Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) reported a 17.2% annual rise in net profits before Zakat during the first quarter (Q1) of 2020 to SAR 8.2 million, compared to SAR 7 million in Q1-19.

Net written premiums (NWP) amounted to SAR 573.6 million in Q1-20, up from SAR 683 million in the corresponding period of the previous year, posting a 16% year-on-year (YoY) drop, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The growing profits were owed to higher net underwriting results by 43.5% YoY due to a decrease in net claims incurred by 26.6% and a rise in reinsurance commission income by 97.8%.

In fiscal year (FY) 2019, the Saudi insurer logged SAR 19.18 million net profits before zakat, against losses of SAR 204.53 million in 2018.