Saudi Reinsurance Co. (Saudi Re) posted a 6% rise in H1 2024 net profit to SAR 75.3 million, from SAR 71.2 million in the year-earlier period
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,217.09 | 1,446.00 | 18.8 % |
| Insurance Revenues | 286.63 | 482.69 | 68.4 % |
| Net Income | 71.16 | 75.28 | 5.8 % |
| Average Shares | 89.10 | 89.10 | - |
| EPS (Riyals) | 0.80 | 0.84 | 5.8 % |
The profit rise was attributed to growth in the company's business according to its strategy and business plan.
Net insurance results climbed 20% year-on-year (YoY) on a 68% surge in insurance revenue.
Investment results also increased by 13% YoY.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 146.31 | 254.00 | 73.6 % |
| Insurance Revenues | 157.34 | 275.75 | 75.3 % |
| Net Income | 59.96 | 43.48 | (27.5 %) |
| Average Shares | 89.10 | 89.10 | - |
| EPS (Riyals) | 0.67 | 0.49 | (27.5 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,190.00 | 254.00 | (78.7 %) |
| Insurance Revenues | 206.95 | 275.75 | 33.2 % |
| Net Income | 31.79 | 43.48 | 36.8 % |
| Average Shares | 89.10 | 89.10 | - |
| EPS (Riyals) | 0.36 | 0.49 | 36.8 % |
The second-quarter net earnings dropped 27.5% to SAR 43.5 million, from SAR 59.9 million in Q2 2023. The second quarter of 2023 included a profit share from equity accounted investee (Probitas Holdings) amounting to SAR 21 million, while the current quarter did not include any profit after the sale of Probitas.
Saudi Re generated £123 million, or nearly SAR 578 million, from the sale of Probitas, excluding the costs associated with the deal. The book value of the asset as of the second quarter of 2024 was SAR 211 million and will be included in the company's financial statements in the third quarter of 2024.
Net insurance results dropped 10% YoY.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,217.09 | 1,446.00 | 18.8 % |
| Insurance Revenues | 286.63 | 482.69 | 68.4 % |
| Insurance Services Income | 72.59 | 87.08 | 20.0 % |
| Investment Income | 24.50 | 27.60 | 12.7 % |
| Net Profit of Insurance Services and Investment | 70.41 | 103.27 | 46.7 % |
On the other hand, net earnings jumped 36.8% from SAR 31.8 million in Q1 2024 backed by the company’s business growth in line with its strategy. Net insurance results and revenue leapt 80% and 33% quarter-on-quarter, respectively.
Shareholders’ equity, after minority interest, rose to SAR 1.21 billion by June 30, 2024, compared to SAR 1.09 billion in the prior-year period.
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