Saudi Reinsurance Company “Re” announced a strong financial performance during the nine-month period of the current fiscal year 2023, as net profits before zakat rose to 121.5 million riyals, compared to 78 million riyals last year, recording an increase of 55 percent. The company also witnessed a 30 percent increase in gross written premiums, with gross written premiums reaching 1.5 billion riyals in the nine months of the current year, driven by strong growth in the local and international markets.
The results of the nine-month period of the year highlighted a tangible improvement in the performance of the company’s reinsurance portfolio, as the results of reinsurance services increased by 86 percent compared to the previous year, recording 101 million riyals. In addition to a noticeable increase in net investment income of 39.8 million riyals, compared to a net loss of 2.7 million riyals for the same period of the previous year, as a result of the reallocation of investments and the rise in interest rates. The profits of the investee company increased by the equity method by 38 percent, reaching 44.4 million riyals, compared to 32.3 million riyals during the same period.
Fahd bin Abdul Rahman Al-Hosni, Managing Director and CEO of “Read”, confirmed that the positive results during the nine-month period of the year reflect the company’s maintenance of a stable growth pace and diversification of its business portfolio locally and internationally, and the continued improvement in technical performance and profitability rates while maintaining a strong financial position. . Al-Hosni also indicated that the company seeks to strengthen its competitive position and invest in opportunities for growth and expansion, in light of the improvement occurring in the company’s operating environment as a result of the presence of positive elements such as the growth of the insurance sector in the Kingdom and the development of the regulatory environment, in addition to the rising trend in the prices of reinsurance services in global markets. .
It is noteworthy that the Saudi Reinsurance Company “Re” is a company listed on the Saudi financial market, and operates under the supervision of the Central Bank of Saudi Arabia. Its business is spread in more than 40 markets in the Middle East, Asia, Africa and Lloyd's in the United Kingdom, and it enjoys a credit rating of A- from Standard & Poor's and an A3 rating from Moody's. The company specializes in treaty and facultative reinsurance solutions in the engineering, property, marine, casualty, motor, life and health insurance sectors.