Riyadh – Mubasher: CHUBB Arabia Cooperative Insurance's profits surged 312.3% in the first quarter of 2017.
Profits before Zakat reached SAR 9.14 million ($2.44 million) in Q1-17 from SAR 2.22 million ($590,890) in Q1-16.
The growth in the company’s profits was attributed to the decrease in net claims incurred and the change in the reversal allowance for doubtful debts, in addition to achieving profits in investment income for shareholders and higher other income for the policyholders.
Surplus of insurance transactions after deducting the returns of policyholders' investment amounted to SAR 9.82 million compared to SAR 3.8 million in the year-ago period, with a 158.29% growth.
