The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) turned to a net profit of SAR 201.5 million in 2023, from a net loss of SAR 396.9 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 2,854.60 | 3,135.53 | 9.8 % |
| Insurance Revenues | 2,643.13 | 3,332.15 | 26.1 % |
| Net Profit Before Zakat & Tax | (405.86) | 195.67 | 148.2 % |
| Net Income | (396.87) | 201.47 | 150.8 % |
| Average Shares | 105.00 | 105.00 | - |
| EPS (Riyals) | (3.78) | 1.92 | 150.8 % |
Insurance revenue increased by 26.07%, or SAR 689 million, in 2023, compared to a year earlier. This is mainly attributed to the growth in gross written premiums (GWPs) by SAR 280.9 million, or 9.84% year-on-year (YoY), on the strong performance of the health business line that grew by 32.9%, in addition to the motor business performance in 2022.
Insurance services results improved to SAR 672.2 million in 2023. This was driven by an increase of SAR 689.03 million in insurance revenue, accompanied by a lower increase in the insurance service expenses of 3.99% or SAR 115.8 million YoY.
Further, the company reported a rise of SAR 89.7 million YoY in net investment income.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 709.31 | - | - |
| Insurance Revenues | 838.57 | 800.32 | (4.6 %) |
| Net Profit Before Zakat & Tax | (221.91) | 50.11 | 122.6 % |
| Net Income | (223.20) | 60.91 | 127.3 % |
| Average Shares | 105.00 | 105.00 | - |
| EPS (Riyals) | (2.13) | 0.58 | 127.3 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 2,854.60 | 3,135.53 | 9.8 % |
| Insurance Revenues | 2,643.13 | 3,332.15 | 26.1 % |
| Insurance Services Income | (585.21) | 87.00 | 114.9 % |
| Investment Income | 16.77 | 106.44 | 534.7 % |
| Net Profit of Insurance Services and Investment | (512.74) | 183.58 | 135.8 % |
In the fourth quarter, the insurance services provider swung to a net profit of SAR 60.9 million from a net loss of SAR 223.2 million in Q4 2022.
Total shareholders’ equity, no minority interest, stood at SAR 917.42 million as of Dec. 31, 2023, compared to SAR 706.71 million in the prior-year period.
Accumulated losses reached SAR 257.12 million by the end of the 12-month period, accounting for 24.49% of the company’s capital.
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