Saudi Re’s insurance revenues rise 68% in H1’24

Saudi Re has reported a 68% rise in insurance revenues for the first half of 2024, climbing to SAR 482.69 million ($128.71 million) from the previous year’s SAR 286.62 million ($76.43 million).

At the same time, the company also posted net profits after Zakat, attributable to shareholders of SAR 75.27 million ($20.07 million), for H1’24, representing an increase of 5.78% from the prior year.

The firm noted that the increase in net income mainly stems from a 20% increase in its net insurance service result, and business growth of 68%.

Gross written premiums (GWP) for the first half of 2024 stood at SAR 1,446 million ($385.60 million) compared to SAR 1,217 million ($324.53 million) from last year, representing an increase of 19%.

Focusing attention on the second quarter of 2024, Saudi Re’s insurance revenues stood at SAR 275.74 million ($73.53 million), a substantial increase from SAR 157.33 million ($41.95 million) from Q2’23. The company noted that the increase is mainly due to the growth of Saudi Re’s business according to the company’s strategy and business plan.

Saudi Re’s net profit also dropped by 27.47% to SAR 43.48 million ($11.59 million) in the second quarter of 2024, from SAR 59.96 million ($15.98 million) in the prior year quarter.

Moreover, GWP for Q2’24 amounted to SAR 254 million ($67.73 million), a 74% increase, compared to last years SAR 146 million ($38.93 million).

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