Annual Report 2021

Scaling the Heights

Our saga to date tells of a historic journey of exponential growth and diversification. At inception, we focused on building capacity while setting a tone and an ethos. Very rapidly, we were making inroads regionally and building scale. And last year, Saudi Re recorded phenomenal growth and achieved industry-leading excellence regionally. In the years ahead, we have set our sights on scaling the heights in the international sphere, embracing greater diversification as we go.

Who We Are

Saudi Re is a full-fledged reinsurance company that specializes in facultative and treaty reinsurance solutions in the classes of property, engineering, liability, marine, motor, life, and health. The Company was established and listed at the Saudi Exchange Market in 2008 as the first and only specialized licensed reinsurance company in the Kingdom. It is also the first reinsurance company licensed by the Saudi Arabian Monetary Agency (SAMA).

Our Value Proposition

Strong Financial Position

Local Knowledge with Global Reach

Client-focused Approach

Experienced and Talented Team

Our Markets

We serve clients in more than 40 countries.

CHAIRMAN’S STATEMENT

Our strategic vision is to evolve into a diversified reinsurance company that's among the 50 largest global reinsurance companies that will support the growth of our economy.

Chief Executive Officer's Review

We set out with a clear ambition to evolve and diversify as a company that can reliably serve the risk and growing reinsurance needs of the Kingdom.

GWP SR 1.1 billion

among the 3 largest companies in the Middle East

CAGR 19%

strong growth momentum in 2019-2021

10% capital

increase by bonus shares

Net profit SR 38.9 million

UW Profit SR 71.6 million

SR 3.1 billion

total assets

A3

stable outlook credit rating by Moody’s

57%

International business

Reinsurance Company of the Year

award 2021

Our Sustainability Approach

Our commitment to sustainability is highlighted by the fact that we were the first Middle Eastern reinsurer to publish a sustainability report. Our sustainability framework has been developed with a focus on integrating ESG factors into our strategies, plans, and processes.

We have weaved a deeply thought-out strategy toward 2026 with a clear vision to “Evolve Saudi Re into a diverse and strong top 30 global reinsurer, contributing to the growth of the Kingdom’s economy”. Our strategic objectives foster local and international growth and are supported by the following pillars:

Scale

Scale, which relates to increasing the economic scale, earnings and capital base, and building resilience to loss events.

Diversification

We aim at diversification, both geographically and also in terms of risk type, in which we endeavor to maintain a well balanced portfolio.

Technical and operational capabilities

We continually seek to develop our capabilities. These encompass technical capabilities, risk management capabilities, technological and operational capabilities, and human capital.

Relationships

We value strong relationships, especially with cedants, brokers, partners, and regulators. Our corporate brand is also a strong factor in our relationship building.

Financial soundness

Financial soundness is also a key facet in the robustness of our business. We need to retain our technical profitability, capital adequacy and ensure favorable returns on investment.