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

31/10/2024 Argaam Exclusive

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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 %

Item	Q2 2024	Q3 2024	Change‬
Gross Written Premium (GWP)	254.42	492.77	93.7 %
Insurance Revenues	275.75	341.46	23.8 %
Net Profit Before Zakat & Tax	52.25	47.22	(9.6 %)
Net Income	43.48	399.67	819.1 %
Average Shares	89.10	89.10	-
EPS (Riyals)	0.49	4.49	819.1 %

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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