Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) posted a net profit before Zakat worth SAR 17.88 million in the first half (H1) of 2021, a plunge of 49% from SAR 35.24 million in H1-20.
Earnings per share stood at SAR 0.18 in H1-21, compared to SAR 0.36 in H1-20, according to the financial results on Tuesday.
MedGulf’s net written premiums increased by 28.6% to SAR 956.86 million in the January-June 2021 period from SAR 743.64 million in the same six months a year earlier.
The net incurred claims shrank by 30.7% to SAR 748.26 million in H1-21 from SAR 572.1 million in H1-20.
During the second quarter (Q2) of 2021, the insurance firm registered a 67% annual decrease in profits to SAR 8.83 million from SAR 27 million in Q2-20.
The net written premiums were down 2.5% at SAR 165.78 million in Q2-21 from SAR 170.04 million in Q2-20, while the net incurred claims soared by 48.8% to SAR 367.51 million from SAR 246.87 million.
On a quarterly basis, the net profits before Zakat in Q2-21 were 2.4% lower than SAR 9.05 million in Q1-21.
