Saudi Reinsurance Company (Saudi Re) has announced its financial results for the first half of 2025 with net profit attributable to shareholders reaching SAR88m ($23.5m), marking a 17% increase year-on-year.
In the second quarter of 2025, the net profit amounted to SAR52.6m, 21% higher than the SAR43.5m in the corresponding quarter. This growth was supported by revenue growth and solid investment portfolio performance.
Saudi Re’s insurance revenue for the first half of the year rose by 53%, to SAR738m, compared to the corresponding period last year. This growth was driven by the company’s continued expansion across multiple business lines, both locally and internationally. Gross written premiums grew by 45% year on year to SAR2.1bn.
Mr Ahmad Al-Jabr, CEO of Saudi Re, commented on the results: “Our first-half results built on the strong and steady growth we have delivered over the years, driven by our consistent focus on technical performance, operational efficiency, and investment return enhancement.”
As part of its ongoing efforts to solidify its market position, Saudi Re recently announced signing a contract with Tawuniya Insurance Company – as the leader of the insurance pool for “Inherent Defects Insurance” – to provide reinsurance coverage for the Pool.
Furthermore, in a strategic move aimed at supporting future growth and enhancing financial strength, Saudi Re intends to increase its capital by 46.6% to SAR1.7bn, by issuing bonus shares through the capitalisation of SAR539m from retained earnings.
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.
Saudi Re’s business spans more than 40 markets across the Middle East, Asia, and Africa. It also holds an ‘A-’ rating from S&P, with a stable outlook.
Saudi Re’s financial results for 1H2025
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Figures In SAR
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1H2025
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1H2024
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%Change
|
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Insurance Revenue
|
738,180,678
|
482,690,618
|
52.9
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|
Result of Insurance Services
|
163,286,309
|
186,505,043
|
-12.4
|
|
Net Insurance Results
|
95,639,618
|
87,080,998
|
9.8
|
|
Net Investment Profits
|
67,055,410
|
27,595,943
|
143.0
|
|
Net Insurance Financing Expenses
|
-28,408,827
|
-11,403,102
|
149.1
|
|
Net Profit After Zakat,
attributable to Shareholders
|
87,992,196
|
75,277,268
|
16.9
|
|
Total Shareholders’ Equity (after
Minority Equity) @ 30 June 2025
|
2,120,483,337
|
1,216,459,679
|
74.3
|
|
Source: Saudi Re
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