Saudi Arabia: Saudi Re profit up 89% in 1H

Source: Middle East Insurance Review | Sep 2021

Net profit before zakat for Saudi Re for Cooperative Reinsurance (Saudi Re) rose 88.8% to SAR36.5m ($9.7m) in the first half of this year compared to SAR19.3m in 1H 2020, according to the reinsurer’s announcement on the Saudi stock exchange.

Gross written premiums in 1H2021 were SAR955m, an increase of almost 45%, while net written premiums rose 52% reaching SAR868.6m. Net incurred claims for the first six months of 2021 grew 58.6% to SAR253.4m against SAR159.7m in 1H2020.

Saudi Re attributed the increase in net income for 1H 2021 versus 1H 2020 to an increase in net earned premiums of 40% and an increase in the shareholders’ net investment income of 29% (SAR21m against SAR16.3m).

Saudi Re’s board decided recently to increase its paid-up capital by 10% to SAR891m to strengthen the company’s capital base and support its future activities. M

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