Riyadh: Saudi Reinsurance Company (Saudi Re), listed on the Saudi Stock Exchange (Tadawul), reported a net profit before zakat of SR 59.32 million for the full year ended 31 December 2019, a three-fold increase (332%), from SR 13.72 million in the same period last year.
Gross written premium (GWP) rose 10% year-on-year to reach SR 792 million in 2019, while the fourth quarter GWP surged 114% to SR 116 million. Operating results (reinsurance operations) jumped 197.79% to SR 26.04 million compared to SR 8.77 million a year earlier.
Net investment income climbed 311% to reach SR 45.4 million last year from SR 14.6 million in 2018. Net profit of shareholders capital investments increased 274.58% year-on-year to SR 36.34 million from SR 9.7 million.
Total shareholders’ equity grew just over 5% year-on-year to SR 875 million, while, total assets rose by 8% to SR 2.65 billion in 2019 compared SR 2.45 billion in 2018. Saudi Re maintained its A3 financial strength rating with a Stable outlook by Moody’s.
Commenting on the financial results, Fahad Al-Hesni, Managing Director and Chief Executive Officer of Saudi Reinsurance Company, said, “Saudi Re positive results demonstrates improvement in the technical and investment performance. We we successful in diversifying our business across more than 40 markets Middle East, Asia, Africa and Lloyds market in the UK. International business represents 60% of our written premiums which reinforces balance in our portfolio and assists in achieving sustainable earnings”
Saudi Re attributed the increase in net profits mainly to a 275% surge in the shareholders’ net investments income and an 85% increase in policyholders’ investments income in addition to a 30% gain in net underwriting income as a result of a rise in the net earned premiums by 5%, which had a positive impact on the underwriting results.
“The company’s positive performance reflects our effective business model and endeavors to improve the financial and operational performance to maximize value for all shareholders,” Al-Hesni concluded.
-Ends-
© Press Release 2020Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
