Saudi Re posts 89% growth in H1-21 profits

Earnings per share increased

Riyadh – Mubasher: Saudi Re for Cooperative Reinsurance Company recorded a rise of 88.8% in net profits before Zakat to SAR 36.47 million in the January-June 2021 period, compared to SAR 19.31 million in the same six months last year.

Earnings per share increased to SAR 0.33 in the first half (H1) of 2021 from SAR 0.14 in H1-20, according to a bourse disclosure on Monday.

Net written premiums soared by 52% to SAR 868.59 million in H1-21 from SAR 571.25 million in H1-20. Net incurred claims also jumped by 58% to SAR 253.36 million from SAR 159.72 million.

As for the second quarter (Q2) of 2021, Saudi Re registered an 87% growth in net profits to SAR 16.89 million from SAR 9.02 million in Q2-20. On a quarterly basis, the net profits were 13.7% lower than SAR 19.58 million in Q1-21.

Source: Mubasher

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