The Mediterranean and Gulf Insurance and Reinsurance Co. Announces the Decrease of its Accumulated Losses to 34.1 % of the Capital

The Mediterranean and Gulf Insurance and Reinsurance Co. Announces the Decrease of its Accumulated Losses to 34.1 % of the Capital

Element List

Explanation

Introduction

The Mediterranean and Gulf Insurance and Reinsurance Co- Medgulf -.

Announces the Decrease of its Accumulated Losses to 34.1% of the Capital



Date of accumulated losses decrease

2023-06-30 Corresponding to 1444-12-12

Amount of the Accumulated Losses

The accumulated losses currently amount to (357,828) thousand Saudi riyals which represents 34.1% of the capital.

Measures Taken by the Company to Decrease Accumulated Losses

The decrease of the accumulated losses is mainly due to better operational performance of the company during first two quarters of 2023. The two major lines of business of the Company, Health and Motor, improved their profitability compared to 2022. The Company also had positive investment result in both Q1 and Q2 of 2023.

Further, the company represented by the Board of Directors and Executive Management continues to work on improving operational efficiency and optimizing costs in order to make the profitable trend sustainable and to maintain it on the long run.



We attached the auditor's report to the shareholders including the statement of financial position.



Auditor's Report showing the Financial Position of the Company after the Decrease