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.
النتائج المالية الأولية للربع الأول للعام 2018م
حققت “إعادة” صافي الربح قبل الزكاة بلغ 7,596,181 ريال في الربع الأول من العام المالي 2018م بارتفاع 1.5% عن الفترة المماثلة في العام السابق. كما بلغ إجمالي أقساط التأمين المكتتبة 528,4 مليون ريال في الربع الأول من العام المالي 2018م بارتفاع 16% عن الفترة المماثلة في العام السابق. https://www.tadawul.com.sa/wps/poc?uri=link:Announcement&locale=ar&anCat=22&anId=50831&cs=8200أقرأ أقل
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) […]
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» to sponsor the second annual Sharm El-Sheikh Insurance and Reinsurance Rendezvous
Recognizing the significance of the Egyptian and North African insurance market, Saudi Re is participating for the second time as a main sponsor of the second Sharm El-Sheikh Insurance and Reinsurance Rendezvous which will be held in Sharm El-Sheikh from November 11 to 13, 2019. Sharm Rendezvous is expected to be attended by nearly 1000 […]
Saudi Re Announces Maintaining an AA+ Insurance Financial Strength Rating (IFSR) By SIMAH’s Credit Rating Agency (Tassnief)
Saudi Re is pleased to announce that it has maintained an AA+ Insurance Financial Strength Rating (IFSR) by SIMAH’s Credit Rating Agency, Tassnief, with a stable outlook According to the report issued by (Tassnief), on 5th Nov. 2019, the rating of Saudi Re reflects its strong financial profile supported by its strong capitalization, with solvency […]
Saudi Re receives Sharia certification from Shariyah Review Bureau
Saudi Re announces that it has received the annual Shariyah Audit Report for 2019 from its Shariyah Advisor i.e. Shariyah Review Bureau (SRB) on 16/04/2020, which confirmed that Saudi Re has complied with their Shariyah criteria standards.
Saudi Re named exclusive reinsurer for Inherent Defects Coinsurance Program
Saudi Reinsurance Company (Saudi Re), announced the signing on an exclusive reinsurance contract with Malath Insurance Company, on behalf of the Saudi insurance industry, to provide reinsurance coverage on the Inherent Defects Coinsurance Program. With this arrangement, the sole Saudi reinsurer will act as the exclusive reinsurer for the Saudi Arabian Inherent Defects Coinsurance Program […]
إعلان النتائج المالية – تسعة أشهر – 2018م
نجحت الشركة في تحقيق صافي ربح قبل الزكاة بلغ 24.1 مليون ريال خلال التسعة أشهر من العام 2018م بارتفاع بلغ 16% مقارنة بالعام السابق ومما نتج عنه زيادة الربح الشامل لذات الفترة بنسبة 26%. وجاءت نتائج الفترة مدعومة بالأداء الإيجابي للربع الثالث حيث تجاوز صافي الربح قبل الزكاة 10 مليون ريال مقارنة بخسارة بحدود 270 […]
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.
