Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company recorded net profits before Zakat worth SAR 34.86 million in the first nine months of 2021, higher by nearly 4.5% than SAR 33.36 million in the same period last year.

Earnings per share went up to SAR 62 in the nine-month period this year from SAR 0.6 in January-September 2020, according to the initial financial results on Tuesday.

During the third quarter (Q3) of 2021, the insurance company posted 30% lower net profits at SAR 11.54 million compared to SAR 16.57 million in Q3-20.

Arabia Shield attributed the decline in July-September 2021 profits to an 11% growth in net incurred claims to SAR 70.41 million in Q3-21 from SAR 63.25 million in Q3-20.

On a quarterly basis, the net profits in Q3-21 were 44.6% higher than SAR 7.98 million in Q2-21.