It recorded $42.2 million net profit before zakat The Saudi Reinsurance Company (Re) announced that it achieved a net profit before zakat and taxes amounting to 158.6 million riyals ($42.2 million) during the year 2023, compared to 91.3 million riyals ($24.3 million) in 2022, recording an increase of 74 percent over last year. Net profits after zakat rose to 124.4 million riyals, compared to 76.1 million riyals, an increase of 64%, compared to last year.
The reason for the increase in net profit after zakat and tax is due to an increase in the results of reinsurance services by 43 percent due to a decrease in reinsurance service expenses, in addition to an increase in net investment income by 621 percent, and an increase in the profits of an equity invested company by 21 percent. . Total shareholders’ equity exceeded 1.146 billion riyals by the end of 2023, an increase of 13 percent over the previous year, while earnings per share increased by 65 percent to reach 1.4 riyals.
The company also achieved an increase in gross written premiums of 14 percent, recording 1.59 billion riyals by the end of 2023. The results of 2023 come in the context of a growing path of growth and profitability for the company, as “Re” achieved a compound growth rate exceeding 18 percent for written premiums during the years from 2019 to 2023, and a compound growth rate for net profits exceeded 28 percent for the same period.
Managing Director and CEO of Re’ad, Fahd Al-Hosni, said that the results were supported by a balanced balance between investment performance and technical performance of various business sectors locally and internationally. He explained that “Re” is classified as the largest reinsurance company in the Arab region in terms of premium volume, and aims to strengthen its competitive position and invest in growth opportunities locally and globally.
It is noteworthy that “Re” is a company listed on the Saudi Stock Exchange, and operates under the supervision and control of the Insurance Authority. Its business is spread in more than 40 markets in the Middle East, Asia and Africa. It enjoys a credit rating of “A-” from Standard & Poor’s, and a rating of “A-”. A3” from Moody’s. The company specializes in conventional and facultative reinsurance solutions in the engineering, property, marine, casualty, motor, life and health insurance sectors.