Saudi Reinsurance Company's (Saudi Re) reinsurance revenues surged by 45.27% year-on-year (YoY) to SAR1.19bn ($317.3m) in the first nine months of this year (9M2025) from SAR824.15m in 3Q2024.
Gross written premiums for 9M2025 amounted to SAR2,619m compared to SAR1,939m in the corresponding period in 2024, an increase of 35%, according to the financial statements published by the reinsurer on the Saudi Exchange.
The reinsurer delivered net profits after zakat attributable to shareholders of SAR118.76m in 9M2025. These were lower by 75% than the SAR474.95m in 9M2024.
The main reason for the fall in net profit is that the company recorded an exceptional capital gain in 9M2024 from the sale of its stake in Probitas Holdings, amounting to SAR365.90m.
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Financial Results For First 9 Months
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3Q2025 SAR
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3Q2024 SAR
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% Change
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Reinsurance Revenues
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1,197,290,439
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824,154,527
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45.3
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Result of Reinsurance Services
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281,925,297
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144,327,890
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95.3
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Net ReInsurance Results
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131,682,067
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140,751,420
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-6.4
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Net Investment Results
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105,070,423
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417,250,335
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-74.8
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Net Insurance Financing Expenses
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-47,162,372
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-31,237,452
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51.0
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Net Profit (Loss), after Zakat, Attributable To Shareholders
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118,766,904
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474,951,120
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-75.0
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Total Comprehensive Income
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121,571,566
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468,319,529
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-74.0
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Total Shareholders’ Equity (after Deducting Minority Equity)
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2,160,805,127
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1,615,141,568
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33.8
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Source: Saudi Re’s financial statements lodged on Tadawul
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In January 2025, the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, acquired a 23.08% stake in Saudi Re by subscribing to new shares of the reinsurer, resulting in a 30% increase in the reinsurer’s issued capital. In October, the company had its capital raised a second time this year when it capitalised retained earnings of SAR539.8m. This resulted in a 46.6% increase in capital from SAR1.158bn to SAR1.698bn, making Saudi Re the top-capitalised listed company in the Saudi insurance market and the reinsurance sector in the Middle East. Saudi Re said that the additional capital the capital “will be invested to advance business activities, enhance competitiveness, and sustain profitability”.