Saudi Re Organize a Seminar for the Asian Market
Industry specialists presented their views about growth prospects in the Asian insurance markets in a seminar organized by Saudi Re last week in Kuala Lumpur, Malaysia. Qian Zhu, Vice President – Senior Credit Officer, Moody’s Investors Service, highlighted that premium growth in Asia Pacific’s property and casualty (P&C) sector remains robust and continues to exceed […]
Saudi Re’s net profit before Zakat increases 203% in first half of 2019
Saudi Reinsurance Company (Saudi Re), listed on the Saudi Exchange Market (TASI), recorded a net profit before Zakat of SAR 42.6 million in the six-month period ending Jun.30, 2019, an increase of 203 per cent from SAR 14.0 million in the same period last year.
The Company achieved growth in operating results (the results of reinsurance operations) amounted to 2.9% in the first half of this year by SAR 8.0 million compared to SAR 7.8 million for the same period in the previous year. Moreover, the net profit of investments amounted to SAR 40.0 million in the first half compared to SAR 10.5 million for the same period in the previous year, with an increase of 280 %.
The total shareholders’ equity amounted to SAR 867 million for the first half, with an increase of 4% compared to the end of 2018, and the dividends of the current period amounted to SAR 0.44, compared to SAR 0.1 for the same period in the previous year.
As for the results of Q2 of this year, the Company achieved growth by 176% as the before Zakat net profit rose to SAR 17.7 million compared to SAR 6.4 million for the same quarter of the previous year.
“Saudi Re” attributed the increase in net profits mainly to the decrease of net incurred claims, which had positive impact on the underwriting results, in addition to the increase in net investment income.
Fahad Al-Hesni, Managing Director and Chief Executive Officer of Saudi Reinsurance Company, emphasized that the Company’s positive performance during the first half of this year is a reflection of its effective business model and endeavors to improve the financial and operational performance and maximize the shareholders’ value.
Saudi Re Receives AA+ Insurance Financial Strength Rating (IFSR) From SIMAH’s Credit Rating Agency (Tassnief) with stable outlook
Saudi Re is pleased to announce that it has been assigned an AA+ Insurance Financial Strength Rating (IFSR) by SIMAH’s Credit Rating Agency, Tassnief, with stable outlook.
According to the rating issued on on 26 Sep. 2018, the AA+ Rating of Saudi Re reflects its strong financial profile supported by its strong equity base and debt-free capital structure. It also incorporates the strength of the business profile having a well-established franchise in the key targeted markets that the company operates in, as well as the improved level of diversification for the international business, and the entry into the Lloyd’s market and a well diversified GPW mix among the major lines of business. Furthermore, the report noted the sound governance framework, conservative investment policy, improved underwriting procedures and risk management techniques which resulted in an improvement in technical performance of the Saudi Re.
Saudi Re receives approvals from SAMA and Lloyd’s to proceed with Probitas Holdings (Bermuda) Deal
Saudi Re is pleased to announce receiving the required approvals from the Saudi Arabian Monetary Authority (SAMA) and also from Lloyd’s of London to proceed with the deal to purchase 49.9% of the ordinary shares of Probitas Holdings (Bermuda) Limited (PHBL).
Saudi Re completes the acquisition transaction of PHBL
Saudi Re is pleased to announce the completion of transaction and the consequent acquisition of 49.9% of the ordinary shares of PHBL.
Standard & Poor’s Affirms Rating BBB + (Stable) pour Saudi Re
Riyadh, Standard & Poor’s (S&P) has affirmed Saudi Re’s financial strength rating at BBB+ with a stable outlook. S&P expects that Saudi Re will gradually prove successful in establishing a good and diversified competitive position in Saudi Arabia ….
Saudi Re annonce la signature d’une convention d’actionnaires avec Probitas Holdings (Bermuda) Limited (PHBL) pour acheter 49,9% des actions de PHBL
Après l’annonce du 13-07-2017, Saudi Re annonce la signature d’une convention d’actionnaires avec Probitas Holdings (Bermuda) Limited (PHBL), par laquelle Saudi Re achètera 49,9% des actions ordinaires de PHBL. PHBL est une société à responsabilité limitée enregistrée aux Bermudes qui investit dans des activités de réassurance d’assurance et dans le marché de Lloyd’s.
Saudi Re has entered into a shareholders’ agreement with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of PHBL’s shares.
Following announcement on 13-07-2017, Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL), through which Saudi Re will purchase 49.9% of the ordinary shares of PHBL. PHBL is a limited liability company registered in Bermuda which invests in insurance reinsurance business and in Lloyd’s market.
Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL) to purchase 49.9% of the shares of PHBL
Following announcement on 13-07-2017, Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL), through which Saudi Re will purchase 49.9% of the ordinary shares of PHBL. PHBL is a limited liability company registered in Bermuda which invests in insurance reinsurance business and in Lloyd’s market.
Saudi Re annonce la signature d’un mémorandum d’accord avec Probitas Holdings (Bermuda) Limited (PHBL) pour acheter 49,9% des actions de PHBL
Saudi Re, announces signing off a Memorandum of Understanding with Probitas Holdings (Bermuda) Limited (PHBL), through which Saudi Re will purchase 49.9% of the ordinary shares of PHBL.