Press Release
«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 participants from the regional and international insurance and reinsurance market. The Rendezvous will discuss four important axes: -The impact of regulation today and in the future; Profitability in non-life insurance: mind the gap; Climate Risk and Natural Catastrophes and Brokers as Partners - The Key attributes to succeed in sustainable, innovative and competitive environment.
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 that of other regions on the back of the region’s economic growth, increasing wealth, and the need to build infrastructure. P&C insurers are also exploring new growth drivers from non-motor lines, while pricing discipline is becoming increasingly important for defending underwriting margins amid intense competition, she added.
The long-term demand for life insurance in Asia remains strong, underpinned by growing middle class and significant protection gap, citing the example of China where life insurance premium has increased by 16 percent in the first half of 2019, compared to a year earlier, Zhu noted.
In a recent report, Moody’s highlighted that regulatory changes are raising the bar on capital and internal risk management, and that tightening requirements for capital and asset liability management will strengthen the industry’s capacity to absorb shocks.
During the seminar, Mr. Ismail Mahbob, a board member in Saudi Re, addressed the upscaling potential of the Takaful business which reached 2.79 RM billion in 2018. He also discussed the product mix and distribution channels as well as the challenges and opportunities in the context of the Malaysian market.
Also among the speakers, Ahmad Al-Qarishi, Chief Risk Officer & Chief Actuary of Saudi Re, discussed the development of capital modelling and its impact on the insurer decision making and the management of counterparty risk.
Kim Hock Liu, Saudi Re Principal Officer of Saudi Re Labuan branch mentioned that the seminar brought together more than forty participants representing regulators, insurers and brokers, and offered an opportunity to actively engage in a dialogue among insurance professionals on industry matters. 
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.