‎MEDGULF inks contract with SEC worth over 40% of 2023 revenue

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)signed a contract on Dec. 22 with Saudi Electricity Co. (SEC) to provide cooperative health insurance services for the latter’s employees and their families for one year.

In a statement to Tadawul, MEDGULF said the contract’s value exceeds 40% of its revenue, based on the latest audited financial statements for 2023.

The insurer noted that the contract will take effect on Jan. 1, 2025, and is expected to positively impact its earnings in 2025.

According to Argaam data, MEDGULF’s insurance revenue in 2023 reached around SAR 3.3 billion.

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF)signed a contract on Dec. 22 with Saudi Electricity Co. (SEC) to provide cooperative health insurance services for the latter’s employees and their families for one year.

In a statement to Tadawul, MEDGULF said the contract’s value exceeds 40% of its revenue, based on the latest audited financial statements for 2023.

The insurer noted that the contract will take effect on Jan. 1, 2025, and is expected to positively impact its earnings in 2025.

According to Argaam data, MEDGULF’s insurance revenue in 2023 reached around SAR 3.3 billion.