The Saudi Reinsurance Company “Re” announced the annual financial results ending on December 31, 2022, indicating an increase in net profit before zakat to 56.7 million riyals, compared to 53.3 million riyals in the previous year, at a rate of 6.4%. The company’s results for the year 2022 recorded an increase in its sales by 26%, amounting to 1.4 billion riyals in total written premiums, driven by strong growth in the local market and the Middle East markets.
The results reflected an improvement in the operational technical performance of the company, which was represented by an increase in reinsurance operations by 139% compared to the previous year, while the results of investments were affected by the increase in interest rates and the decline in the performance of stock and fixed income markets. 963 million riyals from the previous year, while the company's technical reserves amounted to 2.3 billion riyals, and total assets exceeded 4.2 billion riyals by the end of the year.
Commenting on the results of the company’s fiscal year, the Managing Director and CEO of the Saudi Reinsurance Company “Re,” Fahd Al-Hosni, said: “During the year 2002, the company succeeded in continuing the pace of growth, improving technical performance, and maintaining the diversity of its business, which supports the company’s competitive position and reflects the progress it has made.” The company achieves towards achieving its strategic goals and its vision to be among the 50 largest global reinsurance companies.
Al-Hosni explained that the year 2022 witnessed positive developments that enhance the company's growth opportunities, including the company's obtaining an A- credit rating from the S&P agency, activating the hidden defects insurance program, in addition to introducing important legislation aimed at raising the percentage of retention of reinsurance premiums in the Kingdom. .
The Saudi Reinsurance Company “Re” specializes in contractual and optional reinsurance solutions in the sectors of engineering, property, marine, accidents, vehicles, life and health.
Okaz (Riyadh)