Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) has incurred net losses before Zakat worth SAR 135.58 million in 2021, against profits amounting to SAR 54.90 million in 2020.
The loss per share stood at SAR 1.85 in 2021, versus earnings per share of SAR 0.49 in 2020, according to the financial results on Tuesday.
Net written premiums (NWP) plunged by 11.64% to SAR 1.40 billion in 2021 from SAR 1.58 billion in 2020.
Meanwhile, the net incurred claims increased by 21.84% year-on-year (YoY) to SAR 1.35 billion from SAR 1.11 billion.
It is worth mentioning that during the first nine months (9M) of 2021, MedGulf turned to losses before Zakat worth SAR 5 million, against profits of SAR 42.87 million in the same period in 2020.
