Sustainability Strategy

We are committed to positioning Saudi Re as the preeminent leader in the regional reinsurance sector. Our unwavering focus on strengthening financial stability and ensuring long-term sustainability is driven by a profound dedication to delivering lasting value. Through a combination of strategic foresight, operational excellence, and a deep understanding of market dynamics, we aim to consistently generate substantial value for our esteemed shareholders and trusted clients.

9.1 Our sustainability approach

Saudi Re aspires to be a regional leader in sustainability, aligning our strategic vision with Environmental, Social, and Governance (ESG) principles. Guided by our Islamic values, we are committed to not only benefiting immediate stakeholders but also to protecting the environment, empowering communities, developing human capital, and actively addressing global challenges such as climate change. Through this holistic approach, we aim to create enduring economic value for our clients and shareholders, while establishing a benchmark for responsible business practices in the region.

Our commitment to sustainability is reinforced by Saudi Re Code of Professional Conduct and Ethics, ensuring fair and ethical treatment of clients. Anchored by a robust Sustainability and Social Responsibility Policy, we integrate core sustainability principles into our policies, procedures, and practices. This approach guides our efforts and reflects our dedication to corporate responsibility.

In alignment with Saudi Vision 2030, we focus on fostering economic growth by creating opportunities for citizens, with a strong emphasis on gender equality and the empowerment of women in senior roles. We also promote Saudization across our workforce, increasing Saudization ratios annually to foster a dynamic, skilled workforce and support national development.

Our sustainability strategy not only contributes to the Kingdom’s development but also strives to retain reinsurance premiums within the Kingdom, representing Saudi Arabia on the international stage and contributing to the non-oil GDP. Sustainability is deeply embedded in our Vision and Mission, shaping our decisions as a Sharia-compliant company. Upholding our ethical duties, we safeguard people and businesses against significant risks, building a framework of transparency, accountability, and environmental and social consciousness.

9.2 Sustainability pillars

We are dedicated to advancing our strategic pillars through targeted actions designed to ensure their successful implementation, and drive meaningful progress toward our organizational goals.

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 task force 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 are integral to Saudi Re’s sustainability, success, and value creation. Our sustainability strategy is founded on the significant role of all stakeholders, including clients, brokers, shareholders, analysts, investors, employees, regulatory bodies, suppliers, and business partners. This commitment is reflected in the development of our Sustainability and Social Responsibility Policy and in the way we identify and prioritize key material issues.

9.5 Sustainability policy

Saudi Re’s Sustainability and Social Responsibility Policy acts as a guiding framework for addressing key material issues. With a focus on the Company and its stakeholders, we prioritize Environmental, Social, and Governance (ESG) factors. Corporate governance leads our list of material considerations, followed by cybersecurity, talent development, alignment with national strategies, ethics, financial performance, and customer satisfaction. Other crucial factors include inclusivity, integration within the insurance sector, innovation, responsible investing, and access to insurance. We also emphasise the importance of sustainable products, community investment, well-being, environmental management, and sustainable procurement practices.

9.6 Material matters

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

To assure compliance with these material topics, Saudi Re documents and communicates clear policies, conducts regular training, monitors and reports on compliance, performs internal audits, assesses risks, establishes accountability, seeks external certifications, continuously improves processes, engages stakeholders, leverages technology, and stays informed about legal and regulatory changes.

The table and materiality map below visually present Saudi Re’s key material topics, listed in order of importance: