Saudi Reinsurance Company (Saudi Re) has announced that its net profit after zakat climbed by 63% to SAR194m ($51.7m) for the first three quarters of this year, compared to SAR118.7m in the corresponding period last year. Saudi Re attributed the profit increase mainly to the growth of business in line with the company's strategy and business plan.
Net profit after zakat rose by 6% to SAR32.6m in the third quarter of this year, from SAR30.7m for the corresponding quarter of the previous year. This growth was driven by balanced performance across both domestic and international markets.
In the first nine months of the year, reinsurance revenue rose 73% year on year to SAR2bn. Gross Written Premiums grew by 50% to SAR3.9bn ($1.04bn), compared to SAR2.6bn in the same period of the previous year.
Commenting on the results, Saudi Re CEO Ahmed Al-Jabr said, “This exceptional performance reflects the success of our strategy in delivering strong, profitable and sustainable growth, marked by Gross Written Premiums surpassing the $1bn milestone. It demonstrates the strength and resilience of our business model, as well as our ability to maintain our growth trajectory, achieve our strategic targets, and consolidate our regional leadership.”
He added, “We remain agile in responding to evolving market conditions, with a clear focus on meeting our clients’ needs amid geopolitical developments and addressing emerging insurance protection gaps. In this context, we continue to develop innovative solutions that provide additional reinsurance capacity and address the evolving needs of the markets with greater efficiency and flexibility, particularly across marine, aviation, political violence and event cancellation, among other lines of business.”
The third quarter also saw the establishment of the Saudi Marine Insurance Pool, led by Saudi Re and supervised by the Insurance Authority, with the participation of insurance companies. This national public-private initiative is designed to expand insurance capacity for marine risks, support the continuity of trade, and contribute to strengthening the Kingdom’s position as a global logistics hub.
Saudi Re continues to advance its international expansion strategy. Key milestones this year included the opening of its branch in India, its second in Asia after Malaysia, and the strengthening of its presence in the Lloyd’s market through its strategic investment in AdA Risk Holding Co. These developments support the geographic diversification of the company’s portfolio and broaden its access to priority international markets.
Saudi Re is a Public Investment Fund portfolio company listed on the Saudi Exchange with a paid-up capital of SAR1.7bn. The Company is among the leading reinsurance providers in the MENA region. Established in 2008 as a composite reinsurer, Saudi Re offers a wide range of treaty and facultative reinsurance solutions. Saudi Re operates in more than 40 markets across the Middle East, Asia, and Africa through its headquarters in Riyadh and its branches in Malaysia and India.