Arab Shield Cooperative Insurance Company achieved a growth in profits by 157.375%, as it reached 43.6 million riyals before zakat in 2020, compared to 16.94 million riyals in 2019.
p>According to Arabnet, the company said in a statement that the reason for the increase in net profit during this year compared to the previous year was the decrease in net claims incurred by 38%.
This is offset by a decrease in net earned premiums by 16%, a decrease in earned commission income by 15%, an increase in other underwriting costs by 69%, an increase in operating and administrative expenses by 40%, and a decrease in investment income by 22%, according to the company.
The earnings per share this year was 1.06 riyals per share, compared to 0.24 riyals per share for the previous year.
