CHUBB Arabia 2023 profit jumps 98% to SAR 24.8M; Q4 at SAR 8.4M

18/03/2024 Argaam Exclusive

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CHUBB Arabia Cooperative Insurance Co. posted a net profit of SAR 24.8 million for 2023, up 98% compared with SAR 12.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Gross Written Premium (GWP)	303.68	350.87	15.5 %
Insurance Revenues	299.36	329.44	10.0 %
Net Profit Before Zakat & Tax	19.69	32.30	64.0 %
Net Income	12.54	24.82	97.9 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.42	0.83	97.9 %

Insurance revenues rose 10% year-on-year (YoY) to SAR 329.43 million driven by business growth, along with a 22% YoY decline in insurance service expenses. Net investment income jumped 135% YoY.

Meanwhile, net expenses from reinsurance contracts held increased 74% YoY. Share of surplus from insurance pool fell 24% YoY. Other income decreased 76% YoY.

In addition, operating expenses rose 12% YoY and net insurance finance expenses soared 1,332%, YoY.

In Q4 2023, the insurance services provider reported a net profit of SAR 8.4 million, marking a 91% YoY growth.

Q4 net profit led up 12.8% from SAR 7.44 million in the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	103.85	119.42	15.0 %
Insurance Revenues	78.06	83.56	7.0 %
Net Profit Before Zakat & Tax	9.52	10.15	6.7 %
Net Income	4.41	8.40	90.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.15	0.28	90.6 %

Item	Q3 2023	Q4 2023	Change‬
Insurance Revenues	83.60	83.56	(0.1 %)
Net Profit Before Zakat & Tax	9.76	10.15	4.0 %
Net Income	7.44	8.40	12.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.25	0.28	12.8 %

Insurance Operations

Item	2022	2023	Change‬
Gross Written Premium (GWP)	303.68	350.87	15.5 %
Insurance Revenues	299.36	329.44	10.0 %
Insurance Services Income	14.09	22.01	56.2 %
Investment Income	8.28	19.44	134.8 %
Net Profit of Insurance Services and Investment	22.49	39.90	77.4 %

Shareholders’ equity, no minority interest, increased to SAR 423.84 million as of Dec. 31, 2023, from SAR 394.80 million a year earlier.

View more financial results

Financial results (Million)

Period	Net Income	Change	EPS(Riyal)	Net Profit Before Zakat & Tax	Change
Q1 2014	0.86	(83.3 %)	0.03	-	-
Q2 2014	(1.12)	(153.1 %)	(0.04)	-	-
Q3 2014	3.18	415.6 %	0.11	-	-
Q4 2014	9.98	87.0 %	0.33	-	-
2014	12.90	11.2 %	0.43	-	-
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 %

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 2014	89.92	(25.8 %)	-	-	-	-
Q2 2014	58.19	17.7 %	-	-	-	-
Q3 2014	42.53	(17.3 %)	-	-	-	-
Q4 2014	57.05	111.9 %	-	-	-	-
2014	247.70	(0.5 %)	-	-	-	-
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 %

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 2014	30.00	0.24	0.24	5.83
Q2 2014	30.00	0.14	0.14	5.79
Q3 2014	30.00	0.28	0.28	5.90
Q4 2014	30.00	0.43	0.43	6.23
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

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 2014	More than 100	More than 100
Q2 2014	More than 100	More than 100
Q3 2014	More than 100	More than 100
Q4 2014	41.11	41.11
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

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 2014	-	28.52	-	34.88	7.06	0.05	12.25	7.16	-
Q2 2014	-	10.43	-	20.04	12.50	1.90	8.12	5.20	-
Q3 2014	-	7.98	-	17.35	7.59	(1.13)	5.44	5.30	-
Q4 2014	-	8.72	-	22.47	8.79	(0.01)	11.47	5.62	-
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	-	-	-	-	-	-

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 2023 profit jumps 98% to SAR 24.8M; Q4 at SAR 8.4M

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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) 2023 Q4

Financial Ratios

Share Price

CHUBB Arabia Cooperative Insurance Co. (CHUBB)

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CHUBB Arabia 2023 profit jumps 98% to SAR 24.8M; Q4 at SAR 8.4M

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) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

CHUBB Arabia Cooperative Insurance Co. (CHUBB)

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Business Segments - Gross Premium Written (Million)