Saudi: Arabian Shield’s net profits jump 27% in 2022

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Incurred claims hiked by 66.11% YoY

Staff Writer, Mubasher

March 27, 2023

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Riyadh – Arabian Shield Cooperative Insurance Company posted SAR 46.55 million in net profit before Zakat in 2022, a 27.16% year-on-year (YoY) growth from SAR 36.60 million.

The earnings per share (EPS) stood at SAR 0.44 last year, down from SAR 0.65 in the January-December 2021 period, according to the income statements.

Meanwhile, the Tadawul-listed firm reported net written premiums (NWP) worth SAR 757.06 million in 2022, an annual leap of 93.72% from SAR 390.81 million.

Incurred claims hiked by 66.11% YoY to SAR 471.71 million as of 31 December 2022 from SAR 283.97 million.

During the first half (H1) of 2022, Arabian Shield logged net profits before Zakat worth SAR 16.43 million, lower by 29.53% than SAR 23.31 million in H1-21.

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