RIYADH: Chubb Arabia Cooperative Insurance Company has announced a net profit of SAR 44.49 million for the year ended December 31, 2018, which is 18.1 percent higher than the profit of SAR 37.67 million in the previous year.
The earnings per share (EPS) for 2018 clocked in at SAR 2.22 as against EPS of SAR 1.88 in 2017.
The reasons for the increase in the net profit before is increase in the gross written premium (GWP), decrease in net claims incurred and an increase in the investment Income of the policy holder and the shareholder.
Net written premiums for the year clocked in at SAR 96.93 million, down 8.01 percent compared with net written premiums of SAR 105.39 million in the previous year. Net incurred claims however declined 34.16 percent to SAR 25.5 million in 2018 as against SAR 38.74 million in 2017.
Chubb Arabia Cooperative Insurance Company is one of the large capacity multiline property and casualty insurers operating in the Kingdom of Saudi Arabia. With offices in all three major cities of the country, Chubb Arabia provides commercial property and casualty insurance, personal accident and group life insurance to a diverse group of clients.[the_ad id=”31605″]