Riyadh – Mubasher: CHUBB Arabia Cooperative Insurance Company reported a 16.88% year-on-year drop in net profits to SAR 9.78 million for the second quarter of 2017 from SAR 11.77 million in Q2-16, while profits rose 7.05% on a quarterly basis, according to a bourse filing on Thursday.
The firm attributed the decline in net profits to the decrease in net premiums earned, the dwindled reinsurance commission income, and lower investment income of the policyholders and shareholders.
Net profits surged 35.27% to SAR 18.92 million in the first six months of 2017 from SAR 14 million in the same period in 2016.
The Saudi firm had previously announced a 312.13% jump in net profits to SAR 9.14 million in Q1-17 from SAR 2.22 million in Q1-16.
Chubb Arabia closed Wednesday’s trading session at SAR 48.18, rising 0.40%.
