We are devoted to propelling Saudi Re to the forefront of the regional reinsurance landscape. Our tireless commitment to fostering financial strength and sustainability is fueled by a profound desire to continually create enduring and substantial value for our esteemed shareholders and valued clients.

9.1 Our sustainability approach

Saudi Re aims to be a regional leader in sustainability, aligning our strategic vision with principles that encompass Environmental, Social, and Governance (ESG) considerations. In keeping with our Islamic values, our commitment extends beyond immediate stakeholders to include protecting the environment, supporting communities, developing our human capital, and actively participating in global initiatives to address climate change. Through this comprehensive approach, our goal is not only to enhance economic value for the Company and our clients but also to establish a precedent for responsible business practices in the region.

Our customer relations are guided by the Saudi Re Code of Professional Conduct and Ethics, ensuring fair and ethical treatment of clients. Anchored by a robust Sustainability and Social Responsibility Policy, approved at the Annual General Meeting (AGM) in 2022, we integrate core sustainability principles into our policies, procedures, and practices. This approach guides our sustainability journey and reflects our dedication to corporate responsibility.

In order to actively contribute to the objectives of Saudi Vision 2030, Saudi Re places a strategic emphasis on fostering economic growth through proactive efforts to create opportunities for citizens. Our focus on gender equality is evident in our empowerment of women in senior roles. We promote Saudization across our workforce; through annual increments in Saudization ratios, we foster a dynamic and skilled workforce, while furthering the nation's developmental goals.

Saudi Re's sustainability strategy further contributes to the Kingdom's development as we strive to maximize local content contribution by retaining reinsurance premiums within the Kingdom, representing Saudi Arabia in the international market, and contributing to the non-oil GDP.

Sustainability is integral to our Vision and Mission, shaping our decision-making process as a Sharia-compliant company. Upholding ethical duties, we safeguard people and businesses against significant risks, building a framework of unwavering commitment toward transparency, accountability, and environmental and social consciousness.

9.2 Sustainability pillars

9.3 Sharia Governance

Saudi Re strives to adhere to Sharia Governance practices through the establishment of a Sharia Committee to ensure independent administration and Sharia reporting.

To achieve this, we have appointed Shariyah Review Bureau (SRB) who helps facilitate Sharia related discussions, product research, and Sharia reporting while working with the heads of functions to augment Sharia principles and rulings at different levels of the organization. SRB will also help ensure that the members of the Sharia Committee operate with independence and autonomy that warrants effective decision-making and Sharia assurance practices.

Some of the specific requirements that SRB will manage are:

• Help establish a robust Sharia governance mechanism including the formulation and management of the Sharia Committee and liaising with them to ensure that all products and services are duly accredited and in line with the rulings of the Sharia Committee.
• Assist in establishing a qualified and independent Sharia Committee and a competent Sharia audit resource.
• Coordinate with various departments, heads of functions and taskforces on Sharia issues, and provide support during Sharia audits.
• Contribute to the development and enhancement of products and new offerings, coordinating with relevant stakeholders for feedback.
• Ensure that all products and services offered by us are approved and certified by the Sharia Committee.
• Supervise the internal Sharia audit to verify compliance with Sharia principles and standards.
• Disclose relevant information to management regarding the Sharia governance framework, Sharia Committee rulings, product (non-compliance) risks, Zakat verification and purification of non-permissible income.

Sharia Committee

For the purpose of effective Sharia governance, two renowned and qualified Sharia scholars have been assigned. The Sharia Committee independently issues pronouncements and these rulings are binding on the Company. The names of the Sharia Committee members are provided below:

1. Mohammed ElGari
2. Salah Shalhoob

About the Shariyah Review Bureau (SRB)

SRB is a Middle East-based firm with an international scholarly platform of +37 scholars covering 4 major school of jurisprudences and spreading over 16 countries including Saudi Arabia, Bahrain, UAE, Malaysia, Pakistan, UK, Germany and Russia. SRB is licensed and regulated by the Central Bank of Bahrain and has been serving the Islamic financial industry for almost 20 years and is committed to empowering Sharia compliance for businesses around the world.

9.4 Stakeholder engagement

Stakeholders play a pivotal role in Saudi Re’s sustainability, success, and value creation. Our sustainability strategy is built on the importance we attribute to all stakeholders: clients, brokers, shareholders, analysts, investors, employees, regulatory bodies, suppliers, and business partners. This commitment is evident in the formulation of our Sustainability and Social Responsibility Policy and how we identify and prioritize material matters.

	Stakeholder	Mode of engagement	Frequency of engagement
	Regulatory Bodies	Internal audit Audit committee External audit Compliance department Technical committee Business risk committee Annual reports	As per regulatory requirement, or on an annual basis.
	Clients and Brokers	Social media channels including LinkedIn Customer service helpdesks Market webinars Regional/International industry events Cybersecurity framework	Regular and routine engagement.
	Shareholder, Analysts and investors	Annual reports General Assembly Meetings Financial results in a quarterly basis Press releases Investor conferences and one-on-one meetings IR Mobile App Risk Appetite Framework	Continuous engagement through open and transparent formal channels maintained with shareholders
	Suppliers and Business Partners	Procurement departments Annual reports Credit agency reports	Regular and routine engagement.
	Society	Community donation drives Event sponsorship Training sessions/workshops	Event/project based engagement and responsive engagement.
	Employees	Human Resources team Training sessions and workshops Career development programs Employee engagement program Whistleblowing policy Saudi Re’s intranet Health and life scheme coverage	Continuous engagement through transparent and open communication Channels.

9.5 Sustainability policy

Saudi Re's Sustainability and Social Responsibility Policy serves as the compass for managing material topics. With the Company and its stakeholders in focus, we prioritize Environmental, Social, and Governance (ESG) considerations. Corporate governance heads our list of material factors, followed by cybersecurity, talent development, alignment with the national strategy, ethics and financial performance, and customer satisfaction. Other critical considerations are inclusivity, integration into the insurance sector, innovation, responsible investing, and access to insurance. Additionally, we underscore the significance of sustainable products, community investment, well-being, environmental management, and sustainable procurement.

9.6 Material matters

Saudi Re ensures the currency and relevance of its policies for managing material topics through regular review cycles, stakeholder engagement, monitoring industry trends, risk assessments, benchmarking, legal compliance checks, internal audits, and periodic materiality assessments. This proactive approach ensures policies remain aligned with the Company’s objectives, evolving risks, and stakeholder expectations.

To ensure compliance with material topics, Saudi Re documents and communicate clear policies, conduct regular training, monitor and report compliance, perform internal audits, assess risks, establish accountability, seek external certifications, continuously improve processes, engage stakeholders, use technology, and stay updated on legal and regulatory changes.

The following table and materiality map visually present the key material topics of Saudi Re, presented in order of importance:

Rank	Material Topic
	Corporate governance
	Data protection and cybersecurity
	Talent development
	Serving the national strategy
	Climate change and energy transition
	Ethics and compliance
	Financial performance
	Customer satisfaction
	Diversity and inclusion
	Integrating ESG in insurance
	Innovation and digitalization
	Investing responsibly
	Access to insurance
	Sustainable products and services
	Community investment
	Health and well-being
	Environmental management
	Sustainable procurement