Mubasher TV
Contact Us Advertising   العربية

MedGulf turns to profitability in 2019

MedGulf turns to profitability in 2019
The insurance firm recorded SAR 19 millio in net profit last year
MEDGULF
8030
-0.15% 13.30 -0.02

Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) achieved SAR 19.18 million net profits before Zakat in 2019, against losses of SAR 204.53 million in 2018.

The company turns to profitability because of an increase in net underwriting results by 231.6% driven by a rise in net earned premium by 11.5% and in reinsurance commissions income by 83%, according to the company’s financial results for 2019 disclosed to the Saudi Stock Exchange (Tadawul) on Thursday.

In addition, the company’s premium deficiency reserves as recommended by the external actuary decreased, while the doubtful debt provision reached SAR 27.1 million in 2018, versus reversal of SAR 36.9 million in 2019.

The company’s gross written premium (GWP) increased by 17% to SAR 2.42 billion last year, from SAR 2.07 billion in 2018.

Meanwhile, earnings per share (EPS) stood at SAR 0.04 in 2019, compared to losses per share of SAR 3.9 in the earlier year.

It is noteworthy to mention that during the third quarter (Q3) of 2019, MedGulf recorded SAR 5.27 million in profits, versus losses of SAR 79.7 million in Q3-18.