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usaharmony.com > Blog > Insurance > MedGulf Secures Major Health Insurance Contract with Saudi Electricity Company
Insurance

MedGulf Secures Major Health Insurance Contract with Saudi Electricity Company

Jacob Charles
Last updated: 31 December 2024 02:50
Jacob Charles
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Riyadh, Saudi Arabia – The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) has entered into a landmark agreement with the Saudi Electricity Company (SEC) to provide health insurance services for SEC employees and their dependents. The contract, valued at a substantial portion of MedGulf’s annual revenues, was awarded and signed on December 22, 2024.

Contents
Financial Impact of the ContractMedGulf’s Recent Financial PerformanceSaudi Electricity Company’s Financial HighlightsPositive Outlook for 2025

Under the terms of the agreement, MedGulf will commence its insurance services for SEC employees on January 1, 2025, for a duration of one year. This deal is expected to significantly impact MedGulf’s financial performance, contributing positively to its profits for the upcoming year.

Financial Impact of the Contract

The value of the contract exceeds 40% of MedGulf’s total revenues, based on the company’s audited financial statements for 2023. This milestone underscores the strategic importance of the agreement for MedGulf, bolstering its position in the insurance market.

MedGulf’s Recent Financial Performance

In the first nine months of 2024, MedGulf reported net profits of SAR 98.99 million, reflecting a 29.57% year-on-year decline from SAR 140.56 million in the same period of 2023. Despite the drop in net profits, MedGulf saw a modest growth in insurance revenues, which increased by 3.08% year-on-year to reach SAR 2.60 billion.

Saudi Electricity Company’s Financial Highlights

The Saudi Electricity Company, a key player in the Kingdom’s energy sector, reported strong financial results for the same period. SEC achieved a net profit of SAR 12.14 billion in the first nine months of 2024, with revenues amounting to SAR 66.55 billion. These robust figures highlight SEC’s financial stability and capacity to engage in large-scale agreements like the one with MedGulf.

Positive Outlook for 2025

This collaboration between MedGulf and SEC is expected to enhance MedGulf’s market presence while contributing to its profitability. The deal represents a significant achievement for MedGulf as it continues to deliver comprehensive insurance solutions to major corporations in the region.

As the contract takes effect, industry analysts will closely monitor its impact on MedGulf’s performance metrics, positioning the company for a promising start to 2025.

 

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By Jacob Charles
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Jacob Charles is a dedicated Senior Reporter at USAHarmony, where he has been making significant contributions for the past year. With a keen focus on the insurance industry, Jacob covers a range of topics that delve into the complexities and nuances of insurance-related issues. His reporting not only informs consumers but also sheds light on corporate practices and regulatory changes that impact individuals and businesses alike. In his role, Jacob investigates and writes about various facets of the insurance world, including health insurance, auto insurance, property insurance, and emerging trends like insurtech innovations. He seeks to illuminate how these topics affect everyday lives, from the intricacies of policy selection to the implications of recent legislation. Jacob’s ability to translate complex insurance jargon into accessible language makes his work valuable to both industry professionals and general readers. His commitment to holding powerful corporations accountable drives his investigative approach. Jacob often highlights stories of consumers facing challenges within the insurance system, bringing attention to issues such as claim denials, fraud, and the importance of consumer rights. His work aims to empower readers with knowledge, helping them navigate the often-complicated world of insurance. Jacob’s background in journalism, coupled with his passion for storytelling, positions him as a knowledgeable and trusted voice in the industry. He leverages data, interviews, and expert opinions to produce comprehensive articles that not only inform but also engage his audience. His contributions to USAHarmony reflect a commitment to quality journalism and a desire to serve the public interest. As part of his responsibilities, Jacob also collaborates with colleagues to ensure that USAHarmony maintains a robust online presence, driving discussions around important insurance topics on social media and other platforms. His dedication to ethical reporting is evident in his commitment to fact-checking and presenting balanced perspectives in his stories. In addition to his reporting duties, Jacob is continuously looking for ways to expand his knowledge of the insurance industry, attending industry conferences and engaging with professionals to stay informed about the latest developments and trends. His proactive approach and passion for the field make him an asset to USAHarmony and a respected figure in insurance journalism.Jacob Charles is a dedicated Senior Reporter at USAHarmony, where he has been making significant contributions for the past year. With a keen focus on the insurance industry, Jacob covers a range of topics that delve into the complexities and nuances of insurance-related issues. His reporting not only informs consumers but also sheds light on corporate practices and regulatory changes that impact individuals and businesses alike. In his role, Jacob investigates and writes about various facets of the insurance world, including health insurance, auto insurance, property insurance, and emerging trends like insurtech innovations. He seeks to illuminate how these topics affect everyday lives, from the intricacies of policy selection to the implications of recent legislation. Jacob’s ability to translate complex insurance jargon into accessible language makes his work valuable to both industry professionals and general readers. His commitment to holding powerful corporations accountable drives his investigative approach. Jacob often highlights stories of consumers facing challenges within the insurance system, bringing attention to issues such as claim denials, fraud, and the importance of consumer rights. His work aims to empower readers with knowledge, helping them navigate the often-complicated world of insurance. Jacob’s background in journalism, coupled with his passion for storytelling, positions him as a knowledgeable and trusted voice in the industry. He leverages data, interviews, and expert opinions to produce comprehensive articles that not only inform but also engage his audience. His contributions to USAHarmony reflect a commitment to quality journalism and a desire to serve the public interest. As part of his responsibilities, Jacob also collaborates with colleagues to ensure that USAHarmony maintains a robust online presence, driving discussions around important insurance topics on social media and other platforms. His dedication to ethical reporting is evident in his commitment to fact-checking and presenting balanced perspectives in his stories. In addition to his reporting duties, Jacob is continuously looking for ways to expand his knowledge of the insurance industry, attending industry conferences and engaging with professionals to stay informed about the latest developments and trends. His proactive approach and passion for the field make him an asset to USAHarmony and a respected figure in insurance journalism.
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