Riyadh - Mubasher: Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) said that accumulated losses amounted to SAR 733.97 million, representing 73.4% of the company’s capital, as shown by the financial statements of the second quarter of 2017.
The company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday that the main reason behind the decline in losses is is the decrease in net underwriting result by 60.5%.
In addition, the company has strengthened its doubtful debt provisions amounting to SAR 358 million which consist of SAR 142 million related to provision on related parties receivable, SAR 126 million related to others reinsurance receivable balances, and SAR 90 million additional provision on policyholders receivable.
Furthermore, the company has written off discontinued ERP system amounting to SAR 26 million.
