Saudi Re’s Annual Report 2022 has been prepared in accordance with integrated reporting principles. Continuing the tradition of issuing a Financial Report, a Sustainability Report, and a Directors’ Report. The Report’s objective is to concisely communicate the salient aspects of Saudi Re’s strategy, governance, performance, and prospects in the context of the operating environment.
1.1 Report Boundary
Unless otherwise specified this Report covers Saudi Re’s operations. The boundary for financial reporting includes Saudi Re and its associate Companies.
1.2 Reporting period
This Report covers the period from 1 January 2022 to 31 December 2022. This is consistent with our previous financial and sustainability reporting, as well as the Directors’ Report. There are no restatements of any information contained in previous reports, and no significant changes in the scope and aspect boundaries of previous reports. The most recent Directors’ Report, Sustainability Report, and Financial Report were all for the fiscal year ended 31 December 2022.
The Report is available in both English and Arabic, and in the event of any discrepancy between the two the Arabic version will prevail.
The Report complies with all the applicable rules, regulations, and standards of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and the Ministry of Commerce (MOC), and other regulatory agencies.
1.4 Financial Statements
The financial statements for the fiscal year ended 31 December 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed in the Kingdom of Saudi Arabia (collectively referred to as ‘IFRS endorsed in KSA’) as well as other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (SOCPA).
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