Moody's upgrades Saudi Re's rating

Moody’s has upgraded Saudi Re’s financial strength rating from "A3" to "A2", with the outlook revised from positive to stable.

The rating agency’s decision reflects the company’s strengthened commercial and financial position, following the Public Investment Fund’s (PIF) acquisition of a minority stake in Saudi Re.

Following the successful completion of the transaction with PIF and the sale of its stake in Probitas, the Saudi reinsurer's shareholders' equity increased by 75% to reach 2 billion SAR (532.8 million USD) in January 2025, compared with 1.14 billion SAR (303.7 million USD) at the end of 2023.

The rating also takes into account Saudi Re’s strong underwriting performance, its broad geographic footprint, and diversified product portfolio.