Our aim is to strengthen Saudi Re’s position as a regional leader in the reinsurance industry; a financially robust company, with a sustainable business model, which creates value for its shareholders and clients

10.1 Our sustainability approach

Saudi Re aspires to lead the region in sustainability by protecting the environment, supporting communities, nurturing competencies of our human capital, and participating in global efforts to mitigate climate change; while improving and expanding economic value to the Company and our clients. Saudi Re’s Code of Professional Conduct and Ethics ensures we treat clients fairly and ethically.

We rely on our strong Sustainability and Social Responsibility Policy, which was approved at the Annual General Assembly Meeting (AGM) in 2022, acknowledging that sustainability and social responsibility is best fulfilled by incorporating core sustainability principles into our policies, procedures, and practices that guide us through our sustainability journey. Saudi Re also boasts a high Saudization rate, which reflects our dedication to supporting the local workforce. Moreover, we intend to increase the Saudization ratio annually. Our commitment to sustainability also extends beyond the Company, clients, and employees. We are dedicated to preservation of the environment; a concept that is in harmony with our Islamic values.

Saudi Re’s sustainability strategy also allows us to contribute positively to the Kingdom’s development and actualization of Saudi Vision 2030. The Company strives to maximize the local content contribution through the retention of reinsurance premiums within the Kingdom and increasing its value to the local economy. Saudi Re contributes to the non-oil GDP by exporting its reinsurance services to the international market, thereby representing the Kingdom in the international economic arena. We also strive to enhance the lives of Saudi citizens by way of financial and social inclusion.

Sustainability is embedded in our Vision and Mission, as it is at the core of our decision-making process. As a Sharia-compliant reinsurance firm, we uphold our ethical duty to safeguard people and businesses against the greatest risks to which they are exposed.

Through our experience in sustainability, we have built a framework of commitment and a drive towards transparency, accountability, and environmental and social consciousness. Guided by sustainable practices, our aim is to strengthen Saudi Re’s position as a regional leader in the reinsurance industry; a financially robust company, with a sustainable business model, which creates value for its shareholders and clients.

Saudi Re also practices sustainable investment, which emphasizes the importance of incorporating ESG considerations into investment practices. The Company actively avoids investments that could potentially harm the environment or society.

10.2 OUR SUSTAINABILITY PILLARS