Saudi Reinsurance Company reported a net profit after Zakat of SAR52.6 million for the second quarter of 2025, up 21% from SAR43.5 million in the same period last year. The company attributed the increase to revenue growth and investment portfolio performance.
The second-quarter results build on momentum from earlier in the year. In Q1 2025, insurance revenue increased 56.3% year-on-year to SAR323.4 million, net profit after Zakat rose 11.4% to SAR35.4 million, and shareholders’ equity grew 75% to SAR2.07 billion.
For full-year 2024, gross written premiums reached approximately SAR 2.36 billion, up about 48%, supported by higher mandatory domestic cessions and new government insurance programs. Saudi Re is the only licensed professional reinurer in Saudi Arabia, a status that includes a right of first refusal on ceded premiums from local insurers.
S&P has cited this market position, along with strong capital adequacy and minimal catastrophe exposure, as competitive advantages. In April, Moody’s upgraded Saudi Re’s Insurance Financial Strength Rating from A3 to A2 with a stable outlook, attributing the change to the Public Investment Fund’s acquisition of a 23.08% stake and regulatory changes that raised mandatory cession rates from 20% in 2023 to 30% in 2025.
The company also entered into a partnership with Saudi Housing Guarantee Services Company (Damanat) in February 2025 to develop re/insurance solutions for the mortgage financing sector.
For the first half of 2025, revenues rose 53% year-on-year to SAR738 million, supported by expansion across business lines in domestic and international markets. Net profit for the half year was SAR88 million, an increase of 17% from the prior-year period. Gross written premiums grew 45% to SAR2.1 billion, compared with SAR1.4 billion a year earlier.
Chief executive officer Ahmad Al‑Jabr (pictured above) said the first-half performance builds on steady growth in recent years, with a focus on technical performance, operational efficiency, and enhancing investment returns.
“We proceed with confidence to achieve our objectives under our Strategy Towards 2028, leveraging our solid financial foundation and strategic partnerships to better serve our clients locally and globally,” Al-Jabr said.
Saudi Re recently signed a reinsurance contract with Tawuniya Insurance Company, lead insurer for the Inherent Defects Insurance Pool, to provide reinsurance coverage for the pool.
The company also plans to increase its capital by 46.6% to SAR1.7 billion through the issuance of bonus shares, capitalizing SAR539 million from retained earnings.
A portfolio company of the Public Investment Fund, Saudi Re is listed on the Saudi Market Exchange and operates under the Insurance Authority. The company’s business covers more than 40 markets in the Middle East, Asia, and Africa.
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