MEDGULF bags contract to provide health insurance to Saudi Electricity’s staff, families

Logo of MEDGULF

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF) announced receiving, on Nov. 24, a notice of award from the Saudi Electricity Co. (SEC) for providing health insurance service for SEC’s employees and their families for one year, according to a statement to Tadawul.

The contract revenues are expected to be greater than 5% of the 2021 annual gross written premiums, the company said.

The contract will have a positive impact on financial results for 2023.

MEDGULF's gross written premiums amounted to about SAR 2.236 billion by the end of 2021, of which 5% amounts to SAR 111.8 million, according to Argaam's data.

There are no related parties, the statement added.