Riyadh –  The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) has signed a contract with Saudi Electricity Company (SEC) to provide health insurance services for SEC employees and their dependents.

The contract was awarded and signed on 22 December 2024, according to a bourse filing.

MedGulf will provide its insurance services for one year starting 1 January 2025.

Meanwhile, the contract value exceeds 40% of MedGulf’s total revenues based on its latest audited financial statements for 2023. In addition, the insurance deal will reflect positively on its profits for 2025.

It is worth noting that in the first nine months (9M) of 2024, MedGulf reported net profits of SAR 98.99 million, marking a 29.57% annual decline from SAR 140.56 million. Insurance revenues grew by 3.08% year-on-year (YoY) to SAR 2.60 billion.

SEC, on the other hand, generated higher net profit at SAR 12.14 billion in 9M-24 as well as revenues worth SAR 66.55 billion.

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