Saudi Re profit surges 63% to 194.16M in 9M 2026, Q3 at SAR 32.6M

Saudi Reinsurance Co. (Saudi Re) reported a net profit of SAR 194.16 million for the first nine months of 2026, compared to SAR 118.77 million a year earlier.

The company said the increase in profits was driven by a 73% increase in reinsurance revenue, driven by the expansion of the company's business in line with its strategy and business plan.

Additionally, the insurer reported an 18% decline in other operating expenses, a 34% decline in net insurance finance expenses and a one-off reversal of the accumulated surplus amounting to SAR 53.5 million.

Saudi Re profit rose 5.9% year-on-year (YoY) to SAR 32.6 million in Q3 2026 from SAR 30.77 million a year earlier.

The increase was driven by a 77% increase in reinsurance revenue, driven by the expansion of the company's business in line with its strategy and business plan, a 54% decline in other operating expenses and a 19% decline in net insurance finance expenses.

On a sequential basis, Saudi Re’s profit retreated 71.6% from SAR 114.84 million in Q2 2026.

The drop was attributed to a one-off reversal of the accumulated surplus amounting to SAR 53.5 million included in the previous quarter's results, a 14% decline in net reinsurance results and a 21% decline in net investment profit.

Total shareholders’ equity, no minority interest, increased to SAR 2.38 billion by the end of the current period, compared to SAR 2.16 billion a year earlier.

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