The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) reported a net profit before Zakat of SAR 19.2 million for the fiscal year of 2019, versus net loss of SAR 204.5 million in year-earlier period, the company said in a bourse statement.
These earnings were driven by an 11.5% rise in net earned premiums and a rise of 83% in reinsurance commissions’ income.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The Saudi insurer also cited setting aside SAR 27.1 million worth of debt provisions in 2018, and written back provisions of SAR 36.9 million in 2019.
In Q4 2019, the insurer swung to a net profit before Zakat of SAR 2.7 million against a net loss of SAR 92.8 million a year earlier.