MEDGULF inks one-year health insurance deal with SEC

18/09/2025 Argaam
Logo ofMediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF)

Logo of Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF)

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF) was awarded, on Sept. 18, a contract to provide health insurance services for Saudi Electricity Co.’s (SEC) employees and their dependents.

 

The contract is valid for one year starting Jan. 1, 2026, the insurer said in a statement to Tadawul.

 

For more news on listed companies

 

The deal is worth more than 30% of total revenues, according to the latest audited financial statements for 2024, the statement added, noting that it is expected to positively impact the company's profit for 2026.

 

There are no related parties to the contract.

 

According to Argaam’s data, MEDGULF’s revenues for 2024 amounted to SAR 3.55 billion, 30% of which is equivalent to nearly SAR 1.07 billion.

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