Riyadh – Mubasher: Chubb Arabia Cooperative Insurance Company posted a 28% annual decline in net profits before Zakat to SAR 2.42 million during the first quarter (Q1) of 2021, compared with SAR 3.37 million.

Earnings per share (EPS) stood at SAR 0.08 in Q1-21, compared to SAR 0.13 in the same quarter last year, according to the initial financial results.

Net written premiums grew 23% year-on-year (YoY) to SAR 48.28 million from SAR 39.19 million in Q1-20.

Chubb Arabia attributed the annual drop in net profits to higher net incurred claims worth SAR 10.34 million in Q1-21, in addition to the rise in reversal of allowance for doubtful debts, a decrease in reinsurance commission income, and an increase in general and admin expenses.

On a quarterly basis, the net profit before Zakat plunged 70.44% compared with SAR 8.21 million in the fourth quarter (Q4) of 2020.

Net written premiums meanwhile surged 203.5% in Q1-21 when compared to SAR 15.91 million in Q4-20.

It is worth noting that during the past year, Chubb Arabia achieved net profits worth SAR 40.8 million.