MEDGULF’s accumulated losses shrink to 34.1% of capital

Logo of The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) announced that its accumulated losses narrowed to SAR 357.83 million, or 34.1% of its SAR 1.05 billion capital, according to a statement on Tadawul.

Accumulated losses declined mainly driven by the improved operating performance in Q1 and Q2 2023, the statement said, adding that its two main products - health insurance and car insurance - helped boost profitability compared to 2022.

The company achieved positive investment results in Q1 and Q2 2023.

MEDGULF’s board of directors and executive management continues to work on improving operational efficiency and optimizing costs to increase its profitability in the long term.