Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company on Sunday said that its net profits surged 121.91% year-on-year in the second quarter of 2017.

Quarter-on-quarter, net profits increased 8.08%, according to a statement to the Saudi Stock Exchange (Tadawul).

Arabian Shield’s net profits rose to SAR 22.35 million in Q2-17, compared to SAR 10.07 million in Q2-16.

The company attributed the growth in net profits to the increase in the net earned premiums by 32% and the rise in earned commissions’ income by 1%.

The insurance company also indicated that operating and administrative expenses levelled up 31%, net incurred claims went up 7%, and other underwriting costs grew 33%.

On the other hand, investments income slid 39%.

In the first six months of 2017, Arabian Shield's net profits increased 145.85% to reach SAR 43 million, from SAR 17.5 million.

By 10:53 am Saudi time, the company’s stock rose 2.55% to SAR 49.