Financial Results : Saudi Re profit soars to SAR 474.8M in 2024; Q4 loss at SAR 139,000

Saudi Re profit soars to SAR 474.8M in 2024; Q4 loss at SAR 139,000

16/03/2025 Argaam Exclusive

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Saudi Reinsurance Co. (Saudi Re) reported a net profit of SAR 474.8 million for 2024, compared to SAR 124.4 million in 2023, as revenues increased on business growth in line with the company's strategy and business plan.


Financials (M)

Item 2023 2024 Change‬
Gross Written Premium (GWP) 1,597.00 2,360.00 47.8 %
Insurance Revenues 627.19 1,129.97 80.2 %
Net Income 124.43 474.81 281.6 %
Average Shares 89.10 89.10 -
Earnings Per Share before unusual items (Riyals) 1.40 1.22 (12.5 %)
EPS (Riyals) 1.40 5.33 281.6 %

Net profit of insurance results increased by 19%. Additionally, net investment profit increased by 629% mainly due to the company's capital gains from the sale of its stake in Probitas Holding amounting to SAR 365.9 million (SAR 355.3 million after deducting the impact of the GBP forward contract).

 

The insurer incurred a net loss of SAR 139,000 in Q4 2024, versus a net profit of SAR 19.19 million in the prior-year period.

 

On a sequential basis, Saudi Re swung to losses from SAR 399.67 million profit in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Gross Written Premium (GWP) 43.92 421.32 859.2 %
Insurance Revenues 133.23 305.81 129.5 %
Net Income 19.19 (0.14) (100.7 %)
Average Shares 89.10 89.10 -
Earnings Per Share before unusual items 0.22 0.00 (100.7 %)
EPS (Riyals) 0.22 0.00 (100.7 %)

Insurance Operations

Item 2023 2024 Change‬
Gross Written Premium (GWP) 1,597.00 2,360.00 47.8 %
Insurance Revenues 627.19 1,129.97 80.2 %
Insurance Services Income 119.76 142.53 19.0 %
Investment Income 60.39 440.18 628.9 %
Net Profit of Insurance Services and Investment 145.52 545.28 274.7 %

Total shareholders’ equity, no minority interest, stood at SAR 1.61 billion by Dec. 31, 2024, compared to SAR 1.14 billion a year earlier.

 

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