Saudi Re profit soars to SAR 475M in 9M 2024; Q3 at SAR 399.7M

31/10/2024 Argaam Exclusive

Saudi Reinsurance Co. (Saudi Re) reported a net profit of SAR 475 million for the first nine months of 2024, up from SAR 105.2 million in the same period last year.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 1,553.08 1,938.68 24.8 %
Insurance Revenues 493.96 824.16 66.8 %
Net Profit Before Zakat & Tax 121.51 137.02 12.8 %
Net Income 105.23 474.95 351.3 %
Average Shares 89.10 89.10 -
EPS (Riyals) 1.18 5.33 351.3 %

The profit rise was attributed to business growth aligned with Saudi Re’s strategic plan. Net insurance results climbed 39% year-on-year (YoY), driven by a 67% surge in insurance revenue.

 

Net investment profits also leapt by 947% YoY, primarily due to capital gains of SAR 365.9 million (SAR 355.3 million after deducting the impact of the GBP forward contract) from the sale of the company’s stake in Probitas Holdings.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Gross Written Premium (GWP) 336.27 492.77 46.5 %
Insurance Revenues 207.33 341.46 64.7 %
Net Profit Before Zakat & Tax 39.58 47.22 19.3 %
Net Income 34.07 399.67 1072.9 %
Average Shares 89.10 89.10 -
EPS (Riyals) 0.38 4.49 1072.9 %

The third-quarter net earnings soared to SAR 399.7 million, from SAR 34.07 million in Q3 2023.

 

The three-month net earnings also leapt from SAR 43.5 million in Q2 2024.

Insurance Operations

Item 9m 2023 9m 2024 Change‬
Gross Written Premium (GWP) 1,553.08 1,938.68 24.8 %
Insurance Revenues 493.96 824.16 66.8 %
Insurance Services Income 101.17 140.75 39.1 %
Investment Income 39.85 51.30 28.7 %
Net Profit of Insurance Services and Investment 105.94 160.82 51.8 %

Shareholders’ equity, after minority interest, rose to SAR 1.61 billion by Sept. 30, 2024, compared to SAR 1.12 billion in the prior-year period.

 

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.

 

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Share Price

Saudi Reinsurance Co.
43.30
2.85 7.05 %

Saudi Reinsurance Co. (SAUDI RE)

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Financial Ratios
Current
Market Cap (M) 3,858.03
Shares Outstanding (M) 89.10
EPS ( Riyal) (TTM) 5.55
Book Value (BV) ( Riyal) 18.13
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 30.09
P/E (TTM) 7.81
Price/Book 2.39
Return on Average Assets (%) (TTM) 17.3
Return on Average Equity (%) (TTM) 36.1
Return on Market Cap (%) 15.4
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