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.