Riyadh –  Arabian Shield Cooperative Insurance Company has posted a 53.06% year-on-year (YoY) plunge in net profit before Zakat to SAR 7.19 million during the first quarter (Q1) of 2022, versus SAR 15.33 million.

The earnings per share (EPS) plummeted to SAR 0.04 in Q1-22 from SAR 0.29 in Q1-21, according to a recent bourse disclosure.

In the first three months (3M) of 2022, the net written premiums (NWP) reached SAR 241.22 million, an annual leap of 59.01% compared to SAR 151.70 million.

Meanwhile, the company's net incurred claims soared by 40.13% to SAR 101.45 million in Q1-22 from SAR 72.39 million in Q1-21.

On a quarterly basis, the Q1-22 net written premiums leaped by 115.37% from SAR 112 million in Q4-21, while the net incurred claims grew by 33.49% from SAR 75.99 million.

The Saudi insurer reported 312.90% higher profits during the January-March 2022 period than SAR 1.74 million during Q4-21.

Last year, Arabian Shield achieved net profits before Zakat worth SAR 36.60 million, down 16.04% from SAR 34.60 million in 2020.

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