Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) has suffered net losses before Zakat worth SAR 55.39 million during the first quarter (Q1) of 2022, against net profits of SAR 9.05 million in Q1-21.
The loss per share stood at SAR 0.54 in Q1-22, versus earnings per share (EPS) of SAR 0.06 in Q1-21, according to the interim financial results.
Meanwhile, the net written premiums (NWP) reached SAR 1.11 billion in the January-March 2022 period, an annual surge of 40.82% from SAR 791.08 million.
In the first three months (3M) of 2022, the company's net incurred claims increased by 11.69% to SAR 425.26 million from SAR 380.74 million in the year-ago period.
On a quarterly basis, the Q1-22 NWP jumped by 166.43% from SAR 418.13 million in Q4-21, while the net incurred claims grew by 16.55% from SAR 364.86 million.
In addition, the Saudi insurer reported 57.57% lower losses in Q1-22 than SAR 130.58 million in Q4-21.
The company also announced accumulated losses amounting to SAR 204.25 million at the end of Q1-22. The value represented 19.45% of the SAR 1.05 billion capital.
Last year, MedGulf registered net losses before Zakat of SAR 135.58 million, compared to net profits worth SAR 54.90 million in 2020.
