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

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) was awarded a one-year contract, on Dec. 22, from the Saudi Electricity Co. (SEC) to provide health insurance coverage for SEC employees.

The value of the contract exceeds 40% of revenue as per the latest audited financial results for 2023. The contract will start on Jan. 1, 2025, and will have a positive financial impact on the company’s profitability for 2025.

The insurance revenue reached around SAR 3.3 billion for 2023, data compiled with Argaam showed.