The profits of the “Arab Shield” increased to 70.9 million riyals in 2024

The net profit of the Arab Cooperative Insurance Company increased in 2024 by 6% to 70.9 million riyals, compared to 66.9 million riyals in 2023.
According to the company’s statement on Saudi Arabia’s circulation, net income before zakat and income tax for the period reached 93,725 million riyals, compared to 87,888 million riyals for the previous year, an increase of 7%.
The net income after zakat and income tax for the year reached 70,995 million riyals, compared to 66,940 million riyals for the previous year, an increase of 6%, due to the following main reasons:
– The increase in the result of insurance services for the current year to 22,176 million riyals, compared to 1,429 million riyals for the previous year, an increase of 1452%, and this is mainly due to the increase in insurance revenues by 438,916 million riyals compared to the previous year, an increase of 39%.
– The net investment income for the current year increased to 90,499 million riyals, compared to 76,556 million riyals for the previous year, an increase of 18%.
Meet it:
– The increase in insurance financing expenses for the current year at 4,485 million riyals, compared to the expenses of 5,957 million riyals in the previous year.
– The increase in other operational expenses for the current year by 22,041 million riyals, compared to 13,877 million riyals in the previous year, an increase of 59%.
The total comprehensive income for the year was 107,858 million riyals, compared to 76,483 million riyals in the previous year, an increase of 41%.
The total insurance premiums of the current year increased to 1,845,233 billion riyals, compared to 1,297,129 billion riyals in the previous year, an increase of 42%.