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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 of the Accumulated Losses |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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