Moody’s affirms Chubb Arabia'A3' IFSR rating; outlook stable

PHOTO

Riyadh – Moody’s Investor Service has affirmed the A3 financial strength rating (IFSR) of Chubb Arabia Cooperative Insurance Company, with a stable outlook.

The rating reflects the company's robust asset quality, backed by a conservative invested asset strategy, according to a recent press release.

Moody’s also highlighted the robust capitalisation and strong profitability with a five-year return on capital (ROC) of 7.6% in 2022, which was driven by a solid underwriting five-year average combined ratio (COR) of 78.2%.

Meanwhile, the stable rating outlook reflects the agency’s expectation that Chubb Arabia will maintain its strong profitability.

In the first half (H1) of 2023, the listed insurance firm logged net profits before Zakat valued at SAR 12.39 million, higher by 61.07% year-on-year (YoY) than SAR 7.69 million.

Earnings per share (EPS) reached SAR 0.30 during the January-June 2023 period, versus SAR 0.22 in H1-22.