MEDGULF 9M 2026 profit jumps to SAR 104.5M; Q3 at SAR 24.1M

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) posted a 190% surge in net income for the first nine months of 2026 to SAR 104.5 million, up from SAR 36.1 million in the corresponding period of 2025.

The profit increase was mainly driven by a 33.21% rise in insurance revenue to SAR 4.07 billion, supported by growth in the medical and motor insurance segments and a 44.48% increase in gross written premiums (GWP) to SAR 5.18 billion.

Total insurance service results rose 134.14% year-on-year (YoY) to SAR 96.7 million, reflecting improved performance in the medical and motor segments, alongside a decline in net expenses from reinsurance contracts held. Net investment income also increased 45.81% YoY to SAR 45.5 million, supported by higher commission and dividend income, while net insurance finance expenses declined annually to SAR 17.5 million.

This was partially offset by other expenses of SAR 7.9 million in 9M 2026, compared to other income of SAR 1.8 million in the same period last year.

Third-quarter 2026 net income rose 34.5% to SAR 24.1 million from SAR 17.9 million in Q3 2025.

The insurer, however, reported a 45.5% decline in profit from SAR 44.17 million in the previous quarter on lower GWP and net investment income.

Total shareholders’ equity, no minority interest, increased to SAR 1.68 billion as of Sept. 30, 2026, from SAR 1.06 billion a year earlier.

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