Saudi Re - Annual Report 2023

Annual Report 2023

عربي

As at 31 December	Notes	2023 SR	2022 (Restated) SR	1 January 2022 (Restated) SR
ASSETS
Cash and bank balances	6	87,905,002	31,556,652	27,807,294
Financial investments at fair value through income statement	7	154,455,986	272,653,544	762,723,099
Financial investments at fair value through other comprehensive income	7	141,632,674	119,921,195	92,870,664
Financial investments at amortized cost	7	1,127,330,016	1,030,133,715	496,236,101
Reinsurance contract assets	8	77,827,287	105,036,555	76,794,419
Retrocession contract assets	8	439,593,167	189,246,075	211,549,218
Prepaid expenses, deposits and other assets	10	303,917,481	199,271,601	136,319,128
Property and equipment, net	9	37,139,190	36,379,209	37,155,827
Investment in an equity accounted investee	11	208,989,740	160,687,437	132,579,526
Statutory deposit	12	89,100,000	89,100,000	89,100,000
Accrued income on statutory deposit	12	22,056,608	22,084,071	20,961,814
TOTAL ASSETS		2,689,947,151	2,256,070,054	2,084,097,090
LIABILITIES
Margin loan payable	13	56,797,019	56,797,019	56,797,019
Reinsurance contract liabilities	8	1,287,902,032	919,991,787	864,300,186
Retrocession contract liabilities	8	189,653	12,155,744	–
Accrued expenses and other liabilities	14	112,072,472	195,321,888	159,608,162
Provision for employees’ end of service benefits	15	18,633,092	13,867,730	12,288,391
Provision for Zakat and tax	16	41,548,376	17,533,163	15,266,235
Accrued commission income payable to Insurance Authority	12	25,982,468	23,219,213	20,962,172
TOTAL LIABILITIES		1,543,125,112	1,238,886,544	1,129,222,165
Equity
Share capital	17	891,000,000	891,000,000	891,000,000
Statutory reserve	18	67,931,207	43,045,308	34,749,555
Retained earnings		194,358,333	94,814,738	27,058,110
Other reserves		(6,467,501)	(11,676,536)	2,067,260
TOTAL EQUITY		1,146,822,039	1,017,183,510	954,874,925
TOTAL LIABILITIES AND EQUITY		2,689,947,151	2,256,070,054	2,084,097,090

As at 31 December

Notes

2023

SR

2022
(Restated)
SR

1 January 2022
(Restated)
SR

ASSETS

Cash and bank balances

87,905,002

31,556,652

27,807,294

Financial investments at fair value through income statement

154,455,986

272,653,544

762,723,099

Financial investments at fair value
through other comprehensive income

141,632,674

119,921,195

92,870,664

Financial investments at amortized cost

1,127,330,016

1,030,133,715

496,236,101

Reinsurance contract assets

77,827,287

105,036,555

76,794,419

Retrocession contract assets

439,593,167

189,246,075

211,549,218

Prepaid expenses, deposits and other assets

303,917,481

199,271,601

136,319,128

Property and equipment, net

37,139,190

36,379,209

37,155,827

Investment in an equity accounted investee

208,989,740

160,687,437

132,579,526

Statutory deposit

89,100,000

Accrued income on statutory deposit

22,056,608

22,084,071

20,961,814

TOTAL ASSETS

2,689,947,151

2,256,070,054

2,084,097,090

LIABILITIES

Margin loan payable

56,797,019

Reinsurance contract liabilities

1,287,902,032

919,991,787

864,300,186

Retrocession contract liabilities

189,653

12,155,744

–

Accrued expenses and other liabilities

112,072,472

195,321,888

159,608,162

Provision for employees’ end of service benefits

18,633,092

13,867,730

12,288,391

Provision for Zakat and tax

41,548,376

17,533,163

15,266,235

Accrued commission income payable to Insurance Authority

25,982,468

23,219,213

20,962,172

TOTAL LIABILITIES

1,543,125,112

1,238,886,544

1,129,222,165

Equity

Share capital

891,000,000

Statutory reserve

67,931,207

43,045,308

34,749,555

Retained earnings

194,358,333

94,814,738

27,058,110

Other reserves

(6,467,501)

(11,676,536)

2,067,260

TOTAL EQUITY

1,146,822,039

1,017,183,510

954,874,925

TOTAL LIABILITIES AND EQUITY

2,689,947,151

2,256,070,054

2,084,097,090

My Report

OPERATING PERFORMANCE

Statement of Financial Position