Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company posted on Sunday a net profit before Zakat of SAR 10 million ($2.66 million) for the second quarter of fiscal 2016, rising 288% from SAR 2.59 million ($690,667) reported for Q2-15.

The year-on-year rise was attributed to the increase in net earned premiums and investment income by 10% and 149% respectively, in addition to a 1% decrease in the net incurred claims.

Underwriting costs rose by 2%, operating and administrative expenses grew by 15% and earned commission income shrank by 1%, according to a bourse filing.

In the first half of fiscal 2016, net profit rose by 146.56% to SAR 17.5 million, compared to SAR 7.09 million in the same period of 2015.

The increase in H1 profits was a result of the rise in net earned premiums and investment income by 9% and 101% respectively.

The company earlier posted a net profit before Zakat of SAR 7.4 million for Q1-16, 65% up from SAR 4.5 million for Q1-15.