Gulf General widens losses to SAR 15.2M in 9M 2024, Q3 at SAR 1.8M

Gulf General Cooperative Insurance Co. reported a net loss of SAR 15.2 million in the first nine months of 2024, compared to SAR 1.4 million a year earlier.

The wider losses were attributed to a 29% increase in insurance service expenses, rising by SAR 66.25 million.

The insurer reported lower losses in insurance service results at SAR 410,000.

Reinsurance contract expenses fell by 5.37% to SAR 1.43 million, while the net investment result rose 25.69% to SAR 11.40 million, up from SAR 9.07 million in the same period last year.

The company saw a decrease in operating expenses to SAR 8.01 million compared to SAR 9.08 million in the similar period of last year.

Insurance revenue rose 28.4% for the current period to SAR 301.34 million, compared to SAR 234.68 million during the similar period of the previous year, which was principally driven by business growth and an increase in the motor line of business.

The company made a net loss of SAR 1.8 million in Q3 2024, versus a net profit of SAR 1.49 million in Q3 2024.

Sequentially, the insurer losses shrank from SAR 7.67 million in Q2 2024.

Shareholders’ equity, no minority interest, dropped to SAR 285.18 million as of Sept. 30, 2024, compared to SAR 294.26 million a year earlier.

Accumulated losses stood at SAR 59.34 million as of Sept. 30, 2024, representing 19.78% of capital.

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