MEDGULF bags contract to provide health insurance to Saudi Electricity’s staff, families

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The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF) announced receiving, on Nov. 24, a notice of award from the Saudi Electricity Co. (SEC) for providing health insurance service for SEC’s employees and their families for one year, according to a statement to Tadawul.

 

The contract revenues are expected to be greater than 5% of the 2021 annual gross written premiums, the company said.

 

The contract will have a positive impact on financial results for 2023.

 

MEDGULF's gross written premiums amounted to about SAR 2.236 billion by the end of 2021, of which 5% amounts to SAR 111.8 million, according to Argaam's data.

 

There are no related parties, the statement added.

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