Saudi Reinsurance Company (Saudi Re) Monday reported gross written premium (GWP) of SR 920 million (US$244.95 million) compared with SR 955 million (US$254.27 million) in the similar period of the previous year. The growth was propelled by a 166 percent growth in the second quarter amounting to GWP of SR 321 million (US$85.26 million).
The systemic volatility caused by increased interest rates and foreign currency fluctuations, affected the bottom line and resulted in a decline in net profit before zakat by 62 percent recording SR 14 million (US$3.72 million) for the first half of 2022.
Saudi Re maintained a strong financial position with a A3 financial strength rating by Moody’s.
Total equity increased by end of first half to SR 965 million (US$256.94 million) compared with SR 957 million (US$254.80 million) in the previous year, while technical reserves were further strengthened to reach SR 1.6 billion (US$426 million) and total assets exceeded SR 3.7 billion (US$985.15 million) by end if the first half.
Fahad Al-Hesni, Saudi Re MD and CEO, said that Saudi Re has maintained a well-balanced underwriting portfolio with 52 percent international business, while keeping focus on risk selection which reflected positively on the underwriting performance.