Saudi Reinsurance Co. (Saudi Re) reported a 64% increase in net profit to SAR 124.4 million in 2023, compared to SAR 76.1 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,403.00 | 1,597.00 | 13.8 % |
| Insurance Revenues | 697.00 | 627.19 | (10.0 %) |
| Net Profit Before Zakat & Tax | 91.32 | 158.56 | 73.6 % |
| Net Income | 76.05 | 124.43 | 63.6 % |
| Average Shares | 89.10 | 89.10 | - |
| EPS (Riyals) | 0.85 | 1.40 | 63.6 % |
This was fueled by higher reinsurance service results on lower reinsurance service expenses. The insurer also cited a 621% uptick in investment income and an increased profit share of equity accounted investee.
Q4 2023 net earnings more than doubled to SAR 19.2 million, from SAR 8.09 million in the prior-year period.
On a quarterly basis, net profit dropped 43.7% from SAR 34.07 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 205.14 | - | - |
| Insurance Revenues | 222.41 | 133.23 | (40.1 %) |
| Net Profit Before Zakat & Tax | 12.97 | 37.06 | 185.7 % |
| Net Income | 8.09 | 19.19 | 137.4 % |
| Average Shares | 89.10 | 89.10 | - |
| EPS (Riyals) | 0.09 | 0.22 | 137.4 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,403.00 | 1,597.00 | 13.8 % |
| Insurance Revenues | 697.00 | 627.19 | (10.0 %) |
| Insurance Services Income | 83.59 | 119.76 | 43.3 % |
| Investment Income | 8.38 | 60.39 | 620.6 % |
| Net Profit of Insurance Services and Investment | 93.45 | 145.52 | 55.7 % |
Total shareholders’ equity, no minority interest, grew to SAR 1.14 billion by Dec. 31, 2023, compared to SAR 1.01 billion a year ago.
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