CHUBB Arabia 9M 2024 profit falls 33% to SAR 11M; Q3 at SAR 1.7M

CHUBB Arabia 9M 2024 profit falls 33% to SAR 11M; Q3 at SAR 1.7M

04/11/2024 Argaam Exclusive

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CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 11 million for the first nine months of 2024, falling 33% from SAR 16.4 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 245.88 283.68 15.4 %
Net Income 16.42 11.03 (32.9 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.55 0.37 (32.9 %)

Insurance revenues increased by 15% year-on-year (YoY) to SAR 283.67 million, principally driven by business growth.

 

Net expenses from reinsurance contracts held for the current period soared 120% YoY to SAR 81.92 million. Meanwhile, share of surplus from insurance pool (Hajj & Umrah income) dropped by 87% YoY in 9M 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Insurance Revenues 83.60 96.65 15.6 %
Net Income 7.44 1.72 (77.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.25 0.06 (77.0 %)

In Q3 2024, the insurance services provider reported a net profit of SAR 1.7 million, marking a 77% YoY decline, mainly due to a 206% annual surge in insurance service expenses.

 

The third-quarter net profit fell 53% from SAR 3.65 million in Q2 2024.

 

Shareholders’ equity, no minority interest, increased to SAR 437.96 million as of Sept. 30, 2024, from SAR 410.84 million a year earlier.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Insurance Revenues 245.88 283.68 15.4 %
Insurance Services Income 14.83 13.01 (12.3 %)
Investment Income 12.18 14.76 21.2 %
Net Profit of Insurance Services and Investment 26.28 26.55 1.0 %

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 %
Q2 2024 3.65 (26.7 %) 0.12 5.52 (23.7 %)
Q3 2024 1.72 (77.0 %) 0.06 - -

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 %
Q2 2024 - - 4.31 (23.3 %) 8.30 (11.2 %)
Q3 2024 - - 2.87 (67.2 %) 8.43 (33.3 %)


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
Q3 2024 30.00 0.65 0.65 14.60

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
Q3 2024 More than 100 More than 100

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 - - - - - -
Q3 2024 47.06 18.83 2.27 - - - - - -


Financial Ratios
Current
Market Cap (M) 1,485.00
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 3.39
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.
49.50
(1.60) (3.13 %)

CHUBB Arabia Cooperative Insurance Co. (CHUBB)

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