Saudi Re reports 351% increase in profits for the first nine months of 2024
- July 10, 2025
- Posted by: Beth Musselwhite
- Category: Insurance
Saudi Re has reported a net profit after zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth) of SAR 475 million for the first nine months of 2024, representing an impressive 351% increase compared to the same period last year.
Total written premiums also saw significant growth, rising from SAR 1.55 billion to SAR 1.94 billion, reflecting a 25% increase year-over-year.
Net insurance results for the quarter reached SAR 53.6 million, an 88% increase, reflecting the company’s strong underwriting performance. For the first nine months of 2024, net insurance results totalled SAR 140.7 million, up 39% from the same period last year.
Saudi Re noted that these positive financial results align with key developments that support the company’s goals and investment growth. Saudi Re realised capital gains of SAR 366 million (SAR 355 million after accounting for the impact of the forward contract related to GBP) from the sale of its stake in Probitas Holding, underscoring the company’s robust performance in investments and enhancing its cash flow.
Ahmed Al-Jabr, CEO of Saudi Re, stated that the company maintains a sustainable growth trajectory and has a solid financial foundation, backed by a strong credit rating of -A from Standard & Poor’s and A3 from Moody’s.
He explained that with promising opportunities ahead, the company plans to redirect the proceeds from the Probitas sale to explore new growth initiatives, especially in the Saudi market, considering the evolving regulatory environment and rising demand for insurance services.
Additionally, Saudi Re has signed several agreements, including a reinsurance contract with AL Etihad Cooperative Insurance Company that provides coverage against employer defaults valued at SAR 208 million.
The company also announced the renewal of a one-year reinsurance contract with Probitas Corporate Capital valued at £33.5 million, which will enhance its competitive capabilities and broaden its operational reach in the market.
This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.
