The Banking Executive Magazine - August 2023 Issue

Saudi Reinsurance Company (Saudi Re) has unveiled a robust financial performance for the first half of the current financial year 2023, record- ing a net profit before Zakat of SR82 million compared to SR34.8 million last year, with an increase of 135%. The Company’s first half year results also recorded an increase in its gross written premium by 32%, reaching SR1.2 billion driven by strong growth in the local market and the interna- tional markets. The six months' results underscore improvement in the Company's un- derwriting as well investment per- formance with positive contribution from the second quarter. Notably, reinsurance service results leaped by an impressive 397% in contrast to the previous year recording SR73 million. Similarly, investment income recorded a profit of SR26 million compared to recording loss from the previous period, driven by the real- location of investment classes and in- terest rate hikes. Noteworthy, the total shareholders' equity showed a growth of 13%, culminating at SR1.094 billion at the close of the period compared to last year period. Fahad Al-Hesni, the Managing Di- rector and CEO of Saudi Re, stated that the first half result witnessed continued improvement in our per- formance across the various sectors we operate in, which reflects our ef- fective strategy and efforts to grow profitably and diversify our book of business while maintaining a solid fi- nancial position. He further men- tioned that Saudi Re focused on har- nessing the opportunities in light of the enhanced credit rating of the Company, the improvements in mar- ket conditions and the developments in the regulatory environment. Listed in the Saudi Market Exchange and operating under the supervision of SAMA, Saudi Re operates in more than 40 countries across the Middle East, Asia, Africa and Lloyd’s market in the UK, and specializes in life and non-life treaty and facultative rein- surance solutions. The company is also assigned financial strength rat- ings of A3 rating by Moody's and A- from S&P. the BANKING EXECUTIVE 28 ISSUE 176 AUGUST 2023 Saudi Reinsurance 2023 FIRST HALF RESULTS RECORDS $22MLN PROFITS WITH AN INCREASE OF 135%