The profits of the Arab Shield Cooperative Insurance Company decreased by 37% to reach, after zakat and tax, to 8.51 million riyals, compared to profits of 13.47 million riyals, profits for the same quarter of 2020.
According to Arab Net, the company said in a statement that the reason for the decline in quarterly profits on an annual basis is due to an 11% increase in net claims incurred and a rise in operational and administrative banks. By 15%.
The return on investment decreased by 24%, offset by an increase in net earned premiums by 4%, an increase in earned commission income by 10%, and a decrease in other technical costs by 17%. .
The total comprehensive income for the third quarter amounted to 17.386 million riyals, a decrease of 55%,
The company's profits after zakat and income tax in the first nine months of this year amounted to about 24.99 million riyals, compared to 24.06 million riyals in the same period of the previous year.< /p>
