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Press Release

Saudi Reinsurance Company "Saudi Re" announces the start date of the electronic voting on the items of the General Assembly Meeting

The Board of Directors of the Saudi Reinsurance Company "Saudi Re" is pleased to announce to its shareholders the start date of the electronic voting on the items of the Ordinary General Assembly meeting which will be held at 19:00 on Wednesday 10/10/1443H corresponding to 11/05/2022 In the interest of the safety of dealers in the financial market and in support of the preventive and precautionary efforts and measures by the relevant health authorities to address the Corona virus (COVID-19), and as an extension of the continuous efforts made by all government agencies in the Kingdom of Saudi Arabia in taking the necessary preventive measures to prevent its spread, it has been sufficient by holding the ordinary general assembly meeting via the means of modern technology remotely and suspending it in attendance. Accordingly, registration and attendance in the assembly will be restricted to entering into a deliberative system, and voting on the assembly's items will be limited only to electronic voting.
Electronic voting will be available for shareholders registered in the (Tadawulaty) services website, starting from 10 a.m. on Saturday 06/10/1443H corresponding to 07/05/2022 and will continue until the end of the General Assembly on Wednesday 10/10/1443H corresponding to 11/05/2022., noting that the registration on the Tadawulaty Services website Available on the link www.tadawulaty.com.sa and voting is available free of charge to all contributors.
For any further questions and inquiries, please contact the Investor Relations Department at:
E-mail: Invest@saudi-re.com, Phone: +966-11-510-2000 Ext. 181.

Saudi Reinsurance Company “Saudi Re” invites its shareholders to attend the General Assembly Meeting (First Meeting) by means of modern technology


The Board of Directors of the Saudi Reinsurance Company "Saudi Re" is pleased to invite the honorable shareholders to attend the General Assembly meeting which will be held virtually through the modern technology means via (www.tadawulaty.com.sa) scheduled 19:00 on Wednesday 10/10/1443H corresponding to 11/05/2022,
City and Location of the General Assembly's Meeting:
Kingdom of Saudi Arabia - Riyadh City - Company’s Head Office – Via Modern Technology Means

Link to the venue of the meeting:
www.tadawulaty.com.sa

Electronic voting
Shareholders registered in "Tadawulaty" services can vote on the items of the General Assembly starting from 10 a.m. on Saturday 06/10/1443H corresponding to 07/05/2022 until the end of the General Assembly, and registration and voting on Tadawulaty will be available and free for all shareholders using the following link: www.tadawulaty.com.sa

Date of the General Assembly's Meeting: Wednesday 10/10/1443H corresponding to 11/05/2022

Time of the General Assembly's Meeting: 19:00

Attendance Eligibility:
Shareholders Registered in the Company’s Shareholders Registry in the Depository Centre at the End of the Trading Session Preceding the General Assembly’s Meeting as per Laws and Regulations.
Eligibility for Attendance Registration and Voting:
Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes.
Quorum for Convening the General Assembly's Meeting:
Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes

Method of Communication:
For inquiries, please contact the Investors relations department on +966 11 510 2000 ext. 181
Also you can direct your inquiries to the email of the Investor relations Department on:
Invest@saudi-re.com

Saudi Re announces board Recommendation to increase capital by offering rights issue

Saudi Reinsurance Company (Saudi Re), listed on the Saudi Exchange (Tadawul), announced on April 6, 2022 that the board of directors recommended increasing the company’s capital by 50% through a rights issue.

The SR 445.5 million rights issue will increase the capital from SR 891 million to SR 1.336 billion. Accordingly, the number of shares will increase from 89.1 million to 133.65 million. 

The move aims to strengthen Saudi Re’s capital base and support its future expansion activities.

 The capital increase is subject to the approval of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), and other regulatory authorities, in addition to its extraordinary general meeting.

 Furthermore, the company will announce the appointment of a financial advisor and submission of the capital increase application file in due course.

 In 2021, Saudi Re successfully completed a capital increase to SR 891 million from SR 810 million by capitalizing SR 81 million from retained earnings. The capital increase was done through a 1-for-10 bonus share distribution.

 “Saudi Re has attained a annual compound growth rate of 19% over the past three years, as we expand our activities across more than 40 markets in the Middle East, Asia and Lloyd’s Market in the United Kingdom and Africa,” commented Fahad Al-Hesni, Managing Director and Chief Executive Officer, Saudi Re.

 “Our Gross Written Premium (GWP) increased scale by 19.3% to SR 1.1 billion in 2021, marking the highest premium level achieved in the history of Saudi Re and reinforcing our status among the top-ranked Middle Eastern reinsurers,” he said.

 Saudi Re has developed its strategy towards 2026, which focuses on solidifying its presence in its home market, as well as diversifying in international markets.

 “In line with our long-term strategy towards 2026, we have set out with an ambition to evolve and diversify as a company that can reliably serve the risk and growing reinsurance needs of the Kingdom, aiming to become among the top 50 global reinsurers,” stated Al-Hesni.

 Despite challenging market conditions, Saudi Re maintained its track record of profitability in 2021 by registering a net profit of SR 38.3 million, resulting in a 4.4% growth in total shareholders’ equity to SR 964 million by the end of 2021.

 Saudi Re has maintained its Insurance Financial Strength Rating (IFSR) at “A3” with a stable outlook from Moody’s Investors Service (Moody's), reflecting industry expectations for the company to maintain profitability, capital adequacy, adequate level of reserves and strong asset quality demonstrated by its investment portfolio.

 

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