Saudi Re: H1 2022 results

As at 30 June 2022, Saudi Re has recorded a 3.7% drop in its turnover to 920 million SAR (245 million USD) against 955 million SAR (254.3 million USD) in the same period of 2021.

The net profit before zakat fell from 36.5 million SAR (9.7 million USD) in the first half of 2021 to 14 million SAR (3.7 million USD) a year later, declining by 62% over twelve months.

This poor performance is mainly due to the systemic volatility caused by rising interest rates and foreign currency fluctuations.

During the period under review, the company's shareholders' equity and assets stood at 968 million SAR (257.8 million USD) and 3.7 billion SAR (985.3 million USD) respectively.

The Saudi reinsurer has been granted the approval of the Capital Market Authority (CMA) to increase its share capital to 1.336 billion SAR (355.8 million USD).

Saudi Re is active in more than 40 countries in the Middle East, Asia, Africa and on the Lloyd's market.