The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) cut its losses by 75.2 percent year-on-year (YoY) to SAR 111.7 million in the first nine months of 2018, mainly due to lower net incurred claims and decreased general and administrative expenses.
Gross Written Premium (GWP)
Net Profit Before Zakat & Tax
The company swung to a net loss of SAR 79.8 million in Q3, compared to a net profit of SAR 60.1 million in the same quarter last year on lower net earned premiums, lower net underwriting results and higher provision of doubtful debts.
Q3 net loss widened compared to net loss of SAR 8.6 million in the previous quarter due to lower net underwriting results and higher provision of doubtful debts.