MEDGULF's 9M 2025 profits drop 64% to SAR 36.1M; Q3 at SAR 17.9M

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) posted a 64% fall in its net income for the first nine months of 2025 to SAR 36.1 million, compared to SAR 99 million in the corresponding period of 2024.

During the nine-month period, the insurance technical and financial results amounted to SAR 15.81 million, compared to SAR 29.31 million for the same period of last year, mostly due to the negative motor insurance product performance and the lower profitability on the P&C line.

Net investment results for the current period amounted to SAR 31.18 million, from SAR 59.41 million during the corresponding period in 2024, a decrease of 47.50% due to the decrease in the contribution from the investments measured with fair value.

Other income declined from SAR 21.69 million in 9M 2024 to an expense of SAR 4.78 million during the current period.

On the other hand, insurance revenues for the current year-to-date period amounted to SAR 3.05 billion compared to SAR 2.61 billion during 9M 2024, an increase of 17%, mainly driven by growth in health and motor insurance earnings.

The third-quarter net income declined by 54.2% to SAR 17.9 million from SAR 39.1 million in Q3 2024.

The insurer, however, turned to a profit against a loss of SAR 1.47 million in the previous quarter.

Total shareholders’ equity, no minority interest, increased to SAR 1.06 billion as of Sept. 30, 2025, from SAR 1.01 billion a year earlier.

Accumulated losses reached SAR 119.06 million by the end of the nine-month period, representing 11.34% of the insurance service provider’s capital.

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