The high losses of “public Gulf” to 23.8 million riyals in the first quarter

The losses of the General Gulf Cooperative Insurance Company in the first quarter of 2025 have exacerbated 314.4% to 23.8 million riyals, compared to losses of 25.8 million riyals in the same quarter of last year.
According to the company’s statement on the circulation of Saudi Arabia, the net loss before Zakat for the current quarter amounted to 22,582- one million riyals, in exchange for a loss of 3,922- one million riyals for the same quarter of last year.
The net loss after Zakat for the current quarter amounted to 23,782- one million riyals, compared to a net loss of 5,739- one million riyals for the same quarter of last year, due to the following reasons:
• An increase in insurance services expenses at an amount of 22,132- one million riyals, with an increase of 25% compared to the same quarter of last year.
• A decrease in the reinsurance contracts expense of 759 million riyals, with a decrease of 13.40-% compared to the same quarter last year.
• A decrease in the results of the investment income to the amount of 1,825 million riyals, compared to 4,259 million riyals in the same quarter of last year, by a difference of 2,434- million riyals, or 57.15%.
• An increase in operating costs to an amount of 3,606- one million riyals, compared to 2,525- one million riyals in the same quarter of last year, by a difference of 1,081 million riyals by 42.81%.
The net loss before Zakat for the current quarter amounted to 22,582- one million riyals, compared to a loss of 77,797- one million riyals for the previous quarter.
The net loss after Zakat for the current quarter amounted to 23,782- one million riyals, compared to a loss of 78,997 million riyals for the previous quarter, due to the following reasons:
A decrease in the losses of insurance services results by 19,287 million riyals compared to the previous quarter, a decrease of -53.80%.
A decrease in insurance services expenses of 38,181 million riyals, a decrease of 25.65% compared to the previous quarter.
A decrease in reinsurance contracts amounting to 2,166 million riyals, compared to the previous quarter, a decrease of 30.64%.
• A decrease in the results of the investment income to the amount of 1,825 million riyals in the current quarter compared to 3,667 million riyals in the previous quarter, a decrease of 1,842 million riyals by 50.23-%.
• An increase in operating costs to an amount of 3,606- one million riyals, compared to 2,670- one million riyals in the previous quarter, with a change of 936- million riyals by 35.06%.