the Completion of PIF Transaction

• PIF acquires 23.08% stake in Saudi Reinsurance Company by way of a capital increase and subscription to new shares• The investment aims to enable the company to scale up domestic capacity to meet rapid local growth and strengthen the Saudi insurance sector• PIF’s investment reinforces Saudi Reinsurance Company’s position as the national reinsurer, further strengthening its presence regionally and globally PIF has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, with the suspension of preemptive rights in accordance with Capital Market Authority regulations. PIF’s capital investment aims to enhance Saudi Re’s growth potential by adding to its financial capacity and further strengthen its credit rating. PIF’s capital investment also supports Saudi insurance firms by enabling Saudi Re to deliver high quality reinsurance, permitting Saudi insurance companies to manage risk more effectively. Insurers use reinsurance to provide adequate coverage to their policyholders and reduce earnings volatility. Saudi Re enables Saudi insurance firms to grow and innovate. The investment is expected to contribute to more reinsurance premiums staying within Saudi Arabia while also growing the local reinsurance sector, and allowing better coverage for commercial activities for both insurance firms and companies in general, making the economy as a whole more financially resilient. A better capitalized Saudi Re will be more able to meet rapid growth in demand, and devise new products, while having increased capacity to expand in domestic and global markets. Sultan Alsheikh, Head of Financial Institutions in MENA Investments at PIF, said: “By investing in Saudi Re, PIF is reinforcing a leading regional reinsurer and strengthening Saudi Arabia’s insurance sector, which is an essential component of sustainable economic growth. This enhances access to quality financial services for insurers and their policyholders, and strengthens the sector.” Ahmed Al-Jabr, CEO of Saudi Re, commented: “We are delighted to welcome PIF as a strategic investor and look forward to its role in enabling Saudi Re’s strategy and reinforcing its position as a national reinsurer, while further strengthening its presence regionally and globally. This investment will provide us with multiple benefits, including boosting our financial position and unlocking opportunities for expansion and growth.” Saudi Re is a leading MENA reinsurance company and holds an A-minus rating from S&P Global and an A3 rating from Moody’s. In the first nine months of 2024, Saudi Re’s total written premiums reached SAR 1.94 billion ($520 million). It achieved a compound annual growth rate of 17% over the five years up to the end of the 2023 financial year. The transaction secured regulatory consents and was approved by Saudi Re’s shareholders at an extraordinary general meeting.  

Saudi Reinsurance Company “Saudi Re” Announces that Moody’s has affirmed its rating at A3 Insurance Financial Strength Rating (IFSR) with a positive outlook. The financial rating of Saudi Re reflects its: 1- Strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer as well as a growing presence in its target markets of the Middle East, Asia and Africa. 2- Preferential position in Saudi market due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market 3- Strong asset quality exemplified by its conservative investment portfolio. 4- Good capital adequacy, both in terms of capital levels and limited exposure to natural catastrophe risk. 5- Strong financial flexibility with non-existent leverage and good access to capital markets in Saudi Arabia given its listing on the Saudi stock exchange, and broad investor base. The positive outlook reflects Moody’s expectation that Saudi Re’s business and financial profiles are likely to improve materially over the next 12-18 months accompanied by increased capital and supported by a favorable operating environment and government initiatives to support growth of the local insurance industry. In addition, a strategic equity subscription agreement with the Public Investment Fund will further strengthen Saudi Re’s business and financial profile and support its plans to grow both locally and internationally.

Introduction Saudi Re Announces Signing a Reinsurance Contract for Surety Insurance Bonds Coinsurance Program with Walaa Cooperative Insurance Company Date of Announcement of the Award 2024-12-29 Corresponding to 1446-06-28 Contract Subject Matter Reinsurance contract on Surety Insurance Bonds Coinsurance Program. The Program is a financial guarantee solution that aims to ensure contractors meet their contractual obligations on construction projects developed for the Public Investment Fund’s (PIF) Development Companies. The Entity with Which the Contract was Signed Walaa Cooperative Insurance Company Date of Signing the Contract 2024-12-29 Corresponding to 1446-06-28 Contract Value The contract is expected to result in increasing the company’s Reinsurance Revenue by more than 5% of the total Reinsurance Revenue (based on 2023 financial year results). Contract Details Reinsurance contract on Surety Insurance Bonds Coinsurance Program. The Program is a financial guarantee solution that aims to ensure contractors meet their contractual obligations on construction projects developed for the Public Investment Fund’s (PIF) Development Companies. Contract Duration 12 Gregorian months starting from 01/07/1446H (corresponding to 01/01/2025G). Financial Impact and the Relevant Period The contract is expected to have an impact on the company’s financial results during the financial year 2025 Related Parties There are no related parties involved

Saudi Reinsurance Company “Saudi Re” announced the appointment of Ahmed Al-Jabr as its new Chief Executive Officer, effective October 1st, 2024. Al-Jabr, who has been with Saudi Re since 2011, previously held the position of Chief Operations Officer before being promoted to the role of Deputy CEO. Subsequently, he was appointed as the Acting CEO earlier this year.  With over 25 years of diverse experience in the insurance and reinsurance sectors, Al-Jabr brings a wealth of expertise having served in various executive roles in operations, strategy management, business development and others. He holds a Master’s degree in Business Administration from the University of Bradford in the United Kingdom. Saudi Re is a leading reinsurance company in the Middle East region, with operations spanning more than 40 markets. The company holds an ‘A-‘ rating from Standard & Poor’s and an ‘A3’ rating from Moody’s. In the first half of the current year, Saudi Re grew by 19% reporting gross written premiums of SAR 1.4 billion, and focusses on executing its Strategy Towards 2028 with the aim of reinforcing its competitive position and sustaining its profitable growth momentum domestically and internationally.

Saudi Re announces an agreement with UK-headquartered insurance company Aviva Insurance Limited or the sale of Saudi Re’s entire 49.9% stake in Probitas Holdings (Bermuda) Limited including its subsidiaries, for a consideration of GBP 120 million subject to final closing adjustments. Commenting on the transaction, Fahad Al-Hesni, Managing Director and CEO of Saudi Re, said “We believe the transaction will enable Saudi Re to strengthen its competitive position and reorient our financial resources towards new growth opportunities domestically and internationally.” Al-Hesni further noted that the transaction was agreed on terms very attractive to Saudi Re and creates a substantial shareholder value, generating nearly five times return on the initial investment. As Saudi Re embarks on an ambition growth journey, the proceeds will further reinforce Saudi Re’s capital base and provide ample support for future expansion and diversification. The transaction is subject to customary closing conditions, including regulatory approvals from relevant authorities and is expected to close in mid-2024. Tadawul Announcement  

We are delighted to announce that Mr. Ahmed Al-Jabr has been appointed as the Acting CEO of “Saudi Re”. We would like to express our heartfelt gratitude to Mr. Fahad Al-Hesni, the former MD/CEO, for his tremendous contributions during his tenure with the company, and we wish him the best of luck in his future ventures. For more details: Announcement Details