To Our Valued Shareholders and Stakeholders,
On behalf of the Board of Directors, it is my privilege to present the annual report for the fiscal year 2025 – a year that stands as a definitive milestone in the history of Saudi Re. This period has been characterized by transformational growth, strategic realignment, and a deepened commitment to our role as the Kingdom’s national reinsurer.
Prioritizing Shareholders’ Value
Since the current Board of Directors began its term in 2023, Saudi Re has prioritized developing a forward-looking strategy. We have worked diligently to solidify the company’s leadership and drive sustainable improvements in technical, investment, and operational performance to meet the expectations of our shareholders and stakeholders. Through seamless synergy with the Executive Management, we have successfully maximized shareholders’ value by achieving exceptional milestones over the past three years. These include doubling the company’s written premiums, attracting the Public Investment Fund (PIF) as a strategic partner, and generating cumulative profits exceeding X 700 million. Furthermore, total equity witnessed a remarkable growth of 115٪, and bonus shares equivalent to 46٪ of the capital were granted to shareholders, alongside an improved credit rating for the company. These achievements have established a robust foundation and a clear trajectory, steadily driving the company toward new horizons of success.
Building Strategic Capabilities
Building upon the record-breaking Gross Written Premiums (GWP) over the past three years, 2025 was dedicated to capitalizing on the financial momentum to build long-term strategic capabilities. While our top-line results reflect our current market strength, the true measure of our success lies in the structural enhancements that ensure this progress is sustainable.
As a National Reinsurer, our 90٪ capital increase was a decisive move to support both national and corporate growth. We have contributed significantly to the retention of reinsurance premiums within the Kingdom, while exporting reinsurance services to more than forty markets. This demonstrates Saudi Re’s active role in creating local content and reinforcing the Saudi financial sector’s stability.
The partnership with the PIF further amplifies this role, granting Saudi Re a unique vantage point from which to support the Kingdom’s multi-trillion-dollar giga-projects. These newly built capabilities ensure a synergy of domestic focus and international expertise, setting a new benchmark for excellence in the regional reinsurance landscape. Simultaneously, we have converted our financial strength into concrete progress across all operational areas, particularly on the technological front. This investment bolsters our operational agility and provides the advanced data analytics necessary for sophisticated risk-pricing.
Advancing in our Strategy
Saudi Re is moving with increased velocity toward our overarching ambition: evolving into a diversified, top 50 global reinsurer. Our performance this year confirms that we are moving in the right direction to strengthen our financial position and build specialized technical capabilities that enable us to expand our offering of advanced products, grow our client base, and enter new markets to further enhance profitability.
While our capital expansion has provided the necessary strategic latitude, our focus is now on the qualitative build-up of the institutional pillars required to ensure the sustainable growth of our business. We are making significant investments in cultivating world-class talent and integrating advanced technologies—most notably Artificial Intelligence—into our core operations. Beyond our corporate borders, Saudi Re serves as a vital enabler for the insurance sector, acting as a strategic contributor in initiatives designed to modernize the domestic market and realize the objectives of the National Insurance Strategy.
Leadership Through Accountability and Governance
Our strategic ambitions are built on an uncompromising foundation of integrity and transparency. In 2025, we further refined our governance framework to align with international best practices and the Kingdom’s evolving regulatory landscape. Our commitment to institutional excellence was validated this year when we received the prestigious Governance Award from Alfaisal University, recognizing our rigorous standards of corporate oversight.
We have updated key policies, including our Underwriting Risk Appetite, Compensation and Remuneration, and the Incentive Plan policies, alongside our corporate governance policy and underwriting authority matrix. These updates enhance decision-making efficiency and reinforce disciplined risk management. Furthermore, Environmental, Social, and Governance (ESG) principles are deeply integrated into our core business model. As a Sharia-compliant company, we are guided by a sustainability policy that bridges Islamic values with global standards.
Navigating a Complex Global Landscape
The global reinsurance market in 2025 has transitioned into a more complex landscape, moving toward a softening environment marked by significant uncertainty. While rapid price escalations have stabilized, the industry continues to navigate a challenging geopolitical backdrop, rising catastrophe retentions, and the persistent pressure of high-frequency losses.
Saudi Re has proactively navigated this transition by reinforcing risk controls and institutionalizing volatility management. In this climate, capital adequacy has transcended its role as a mere regulatory mandate to become a core competitive differentiator. Our fortified capital base empowers us to maintain a consistent market presence and provide unwavering support to our clients through volatile cycles—all while safeguarding our solvency and maintaining a robust risk appetite.
Acknowledgments and a Future of Excellence
The exceptional performance of Saudi Re in 2025 is the result of our Board’s vision and the expert leadership of our senior management. I extend my heartfelt gratitude to our workforce, whose dedication remains our most valuable asset. My thanks also go to our valued shareholders, clients and partners worldwide for their continued confidence in Saudi Re, and to the regulatory authorities for their unwavering support and partnership.
As we prepare for a new chapter, I am exceptionally confident in our strategic course. By aligning our corporate mission with Vision 2030, we continue to diversify the financial landscape, fortify national risk management, and safeguard the Kingdom’s enduring economic stability. Our journey ahead is defined by a commitment to a legacy of excellence – one that ensures Saudi Re remains a foundational pillar of the Kingdom’s prosperity for generations to come.
Abdullatif AI-Fozan
Chairman of the Board