Saudi Re: H1 2023 results

Saudi Re has published its financial results for the first half of 2023.

As at 30 June 2023, the written premiums amounted to 1.217 billion SAR (324.2 million USD), up by 32.2% compared to the 920.104 million SAR (245 million USD) recorded in the first half of 2022.

During the period under review, the Saudi reinsurer posted a net profit of 81.929 million SAR (21.8 million USD) against 34.889 million SAR (9.3 million USD) a year earlier, representing a 134.83% growth.

The company's shareholders' equity improved by 13.28% over twelve months, to reach 1.094 billion SAR (291.4 million USD).

It is worth noting that Saudi Re has restated its financial statements so as to comply with the new IFRS 17 and IFRS 9 accounting standards, which became effective on 1 January 2023.