The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) on Tuesday announced that it has inked a contract with Saudi Electricity Company (SEC) to provided health insurance services to SEC’s employees and their families.
The contract’s total cost amounted to SAR 570 million, according to a filing to the Saudi Stock Exchange (Tadawul).
The one-year deal is expected to account for 5% of the insurer’s revenue, as per financial statements for the fiscal year 2017.
The related financial impact is forecast to appear in earnings of FY19.
Meanwhile, SEC noted that the contract will have no impact on its earnings, as the health services cost SAR 517 million in 2017.