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MedGulf turns profitable in Q3

MedGulf turns profitable in Q3
MedGulf’s net profits reached SAR 16.44 million in nine months
MEDGULF
8030
-0.15% 13.30 -0.02

Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) achieved 5.27 million in profits during the third quarter of 2019, against losses of SAR 79.7 million in the same quarter of 2018.

The company’s gross written premiums (GWP) plunged by 10.6% to SAR 747 million in Q3-19, compared to SAR 836 million in Q3-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

“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 192.7% due to the increase in net earned a premium by 18.1%,” the statement highlighted.

During the nine-month period between January and September, MedGulf’s net profits reached SAR 16.44 million, versus losses of SAR 111.7 million in the same period a year ago.

GWP of the insurance provider grew by 38.4% year-on-year to SAR 2.1 billion by the end of September.