Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company gained SAR 8.03 million in net profits before Zakat, up 69.27% when compared to SAR 4.74 million in the corresponding period in the previous year.

The growth in profits over the second quarter was backed by a 51% decrease in the net claims incurred, according to a bourse disclosure on Tuesday.  

This was partially offset by a decline in net earned premium (NEP) and earned commission income by 26% and 18%, respectively, combined with an increase in other underwriting costs by 133%, higher operating and administrative expenses by 52%, and lower gains from investments by 38%.

Moreover, net written premiums (NWP) fell by 23.11% in the April-June period in 2020, recording SAR 43.32 million from SAR 56.34 million in the year-ago period.