MEDGULF cuts accumulated losses to 17.06% of capital

04/06/2020 Argaam

 

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) reduced accumulated losses to SAR 136.48 million, or 17.06% of its capital as of June 3, 2020, the company said in a statement to Tadawul on Thursday.

 

These losses were reduced, as the company used SAR 120 million from statutory reserve to offset accumulated losses.

 

The insurer added that there is no financial impact of the statutory reserve on its liabilities.

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