Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) on Sunday revealed that it turned to profitability in the first quarter of 2019.

The company achieved a profit of SAR 7.035 million during Q1-19, against SAR 23.27 million in losses in Q1-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The Saudi insurer’s net written premiums increased by 95.8% to SAR 683.05 million during the first three months of 2019, compared to SAR 413.6 million in the same period the year before.

Earnings per share (EPS) reached SAR 0.09 in Q1-19.

MedGulf ascribed the positive turn in Q1-19 financials to an increase in net underwriting result by 63.5% on the back of higher net earned premium.

In April, MedGulf has reported a decline in its accumulated loss during the fiscal year 2018, representing 34.19% of its SAR 800 million capital.