MedGulf set to disclose Q2 financials within deadline

07/08/2017 Argaam

The Mediterranean Gulf Insurance and Reinsurance Co. (MedGulf) said it will disclose financial results for second quarter 2017 within regulatory deadline granted to the company.

 

The financial statements will include provisions of SAR 163.4 million and any other necessary provisions according to Saudi Arabian Monetary Authority’s instructions and regulations of insurance companies’ control law after consulting with the external auditor, MedGulf said in a statement on Tadawul.

 

Provisions will have a negative impact on the insurer’s financials, the company added.

 

Last week the insurer received a letter from SAMA warning of legal procedures against the insurer if it did not rectify irregularities in its accounting or if it delayed disclosing financial statements.

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