MedGulf annual profits jump 186.3%

Riyadh – Mubasher: The net profit of the Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) grew by 186.3% yearly in 2020 to SAR 54.9 million.

The rise in net earnings was supported by an increase in gross written premiums (GWP) by 4.6% and a decrease in net claims incurred by 33.8%, according to a bourse filing on Sunday.

Furthermore, the insurer saw a rise in shareholders’ investment income by 70.9%.

Meanwhile, net written premiums (NWP) amounted to SAR 1.58 billion last year, a drop of 8.77% when compared to SAR 1.7 billion a year earlier.

Mubasher Contribution Time: 07-Mar-2021 07:52 (GMT)
Mubasher Last Update Time: 07-Mar-2021 07:53 (GMT)