MedGulf's third-quarter profit falls 45.5% from the second quarter, though nine-month earnings nearly triple

Profit at Mediterranean and Gulf Insurance and Reinsurance Co (MedGulf) slowed sharply in the third quarter of 2026. Net profit for the three months to 30 September was SAR24.08m, 45.5% below the SAR44.17m it earned in the second quarter, according to results Argaam published on 3 November. Argaam linked the drop to lower gross written premiums and lower net investment income than in the previous quarter. Against the third quarter of 2025, profit was still 34.5% higher, up from SAR17.90m.

Premiums written in the quarter were SAR1.27bn, a little below the SAR1.30bn of the second quarter but 56.5% above a year earlier. Insurance revenue for the quarter was SAR1.50bn, up from SAR1.31bn in the second quarter and 46.3% higher than in the same quarter of 2025.

Because the first half was strong, the nine-month result still nearly tripled. Net profit from January to September was SAR104.49m, against SAR36.07m a year earlier, which Argaam attributed mainly to a 33.2% rise in insurance revenue to SAR4.07bn. The insurance service result rose to SAR96.7m from SAR41.3m, and gross written premiums grew 44.5% to SAR5.18bn, with growth mainly in the medical and motor segments.

MedGulf had reported first-half net profit of SAR80.42m, against SAR18.17m a year earlier, Argaam said in August. On those figures, the third quarter supplied about 23% of the nine-month profit.