The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) reported net losses before Zakat worth SAR 323.94 million in 2022, an annual hike of 138.92% from SAR 135.58 million.

Loss per share amounted to SAR 3 last year, compared to SAR 1.34 as of 31 December 2021, according to the income statements.

The net written premiums (NWP) climbed by 74.90% year-on-year (YoY) to SAR 2.44 billion in 2022 from SAR 1.40 billion.

In the 12-month period that ended on 31 December 2022, MedGulf reported a 59.20% YoY surge in incurred claims to SAR 2.16 billion from SAR 1.35 billion.

During the first nine months (9M) of 2022, the Saudi firm registered net losses before Zakat valued at SAR 172.79 million, higher by 3,353% than SAR 5 million in 9M-21.

Meanwhile, the accumulated losses hit SAR 310.12 million as of 30 September 2022, which represented 29.54% of the SAR 1.05 billion capital.

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