Press Release

Saudi Reinvites its shareholders to attend the Ordinary General Assembly Meeting (First meeting) via means of modern technology

The Board of Directors of Saudi Reinsurance Company "Saudi Re" is pleased to invite the honorable shareholders to participate and vote in the Ordinary General Assembly Meeting which will be held virtually through means of modern technology scheduled at 19:00 on Thursday 21/10/1444 H corresponding to 11/05/2023.

City and Location of the General Assembly's Meeting:

Kingdom of Saudi Arabia - Riyadh City - Company’s Head Office – Via Means of Modern Technology

Link to the venue of the meeting:

Electronic voting:

Shareholders registered in "Tadawulaty" services can vote on the items of the General Assembly starting from 01:00 a.m. Sunday Morning 17/10/1444 H corresponding to 07/05/2023 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:

Date of the General Assembly's Meeting:

Thursday 21/10/1444 H corresponding to 11/05/2023.

Time of the General Assembly's Meeting: 


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:

In order for this assembly to be valid, a number of shareholders representing 25% of the capital is required. If this quorum is not available at the first meeting, a second meeting will be held One hour after the end of the first meeting period. The second meeting shall be valid irrespective of the number of shares represented therein.

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:

General Assembly Meeting Agenda:

1. View and discuss the report of the Board of Directors for the fiscal year ending on 31/12/2022.

2. Voting on the external auditors’ report of the fiscal year ending on 31/12/2022. 

3. View and discuss the financial statements for the fiscal year ending on 31/12/2022.

4. Vote to absolve the members of the Board of Directors from liability for the fiscal year ending on 31/12/2022.

5. Voting on the appointment of the Company’s auditors from among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the second, third quarters and annual of the fiscal year of 2023 and the first quarter of year 2024, and determine their fees.

6. Voting on reinsurance contracts concluded between the company and Probitas Corporate Capital Ltd, in which there is an indirect interest for the Chairman of the Board of Directors Mr. Hesham Abdulmalik Al-Shaikh, MD/CEO Mr. Fahad Abdulrahman Al-Hesni, and Board Member Mr. Jean-Luc Gourgeon, as representatives for Saudi Re, for their membership in the Board of Directors of Probitas Holding (Bermuda) Ltd., the parent company of Probitas Corporate Capital Ltd. Also, there is an indirect interest for Board Member Mr. Jean-Luc Gourgeon for his membership in the Board of Directors of Probitas Corporate Capital Ltd., noting that the value of transactions during the financial year ending 31/12/2022 is 158,704,085 Saudi Riyals, without preferential treatment

7. Voting on the business and contracts that will be concluded between the company and the board of directors of the company Mr.Jean-Luc Gourgeon in it which is to provide consulting services in the field of reinsurance, noting that the value of the contract for the financial year ending 31/12/2022 amounted to 188,983 Saudi Riyals without preferential treatment.

8. Vote on disbursing an amount of 1,900,000 Saudi Riyals as a remuneration to the members of the Board of Directors for the financial year ending 31/12/2022.

9. Cumulative voting on the election of the members of the Board of Directors from among the candidates for the next session, which starts from the date (11/05/2023) and its duration is three years, as it ends on (10/05/2026). (CVs of candidates are attached)

Agreement between «Saudi Re» and «BIBF» for the training and employment of Saudi graduates

The Saudi Reinsurance Company (Saudi Re) announced the appointment of the Bahrain Institute for Banking and  Finance (BIBF) to lead the development of the Future Leaders Programme 2023 launched by Saudi Re, to train and employ Saudi graduates with a BA or MA degrees.

The programme aims to empower graduates to become among the next generation of leaders in the insurance and reinsurance industry. The programme that runs over the course of a year, offers a rich learning experience led by experts in the insurance sector, with a focus on building a solid foundation of technical knowledge and business skills.

The programme is designed to suit bachelor’s and master’s degrees graduates in various disciplines including insurance, actuarial science, risk management, accounting, financial management, engineering, information technology, and law.

The Manager of Human Resources and Administration at Saudi Re, Mona Al-Jehani, said: “We aspire to build a strong national talent base that contributes to creating a promising future for the insurance and reinsurance sector through the Future Leaders Programme, which helps trainees to acquire specialised technical knowledge and professional certificates, in addition to developing their practical skills through on-the-job training." Mona Al Jehani also added: “We build on previous successes with the BIBF to lead the programme and apply the highest level of specialised training competencies in the field of insurance and reinsurance.

 Manal Mashkoor, Head of the Insurance Centre at the Bahrain Institute of Banking and Finance (BIBF), welcomed this new collaboration with «Saudi Re», saying: “We are pleased to continue our partnership with «Saudi Re» in developing the future human capital of Saudi Re and the Saudi insurance market at large which is achieved through scientific assessment and selection of candidates and provision of international training combined with local best practices. The BIBF is proud to be part of Saudi Re journey into moving from a regional to an international reinsurer. The training programme is designed to strike the right balance between developing technically sound practitioners and giving adequate attention to the equally important interpersonal competencies and skills.”

Saudi Re 2022 profits rise by 6.4%, with premiums exceeding 1.4 billion SAR with an increase of 26%

 The Saudi Reinsurance Company (Saudi Re) has announced the annual financial results ending on 31 December 2022, noting that net profit before Zakat rose to 56.7 million SAR compared to 53.3 million SAR last year, with an increase of 6.4 percent. The Company’s 2022 results also recorded a rise in its sales by 26 percent, reaching 1.4 billion SAR in total written premiums, driven by strong growth in the local market and the Middle East markets.


The results reflected an improvement in the Company’s technical performance, which was represented by the growth in reinsurance operations surplus by 139 percent compared to last year. The investments performance was affected by the rise in interest rates, and the decline in stock market and fixed income performance. The total shareholders' equity also grew by the end of the period to 1,000 million SAR, compared to 963 million SAR last year, while the company’s technical reserves reached 2.3 billion SAR, exceeding the total assets of 4.2 billion SAR by the end of the year.


In his comment on the Company’s financial results in 2022, Fahad Al-Hesni, the Managing Director and CEO of Saudi Re, said: "The company continued the growth momentum, improved technical performance, and maintained its business diversification, which support the company competitive position and reflects the progress Saudi Re is making towards achieving its strategic goals, and its vision to be among the top 50 global reinsurance companies."


Al-Hesni explained that 2022 witnessed positive developments that reinforces the company’s growth potential, including obtaining a credit rating upgrade to A- level from S&P, the enforcement of the Inherent Defects Insurance Program, in addition to the introduction of new legislations that aim at improving the reinsurance premium retention in KSA.

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