Riyadh – Mubasher: Mediterranean & Gulf Insurance and Reinsurance Company (MedGulf) said its net losses before zakat increased 2,020% year-on-year in the second quarter of 2017, according to a bourse statement.
Net losses before zakat reached SAR 417.32 million in Q2-17, compared to SAR 19.68 million in Q2-16.
The rise in losses is mainly attributed to the decrease in net underwriting results by 60.5%. The company also strengthened its doubtful debt provisions amounting to SAR 358 million, and wrote off discontinued ERP system amounting to SAR 26 million.
The company reported losses of SAR 510.29 million in the first half of 2017, a growth of 11,439% from SAR 4.42 million in the prior-year period.
