Saudi Re sees 183.87% net profit increase in Q1 2024

Saudi Re has reported a net profit after zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth) of SAR 31.79 million for the first quarter of 2024, a 183.87% increase from the same quarter the year prior.

According to the reinsurer’s interim results, this growth is mainly attributed to the increase in net profits from net reinsurance results of SAR 20.6 million.

A figure that was the result of reinsurance revenue growth, amounting to SAR 77.7 million which represents a 60% growth, in addition to a decrease in reinsurance expenses by 4% and an increase in net investment income by 65%.

Saudi Re also reported an 11% increase in Gross Written Premiums, which stood at SAR 1.19 billion in the first quarter of 2024 compared to last year’s SAR 1.07 billion.

Net investment income rose by 65%, to SAR 18.4 million, and a 14.7% increase in Total Share Holders Equity in Q1 2024.

At SAR 206.94 million , Saudi Re also posted 60.06% year-on-year (YoY) higher insurance revenues as of 31 March 2024, compared to SAR 129.28 million.

Additionally, quarter-on-quarter (QoQ), the net profits in Q1 2024 grew 65.62% from SAR 19.19 million in October-December 2023, while the revenues increased 55.33% from SAR 133.22 million.

The reinsurer shared its Q1 2024 financial results a couple of months after the appointment of Ahmed Al-Jabr as Acting Chief Executive Officer of the Company, who took over his new role in April.

Al-Jabr, who has more than 25 years of experience in the insurance and reinsurance sector, took over the CEO role from Fahad Al-Hesni.

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