Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) posted a 47.3% year-on-year decline in losses during the full-year 2018.

Medgulf’s losses before calculating Zakat reached SAR 204.53 million from January to December 2018, down from SAR 388.03 million in 2017, according to a bourse statement.

The firm ascribed the previous-year loss drop to a 15.1% decrease in administrative and general expenses.

The Saudi insurance provider turned unprofitable after incurring a loss of SAR 92.82 million during the fourth quarter of 2018, against a profit of SAR 29.07 million in profits for Q4-17, according to data compiled by Mubasher.

By 12:08 pm Saudi time, Medgulf’s stock levelled down 1.39% to SAR 15.66.