Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company on Tuesday stated that its net profits declined 6.08% in the fourth quarter of 2017, compared to the year-ago period.

Net profits fell to SAR 42 million during Q4-17, from SAR 44.7 million in the same period a year earlier, according to a bourse filing.

Quarter-on-quarter, profits of the insurance services provider surged 81.59%.

Arabian Shield attributed the decrease in its year-on-year net profits to 15% drop in net earned premiums, followed by a decline in earned commission income by 5%, and a 43% fall in investment income.

The Saudi cooperative insurance firm’s net profits jumped 33.63% to SAR 108.18 million for the full-year 2017, compared to SAR 80.95 million in the year before.

By 11:49 am KSA time, Arabian Shield’s stock increased 3.13% to SAR 49.45.