Arabian Shield Cooperative Insurance Co. reported a net profit before zakat of SAR 8.5 million, a decline of 56.9 percent year-on-year (YoY) for the first half of 2019, as compared to SAR 19.7 million in the same period a year earlier.
The decline is attributed to an increase in net claims claims by 58 percent, offset by decrease in other underwriting costs, and decrease in operating and administrative expenses.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
In Q2 2019, the company reported a net profit before zakat of SAR 4.74 million, a decline of 29.2 percent YoY, on increase in net incurred claims.
On a sequential basis, net profit before zakat rose by 26.2 percent.