Arabian Shield Cooperative Insurance Co. reported a net profit before zakat of SAR 11.86 million, a decline of 54.9 percent year-on-year (YoY) for the first nine months of 2019.
The profit fall was attributed to a 52 percent increase in net incurred claims.
The insurer’s Q3 net profit before zakat dropped 31.9 percent YoY to SAR 3.35 million due to higher net incurred claims.
When compared to the previous quarter, Q3 net profit fell 29.3 percent on a decrease net earned premiums and earned commission income.
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