Riyadh – Mubasher: The net profits before Zakat of Chubb Arabia Cooperative Insurance Company increased by 15.27% to SAR 40.8 million in 2020 from SAR 35.398 million in 2019.
Higher net profits are attributed to lower net incurred claims, a reversal of allowance for doubtful debts, and higher reinsurance commission income, according to the company's financial results for 2020.
The company's net written premiums inched up by 0.794% to SAR 89.339 million last year from SAR 88.635 million in 2019.
In the meantime, the company's net incurred claims declined by 39.016% to SAR 18.547 million last year from SAR 30.413 million in 2019.
The earnings per share (EPS) settled at SAR 1.51 in 2020, against SAR 1.47 in the earlier year.
It is noteworthy to mention that during the third quarter (Q3) of 2020, the company achieved SAR 14.6 million in net profit before Zakat, up 46.96% from SAR 9.9 million recorded in the year-ago period.
