Arabian Shield logs $4.4mln profits in H1-22 initial results

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Riyadh – Arabian Shield Cooperative Insurance Company achieved net profits before Zakat worth SAR 16.43 million in the first half (H1) of 2022, down 29.53% from SAR 23.31 million in H1-21.

The earnings per share (EPS) settled at SAR 0.11 during the first six months (6M) of 2022, lower than SAR 0.41 in the year-ago period, according to the interim financial results.

Additionally, the net incurred claims amounted to SAR 211.37 million in H1-22, a 53.66% year-on-year (YoY) hike from SAR 137.56 million.

The net written premiums (NWP) leaped by 89.25% YoY to SAR 380.33 million in the January-June 2022 period, compared to SAR 200.96 million.

During the second quarter (Q2) of 2022, the Saudi listed insurer generated SAR 9.23 million in net profit before Zakat, up 15.70% from SAR 7.98 million in Q2-21.

Arabian Shield registered net incurred claims worth SAR 109.91 million in Q2-22, an annual hike of 68.67% from SAR 65.16 million.

Meanwhile, the net written premiums jumped by 182.38% to SAR 139.11 million in Q2-22, versus SAR 49.26 million in the year-ago period.

In January-March 2022, the company’s net profits before Zakat plummeted by 53.06% to SAR 7.19 million, compared to SAR 15.33 million during the same period a year earlier.