Riyadh –  Fitch Ratings granted Arabian Shield Cooperative Insurance Company the financial strength insurance tating of ‘A-' and the national financial strength insurance rating of ‘AA (SAU) '.

The Saudi insurance firm’s outlooks was stable, according to a recent bourse disclosure.

Meanwhile, the ratings reflect Arabian Shield's overall financial health, which includes strong capitalisation that will boost the company’s future growth.

In the 12-month period that ended on 31 December 2023, the listed firm logged net profit after Zakat attributable to shareholders valued at SAR 65.13 million, an annual leap of 15,943% from SAR 406,000.

The insurance revenues increased by 24.71% to SAR 1.14 billion last year from SAR 918.72 million in 2022, while the earnings per share (EPS) stood at SAR 0.67.

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