Saudi Re reports 351% profit increase for first 9 months of 2024, reaching SAR 475M

The Saudi Reinsurance Company "Saudi Re" has announced its financial results for the nine months ending September 30, 2024. The company achieved a net profit after zakat of SAR 475 million, marking an impressive increase of 351% compared to the same period last year. The financial results also highlighted a significant rise in total written premiums, which reached SAR 1.94 billion, up from SAR 1.55 billion in the corresponding period of the previous year, reflecting a growth rate of 25%.

The company experienced strong underwriting performance, with net insurance results in the third quarter reaching SAR 53.6 million, a growth of 88%. Net insurance results for the first nine months of 2024 stood at SAR 140.7 million, up 39% from the same period last year.

These positive financial results accompany several key developments that strengthen the company’s position in achieving its objectives and increasing its investments. Saudi Re realized capital gains of SAR 366 million (SAR 355 million after deducting the effect of the forward contract related to GBP) from the sale of its stake in Probitas Holding, underscoring the company's robust performance in investments and enhancing its cash flow.

Ahmed Al-Jabr, CEO of Saudi Re, stated that the company maintains a sustainable growth trajectory and enjoys a solid financial position, with a distinguished credit rating of -A from Standard & Poor's and A3 from Moody's. He explained that, with promising opportunities ahead, the company aims to redirect the proceeds from the Probitas sale to develop new growth opportunities, particularly in the Saudi market, in light of the evolving regulatory landscape and increasing demand for insurance services.

Furthermore, Saudi Re has signed several agreements, including a reinsurance contract with the AL Etihad Cooperative Insurance Company, providing coverage against employer’s default valued at SAR 208 million. The company also announced the renewal of a one-year reinsurance contract with Probitas Corporate Capital valued at £33.5 million, which will enhance its competitive capabilities and expand its operational scope in the market.

Listed in the Saudi Market Exchange and operating under the supervision of Insurance Authority, Saudi Re operates in more than 40 countries across the Middle East, Asia, Africa and Lloyd’s market in the UK, and specializes in life and non-life treaty and facultative reinsurance solutions.