Mutakamela incurs SAR 22M loss in H1 2026, SAR 11.4M in Q2

Mutakamela Insurance Co. widened its losses to SAR 22 million in H1 2026, from SAR 14.5 million in the year-earlier period.

The company attributed the loss to a 4.29% decline in insurance revenue, mainly due to a decrease in medical insurance and property & casualty insurance revenue by SAR 35.4 million and SAR 3 million, respectively.

The net insurance result deteriorated by SAR 24.2 million, swinging from a surplus of SAR 14.4 million in the corresponding period last year to a deficit in the current period. This was primarily driven by a SAR 79.4 million, or 34.06%, increase in insurance service expenses.

On the other hand, the insurer reported a SAR 20 million increase in revenue from the company's other insurance lines combined, SAR 53.8 million decline in net reinsurance contract expenses, SAR 2.1 million reduction in Zakat provision and SAR 5.3 million increase in the company's share of surplus from insurance pools.

In Q2 2026, the insurer turned to a loss of SAR 11.4 million against a profit of SAR 8.72 million a year before, on a 3% decline in insurance revenue. This was mainly due to a SAR 17.6 million decrease in motor insurance revenue, despite a SAR 11 million increase in revenue from the company's other non-medical insurance lines combined.

The insurer's also expanded losses sequentially from SAR 10.63 million in Q1 2026.

Shareholders’ equity, with no minority interest, reached SAR 702.5 million by June 30, 2026, down from SAR 716.93 million in the prior-year period.

Accumulated losses by the end of the period stood at SAR 8.22 million, representing 1.37% of capital.

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