Arab Shield Cooperative Insurance Company's profits doubled by 394.1% in the third quarter of 2020, to reach before zakat to 16.57 million riyals compared to 3.35 million riyals in the same quarter of 2019 .
According to Arabiya Net, the company's profits increased by 106.4% compared to a net profit before zakat in the second quarter of 2020 amounting to 8.03 million riyals.
During the first nine months of this year, the net profit of the Arabian Shield for Cooperative Insurance increased by 181.4% to reach 33.36 million riyals compared to 11.86 million riyals in the same period of 2019 .
Arab Shield Insurance said that the increase in net profits for the quarter compared to the same quarter of the previous year was due to the decrease in net claims incurred by 32% and a decrease in other technical costs by 0.38% and an increase in investment income of 30%.
was offset by a decrease in net earned premiums by 10%, a decrease in commission income earned by 20% and an increase in operating and administrative expenses by 53%.
and the net claims incurred were 63.25 million riyals in the third quarter of 2020, compared to 92.4 million riyals in the same quarter of 2019.
