Sustainability Strategy

We aspire to position Saudi Re at the forefront of the regional and international reinsurance landscape, shaping the future of risk with resilience, innovation, and disciplined growth. In an increasingly complex world, we view volatility not as a challenge, but as an opportunity to lead.

By combining financial strength, advanced risk analytics, and strategic diversification, we are building a future-ready platform that delivers sustainable, through-the-cycle value. Our ambition is clear: to be the trusted reinsurance partner of choice, consistently generating long-term value for our shareholders while supporting stability and growth across the markets we serve.

10.1 A Strategy for Sustainable Value

Saudi Re is committed to achieving regional leadership in sustainability by aligning its Strategy Towards 2028 with Environmental, Social, and Governance (ESG) principles. Our sustainability principles are integral to our Vision and Mission. It is an ethical duty as a reinsurance powerhouse to safeguard people and businesses, and this commitment drives transparency and accountability, together with environmental and social consciousness.

Our sustainability strategy begins with a primary duty: contributing to Saudi Vision 2030. As the Kingdom’s National Reinsurer, we are a key enabler of the non-oil economy, maximizing local content and retaining reinsurance premiums locally. We champion national contribution internally starting from an operational level, fostering a dynamic, skilled workforce through our commitment to Saudization and the empowerment of women in leadership roles.

Grounded in a Sharia-compliant framework, this responsibility extends to all stakeholders and includes creating long-term, resilient value. We ensure fair and ethical client treatment through the Saudi Re Code of Professional Conduct and Ethics. We also actively support our communities, invest in developing our human capital, protect the environment, and participate in global initiatives to address climate change.

In 2025, we advanced our ESG strategy by further embedding sustainability criteria across underwriting, investments, procurement, human resources, and risk management, to ensure that every strategic decision aligns with our long-term resilience goals. We remain dedicated to providing stakeholders with transparent disclosures through adherence to GRI, SASB, and UNSDG standards, while actively engaging with regulators and investors to drive industry-wide progress

10.2 Sustainability pillars

Our organizational goals are achieved by advancing our strategic pillars, which are further aligned with the UN’s Sustainable Development Goals (SDGs).

10.3 Sharia Governance

Our Governance Structure

Saudi Re’s ESG and sustainability governance is integrated into its broader corporate governance framework. The Board of Directors provides strategic oversight, with executive management driving implementation across all business functions. Leadership teams are regularly apprised of regulatory shifts and evolving frameworks, and the Board is further strengthened by annual training on critical topics such as financial crimes.

Guided by the Sustainability and Social Responsibility Policy, these efforts are reinforced by our Compliance, Risk Management, and Internal Audit functions to maintain the highest ethical standards. Furthermore, Saudi Re upholds robust Sharia Governance practices through an independent Sharia Committee, supported by the appointment of Shariyah Review Bureau (SRB). SRB facilitates Sharia-related discussions, product research, and Sharia reporting, while working closely with heads of functions to embed Sharia principles and rulings across different levels of the organization. These arrangements are further strengthened through a comprehensive external assurance process.

To ensure effective governance, two renowned and qualified Sharia scholars make up the Sharia Committee, which independently issues pronouncements; these rulings are binding on the Company.

1. Mohammed ElGari

2. Salah Shalhoob

About the Shariyah Review Bureau

With nearly 20 years of experience serving the Islamic financial industry, Shariyah Review Bureau is a leading Middle East-based firm licensed by the Central Bank of Bahrain. SRB’s international scholarly platform features over 37 scholars across 16 countries (including Saudi Arabia, the UAE, Malaysia, and the UK), covering all 4 major schools of jurisprudence to empower Sharia compliance globally.

Independent administration by Shariyah Review Bureau

To facilitate and manage our governance framework, Saudi Re has appointed the SRB. SRB helps facilitate Sharia-related discussions, product research, and Sharia reporting, working with all functions to augment Sharia principles at every level of the organization.

SRB’s responsibilities include:

• Managing the independence of Saudi Re’s Sharia Committee and ensuring all products are certified in line with their rulings.
• Coordinating with all departments on Sharia issues and providing support during Sharia audits.
• Overseeing the development and enhancement of all products to ensure Sharia Committee certification.
• Contributing to the product development life cycle, from enhancement to new offerings, and coordinating stakeholder feedback.
• Supervising the internal Sharia audit to verify compliance with Sharia principles and standards.
• Disclosing relevant information to management regarding the Sharia governance framework, Sharia Committee rulings, product (non-compliance) risks, Zakat verification, and purification of non-permissible income.

10.4 Stakeholder engagement

Stakeholders are central to Saudi Re’s sustainability journey, long-term success, and value creation. Our sustainability strategy is built on the recognition of the critical role played by a broad range of stakeholders, including clients, brokers, shareholders, analysts, investors, employees, regulatory authorities, suppliers, and business partners.

This commitment is reflected in the development of our Sustainability and Social Responsibility Policy, as well as in our structured approach to stakeholder engagement, which informs the identification, assessment, and prioritization of material sustainability issues.

10.5 Our sustainability policy

Our structured materiality assessment, defined by our Sustainability and Social Responsibility Policy, prioritizes ESG considerations by balancing stakeholder interests with our corporate strategy. Corporate Governance stands as our highest priority, anchoring a strategy that places equal weight on Financial Performance, Ethics, and our alignment with Saudi Vision 2030.

To sustain our resilience and growth, we aggressively prioritize Cybersecurity and Talent Development, while maintaining a relentless focus on Customer Satisfaction. Beyond these core pillars, our sustainability framework addresses critical themes including Innovation, Inclusivity, and Responsible Investing. Finally, we remain committed to holistic responsibility through initiatives focused on Community Investment, Environmental Management, Well-being, and Sustainable Procurement.

10.6 Materiality

Saudi Re ensures the ongoing relevance and effectiveness of its policies for managing material sustainability topics through structured and regular review cycles. These reviews are informed by continuous stakeholder engagement, monitoring of industry and regulatory developments, comprehensive risk assessments, peer benchmarking, legal and regulatory compliance checks, internal audits, and periodic materiality assessments. This proactive and disciplined approach ensures that our policies remain aligned with the Company’s strategic objectives, evolving risk landscape, and stakeholder expectations.

To ensure effective compliance with identified material topics, Saudi Re establishes and communicates clear policies, delivers regular training and awareness programs, and implements robust monitoring and reporting mechanisms. Compliance is further reinforced through internal audits, risk assessments, defined accountability frameworks, and continuous process improvement initiatives. In addition, the Company engages proactively with stakeholders, leverages technology to enhance oversight and reporting, seeks relevant external certifications where appropriate, and remains attentive to evolving legal and regulatory requirements to ensure sustained alignment and effectiveness.

The materiality map below present Saudi Re’s key material topics in order of importance.