Saudi Re launches its new branch in the GIFT City in India to strengthen its presence in the Asian market

Saudi Reinsurance Company “Sudi Re” launches its new branch in Gujarat International Finance Tec-City (GIFT City) in the Republic of India. This initiative aligns with the Company’s expansion strategy and supports geographic risk diversification, reinforcing portfolio balance, sustainability and resilience of its technical performance.

On this occasion, the Company held a launch event in Mumbai, India, under the patronage of His Excellency Mr. Sulaiman Al-Otaibi, Consul General of the Kingdom of Saudi Arabia, hosting its clients and partners from the Indian market.

This move aligns with the recently introduced regulations in the Indian insurance market, which give priority to domestic companies and international branches operating within the country.  The Asian market accounts for 22% of the Saudi Re’s business portfolio.  GIFT City branch is the Company’s second branch in Asia, alongside its branch in Malaysia, which was established in 2014.  The Indian market ranks among the world’s top ten insurance markets, with total premiums exceeding USD 130 billion. It is also considered one of the fastest-growing emerging markets. 

While continuing to grow in its home market in the Kingdom, leveraging its strong competitive position, Saudi Re aims to strengthen its presence in the regional and global markets, including India, which is among the Company’s largest international markets.

Ahmed Al-Jabr, Chief Executive Officer of Saudi Re, commented: “We are delighted to strengthen our presence in the Asian markets with the opening of a branch in India, where the Company has been operating for over ten years.” He added, “While this initiative makes us closer to our clients India, it will further support the growth of our global business, enhance portfolio balance, and improve operational efficiency.”

Saudi Re previously announced obtaining all the necessary official approvals from the Saudi Arabian Insurance Authority and the relevant Indian authorities. This strategic step is also in line with the objectives of the National Insurance Strategy, which aims to enable Saudi reinsurance companies to expand in global markets.

Saudi Reinsurance Company “Saudi Re”, a PIF portfolio company, listed on the Saudi Exchange and one of the largest reinsurance companies in the region, with a capital of SAR 1.7 billion. The Company operates under the supervision of the Saudi Arabian Insurance Authority and has a presence in more than 40 markets across the Middle East, Asia, and Africa through its headquarters in Riyadh and its branches in Malaysia and India. It holds an “A2” credit rating with a stable outlook from Moody’s and an “A-” rating with a positive outlook from Standard & Poor’s.