Saudi Reinsurance Company (Saudi Re) has reported a net profit after zakat of SAR46.7m ($12.5m) in the first quarter of 2026, representing a 32% increase compared to SAR35.4m in the corresponding period of 2025, according to a statement released by the reinsurer.
The first quarter results were driven by resilient underwriting and positive investment returns, Saudi Re said.
Insurance revenue in 1Q2026 recorded a significant 73% year-on-year increase, reaching SAR560m. Continued expansion across various lines of business in Saudi Arabia and international markets supported this growth.
Gross written premiums in 1Q2026 jumped by 37% to SAR2.38bn, up from SAR1.74bn in 1Q2025.
Commenting on the results, Saudi Re CEO Ahmed Al-Jabr said, “The strong results achieved in the first quarter reflect Saudi Re’s disciplined underwriting approach and prudent investment strategy. Saudi Re has maintained its balanced business model, focusing on improving net income while expanding the scope of its operations.”
Moody’s ‘A2’ Insurance Financial Strength Rating
In a separate statement, Saudi Re said that it has maintained its Insurance Financial Strength Rating (IFRS) at ‘A2’ with a ‘Stable’ outlook, which was announced by Moody’s Ratings (Moody’s) following the global credit rating agency’s periodic review completed in April 2026.
According to Moody’s, Saudi Re’s ‘A2’ IFSR reflects its established brand and market position in Saudi Arabia as the Kingdom’s first home-grown professional reinsurer, alongside a growing presence across the Middle East, Asia, and Africa. The rating also factors in the company’s preferential position in the domestic market through its right of first refusal on a portion of ceded premiums.
Moody’s further highlighted Saudi Re’s high-quality asset underpinned by a conservative investment portfolio as evidenced by a low ratio of high-risk assets. The rating also reflects Saudi Re’s good capital adequacy, with loss gross underwriting leverage of 1.3x at year-end 2025 and limited natural catastrophe exposure supported by adopting extensive retrocession programmes.
The agency also noted Saudi Re’s consistent good profitability and strong financial flexibility with no debt leverage and good access to local capital markets, given its listing on the Saudi Stock Exchange and broad investor base.
Mr Al-Jabr said that maintaining the ‘A2’ rating “is particularly significant considering the geopolitical conditions currently affecting the region and underscores our ability to navigate uncertainty while pursuing long-term growth opportunities”.
Saudi Re also holds an ‘A-’ long-term issuer credit rating and insurer financial strength rating with a ‘Positive’ outlook from S&P Global Ratings, reflecting the company’s improving financial performance indicators.
Saudi Re, a Public Investment Fund portfolio company, has the largest paid-up capital in MENA, standing at SAR1.7bn. The company operates in more than 40 markets across the Middle East, Asia, and Africa. Regulated by the Saudi Arabian Insurance Authority, Saudi Re conducts its operations from its headquarters in Riyadh and branches in Malaysia and India.