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.

Saudi Reinsurance Company (Saudi Re) has unveiled a robust financial performance for the first half of the current financial year 2023, recording a net profit before Zakat of SAR 82 million compared to SAR 34.8 million last year, with an increase of 135%. The Company’s first half year results also recorded an increase in its gross written premium by 32%, reaching SAR 1.2 billion driven by strong growth in the local market and the international markets. The six months results underscore improvement in the Company’s underwriting as well investment performance with positive contribution from the second quarter. Notably, reinsurance service results leaped by an impressive 397% in contrast to the previous year recording SAR 73 million. Similarly, investment income recorded a profit of SAR 26 million compared to recording loss from the previous period, driven by the reallocation of investment classes and interest rate hikes. Noteworthy, the total shareholders’ equity showed a growth of 13%, culminating at SAR 1.094 billion at the close of the period compared to last year period. Fahad Al-Hesni, the Managing Director and CEO of Saudi Re, stated that the first half result witnessed continued improvement in our performance across the various sectors we operate in, which reflects our effective strategy and efforts to grow profitably and diversify our book  of business while maintaining a solid financial position. He further mentioned that Saudi Re focused on harnessing the opportunities in light of the enhanced credit rating of the Company, the improvements in market conditions and the developments in the regulatory environment.  

Following announcement on 13-07-2017, Saudi Re announces signing off a Shareholder Agreement with Probitas Holdings (Bermuda) Limited (PHBL), through which Saudi Re will purchase 49.9% of the ordinary shares of PHBL. PHBL is a limited liability company registered in Bermuda which invests in insurance reinsurance business and in Lloyd’s market.

As part of Saudi Re efforts to further strengthen its human capabilities, we are pleased to announce the appointment of Mr. Tarik Aouad as Chief Business Development Officer.

Saudi Re and RMS, the world’s leading catastrophe risk solutions company, announce a new agreement with Saudi Re adopting RMS models and services for a more comprehensive view across the Asian market. The agreement will enable Saudi Re to enhance risk analysis across multiple geographies including India, China, and the Philippines. Saudi Re continues to grow its activities and client base in the Asian market, and is further enhancing its ‘in-house’ capability of assessing risks particularly in this expanding region. “Our clients know and expect the best insights, service and quality from Saudi Re,” said Fahad Al-Hesni, MD-CEO at Saudi Re. “The new agreement with RMS will help ensure the continued delivery of these standards, through applied use of leading science and technology. Being the first to acquire RMS models in the Saudi and Gulf Cooperation Council (re)insurance market, we expect that our use of RMS models under this new agreement, will increase value, and ultimately profitability, to all our global clients when managing their risk.” RMS EVP Client Development Pat McCarthy said, “We are honored to be working with Saudi Re. With this deal, the reinsurance and insurance markets in the Middle East and Saudi Arabia are able to take full advantage of the latest science and technology to help navigate the evolving risk landscape. Our continued investment in our models and services aims to give Saudi Re full confidence that it will be in the best position to proactively support their own clients and goals.”

Saudi Re and RMS, the world’s leading catastrophe risk solutions company, announce a new agreement with Saudi Re adopting RMS models and services for a more comprehensive view across the Asian market. The agreement will enable Saudi Re to enhance risk analysis across multiple geographies including India, China, and the Philippines. Saudi Re continues to grow its activities and client base in the Asian market, and is further enhancing its ‘in-house’ capability of assessing risks particularly in this expanding region. “Our clients know and expect the best insights, service and quality from Saudi Re,” said Fahad Al-Hesni, MD-CEO at Saudi Re. “The new agreement with RMS will help ensure the continued delivery of these standards, through applied use of leading science and technology. Being the first to acquire RMS models in the Saudi and Gulf Cooperation Council (re)insurance market, we expect that our use of RMS models under this new agreement, will increase value, and ultimately profitability, to all our global clients when managing their risk.” RMS EVP Client Development Pat McCarthy said, “We are honored to be working with Saudi Re. With this deal, the reinsurance and insurance markets in the Middle East and Saudi Arabia are able to take full advantage of the latest science and technology to help navigate the evolving risk landscape. Our continued investment in our models and services aims to give Saudi Re full confidence that it will be in the best position to proactively support their own clients and goals.”