Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) disclosed its interim financial results for the second quarter of 2019.

The company turned profitable with SAR 4 million in Q2-19, against losses of SAR 8.6 million in Q2-18, according to a bourse filing on Monday.

The company’s gross written premiums (GWP) increased by 4.5% to SAR 290.4 million during the three-month period ended in June, compared to SAR 277.8 million in the same period a year ago.

“The reason behind the net profit during the current quarter compared to a net loss during the same quarter of the previous year is the increase in net underwriting result by 37.9% due to the increase in net earned a premium by 24.5%,” the statement highlighted.

For the first half of 2019, the company generated SAR 11 million in profits, versus losses of SAR 31.9 million in H1-18.

GWP of the Saudi insurance company hiked by 97.7% to SAR 1.36 billion during the first six months of 2019, compared to SAR 691.4 million in H1-18.

Profit per share recorded SAR 0.05 by the end of June, against loss per share of SAR 0.74 in the same period a year ago.