Arabian Shield Cooperative Insurance Co. has released its annual financial results for the year ending December 31, 2023, showcasing significant growth across all sectors. The company’s insurance revenues soared to SAR 1,145,711 thousand, marking a 24.71% increase from the previous year’s SAR 918,720 thousand. This remarkable upturn is attributed to the expansion of business across various lines.

The results of insurance services witnessed a substantial rise, reaching SAR 128,569 thousand, a 36% increase from the prior year’s SAR 94,534 thousand. The net profit from insurance operations turned positive, hitting SAR 22,858 thousand, a stark contrast to the previous year’s loss of SAR 8,703 thousand.

Investment results also saw a significant uptick, with net profits climbing to SAR 61,531 thousand, up 69.67% from SAR 36,266 thousand in the preceding year. The company managed to reduce its net insurance financing expenses to SAR 5,957 thousand, despite a staggering 1,328.54% increase from the previous year’s SAR 417 thousand.

Shareholders have a reason to celebrate as the net profit, after Zakat, attributable to them surged to SAR 65,136 thousand, an astonishing increase from the mere SAR 406 thousand reported last year. This translates to a profit per share of SAR 0.67, recovering from last year’s loss per share of SAR -0.29.

The total comprehensive income for the year stood at SAR 61,597 thousand, recovering from a loss of SAR 9,416 thousand in the previous year. Total shareholders’ equity also grew by 29.01%, from SAR 1,186,590 thousand to SAR 1,530,804 thousand.

The company’s Gross Written Premiums (GWP) increased by 17%, amounting to SAR 190,844 thousand more than the previous year, indicating a robust performance in the insurance sector.

Arabian Shield’s authorized, issued, and fully paid share capital remains at SAR 798,152,950, divided into 79,815,295 shares, each with a nominal value of SAR 10.

This financial turnaround reflects the company’s strategic initiatives and operational efficiency, positioning Arabian Shield Cooperative Insurance Co. as a leading entity in the insurance market. Shareholders and investors alike anticipate continued growth and prosperity in the coming years.

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