Saudi Re more than doubled pre-zakat profit to $15m for Jan-Sep

Source: Middle East Insurance Review | Dec 2019

Saudi Re has reported an increase of 133.4% in its net profit before zakat to SAR56.2m ($15m) for the first nine months of this year, compared to SAR24.1m for the corresponding period last year.

The reason for the increase in net profit during the period was due mainly to a 4.2% increase in net earned premiums to SAR468.2m, which had a positive impact on the underwriting results, Saudi Re said in a statement to the stock exchange. In addition, net investment income surged by 83.8%.

Saudi Re’s GWP for the January to September period this year stood at SAR676.5m, 0.4% higher than for the corresponding period last year. M

SAR1 = $0.27

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