Our Ratings
Saudi Re is rated by top rating agencies to verify our strong brand and market position locally as well as our growing presence internationally
S&P noted that Saudi Re has continued to strengthen its competitive position via profitable business growth and diversification in recent years, thanks to local and international expansion.
At the same time, Saudi Re›s exposure to catastrophe and other large risks is relatively modest and the company maintains capital adequacy above the “AAA” level in S&P’s model.
As per S&P, the stable outlook reflects that Saudi Re will maintain excellent capital adequacy and continue to profitably expand and diversify its business over the next two years.
Furthermore, S&P views the governance practices at Saudi Re as effective and appropriate, and also regards the consistency in strategy and management’s expertise
and experience as a benefit to the company.
A-
Rated A- by S&P
A2
Rated A2 by Moody’s
- Strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer as well as a growing presence in its target markets of the Middle East, Asia and Africa.
- Preferential position in Saudi market due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market
- Strong asset quality exemplified by its conservative investment portfolio.
- Good capital adequacy, both in terms of capital levels and limited exposure to natural catastrophe risk.
- Strong financial flexibility with non-existent leverage and good access to capital markets in Saudi Arabia given its listing on the Saudi stock exchange, and broad investor base.
SHARIYAH REVIEW
Shariyah report revealed that all transactions and business activities, entered into by the Company during the year ended 31st December 2023, are in compliance with Shari’a guidelines issued by the Shari’a Supervisory Board, with exception of the following point; The vast majority of the investment venues comply with the Shari’a Supervisory Committee guidelines. However, 33% of the Company’s total investments are in Shari’a non-compliant bonds, stocks and mixed stocks, which generated an interest income. Consequently, this requires
subsequent purification, amounting to 0.6213 SAR per share. As per the management’s decision, the responsibility for this purification lies with the Company’s shareholders
