Saudi Re takes measures to reduce COVID-19 impact on business, investments: CEO

17/05/2020 Argaam Special

 

Saudi Re for Cooperative Reinsurance Co. (Saudi Re) took several precautionary measures to reduce the impact of COVID-19 on its business, investments, and services, Fahad Abdulrahman Al-Hesni, CEO of Saudi Re, told Argaam in an exclusive interview.

 

The company achieved a remarkable improvement in its reinsurance operations, which increased 49% in the first quarter of 2020 compared to the same period last year, he added.

 

Saudi Re’s gross written premium (GWP) grew 24% to SAR 527.7million in Q1 2020 from SAR 424.3 million in Q1 2019.

 

According to data compiled by Argaam, Saudi Re reported net profit before Zakat of SAR 10.8 million for Q1 2020, a drop of 57% YoY, on lower shareholders and policyholders net investment income.

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