Our contribution to Saudi Vision 2030 is a commitment that we take to heart. Saudi Re contributes to the country’s economic growth by operating as a national company with an international presence in more than 40 countries worldwide.

We reached a significant milestone in May 2022 as Saudi Re’s General Assembly approved the Company’s “Sustainability and Social Responsibility Policy”, providing impetus to our initiatives.

11.1 Our National contribution

Through our efforts, we create employment opportunities and contribute to the training and development of Saudi nationals and other experts in the insurance sector in the Kingdom by facilitating their development, we also empower and encourage our female workforce to take up senior positions within the Company.

As part of our efforts to support Saudization, we prioritize the recruitment of Saudi citizens, create opportunities for their career development, and invest in continual training of professionals who can thrive in the insurance and reinsurance industry. In addition, our specialized training programs and workshops help grow the technical know-how of the industry; supporting the development of employees and others in the insurance & financial services sector.

Our contribution to the Kingdom is enshrined in the Company’s ESG and sustainability initiatives conducted during the year. In addition, we reached a significant milestone in May 2022 as Saudi Re’s General Assembly approved the Company’s “Sustainability and Social Responsibility Policy”, providing impetus to our initiatives.

 

 

 

 

 

 

 

Area of focus	Our contribution for 2022	Highlights
Local content	Saudi Re is committed to aligning its goals with the objective of increasing the insurance sector’s contribution to the local content in covering risks.	Referencing the circular dated 26 October 2022 from the Saudi Central Bank (SAMA) with respect to implementation of the new mechanism for Reinsurance Cession to the Local Reinsurance Market; the directive sets out a course for gradual cession of at least 20% in 2023, 25% in 2024 and 30% in 2025, for all Reinsurance Treaties (proportional and non-proportional) with effect from 1 January 2023.
Service export	Saudi Re took significant strides in its contribution to the Kingdom’s non-oil GDP, by contributing to the retention of reinsurance premiums within the Kingdom in support of local content development and also by exporting reinsurance services. This aligns with the national goal to grow non-oil Gross Domestic Product, which corresponds with Saudi Vision 2030.	it is expected that the implementation of this mechanism would result in increasing the company’s written premiums from the Saudi market by more than 5% of the total Gross Written Premiums. Please refer page 56

Area of focus	Our contribution for 2022	Highlights
Training and education	Training and development of staff is a priority for Saudi Re, for new and existing employees.	An average of 5.5 man-days of training were provided per employee. Furthermore, sponsorship was granted for the Saudi Insurance Symposium and support was extended to employees who chose to pursue professional qualifications.
Value invested in training and education (SR)
Youth development and Saudization	In our efforts to contribute to youth development and Saudization, Saudi Re maintained a workforce with 60% Saudi nationals, of whom 38% were under the age of 30 years. The Saudi Re Development Program was introduced to contribute to the development of young talent.
Percentage of employees below 30 years of age (%)
Saudization rate (%) 2021: 75 2020: 71 2019: 71 2018: 64
Product development and innovation	Saudi Re ensured that the required infrastructure (process and technology) was ready to accommodate the new accounting standard, IFRS 17, and meet the required deadlines. Saudi Re supports the local market by playing a key role in developing new products that require high capacity. IDI is one such example, in which Saudi Re played a key role in product development as well as providing reinsurance.	IFRS 17 was adopted and is in the final stage of implementation. Training was provided to all relevant departments – Management BoD, Underwriting, Actuary, Finance, IT. Electronic signatures and advanced printing technology were introduced as green initiatives to reduce Saudi Re’s carbon footprint. User mobility for staff was improved, enabling users with the required technology and tools to address client requests and enquiries remotely, without compromising security. A new Disaster Recovery (DR) setup was implemented, with simplified DR management, shorter Recovery Time Objective (RTO) and Recovery Point Objective (RPO), to ensure business resilience. An assurance that Saudi Re will be able to serve its clients during disasters, i.e. Activate disaster recovery within 5 minutes.

11.2 Sustainable Supply Chain

At Saudi Re, our commitment lies in maintaining an ethical supply chain that upholds sustainability and responsibility in our procurement processes. We maintain transparency in our selection procedures, ensuring thorough evaluation and documentation of all our business partners prior to undertaking any transactions.

The following measures that were adopted in 2021, continued to serve Saudi Re and strengthen the supply chain in 2022:

• The Company introduced the Digital Signature Project to ensure authentication, integrity, and non-reproduction of documents, resulting in reduced paper usage.
• Credit rating assessments were applied for reinsurance business partners to evaluate their financial standing.
• The procurement process was enhanced by increasing automation and integrating it with related functions.
• The Company improved its supplier screening and assessment criteria to ensure high-quality partnerships.
• Suppliers were offered cybersecurity awareness to enhance their security posture.

Taking a future-focused approach that would strengthen the sustainability of the supply chain and provide added value to our business partners and suppliers, Saudi Re undertakes continuous assessment of the sustainability impact of purchased products; we prioritize local content development and measurement of local spending; and by sourcing from local partners, we are not only able to ensure reliability but also support the Saudi Vision 2030 in contributing to the growth of the economy.

 

 

11.3 Corporate Governance

Saudi Re is committed to upholding the highest standards of Corporate Governance, in line with the Company’s position as a premier reinsurer with a global footprint and its heritage as the first reinsurance company established in Saudi Arabia.

Saudi Re strives for compliance in letter and in spirit, meeting national and international regulations and building a culture and environment within the Company that promotes trust, transparency, and accountability. Saudi Re’s system of governance is built around the competency and accountability of the Board and the Executive Management, and ensures protection of the rights of all stakeholders.

Professional and experienced Board

At the helm of the Company is an experienced Board, responsible for implementing and continuous review of rigorous controls for all operations. Saudi Re’s Board of Directors oversees and ensures the integrity of financial reporting and internal control systems, appropriateness of disclosure process and approving key policies.

The Board Consists Of 4 Non-Executive, 4 Independent, and 1 Executive Board Members; who together add experience and expertise in a variety of fields and disciplines. They bring a wealth of experience that guides the course of the Company within regulatory requirements.

Stringent and dynamic policy framework

Saudi Re’s activities and compliance culture are governed by the policies such as:

• Corporate Governance policy
• Conflict of interest policy
• Whistleblowing policy
• Sustainability and social responsibility
• Remuneration and compensation policy
• Dividend policy
• Nomination and Remuneration Committee meeting selection criteria
• Audit Committee selection criteria

Committed to continuous improvement

• In 2022, the Company also contracted a consultant to assess the level and standard of governance amongst Board members. Recommendations of the assessment were taken into consideration, and the Board took all necessary steps to address the outcomes of the consultant’s assessment. The Board made decisions to adopt several changes in its policies and procedures, in addition to introducing new programs and systems that will strengthen its governance.
• The Nomination and Remuneration Committee conducted its annual review on the independence of the Board and assessment of related-party contracts and transactions.
• The Company incorporates a comprehensive induction for new Board Members, ensuring they are fully aware of roles, responsibilities, and legal and regulatory requirements.
• A system in place to manage board affairs
• Saudi Re’s Corporate Governance Policy was updated during the year, in line with changes to market conditions and regulatory requirements. The Company is committed to thorough review of all guiding policy-level material such as CG policies, charters, and related documents.

Transparent engagement with stakeholders

Saudi Re’s highly professional Investor Relations function serves as the conduit for flow of information between Saudi Re and its investors and key stakeholders. Saudi Re’s investors play a vital role in the success and growth of the Company, and as such, it is of utmost importance for the Company to maintain strong, transparent relationships with investors and stakeholders.

The Company employed a variety of means and utilized a variety of platforms to engage with stakeholders during the year. These included:

• Earnings calls
• Investor roadshows and conferences.
• AGM/EGM
• Publication of declarations, announcements and articles through mainstream financial media, and appropriate corporate disclosure through the Saudi Exchange – Tadawul.
• Saudi Re’s IR App and official website (saudire.net).
• Participation in market events, conferences and workshops

11.4 Business Ethics and Compliance

The Company’s workforce follows a strict and proactive Code of Professional Conduct and Ethics. The code reflects Saudi Re’s commitment to an already stringent anti-corruption and anti-bribery culture, and outlines employee’s actions toward conducting themselves in an ethical manner.

The Compliance Department supported by the Legal Department play leading roles in ensuring employee awareness, buy-in, and compliance. The Compliance department communicates continuously with employees, raising awareness and providing necessary training to support adherence.

In 2022, Saudi Re took the following steps in line with the Company’s policies:

Process and process improvements	Employee awareness and compliance	Certification and Licenses	Policy and Management support
Initiated use of Saudi Re Portal for communication of Laws and Regulations with employees.	Conducted 4 physical and online training programs, reaching all staff; Anti-Money Laundering (AML), Combating Terrorism Financing (CTF)/CTF and the new Companies Law.	Renewed Sharia certificate.	Updated Saudi Re’s Corporate Governance policy.
Utilized Saudi Re Portal for sharing and raising awareness on the Company’s Code of Ethics.	Conducted screening against criminal record for all new employees.	Renewed SAMA license for 3 years.	Updated Underwriting, Claims, and Technical Accounting policies and controls.
Shared current market information, circulars, and regulatory updates with relevant departments.	Introduced induction process whereby new employees take a rotation with Compliance and AML before beginning work.	Renewed Commercial Registration for 3 years.	Updated the Company’s AOA policy.
Implemented a new Know Your Customer (KYC) approval process through the system.	Communicated importance of ethics via regular emails and/or employee meetings. And conducted 2 training sessions on Ethics, reaching all staff.		Approve Board Succession Policy.

Saudi Re has the following policies in place to ensure a compliant and ethical culture within the Company:

• Anti-Money Laundering and Combating Terrorism Financing Policy and Procedures
• Anti-Fraud Committee Charter
• Anti-Fraud Policy
• Clients Acceptance Policy
• Compliance Charter
• Compliance Policy
• Insider Trading Prevention Policy
• The Code of Professional Conduct and Ethics
• Reporting Non-Compliant Practices “Whistleblowing” Policy
• Conflict of Interests Policy.
• Disclosure and Transparency Policy.

In ensuring compliance with national and international regulations and best-practices, Company policies and practices are informed by, and in compliance with the following:

• Insurance Consumer Protection Principles issued by Saudi Central Bank.
• Corporate Governance Regulations issued by Capital Market Authority (CMA) of the Kingdom of Saudi Arabia (KSA)
• Insurance Corporate Governance Regulation issued by the Saudi Central Bank.
• Audit Committee Regulations Issued by Saudi Central Bank.

Our record on ethical behavior

	2018	2019	2020	2021	2022
Employees dismissed and/or disciplines for corruption (Nos.)	0	0	0	0	0
Percentage of operations assessed for risks related to corruption (%)	0	0	0	0	0
Percentage of employees trained on risks related to corruption (%)	70	85	90	97	98
Percentage of employees trained on risks related to money laundering and financial crime (%)	88	91	93	95	98

Saudi Re’s Internal Audit Department reviews internal control annually, based on the findings of a company-wide risk-based audit. The Compliance and Risk Management function of the Company works to educate employees, set standards, and ensure compliance within the applicable regulations. Saudi Re strives to inculcate an ethical and compliant culture within the Company, while working to incorporate best practices and manage risks that are inherent to business lines.

Non-compliance with laws and regulations

	2018	2019	2020	2021	2022
Total incidents of non-compliance with laws and regulations (Nos.)	0	0	0	1	1
Total number of non-monetary sanctions (Nos.)	0	0	0	0	0
Total amount of legal and statutory fines and settlements (SR)	0	0	0	0	0

SASB Metric

	2018	2019	2020	2021	2022
Value of monetary losses as a result of compliance violations received from SAMA (SR) SASB FN-IN-270a.1	0	0	0	0	20,000

Commitment to strengthening compliance

Saudi Re has dedicated departments and functions in place for the buy-in, engagement, and commitment of Senior Management to ensure continual improvement of the Company’s culture of ethical conduct and compliance.

Compliance with regulations and best practices aligns with the Company’s commitment to promoting sustained, inclusive, and sustainable economic growth in the Kingdom; efforts to provide full and productive employment and decent work, and overall vision for strengthening means of implementation and revitalizing the global partnership for sustainable development.

Systemic Risk Management

Description of approach to managing capital and liquidity-related risks associated with systemic non-insurance activities SASB-FN-IN-550a.3

Approach to managing Capital: Saudi Re has its own Risk Appetite, which is as follows: “Saudi Re should ensure the available capital is above the highest of the followings: At least 125% of required economic capital, according to Saudi Re Internal Capital Model At least 125% of SAMA Required Solvency At least 125% of S&P required capital at A level”

Approach to managing Liquidity: The Company’s Investment Policy Statement (IPS) dictates how the Company should invest, including the liquidity of each asset invested and the overall liquidity of the investment. The Company constantly follows up with the counterparties to make sure any debts are paid fully on time. The Company also constantly monitors its liquidity by using indicators such as quick ratio (current assets divided by current liabilities) to ensure the liquidity is within the Company’s criteria. Refer the Risk Management section on page 107 for more information on the Company’s approach to managing risk.

11.5 Financial performance

Our goal is to establish ourselves as a leading provider of innovative and technically advanced reinsurance solutions in the region. Our robust financial results reflect our progress towards achieving this vision.

In 2022, our Gross Written Premium (GWP) increased by 26% to SR 1,403 million, marking the highest YoY growth in the history of Saudi Re. Our total Underwriting revenues also increased by 7.81% from SR 874.4 to SR 942.7. Additionally, our assets grew by 35.9% to SR 4.23 billion by 31 December 2022, with significant increases in time deposits, investments held at fair value, held-to-maturity investments, and accrued reinsurance premiums.

Our diverse range of products and extensive geographic reach have been instrumental in driving this growth. While the Saudi market accounts for 56% of our business, the remaining 44% is spread across Asia (20%), Africa (3%), the Middle East (10%), and other territories (11%). For a more detailed analysis of our financial performance.

11.6 Responsible client relations

At Saudi Re, we prioritize delivering exceptional service to our clients. This requires transparency and fair treatment in all of our client relationships. Our focus on streamlining the claims process has resulted in increased client satisfaction.

In 2022, we recorded a growth in our books, exceeding 5%, along with an increased share of strategic markets and partners. Furthermore, Saudi Re led a greater number of treaties in 2022, compared with previous years, with zero complaints being logged.

The Company implemented a number of initiatives in 2022 to grow and improve customer relations. We worked closely with clients to review portfolio performance and better the terms offered. There was close monitoring of performance and continuous improvements made to service quality. Saudi Re further invested in automating the process of service delivery and introduced two performance dashboards: for claims and partner registration. We also conducted regular market visits and one-to-one meetings with clients.

Working within reinsurance terms, normal claims are approved and processed within seven working days; while special settlements and cash calls take three working days. Additionally, we have increased the limit of fast-track claims and claim approval limits for team members, as measures to expedite client claim settlements.

Saudi Re strived for excellence in delivering client value in 2022 by recruiting and positioning qualified and capable staff across the Company. We also extended the underwriting support unit in Kuala Lumpur to cover both facultative and treaty reinsurance contracts. Maintaining consistency, we were able to continuously meet the SLAs and develop internal capabilities of people and technology. Saudi Re also received an “A-” By S&P and an affirmed “A3” rating by Moody’s and multiple awards that further served to foster trust in the Company’s financial position.

	2018	2019	2020	2021	2022
Number of clients	274	266	308	293	314
Number of claims requested to be settled during the year	3,224	2,271	2,032	2,083	2,855
Number of claims settled during the year	3,224	2,271	2,032	2,083	2,855
Percentage of settled claims during the year (%)	100	100	100	100	100
Number of client new claims during the year	4,361	3,831	2,811	3,020	2,935
Percentage of claims settled within 7 working days (%)	97	98	98	97	97
Value of claims paid (SR)	368,408,063	436,701,320	481,191,479	471,215,536	537,845,426

Ensuring privacy and security of data

At Saudi Re, we place a high emphasis on cybersecurity. Our position is continuously measured using multiple dashboards and KPIs, both internally and externally. In 2022, we consistently maintained an “A” security rating for external Cyber security exposure. To further enhance our security measures, we conducted a cybersecurity awareness campaign and maintained an active threat management team that attended to over 1,700 alerts from various threat intelligence sources within the SLA. Additionally, we formed a Cybersecurity Incident Response Team. No cybersecurity incidents were reported in 2022.

The Company also improved data protection and identity management infrastructure by introducing an advanced data classification system, and a Privileged Access Management (PAM) solution. Furthermore, improved IT disaster recovery infrastructure reduced recovery time to 5 minutes or less.

Furthering innovation and digital transformation

The introduction of digital signatures provided a significant reduction in response times. During the year, Saudi Re also established a new “Claims Closure” policy to review, follow-up and finalize aged claims. The Company is working towards the automation of this process through the “INSIAB” platform. The INSIAB platform was launched as a business process management tool to streamline business operations and provide improved services to our clients.

At Saudi Re, we continue to invest in our data analytics capabilities. Our sophisticated data business intelligence infrastructure supports our daily operations and transition to the new accounting standards IFRS 17. To enhance our services and efficiency, we have automated the client engagement process (KYC), while maintaining full compliance and reducing response time when onboarding new clients. In addition, we have provided remote access to our employees' via mobile devices, enabling faster response to clients' requests and enquiries.

To enhance client experience in the future, the Company is taking steps to introduce automated notifications that will alert customers to dormant claims, OS updates, statement confirmations, etc. Robotic Process Automation (RPA) bots will be introduced to supply instant responses to client queries.

11.7 Sustainable insurance

Saudi Re prioritizes Environmental, Social, and Governance (ESG) considerations in its business operations, with a strong focus on Corporate Social Responsibility (CSR). The Company is committed to building a more sustainable future, guided by principles of fairness and ethics in all its business activities and lines of service.

We understand the value of sustainable insurance practices. By integrating ESG considerations into our reinsurance services and solutions, we provide risk transfer that benefits the community and the environment. As a Sharia-compliant organization, sustainability is also a key factor in our investment decisions, avoiding investments in businesses that may harm society, while promoting equality and inclusion in transactions.

To promote access to insurance, Saudi Re offers insurance literacy programs, sponsors events to raise awareness about reinsurance, and provides technical training programs that benefit the sector. We also partner with Departments of Actuarial Sciences in universities to offer student traineeships at Saudi Re.

In 2022, Saudi Re carried out several training programs and workshops to make insurance more accessible. Training programs were focused on specialized areas of insurance and reinsurance, such as International Financial Reporting for Insurers (IFRI), Reinsurance Simulation Training Program (RTP), KSA Pricing Game, Associate in Risk Management (ARM), the UIB Treaty Insurance Seminar, and Policy Lifecycle Insurance Administration training.

In-house workshops were led by senior staff and professional speakers. The topics covered included Preventing Financial Crime in Insurance, Anti Money Laundering (AML), and Introduction to Electronic Equipment Insurance and Foundations of Reinsurance. Additionally, the Company facilitated Membership Renewal for underwriters (ACII), Auditors (CIA), Accountants (CMA), and Actuaries (ASA).

Mainstreaming ESG with core business

Managing environmental risk

Saudi Re is exposed to a moderate level of environmental risk; in particular, exposure to physical climate risk in our Global Property Catastrophe Reinsurance lines. The frequency and severity of weather-related catastrophic events is on the rise, but mitigants for Saudi Re include our annual policy repricing, catastrophe model updates, retrocessional protection, improved business diversification and good capitalization.

Saudi Re has a comparatively lower exposure level to physical climate risk, in relation to our global reinsurance peers, given our lines of business focus on regions with fewer natural catastrophes.

Saudi Re has woven sustainability into many aspects of its operations. These include financial and social inclusion, protecting the environment, sustainable investment and sustainable procurement. In our procurement practices, business partners are carefully evaluated through a transparent process. Motivation of employees, training and education, empowerment of women, and Saudization are prioritized in our employment practices. Our structure and systems of governance have been crafted to protect the interests of stakeholders and promote trust, transparency, accountability and ethical behavior.

Responsible investment

---

11.8 Supporting Our Communities

Saudi Re carries out a number of targeted social and philanthropic activities that supports furthering the socioeconomic development of communities in which we operate.

The Company’s Code of Professional Conduct and Ethics and related policies set out the overall direction for our Corporate Social Responsibility efforts. Our areas of focus involve providing basic needs, improving quality of life, and addressing other identified needs in local communities.

Saudi Re is conscious about respecting the traditions and ethical aspects of the communities in which we operate. Over the years, our contributions have had a positive impact by promoting economic growth, creating job opportunities, enhancing education, providing healthcare services, enabling youth development, and making philanthropic activities available.

We uplift our communities in the following ways:

• Participation in charitable programs that donated second-hand computers, laptops, and other equipment to charities in need.
• Financial contributions to the Charitable Association for Rheumatic Diseases in support of children in need of medical assistance.
• Efforts to ensure equality include provisions to employ people with special needs who meet the Company's requirements.
• Skill development and employment creation for new graduates. The Company designs and implements specialized development programs for future professionals and leaders, including internships and summer jobs for students.
• Ensuring regular health checkups for employees, which further promotes and contributes to healthier communities.
• Training and personal development. As part of the Company’s Development Program, Saudi Re conducted several workshops such as “7 Habits of Highly Effective People”.
• Investing in the ongoing prosperity of communities through Zakat.

11.9 Our People Our Pride

The employees of Saudi Re are an integral component of the Company and its success. The value they bring, in the form of expertise and experience, contributes to the strength, growth and adaptability of our business.

Training and development

Ensuring a continuous program of training and development for staff is part of the Company’s long-term commitment to its employees. Training and Development at the Company is guided by the Saudi Re Development Program (SRDP) which assesses skill gaps that need to be addressed in line with medium to long-term goals. Talent and knowledge development initiatives are structured to grow the required skills and competencies, and improve individual performance in line with the Company’s strategic objectives.

Saudi Re invested in a number of training programs during the year covering a variety of aspects, including but not limited to: insurance/reinsurance, finance and technical accounting, cyber security, anti-money laundering, and leadership.

Additionally, an ongoing orientation program is in effect to familiarize new employees with Company processes and procedures. Saudi Re’s Competency Framework Project is another tool that equips staff with the skills required to improve performance and progress in their careers. Periodic performance evaluations and career development reviews are also conducted at all levels.

At senior levels, suitable employees are integrated into a succession plan, which includes key financial management positions. The process includes specialized training and development for high-performing employees, in preparation for navigating and meeting the demands of a challenging and constantly evolving environment.

Diversity and inclusion

Saudi Re prides itself on providing a fair and inclusive work environment for all its employees. The Company is governed by its Code of Conduct and a Whistleblowing Policy along with a systematic Grievance Handling mechanism to manage misconduct, harassment or discrimination in the workplace. Model Work Organization Regulation, Physical Security Procedure and Incident Procedure are the bases on which all policies and procedures are formed; thereby ensuring we maintain a favorable and desirable work environment for all. No discrimination or harassment cases were reported in 2022.

Diversity and inclusion are given priority in our workplace culture. In 2022, the workforce of Saudi Re comprised of employees from the GCC (including KSA), India, Pakistan, UK, Algeria, Tunisia and Germany. 32% of our employees are female on the back of several company-wide initiatives to increase the intake of women. 39% of training hours were given to female staff. 5 employees availed themselves of their parental leave entitlement; with return-to-work rate and retention rate of 100% for the year.

Some female-friendly measures that constitute our diverse work environment:

• Female employees were allocated a separate space for increased privacy.
• Significant international days such as Women’s Day were celebrated, and events organized. E.g. Awareness and education programs promoting early detection of breast cancer.
• Using an inter-departmental rotation system to grow female representation across the Company.
• Facilitating the Saudi Re Ladies’ Outing

Employee engagement

During 2022, several actions were carried out with the intention of driving employee engagement. Events such as the Annual Gathering, National Day and the Saudi Re outings helped build camaraderie amongst staff after a period of disruptions to regular work due to the COVID-19 pandemic, and resulting remote working arrangements.

In addition, participation in CSR activities organized in collaboration with welfare organizations and charities helped engage, inspire, and motivate staff to come together for a good cause.

Personal development initiatives like coaching and job rotation opportunities were offered to staff, and all statutory holiday and religious days of significance such as Ramadan, were recognized and celebrated, with all provisions assured to staff.

During 2022, we have conducted a study to assess the effectiveness of our compensations and benefits structure and launched a new reward strategy that is geared to establish a stronger link between reward and performance and help retain and attract talents and incentivize them to achieve Saudi Re’s strategic goals.

Measures were also taken to recognize achievements across the Company, and laudable initiatives and actions were announced and celebrated via email. Discounts and special offers on a range of products and services were also made available to employees and their family members via the WalaPlus Engagement Program, together with more competitive loan facilities and credit card offers.

Additionally, regular employee satisfaction surveys are conducted to monitor engagement and satisfaction.

Health and wellbeing

Saudi Re is committed to uplifting the health and wellbeing of its workforce by providing desirable working conditions and a healthy work-life balance for all employees. Medical insurance coverage is provided to all staff and their family members. The Company Procedures also include a Physical Safety Procedure that protects individuals in the workplace.

It is the responsibility of the HR Department, Risk Management Department, and Business Continuity Teams to ensure health, safety, and security measures are maintained at a high standard, and potential risks are eliminated or managed. The Company provides ongoing education and awareness campaigns that promote good health and safety practices: for example, first aid training and annual flu vaccination campaigns preceding the flu season. Informative and educational emails containing health updates, tips and guidelines are regularly circulated amongst employees.

The working hours of our employees are maintained in line with safe labor practices and legislation. The work-life balance of staff is prioritized with additional support provided to facilitate remote working facilities, permissions, flexible leave policies and paid vacation days. Saudi Re extends benefits and support to dependents of employees in several forms: including financial assistance with schooling and educational expenses, and benefits through the WalaPlus Engagement Program that provides discounts on gym memberships, healthy food options and more.

 

 

 

 

 

 

 

Employee development

11.10 Protecting Our Planet

Saudi Re is fully committed to maintaining alignment of its sustainability goals, with Vision 2030 and the Global Goals

The direct environmental impact of Saudi Re’s activities is relatively small, due to the nature of our business model. However, the Company remains committed to minimizing the environmental footprint of operations, with the intention of preserving the planet for future generations.

In addition to these efforts, Saudi Re is taking steps to mainstream ESG with the Company’s core business; reflecting on how managing environmental risk, incentivizing sustainable practices, and responsible investment in clean and green technologies can have a greater magnifying effect on protecting our planet. A discussion on mainstreaming ESG with the core business is described on page 65 in the Sustainable Insurance section.

In 2022, we took a number of measures to further reduce water and energy consumption whilst improving waste management systems across the Company. Using a future-focused approach, we analyzed methods to upgrade our processes and infrastructure:

• Integration of devices with higher energy efficiency, such as motion-activated lighting.
• Electronic devices with high energy consumption were responsibly replaced with more efficient hardware.
• Collaboration with non-profit organizations that specialize in collecting, refurbishing and distributing computers and electronic devices to charitable institutions such as educational and social welfare organizations.
• Reduction of paper-usage through adoption of new processes, continued use of electronic signatures to minimize paper in approval and decision-making chains.
• In 2022, Saudi Re initiated a recycling campaign as a contribution to decreasing GHG emissions.
• Installation of devices such as faucet aerators to improve efficiency and conserve water.

Despite our negligible environmental footprint, as a conscious corporate citizen, Saudi Re’s takes efforts to record and report against key environmental footprint metrics.

* Working from home measures has been applied to ensure the safety of Saudi Re’s staff and their families due the COVID-19 Pandemic.

 

The climate crisis and concerning global trends in the recent past, have created a greater need for organizations to lead by example and reevaluate how business is conducted. In this context, there is a growing environmental and social consciousness in the ME Region and a push for sustainable business practices.

We are mindful of how our decisions could potentially affect the market and wider environment in which we operate. As such, Saudi Re is fully committed to maintaining alignment of its sustainability goals, with Vision 2030 and the Global Goals.