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Arab News, Sunday, Aug 21, 2022 | Muharram 22, 1444

Saudi insurers post mixed H1 profits; MEDGULF posts losses of $35m

Saudi Arabia: Major Saudi-listed insurers reported mixed earnings for the first half of the year in their announcements on Sunday, according to a report by the Saudi Stock Exchange.

The Mediterranean and Gulf Insurance and Reinsurance Co., known as MEDGULF,  disclosed that it turned into losses of SR131 million ($35 million) in the first half of 2022.

MEDGULF attributed the losses to an 87 percent decrease in net underwriting, and 20 percent increase in net claims.

Saudi Reinsurance Co.’s net profit before Zakat dipped 62 percent to SR14 million in the first half of 2022 primarily due to an unrealized loss from foreign currency revaluation.

In a different direction, Gulf Union Alahlia Cooperative Insurance Co. said its first-half losses narrowed by 82 percent to SR19 million as a result of lower net claims.

SABB Takaful Co. posted a 15 percent profit increase to SR5.6 million for the first half of the year following an increase in net contributions of SR34.9 million, along with SR3 million in fees, commissions, and other underwriting income.

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