Gulf General Insurance Narrows Nine-Month Loss 53%
Riyadh, Saudi Arabia — Gulf General Cooperative Insurance Co. cut its net loss nearly in half over the first nine months of 2026, but auditors are warning the insurer may not survive as a going concern. The company posted a net loss of 39.7 million SAR for the nine months ending September 30, 2026, down […] The post Gulf General Insurance Narrows Nine-Month Loss 53% appeared first on The Saudi…
Gulf General Cooperative Insurance Co. narrowed its nine-month loss by 53% through September 2026, but auditors have expressed concerns over the insurer's ability to remain operational. The company posted a net loss of 39.7 million SAR over the period, down from an 84.7 million SAR loss during the same nine months in 2025. Motor insurance revenue growth, specifically, drove the improvement, with a 34.1 million SAR increase from the same quarter a year ago.
Despite this, the company's accumulated losses now represent 99.5% of its share capital, leaving it deeply loss-making. The auditors' warning of a material uncertainty about Gulf General's continued operations stems from losses reaching 298.6 million SAR, equivalent to 99.5% of the company's 300 million SAR share capital. The company now faces a regulatory concern under Saudi exchange rules, which require disclosure when accumulated losses exceed 50% of capital.
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