(RIYADH): The Saudi Reinsurance Company (Saudi Re) has announced the annual financial results ending on 31 December 2022, noting that net profit before Zakat rose to $15 million compared to 14.19 million last year, with an increase of 6.4 percent. The Company’s 2022 results also recorded a rise in its sales by 26 percent, reaching 372.6 million in total written premiums, driven by strong growth in the local Saudi market and the Middle East markets.
The results reflected an improvement in the Company’s technical performance, which was represented by the growth in reinsurance operations surplus by 139 percent compared to last year. The investments performance was affected by the rise in interest rates, and the decline in stock market and fixed income performance. The total shareholders’ equity also grew by the end of the period to $266.17 million, compared to $256.3 million last year, while the company’s technical reserves reached $612.2 million, exceeding the total assets of $1.11 billion by the end of the year.
In his comment on the Company’s financial results in 2022, Fahad Al-Hesni, the Managing Director and CEO of Saudi Re, said: “The company continued the growth momentum, improved technical performance, and maintained its business diversification, which support the company competitive position and reflects the progress Saudi Re is making towards achieving its strategic goals, and its vision to be among the top 50 global reinsurance companies.”
Al-Hesni explained that 2022 witnessed positive developments that reinforces the company’s growth potential, including obtaining a credit rating upgrade to A- level from S&P, the enforcement of the Inherent Defects Insurance Program, in addition to the introduction of new legislations that aim at improving the reinsurance premium retention in KSA.
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 reinsurance solutions. The company is also awarded financial strength ratings of A3 rating by Moody’s and A- from S&P.