Saudi: Saudi Re posts 90% increase in profit for 1Q2021
Source: Middle East Insurance Review | Jun 2021
Net profit before zakat for Saudi Re increased 90% to SAR19.58m ($5.22m) in the first three months of 2021 compared to SAR10.3m in the previous corresponding period.
GWP for the first quarter of 2021 reached SAR834.3m against SAR527.7m last year, an increase of 58%. Net written premiums for the same period have also jumped by 62% to SAR792.4m. Net claims incurred reached SAR121.4m from SAR58.46m.
The company’s statement on the Saudi stock exchange (Tadawul) attributed the upsurge in profit to the increase in net earned premiums by 59%, which had a positive impact on the underwriting results, in addition to the increase in net shareholders’ investment income by 15%. M