MedGulf turns to $35mln losses in H1-22; accumulated losses announced


The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) turned to net losses before Zakat worth SAR 130.66 million in the first half (H1) of 2022, against net profits of SAR 17.88 million.

The loss per share stood at SAR 1.27 in the first six months (6M) of 2022, versus earnings per share (EPS) of SAR 0.13 in H1-21, according to the interim financial results.

MedGulf registered net incurred claims of SAR 894.35 million in January-June 2022, higher by 19.52% year-on-year (YoY) than SAR 748.26 million.

The net written premiums (NWP) surged by 48.83% to SAR 1.42 billion in H1-22, compared to SAR 956.86 million during the same period a year earlier.

Meanwhile, the accumulated losses reached 280.77 million as of H1-22, accounting for 26.74% of the SAR 1.05 billion capital.

During the second quarter (Q2) of 2022, the company turned to net losses before Zakat worth SAR 75.47 million, versus net profits before Zakat of SAR 8.83 million in Q2-21.

The net incurred claims enlarged by 27.72% YoY to SAR 469.39 million in Q2-22 from SAR 367.51 million, while the NWP widened by 87.02% YoY to SAR 310.04 million from SAR 165.78 million.

In January-March 2022, the Saudi listed insurer reported net losses before Zakat of SAR 55.39 million, compared to net profits worth SAR 9.05 million in the year-ago period.