Gulf General narrows accumulated losses in 2017

Gulf General Cooperative Insurance Company’s accumulated losses amounted to SAR 3.25 million for fiscal year 2017, compared to SAR 5.87 million in the previous year.

The current accumulated losses represent 2 percent of the capital, the insurer said in a statement to Tadawul.

Last month, Gulf General reported a net profit before zakat of SAR 19.6 million for 2017, a 21.3 percent year-on-year decrease due to declines in net written premiums and policyholders’ investment income.