Saudi Reinsurance (Saudi Re) has posted a net profit of SAR162m ($43.3m) for the first half of this year, 84% higher than in the corresponding half last year.
The net results were propelled in the second quarter of the year, during which net profit after zakat surged by 118% year on year to SAR115m. In comparison, 2026 first-quarter net profits jumped by 32% to SAR47m.
The increase in the first half net profits is attributed to the continued growth of the company’s business, in line with its strategy and business plans. More specifically, reinsurance revenue jumped by over 70% in the first six months of the year, net reinsurance finance expenses dropped by 44% and there was a non-recurring reversal of accumulated surplus amounting to SAR53.5m, Saudi Re said.
The company’s revenues for the first half of the year increased by 71%, reaching SAR1.3bn, 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. Additionally, Gross Written Premiums (GWP) increased by 58%, reaching SAR3.3bn, compared to SAR2.1bn in the same period of the previous year.
Commenting on the half-yearly financial performance, Saudi Re CEO Mr Ahmed Al-Jabr said, “These results demonstrate our ability to consistently deliver profitable and sustainable growth, supported by our continued investment in strengthening our institutional and technical capabilities.”
He added, “Our focus remains on executing strategic initiatives that strengthen our capabilities, enhance our competitive position, and support the development of a diversified, high-quality portfolio, underpinned by disciplined underwriting and prudent risk management.”
During the first half of the year, Saudi Re also achieved several strategic milestones, including strengthening its presence in the Lloyd’s market? through its strategic investment in AdA Risk Holding and opening its Lloyd’s second branch in Asia in India. Moody’s Ratings reaffirmed the company’s ‘A2’ Insurance Financial Strength Rating.
Highlights of Saudi Re’s 1H2026 financial performance
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1H2026
SAR
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1H2025
SAR
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% Change
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Insurance Revenue
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1,261,599,875
|
738,180,678
|
70.91
|
|
Insurance Services Result
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214,769,170
|
163,286,309
|
31.53
|
|
Net Insurance Results
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102,754,661
|
95,639,618
|
7.44
|
|
Net Investment Results
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70,190,208
|
67,055,410
|
4.67
|
|
Net Insurance Financing Expenses
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-15,973,042
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-28,408,827
|
-43.77
|
|
Net Profit (Loss), After Zakat, Attributable To Shareholders
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161,560,094
|
87,992,196
|
83.61
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Total Comprehensive Income Attributable to Shareholders of the Issuer
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162,005,659
|
89,588,011
|
80.83
|
|
Total Shareholders' Equity (after Deducting Minority Equity)
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2,358,564,188
|
2,120,483,337
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11.23
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Source: Saudi Re
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