Saudi Re witnesses 6.5% higher net profits in 2022

Reuters Images/Faisal Al Nasser

Net written premiums (NWP) declined by 6.29%

Staff Writer, Mubasher

March 20, 2023

PHOTO

Riyadh: Saudi Reinsurance Company (Saudi Re) generated net profits before Zakat worth SAR 56.74 million in 2022, an annual increase of 6.43% from SAR 53.31 million.

The earnings per share (EPS) stood at SAR 0.47 last year, compared to SAR 0.43 in 2021, according to the income statements.

Net written premiums (NWP) declined by 6.29% to SAR 898.59 million as of 31 December 2022 from SAR 958.96 million a year earlier, whereas the incurred claims grew by 5.26% to SAR 595.04 million from SAR 565.31 million.

During the first nine months (9M) of 2022, Saudi Re logged net profit before Zakat worth SAR 49.68 million, up 3.73% year-on-year (YoY) from SAR 47.89 million.

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