A Solid Foundation and Unprecedented Growth
Built upon a bedrock of stability and unwavering trust, Saudi Re has successfully transitioned into a phase of accelerated sustainable growth. The year 2025 marked a historic milestone for the company, as Gross Written Premiums (GWP) surged by 24.1٪, reaching an all-time high of X 2.9 billion. This exceptional performance is not a fleeting success but the result of a consistent upward trajectory, evidenced by a remarkable Compound Annual Growth Rate (CAGR) of 25.6٪ over the past five years. This momentum solidifies our position as the leading reinsurer in the Middle East and provides a powerful launchpad for our “Strategy Toward 2028.”
The company achieved a net profit of X 140 million. Although there was a 71٪ decline compared to the previous year – due to the recording of a non-recurring exceptional capital gain of X 365.9 million at that time – the actual operational performance tells a different success story. By neutralizing these exceptional gains, we find that the company’s profits effectively grew by 28٪, driven by balanced technical performance and investment returns.
A Transformational Partnership and Financial Fortitude
The year 2025 was a defining chapter in our corporate evolution, characterized by a landmark strategic partnership with the Public Investment Fund (PIF), which acquired a 23.08٪ stake in the company. This was further bolstered by a 46.6٪ capital hike, bringing our total paid-up capital to X 1.698 billion. Today, Saudi Re stands as the highest-capitalized reinsurer in the Saudi market and the broader region. This capital depth serves as a strategic moat, allowing us to absorb global market volatility and underwrite complex, large-scale risks with absolute confidence. Our financial resilience was further validated by global rating agencies, with Moody’s upgrading our Insurance Financial Strength Rating (IFSR) to A2 and S&P affirming our A- rating with a Positive Outlook.
The National Insurance Transformation
The Saudi reinsurance sector underwent a pivotal transformation in 2025 with the activation of the local reinsurance premium retention mechanism, which bolstered the local reinsurance ecosystem and created a qualitative shift in the sector. The year was further characterized by the entry of new players into the insurance and reinsurance markets, the licensing of several insurance brokers, and the establishment of updated regulatory frameworks. This included licensing new activities such as captive insurance and underwriting activities, alongside the implementation of Risk-Based Capital (RBC) standards.
These strategic initiatives culminated in the announcement of the National Insurance Sector Strategy, which aims to enhance insurance protection for individuals and businesses while developing the market to provide coverage for national risks. At Saudi Re, we operate as a vital part of this ambitious national economic ecosystem led by the Insurance Authority (IA). We take pride in aligning our objectives with the National Insurance Strategy, which positions reinsurance as a fundamental pillar for ensuring sector sustainability and reducing reliance on international markets. As the national strategy targets increasing insurance penetration to 3.6٪ of non-oil GDP and expanding the market size to over X 140 billion by 2030, we are committed to contributing directly to these ambitious national goals by enhancing our capacity and developing our technical capabilities.
A Global Ambition: The Journey to the Top 50
We are now at the midpoint of our 2028 strategic roadmap, moving with precision toward our goal of becoming one of the Top 50 global reinsurers. In this context, we have continued to execute our strategic initiatives with a sharp focus on expanding business scope and geographically diversifying our portfolio, while bolstering our technical and operational capabilities, strengthening long-term relationships, and building sustainable partnerships – all while maintaining the company’s financial integrity. Our growth is governed by a balanced approach that prioritizes pricing discipline and portfolio diversification. Our international footprint was significantly strengthened this year with the successful inauguration of our branch in Gujarat International Finance Tec-City (GIFT City), India. By establishing a presence in one of the world’s top ten emerging insurance hubs, we have secured a strategic gateway to the Asian market, which now accounts for More than 20٪ of our total business.
An Innovation Powerhouse and A Sector Catalyst
Saudi Re is more than a risk carrier; we are an “Experience House” dedicated to solving market gaps through innovation. Our leadership in Surety Bond insurance has provided a vital alternative to bank guarantees, while our Inherent Defects Insurance (IDI) has become a benchmark for construction quality across the Kingdom. Furthermore, our Employer Default Insurance now protects the financial rights of over 7 million foreign workers, directly supporting labor market stability. Beyond products, we act as a catalyst for sector-wide excellence. Through the REAP (Reinsurance Advancement Program), launched in collaboration with the Financial Academy, we are actively upskilling the next generation of insurance professionals in underwriting, claims management, and product development.
Digital and Institutional Transformation
In line with our commitment to institutional excellence, Saudi Re achieved a significant digital milestone in 2025 by becoming a frontrunner among financial institutions in migrating to Cloud Computing. This transition has fundamentally enhanced our operational agility and enabled data-driven decision-making with unprecedented precision. By moving away from traditional infrastructure, we have optimized our cost efficiency and gained the ability to process vast amounts of data at high speed. This technological leap has directly improved our responsiveness to clients and partners, accelerating risk pricing and document issuance, thereby sharpening our competitive edge in the global reinsurance market. Furthermore, we conducted a comprehensive review of our Enterprise Risk Management (ERM) framework to ensure full alignment with new regulatory standards for Risk-Based Capital (RBC) models.
Empowering Talent and Sustaining Excellence
Our successes are driven by a high-performance culture that puts people first. In 2025, we achieved an 80٪ Saudization rate, maintaining our Platinum status in the “Nitaqat” program. Our focus on human capital was globally recognized with the Great Place to Work® certification, reflecting our commitment to a diverse and inclusive environment. This dedication to excellence was further echoed by prestigious accolades, including the “Reinsurer of the Year 2025” award and the Corporate Governance Award from Alfaisal University, underscoring our adherence to the highest standards of institutional oversight.
Looking Ahead: Resilience in a Complex World
As we look toward 2026 and beyond, we remain vigilant yet optimistic. The global reinsurance landscape faces complex challenges – from climate-related catastrophes to shifting geopolitical dynamics. However, our fortified capital base, technical expertise, and alignment with the National Strategy empower us to turn these challenges into opportunities. We are uniquely positioned to provide the risk management solutions necessary to fuel the Kingdom’s economic expansion and the realization of Vision 2030, ensuring that we continue to deliver long-term value to our shareholders and stakeholders while always aiming for new horizons of excellence.
In conclusion, I would like to express my profound appreciation to our exceptional team, our loyal clients, our strategic partners, and our valued shareholders; your trust is our most valuable asset and the primary driver of our success. I also highly value the leading role of the Kingdom’s regulatory authorities and industry leaders in establishing the foundations of a stable and growth-oriented environment. As we look forward to a new year, we move with steady confidence toward a promising future, reaffirming our commitment to sustainable growth, the deepening of our partnerships, and continuous investment in our capabilities – which represent the core of our strength.
Ahmed Al-Jabr
Chief Executive Officer