Saudi Reinsurance (Saudi Re) announced that its Extraordinary General Assembly has approved a capital increase from SAR 1.158 billion to SAR 1.698 billion (US$452.8 million) by capitalizing SAR 539.8 million from retained earnings.
The company’s total number of shares will rise from 115.83 million to 169.81 million after the capital increase is completed. With this move, Saudi Re is now the top-capitalized listed company in both the Saudi insurance sector and the reinsurance sector in the Middle East.
The assembly approved a 46.6% capital increase through the distribution of bonus shares to shareholders. This will be implemented by issuing 51.48 million shares at a ratio of four shares for every nine existing shares, representing 44.44% of the total capital increase. An additional 2.5 million shares, or 2.16% of the increase, will be allocated to the long-term employee incentive program.
Chief executive officer Ahmed Al-Jabr (pictured above) said, “This milestone reinforces our financial position and credit rating, while boosting clients’ confidence in the Company’s financial strength. It further aligns with our growth strategy as the capital will be invested to advance business activities, enhance competitiveness, and sustain profitability.”
Al-Jabr also noted that the bonus share distribution demonstrates the company’s ability to generate value and sustainable returns for shareholders.
This marks the second capital increase for Saudi Re in 2024, following a 30% increase in January that coincided with the Public Investment Fund (PIF) joining as a strategic partner. The company serves more than 40 markets across the Middle East, Asia, and Africa.
Saudi Re reported a net profit after Zakat of SAR 52.6 million for the second quarter of 2025, a 21% increase from the same period last year. For the first half of 2025, revenues rose 53% year-on-year to SAR 738 million, and net profit increased 17% to SAR 88 million. The company attributed these results to revenue growth and investment portfolio performance.
Gross written premiums for Saudi Re reached approximately SAR 2.36 billion for full-year 2024, up about 48%. This growth was supported by higher mandatory domestic cessions and new government insurance programs.
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