Saudi Reinsurance Company “Saudi Re” announced its financial results for 2024, reporting a net profit after zakat of SAR 475 million, reflecting a 282% increase compared to 2023. The Company’s gross written premiums (GWP) grew by 48%, reaching SAR 2.36 billion, driven by the growth across all lines both locally and internationally.

Saudi Re’s underwriting results improved significantly, with net reinsurance results increasing by 19%. The year 2024 witnessed unprecedented incidents related to natural disasters and other events; however, the Company managed to maintain portfolio profitability and operational sustainability.

The Company also achieved SAR 5.33 earnings per share (EPS), a standout among the top performers in the Saudi’s insurance sector.  Additionally, net investment income rose by 629% to SAR 440 million, supported by successful divestment from the Company’s stake in Probitas Holdings (Bermuda) Limited which delivered exceptional investment returns; reflecting effective investment strategies and enhanced returns across various asset classes.

Commenting on the financial results, Ahmed Al-Jabr, CEO of Saudi Re, stated: “2024 was an exceptional year in terms of results as it recorded the highest level of revenue and profit, while advancing in executing key milestones in its strategy paving the way for a new phase of growth.  In 2024, we successfully concluded PIF investment transaction in Saudi Re as an anchor investor.”  Al-Jabr added  “Building on our commitment to achieving strategic objectives and enhancing shareholder value through strong financial performance and sustainable growth, the Board of Directors has recommended to grant bonus shares to the shareholders.”

In line with the Company’s outstanding performance, which drives value for shareholders, and to support the Company’s growth and strengthen its financial position, the Board of Directors has recommended increasing capital from SAR 1.158 billion to 1.698 billion representing an increase of  46.6%.  The increase will be through capitalizing of SAR 539.8 from the retained earnings and distributing 51.480 million shares by granting 4 shares for each 9 shares and allocating an additional 2.5 million shares for establishing the Company’s employee long-term incentive plan.

Additionally,the Company has maintained a strong financial position, reflected in an increase in shareholders’ equity by 41%, the preservation of a strong credit rating, and maintaining adequate technical reserves.  Saudi Re also entered into a series of important agreements in 2004 including an agreement with a reinsurance contract with Al-Etihad Cooperative Insurance Co. at a total value of SAR 208.7 million to provide reinsurance coverage for the financial dues of non-Saudi workers in the event of delinquency of the private sector entities.  Saudi Re also signed a reinsurance contract for surety insurance bond coinsurance program with Walaa Cooperative Insurance Company.  The Program is a financial guarantee solution that aims to ensure contractors meet their contractual obligations on construction projects developed for the Public Investment Fund’s (PIF) Development Companies. These agreements reinforce Saudi Re’s role in bridging the insurance gap, offering innovative solutions, and supporting financial stability.