KSA - Chubb Arabia sees 62% profit plunge in Q1
Friday, 06 12 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Chubb Arabia Cooperative Insurance Company’s net profits before Zakat totalled SAR 4.01 million during the first quarter (Q1) of 2020 when compared to SAR 10.62 million, posting a 61.8% annual decrease, as shown by the interim financial results.
Meanwhile, the company’s net written premiums (NWP) slid by 15.6% annually in Q1-20, reaching SAR 39.19 million from SAR 46.45 million, according to a stock exchange filing on Thursday.
Several reasons have led to the drop in Q1 profits, namely the increase in net claims incurred as well as general and administrative expenses, coupled with lower net investment income for policyholders and shareholders, the insurer said.