Arab Shield Cooperative Insurance Company achieved a growth of 69.2% in net profits before zakat and tax to reach 8.030 million riyals during the second quarter of 2020, compared to a profit of 4.744 million riyals During the same quarter last year.
According to Arabiya Net, the company clarified that the reason for the increase in net profits for the current quarter, compared to the same quarter of the previous year, is due to the decrease in net claims incurred by 51%. This was offset by a decrease in net earned premiums by 26%, a decrease in earned commission income by 18%, an increase in other technical costs by 133%, an increase in operating and administrative expenses by 52%, and a decrease in investment income by 38%.
In addition, the company recorded a net profit before zakat amounting to 16.7 million riyals during the period ending on 06/30/2020, compared to a profit of 8.5 million riyals during the same period From the previous year, up 97.5%.
the company said that the reason for the increase in net profits for the period compared to the same period of the previous year was due to the decrease in net claims incurred by 42%, which was offset by a decrease in the net premiums earned By 23%, a decrease in earned commission income by 17%, an increase in other technical costs by 30%, an increase in operating and administrative expenses by 44%, and a decrease in investment income by 48%.
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