RIYADH — Saudi Reinsurance Company (Saudi Re) recorded a net profit before Zakat of SR24.1 million in the nine-month period ending Sept.30, 2018, an increase of 16 percent over the same period last year.
Total comprehensive income grew by 26 percent over the same period last year, as the nine month positive results were supported by a strong performance in the Q3 2018.
Saudi Re recorded a net profit before Zakat of SR10 million in Q3 2018 compared to a net loss of SR270 thousands in Q3 2017. Net claims declined by 16 percent in Q3 2018, which had a positive impact on the underwriting results.
Fahad Al-Hesni, Managing Director and Chief Executive Officer of Saudi Reinsurance Company, said: “The positive nine-month results reflect an improvement in the overall performance of Saudi Re especially in the underwriting (operational) side which turned into profitability in light of the enhanced underwriting and risk selection practices. Our positive results underline our focus on creating value for our stakeholders”
Saudi Re maintained a strong solvency margin of 300 percent. Total assets stood at more than SR2.6 billion, while shareholders’ equity rose by 4 percent.
Saudi Re, which has capitalized on its competitive advantages of being the only reinsurer in the Kingdom, expects growth opportunities within the Kingdom, given the improving regulatory environment and the potential economic initiatives under the KSA Vision 2030.
“The company has steadily grown its international book of business which now accounts for nearly 60 percent from more than 40 countries across the Middle East, Asia, Africa and Lloyd’s market.
This reflects a well-balanced portfolio that reinforces our technical performance.” Al-Hesni pointed out. — SG