Saudi Reinsurance Company (Saudi Re) witnessed a 134.83% year-on-year (YoY) growth in net profit before Zakat to SAR 81.92 million during the first half (H1) of 2023 when compared with SAR 34.88 million.

The earnings per share (EPS) rose to SAR 0.80 in H1-23 from SAR 0.32 in H1-22, according to the interim income statement.

The gross written premiums (GWP) increased annually by 32.28% to SAR 1.21 billion during January-June 2023 from SAR 920.10 million.

Income Statement for Q2-23

During the second quarter (Q2) of 2023, Saudi Re recorded a YoY jump of 1,132.65% in net profit to SAR 66.01 million from SAR 5.35 million.

The GWP, meanwhile, decreased by 54.49% to SAR 146.30 million during April-June 2023 from SAR 321.48 million in the same period last year.

On a quarterly basis, the net profits in Q2-23 were 314.85% higher than SAR 15.91 million in Q1-23, while the GWP plunged by 86.34% from SAR 1.07 billion.

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