Saudi Reinsurance Company “Saudi Re” announced its financial results for the first quarter of 2025, reporting a net profit after Zakat of SAR 35.4 million — an 11% increase compared to SAR 31.8 million in the same period of the previous year. This growth was supported by positive contribution from both the underwriting and investment portfolios.
The Company also recorded a strong 56% increase in insurance revenues, reaching SAR 323.4 million compared to the same quarter last year. This performance was fueled by continued expansion across various business lines both locally and internationally. Additionally, gross written premiums (GWP) rose by 46% to SAR 1.7 billion, up from SAR 1.2 billion in the same period last year.
Commenting on the results, Ahmed Al-Jabr, CEO of Saudi Re, stated: "Q1 2025 results mark a continuation of the strong performance achieved last year, as we maintained balanced profitability through improved underwriting and enhanced investment returns. This reflects the strength and effectiveness of our financial and operational strategy."
He added: "We remain committed to delivering on our 2028 strategy, reinforcing our footprint in the domestic market while diversifying internationally, supported by a strong capital base and strategic partnerships."
In a milestone that reflects Saudi Re’s robust financial position and improved competitiveness, the Company recently received a credit rating upgrade from Moody’s to A2 with a stable outlook. The upgrade highlights improved business and financial profile, following the Public Investment Fund’s acquisition of a significant minority stake in Saudi Re and the implementation of enhanced domestic reinsurance regulations.
furthermore, to support future growth plans and further strengthen its capital base, Saudi Re intends to increase its capital by 46.6% to SAR 1.7 billion through the capitalization of SAR 539 million from retained earnings and the issuance of bonus shares to shareholders.