Arabian Shield H1 2024 profit leaps 68% to SAR 53.9M; Q2 at SAR 29.4M

Arabian Shield Cooperative Insurance Co. recorded a 68% profit leap to SAR 53.9 million in H1 2024, from SAR 32.1 million in the year-earlier period.

The profit growth was driven by a rise in all business segments, as well as a 23% increase year-on-year (YoY) in insurance service results. In addition, insurance revenue increased by 45% (SAR 241.18 million), and net investment income leapt by 49% (SAR 16.23 million).

Other operating expenses declined by 27% or SAR 4.20 million compared with a year earlier.

However, insurance service expenses for the period went up 39% or SAR 181,191, and net expenses from reinsurance contracts soared 122% or SAR 54,200.

In Q2 2024, the company’s net profit grew 6% to SAR 29.4 million, from SAR 27.7 million in Q2 2023, boosted by growth of all business segments, higher insurance revenues, and an increase in net investment income.

Compared to Q1 2024, net income increased by 20.3% from SAR 24.4 million.

Shareholders’ equity, no minority interest, reached SAR 1.59 billion by June 30, 2024, compared to SAR 1.22 billion in the prior-year period.

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