,699 | -6.559 |
Net Incurred Claims | 4,160 | 9,162 | -54.595 | -275 | - |
Net Profit (Loss) of Policy Holders Investment | 726 | 1,043 | -30.393 | 2,032 | -64.271 |
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 13,221 | 7,860 | 68.206 | 8,174 | 61.744 |
Net Profit (loss) of Shareholders Capital Investment | 1,957 | 2,408 | -18.729 | 4,158 | -52.934 |
Net Profit (Loss) before Zakat | 14,598 | 9,933 | 46.964 | 13,050 | 11.862 |
Total Comprehensive Income | 11,099 | 7,395 | 50.087 | 10,297 | 7.788 |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
---|---|---|---|
Gross Written Premiums (GWP) | 187,072 | 180,000 | 3.928 |
Net Written Premiums (NWP) | 73,427 | 75,804 | -3.135 |
Net Incurred Claims | 12,325 | 23,914 | -48.461 |
Net Profit (Loss) of Policy Holders Investment | 1,366 | 3,145 | -56.565 |
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) | 29,571 | 18,559 | 59.335 |
Net Profit (loss) of Shareholders Capital Investment | 4,705 | 7,125 | -33.964 |
Net Profit (Loss) before Zakat | 31,703 | 24,672 | 28.497 |
Total Comprehensive Income | 23,939 | 18,121 | 32.106 |
Total Share Holders Equity (after Deducting Minority Equity) | 346,354 | 311,190 | 11.299 |
Profit (Loss) per Share | 1.2 | 0.91 | |
All figures are in (Thousands) Saudi Arabia, Riyals |
Accumulated Losses | Capital | Percentage % | |
---|---|---|---|
0 | 0 | 0 | |
All figures are in (Thousands) Saudi Arabia, Riyals |
Element List | Explanation |
---|---|
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The reasons for the increase in the net profit before Zakat are due to a decrease in Net Claim Incurred and Reversal of allowance for doubtful debts |
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The reasons for the increase in the net profit before Zakat is due to a Reversal of allowance for doubtful debts and a decrease in Policy Acquisition Costs |
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period of the Previous Year is Attributed to | The reasons for the increase in the net profit before Zakat are due to a decrease in Net Claim Incurred, a Reversal of allowance for doubtful debts, and an increase in Other income. |
Basis of the External Auditor's Opinion | Unmodified opinion |
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | N/A |
Reclassification of Comparison Items | Certain comparative figures have been restated to conform to the new regulation with regards to the presentation of Zakat and Income Tax from Statement of Changes in Equity to Statement of Income effective from the second quarter ended 30 June 2019. Zakat & Income Tax is to be accrued at end of each financial reporting period and recognized in statement of income with a corresponding liability recognized in the statement of financial position. The Company asserts that there is no financial impact of these restatements on Retained Earnings and Equity. |
Additional Information | "1. Profit per share was calculated after Zakat and Income Tax.
2. Total shareholders equity at 30/09/2020 SAR 346,354 thousand compared to SAR 311,190 thousand for the same period of last year with an increase of 11.30%. 3. The total comprehensive income for the current period is SAR 23,939 thousand compared to SAR 18,121 thousand for the same period last year, an increase of 32.11%. 4- The total comprehensive income for the current quarter is SAR 11,099 thousand compared to SAR 7,395 thousand for the same period last year, an increase of 50.09%." |
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