CHUBB Arabia H1 2024 profit rises 4% to SAR 9.3M; Q2 down to SAR 3.7M

05/08/2024 Argaam Exclusive

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CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 9.3 million for H1 2024, compared to SAR 9 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	166.74	204.69	22.8 %
Insurance Revenues	162.28	187.03	15.2 %
Net Profit Before Zakat & Tax	12.39	12.85	3.7 %
Net Income	8.98	9.31	3.7 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.30	0.31	3.7 %

Revenue increased by 15%, mainly due to business growth, while insurance revenue improved in H1 2024 to SAR 24.74 million, an increase of 15% year-on-year (YoY).

Meanwhile insurance service expenses decreased to SAR 74.31 million, a 51% decrease compared to H1 2023. These changes were partially offset by an increase in net expenses from reinsurance contracts held of SAR 95.08 million, an increase of 1068% compared to the year-earlier period.

Net investment income rose 7% YoY to SAR 547,000.

Meanwhile, the insurer noted a 71% YoY decrease in other income to SAR 3.96 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Gross Written Premium (GWP)	59.81	86.93	45.3 %
Insurance Revenues	86.50	96.77	11.9 %
Net Profit Before Zakat & Tax	7.23	5.52	(23.7 %)
Net Income	4.97	3.65	(26.7 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.17	0.12	(26.7 %)

Item	Q1 2024	Q2 2024	Change‬
Gross Written Premium (GWP)	117.76	86.93	(26.2 %)
Insurance Revenues	90.26	96.77	7.2 %
Net Profit Before Zakat & Tax	7.33	5.52	(24.8 %)
Net Income	5.67	3.65	(35.7 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.19	0.12	(35.7 %)

Q2 2024 net earnings plunged 27% YoY to SAR 3.7 million on higher net expenses from reinsurance contracts and a decrease other income. However, insurance revenues rose 12% YoY and insurance service expenses edged lower.

In addition, Q2 profit fell 35.7% quarter-on-quarter (QoQ) from SAR 5.67 million.

Insurance Operations

Item	6m 2023	6m 2024	Change‬
Gross Written Premium (GWP)	166.74	204.69	22.8 %
Insurance Revenues	162.28	187.03	15.3 %
Insurance Services Income	6.09	10.14	66.5 %
Investment Income	8.24	8.79	6.7 %
Net Profit of Insurance Services and Investment	13.63	18.12	32.9 %

Shareholders’ equity, no minority interest, increased to SAR 433.219 million as of June 30, 2024, from SAR 404.280 million a year earlier.

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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	-	-
2015	9.12	(29.3 %)	0.30	-	-
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	-	-
2016	29.96	228.5 %	1.00	-	-
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	-
2017	30.33	1.2 %	1.01	37.67	-
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 %
2018	36.30	19.7 %	1.21	44.49	18.1 %
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 %)
2019	29.35	(19.2 %)	0.98	32.19	(27.7 %)
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 %)
2020	30.29	3.2 %	1.01	36.82	14.4 %
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 %)
2021	7.16	(76.4 %)	0.24	13.54	(63.2 %)
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 %
2022	12.54	75.0 %	0.42	19.69	45.5 %
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 %
2023	24.82	97.9 %	0.83	32.30	64.0 %
Q1 2024	5.67	41.4 %	0.19	7.33	41.9 %
Q2 2024	3.65	(26.7 %)	0.12	5.52	(23.7 %)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
2014	12.90	11.2 %	0.43	-	-
2015	9.12	(29.3 %)	0.30	-	-
2016	29.96	228.5 %	1.00	-	-
2017	30.33	1.2 %	1.01	37.67	-
2018	36.30	19.7 %	1.21	44.49	18.1 %
2019	29.35	(19.2 %)	0.98	32.19	(27.7 %)
2020	30.29	3.2 %	1.01	36.82	14.4 %
2021	7.16	(76.4 %)	0.24	13.54	(63.2 %)
2022	12.54	75.0 %	0.42	19.69	45.5 %
2023	24.82	97.9 %	0.83	32.30	64.0 %

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 %)	-	-	-	-
2015	268.75	8.5 %	-	-	-	-
Q1 2016	80.70	(11.1 %)	-	-	-	-
Q2 2016	53.47	(26.6 %)	-	-	-	-
Q3 2016	41.64	(14.5 %)	-	-	-	-
Q4 2016	39.03	(30.8 %)	-	-	-	-
2016	214.84	(20.1 %)	-	-	-	-
Q1 2017	84.50	4.7 %	-	-	-	-
Q2 2017	48.38	(9.5 %)	-	-	-	-
Q3 2017	41.89	0.6 %	-	-	-	-
Q4 2017	45.73	17.2 %	-	-	-	-
2017	220.50	2.6 %	-	-	-	-
Q1 2018	98.87	17.0 %	-	-	-	-
Q2 2018	52.72	9.0 %	-	-	-	-
Q3 2018	32.19	(23.2 %)	-	-	-	-
Q4 2018	50.20	9.8 %	-	-	-	-
2018	233.97	6.1 %	-	-	-	-
Q1 2019	93.04	(5.9 %)	-	-	-	-
Q2 2019	50.86	(3.5 %)	-	-	-	-
Q3 2019	36.10	12.1 %	-	-	-	-
Q4 2019	78.22	55.8 %	-	-	-	-
2019	258.22	10.4 %	-	-	-	-
Q1 2020	97.09	4.4 %	-	-	-	-
Q2 2020	49.51	(2.7 %)	-	-	-	-
Q3 2020	40.47	12.1 %	-	-	-	-
Q4 2020	87.59	12.0 %	-	-	-	-
2020	274.66	6.4 %	-	-	-	-
Q1 2021	91.84	(5.4 %)	-	-	-	-
Q2 2021	57.33	15.8 %	-	-	-	-
Q3 2021	42.90	6.0 %	-	-	-	-
Q4 2021	98.51	12.5 %	-	-	-	-
2021	290.58	5.8 %	-	-	-	-
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	-
2022	303.68	4.5 %	14.09	-	22.49	-
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 %
2023	350.87	15.5 %	22.01	56.3 %	39.90	77.4 %
Q1 2024	117.76	10.1 %	5.83	1161.5 %	9.82	129.1 %
Q2 2024	86.93	45.3 %	4.31	(23.3 %)	8.30	(11.2 %)

Period	Gross Written Premium (GWP)	Change	Insurance Services Income	Change	Net Profit of Insurance Services and Investment	Change
2014	247.70	(0.5 %)	-	-	-	-
2015	268.75	8.5 %	-	-	-	-
2016	214.84	(20.1 %)	-	-	-	-
2017	220.50	2.6 %	-	-	-	-
2018	233.97	6.1 %	-	-	-	-
2019	258.22	10.4 %	-	-	-	-
2020	274.66	6.4 %	-	-	-	-
2021	290.58	5.8 %	-	-	-	-
2022	303.68	4.5 %	14.09	-	22.49	-
2023	350.87	15.5 %	22.01	56.3 %	39.90	77.4 %

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
Q2 2024	30.00	0.84	0.84	14.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	30.00	0.43	0.43	6.23
2015	30.00	0.30	0.30	6.54
2016	30.00	1.00	1.00	7.55
2017	30.00	1.01	1.01	8.56
2018	30.00	1.21	1.21	9.77
2019	30.00	0.98	0.98	10.75
2020	30.00	1.01	1.01	11.76
2021	30.00	0.24	0.24	12.00
2022	30.00	0.42	0.42	13.16
2023	30.00	0.83	0.83	14.13

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
Q2 2024	38.41	38.41

Period	P/E	Adjusted P/E
2014	41.11	41.11
2015	More than 100	More than 100
2016	15.04	15.04
2017	15.59	15.59
2018	10.02	10.02
2019	15.81	15.81
2020	21.42	21.42
2021	More than 100	More than 100
2022	37.09	37.09
2023	30.22	30.22

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	-	-	-	-	-	-
Q2 2024	70.74	14.58	1.61	-	-	-	-	-	-

Period	Property & Casualty	Comprehensive Motor Insurance	Limited Life Insurance	Property & casualty	Insurance - Engineering	Medical Insurance	property and others	Other classes	Marine Insurance
2014	-	55.66	-	94.74	35.95	0.80	37.27	23.28	-
2015	-	73.28	-	104.62	26.12	-	40.84	23.89	-
2016	-	72.18	-	65.37	20.12	-	35.78	21.38	-
2017	-	71.76	-	68.32	22.80	-	35.87	21.76	-
2018	-	73.84	-	81.29	18.89	-	38.21	21.74	-
2019	-	61.89	-	109.56	18.64	-	45.90	22.22	-
2020	-	51.34	-	112.23	41.35	-	44.98	24.76	-
2021	-	62.66	8.04	121.66	28.77	-	51.17	-	18.29
2022	233.68	56.66	13.34	-	-	-	-	-	-
2023	255.00	81.76	14.12	-	-	-	-	-	-

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

CHUBB Arabia Cooperative Insurance Co. (CHUBB)

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CHUBB Arabia H1 2024 profit rises 4% to SAR 9.3M; Q2 down to SAR 3.7M

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Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

CHUBB Arabia Cooperative Insurance Co. (CHUBB)

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CHUBB Arabia H1 2024 profit rises 4% to SAR 9.3M; Q2 down to SAR 3.7M

View other reports

Financials (M)

Current Quarter Comparison (M)

Insurance Operations

Financial results (Million)

Financial results (Million)

Insurance Operations Performance (M)

Insurance Operations Performance (M)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments - Gross Premium Written (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

CHUBB Arabia Cooperative Insurance Co. (CHUBB)

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Business Segments - Gross Premium Written (Million)