CHUBB Arabia logs 41% profit leap to SAR 5.7M in Q1 2024

CHUBB Arabia logs 41% profit leap to SAR 5.7M in Q1 2024

12/05/2024 Argaam Exclusive

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CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 5.7 million in Q1 2024, soaring 41% compared with SAR 4 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Gross Written Premium (GWP) 106.93 117.76 10.1 %
Insurance Revenues 75.78 90.26 19.1 %
Net Profit Before Zakat & Tax 5.17 7.33 41.9 %
Net Income 4.01 5.67 41.4 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.13 0.19 41.4 %

Insurance revenues for the current quarter amounted to SAR 90.25 million, up 19% year-on-year (YoY) from SAR 75.77 million, mainly driven by business growth.

 

The company also posted a 19% (SAR 14.48 million) rise YoY in insurance revenue and a drop of 69% (SAR 64.11 million) in insurance service expenses. This was partially offset by a 404% surge in net expenses from reinsurance contracts held.

 

Net investment income rose 7%, or SAR 299,000, compared with a year earlier.

 

In Q1 2024, the insurance services provider posted a 32.5% profit decline from SAR 8.40 million in Q4 2023.

Insurance Operations

Item 3m 2023 3m 2024 Change‬
Gross Written Premium (GWP) 106.93 117.76 10.1 %
Insurance Revenues 75.78 90.26 19.1 %
Insurance Services Income 0.46 5.83 1167.4 %
Investment Income 4.18 4.48 7.2 %
Net Profit of Insurance Services and Investment 4.29 9.82 128.9 %

Shareholders’ equity, no minority interest, amounted to SAR 429.53 million as of March 31, 2024, compared to SAR 399.28 million in the same period a year ago.

 

View More Financial Results

 


Financial results (Million)

Period Net Income Change EPS(Riyal) Net Profit Before Zakat & Tax Change
Q1 2015 (1.79) (306.8 %) (0.06) - -
Q2 2015 6.46 679.3 % 0.22 - -
Q3 2015 (1.76) (155.5 %) (0.06) - -
Q4 2015 6.21 (37.8 %) 0.21 - -
Q1 2016 1.19 166.5 % 0.04 - -
Q2 2016 10.15 57.2 % 0.34 - -
Q3 2016 7.57 529.6 % 0.25 - -
Q4 2016 11.04 77.9 % 0.37 - -
Q1 2017 7.87 563.1 % 0.26 9.14 -
Q2 2017 8.07 (20.5 %) 0.27 9.78 -
Q3 2017 5.76 (23.9 %) 0.19 7.80 -
Q4 2017 8.62 (21.9 %) 0.29 10.96 -
Q1 2018 8.68 10.2 % 0.29 10.64 16.4 %
Q2 2018 8.29 2.7 % 0.28 10.27 5.0 %
Q3 2018 3.50 (39.3 %) 0.12 5.20 (33.4 %)
Q4 2018 15.83 83.6 % 0.53 18.39 67.8 %
Q1 2019 7.69 (11.4 %) 0.26 9.64 (9.4 %)
Q2 2019 3.04 (63.3 %) 0.10 3.82 (62.8 %)
Q3 2019 7.39 111.4 % 0.25 9.04 74.1 %
Q4 2019 11.22 (29.1 %) 0.37 9.69 (47.3 %)
Q1 2020 2.54 (66.9 %) 0.08 3.38 (65.0 %)
Q2 2020 10.30 238.6 % 0.34 12.03 214.6 %
Q3 2020 11.10 50.1 % 0.37 13.20 46.0 %
Q4 2020 6.35 (43.4 %) 0.21 8.21 (15.2 %)
Q1 2021 1.56 (38.6 %) 0.05 2.43 (28.1 %)
Q2 2021 3.75 (63.6 %) 0.13 4.32 (64.1 %)
Q3 2021 2.18 (80.3 %) 0.07 2.90 (78.0 %)
Q4 2021 (0.33) (105.3 %) (0.01) 3.89 (52.6 %)
Q1 2022 6.85 338.2 % 0.23 7.63 214.3 %
Q2 2022 (0.19) (105.1 %) (0.01) 0.07 (98.5 %)
Q3 2022 1.48 (32.3 %) 0.05 2.48 (14.5 %)
Q4 2022 4.41 1419.0 % 0.15 9.52 144.7 %
Q1 2023 4.01 (41.5 %) 0.13 5.17 (32.3 %)
Q2 2023 4.97 2692.3 % 0.17 7.23 10898.9 %
Q3 2023 7.44 404.3 % 0.25 9.76 293.4 %
Q4 2023 8.40 90.6 % 0.28 10.15 6.7 %
Q1 2024 5.67 41.4 % 0.19 7.33 41.9 %

Insurance Operations Performance (M)

Compared With The
Period Gross Written Premium (GWP) Change Insurance Services Income Change Net Profit of Insurance Services and Investment Change
Q1 2015 90.79 1.0 % - - - -
Q2 2015 72.80 25.1 % - - - -
Q3 2015 48.72 14.6 % - - - -
Q4 2015 56.44 (1.1 %) - - - -
Q1 2016 80.70 (11.1 %) - - - -
Q2 2016 53.47 (26.6 %) - - - -
Q3 2016 41.64 (14.5 %) - - - -
Q4 2016 39.03 (30.8 %) - - - -
Q1 2017 84.50 4.7 % - - - -
Q2 2017 48.38 (9.5 %) - - - -
Q3 2017 41.89 0.6 % - - - -
Q4 2017 45.73 17.2 % - - - -
Q1 2018 98.87 17.0 % - - - -
Q2 2018 52.72 9.0 % - - - -
Q3 2018 32.19 (23.2 %) - - - -
Q4 2018 50.20 9.8 % - - - -
Q1 2019 93.04 (5.9 %) - - - -
Q2 2019 50.86 (3.5 %) - - - -
Q3 2019 36.10 12.1 % - - - -
Q4 2019 78.22 55.8 % - - - -
Q1 2020 97.09 4.4 % - - - -
Q2 2020 49.51 (2.7 %) - - - -
Q3 2020 40.47 12.1 % - - - -
Q4 2020 87.59 12.0 % - - - -
Q1 2021 91.84 (5.4 %) - - - -
Q2 2021 57.33 15.8 % - - - -
Q3 2021 42.90 6.0 % - - - -
Q4 2021 98.51 12.5 % - - - -
Q1 2022 87.86 (4.3 %) 7.60 - 10.17 -
Q2 2022 56.31 (1.8 %) 1.07 - 2.28 -
Q3 2022 55.67 29.8 % 1.38 - 2.95 -
Q4 2022 103.85 5.4 % 4.05 - 7.09 -
Q1 2023 106.93 21.7 % 0.46 (93.9 %) 4.29 (57.8 %)
Q2 2023 59.81 6.2 % 5.62 428.0 % 9.34 309.9 %
Q3 2023 - - 8.74 534.9 % 12.65 328.2 %
Q4 2023 119.42 15.0 % 7.19 77.5 % 13.63 92.2 %
Q1 2024 117.76 10.1 % 5.83 1161.5 % 9.82 129.1 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 30.00 0.34 0.34 6.17
Q2 2015 30.00 0.59 0.59 6.39
Q3 2015 30.00 0.43 0.43 6.33
Q4 2015 30.00 0.30 0.30 6.54
Q1 2016 30.00 0.40 0.40 6.58
Q2 2016 30.00 0.53 0.53 6.91
Q3 2016 30.00 0.84 0.84 7.17
Q4 2016 30.00 1.00 1.00 7.55
Q1 2017 30.00 1.22 1.22 7.81
Q2 2017 30.00 1.15 1.15 8.08
Q3 2017 30.00 1.09 1.09 8.27
Q4 2017 30.00 1.01 1.01 8.56
Q1 2018 30.00 1.04 1.04 8.85
Q2 2018 30.00 1.05 1.05 9.12
Q3 2018 30.00 0.97 0.97 9.24
Q4 2018 30.00 1.21 1.21 9.77
Q1 2019 30.00 1.18 1.18 10.03
Q2 2019 30.00 1.00 1.00 10.13
Q3 2019 30.00 1.13 1.13 10.37
Q4 2019 30.00 0.98 0.98 10.75
Q1 2020 30.00 0.81 0.81 10.83
Q2 2020 30.00 1.05 1.05 11.18
Q3 2020 30.00 1.17 1.17 11.55
Q4 2020 30.00 1.01 1.01 11.76
Q1 2021 30.00 0.98 0.98 11.81
Q2 2021 30.00 0.76 0.76 11.93
Q3 2021 30.00 0.46 0.46 12.01
Q4 2021 30.00 0.24 0.24 12.00
Q1 2022 30.00 0.41 0.41 13.00
Q2 2022 30.00 0.28 0.28 12.94
Q3 2022 30.00 0.26 0.26 12.93
Q4 2022 30.00 0.42 0.42 13.16
Q1 2023 30.00 0.32 0.32 13.31
Q2 2023 30.00 0.50 0.50 13.48
Q3 2023 30.00 0.69 0.69 13.69
Q4 2023 30.00 0.83 0.83 14.13
Q1 2024 30.00 0.88 0.88 14.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E
Q1 2015 More than 100 More than 100
Q2 2015 35.79 35.79
Q3 2015 43.87 43.87
Q4 2015 More than 100 More than 100
Q1 2016 36.82 36.82
Q2 2016 24.07 24.07
Q3 2016 10.73 10.73
Q4 2016 15.04 15.04
Q1 2017 12.34 12.34
Q2 2017 12.95 12.95
Q3 2017 15.12 15.12
Q4 2017 15.59 15.59
Q1 2018 14.96 14.96
Q2 2018 14.48 14.48
Q3 2018 13.10 13.10
Q4 2018 10.02 10.02
Q1 2019 11.21 11.21
Q2 2019 14.63 14.63
Q3 2019 11.54 11.54
Q4 2019 15.81 15.81
Q1 2020 16.95 16.95
Q2 2020 14.81 14.81
Q3 2020 19.84 19.84
Q4 2020 21.42 21.42
Q1 2021 29.95 29.95
Q2 2021 45.50 45.50
Q3 2021 More than 100 More than 100
Q4 2021 More than 100 More than 100
Q1 2022 More than 100 More than 100
Q2 2022 More than 100 More than 100
Q3 2022 More than 100 More than 100
Q4 2022 37.09 37.09
Q1 2023 More than 100 More than 100
Q2 2023 40.66 40.66
Q3 2023 29.44 29.44
Q4 2023 30.22 30.22
Q1 2024 47.82 47.82

Business Segments - Gross Premium Written (Million)

Compared With The
Period Property & Casualty Comprehensive Motor Insurance Limited Life Insurance Property & casualty Insurance - Engineering Medical Insurance property and others Other classes Marine Insurance
Q1 2015 - 37.09 - 28.06 6.18 - 12.36 7.10 -
Q2 2015 - 13.57 - 36.09 7.48 - 8.70 6.96 -
Q3 2015 - 11.70 - 15.26 6.02 - 10.60 5.13 -
Q4 2015 - 10.92 - 25.21 6.44 - 9.18 4.69 -
Q1 2016 - 36.17 - 18.03 6.25 - 11.95 8.29 -
Q2 2016 - 19.39 - 18.36 4.72 - 5.61 5.38 -
Q3 2016 - 8.97 - 11.80 5.46 - 12.35 3.05 -
Q4 2016 - 7.65 - 17.17 3.69 - 5.87 4.65 -
Q1 2017 - 35.61 - 21.85 6.00 - 10.59 10.45 -
Q2 2017 - 20.34 - 12.99 4.45 - 7.31 3.29 -
Q3 2017 - 7.39 - 12.35 7.13 - 11.23 3.79 -
Q4 2017 - 8.42 - 21.12 5.22 - 6.75 4.23 -
Q1 2018 - 42.60 - 27.99 4.00 - 11.82 12.46 -
Q2 2018 - 19.37 - 17.84 3.97 - 7.66 3.86 -
Q3 2018 - 4.79 - 10.30 4.11 - 10.82 2.20 -
Q4 2018 - 7.08 - 25.18 6.81 - 7.91 3.23 -
Q1 2019 - 38.57 - 28.24 4.96 - 12.43 8.85 -
Q2 2019 - 10.12 - 19.96 5.26 - 11.33 4.19 -
Q3 2019 - 6.40 - 15.12 3.81 - 7.57 3.20 -
Q4 2019 - 6.80 - 46.25 4.60 - 14.58 5.99 -
Q1 2020 - 23.96 - 24.60 24.59 - 12.48 11.46 -
Q2 2020 - 10.34 - 20.90 3.46 - 12.16 2.63 -
Q3 2020 - 8.92 - 13.17 6.16 - 6.70 5.52 -
Q4 2020 - 8.12 - 53.55 7.14 - 13.64 5.15 -
Q1 2021 - 33.06 2.49 28.79 6.82 - 13.61 - 7.07
Q2 2021 - 11.27 0.76 23.97 5.14 - 12.36 - 3.82
Q3 2021 - 10.07 3.57 11.86 6.15 - 8.83 - 2.42
Q4 2021 - 8.26 1.22 57.03 10.65 - 16.37 - 4.98
Q1 2022 62.78 22.08 3.00 - - - - - -
Q2 2022 44.33 10.28 1.70 - - - - - -
Q3 2022 39.94 13.80 1.93 - - - - - -
Q4 2022 86.63 10.50 6.72 - - - - - -
Q1 2023 72.70 31.40 2.83 - - - - - -
Q2 2023 42.05 14.33 3.44 - - - - - -
Q3 2023 46.81 16.89 1.00 - - - - - -
Q4 2023 93.44 19.13 6.85 - - - - - -
Q1 2024 79.59 35.92 2.25 - - - - - -


Financial Ratios
Current
Market Cap (M) 1,491.00
Shares Outstanding (M) 30.00
EPS ( Riyal) (TTM) 0.65
Book Value (BV) ( Riyal) 14.60
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/Book 3.40
Return on Average Assets (%) (TTM) 2.6
Return on Average Equity (%) (TTM) 4.6
Return on Market Cap (%) 1.5
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Share Price

CHUBB Arabia Cooperative Insurance Co.
49.70
0.20 0.40 %

CHUBB Arabia Cooperative Insurance Co. (CHUBB)

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