Our Strategy
Saudi Re has weaved a deeply thought out Strategy Towards 2028 with a clear vision to “Evolve Saudi Re into a diverse and strong top 50 global reinsurer, contributing to the growth of the Kingdom’s economy”. The Company has set out a clear ambition to evolve into a large well-diversified reinsurance company that can reliably serve the risk and growing reinsurance needs of the Kingdom, and contribute to its economic growth.
Our Strategy
The strategy takes into consideration:
- Evolution of the local (re)insurance landscape and strategic course set by the Saudi Arabian regulator.
- International reinsurance market landscape and global consolidation trend in the quest for scale benefits.
- National agenda and key strategic objectives related to the (re)insurance sector.
- The need to build shareholder value.
National Agenda
Consequently, Saudi Re will be able to support the Kingdom’s national agenda by:
- Providing strong and reliable protection of national assets against abroad range of risks.
- Fueling economic growth and access to long-term capital by retaining reinsurance premiums in the local market and avoiding outward foreign exchange flows.
- Generating local employment opportunities for highly qualified professionals.
- Providing proximity and local market knowledge to cedants.
Strategy Plan
Scale
which relates to increasing the economic scale, earnings and capital base, and building resilience to loss events.
Diversification
We aim at diversification, both geographically and also in terms of risk type, in which we endeavor to maintain a well balanced portfolio
Technical and operational capabilities
We continually seek to develop our capabilities. These encompass technical capabilities, risk management capabilities, technological and operational capabilities, and human capital.
Relationships
We value strong relationships, especially with cedants, brokers, partners, and regulators. Our corporate brand is also a strong factor in our relationship building.
Financial Soundness
Financial soundness is also a key facet in the robustness of our business. We need to retain our technical profitability, capital adequacy and ensure favorable returns on investment.
Key Performance Indicators (KPIS)
Gross Written Premium Growth
2023 SR 1.59 billion
2022 – SR 1.4 billion
Combined Ratio
2023 – 84.38%
2022 – 92.21%
Shareholders' Equity
2023 SR 1,147 million
2022 – SR 1,017m
Return on Equlity
2023 – 12.3%
2022 – 7.96%
Net Profit after Zakat and tax
2023 – SR 124.43 million
2022 – SR 76.05m
Credit Rating
2023
A- S&P
A3 Moody’s
2022
A- S&P
A3 Moody’s
Northern Ring Rd, Al Wadi, Riyadh 13313, Saudi Arabia.
+966 11 510 2000
+966 11 510 2111