The profits of “Shab” fell 34.4% to 16.29 million riyals in 2024

The profits of the Arab Cooperative Insurance Company in 2024 decreased by 34.4% to 16.29 million riyals, compared to 24.81 million riyals in 2023.
According to the company’s statement on Saudi Arabia’s circulation, the reason for the decrease in the net profit before zakat and income tax for the current year compared to the previous year is due to the following main reasons:
• An increase in the net feuds of reinsurance contracts for the current year with an amount of 35,687 million riyals, an increase of 23% compared to the previous year, an increase in insurance service expenses at 21,398 million riyals, an increase of 14% compared to the previous year, and an increase in other operating expenses by 1,033 million riyals, an increase of 7% compared to the previous year.
• A decrease in the net investment income of 865 million riyals compared to the previous year, a decrease of 4%.
• A decrease in the surplus share of the insurance container (Hajj and Umrah revenues) by 6,376 million riyals, or a decrease of 89 % compared to the previous year.