Saudi Re has posted net profits of SAR124.4m ($33.2m) for 2023, compared to SAR76m for 2022, according to annual financial statements filed by the reinsurer with Tadawul. The increase was 64% or SAR 48m higher than the 2022 net profit.
2023 has seen the Saudi insurance industry bounce back strongly to profitability after an extremely challenging 2022, without any insurer reporting a net loss, points out Badri Management Consultancy, an international actuarial and business consulting company.
Saudi Reinsurance Company (Saudi Re) has announced that its board of directors has appointed Mr Ahmed Ali Al-Jabr as the acting CEO of the company, effective 1 April 2024.
The Company for Cooperative Insurance (Tawuniya), a Top Three insurer in Saudi Arabia, has formed a strategic partnership with Ejaro, a car rental platform company.
The Company for Cooperative Insurance (Tawuniya) logged a 103.98% surge in net profit after zakat attributable to shareholders to SAR616.42m ($164.4m) in 2023 from SAR302.19m in 2022, according to financial statements lodged by the company with the Saudi stock exchange.
Saudi Re, the kingdom's locally-incorporated reinsurer, has announced an agreement with UK-headquartered insurance company Aviva Insurance to sell the former's entire 49.9% stake in Probitas Holdings (Bermuda) including subsidiaries, for a consideration of GBP120m ($152m) subject to final closing adjustments.
The Insurance Authority has taken over the supervision of health insurance from the Council of Health Insurance (CHI), the insurance regulator says in a statement.
Leading regional insurance group Gulf Insurance Group has signed a binding agreement to sell its entire stake in Saudi Arabian insurer Buruj Cooperative Insurance Company.
Insurance premiums for coverage of domestic workers differ because of competition in the market, according to Mr Adel Al-Essa, the official spokesperson for the insurance sector in Saudi Arabia.
The net profit after zakat attributable to shareholders of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), one of the largest insurers in Saudi Arabia, surged 353.18% year-on-year (YoY) to SAR328.06m ($87.5m) in 2023 from SAR72.39m.