Saudi Re [4] recorded a net profit before Zakat of 24.1 million SAR (6.4 million USD) for the first nine months of 2018, on the rise by 16% over the same period of 2017. The reinsurer's shareholder's equity also increased by 4% at 845 million SAR (224.4 million USD). Saudi Re 's also steadily grew its international business to account henceforth for nearly 60% of the activity.
According to Fahad Al-Harsha, Saudi Re's Managing Director and CEO, the reinsurer operates across more than 40 countries of the Middle East, Asia, Africa and the Lloyd's market, which reflects its well-balanced portfolio.
As a reminder, Saudi Re is the only reinsurer in Saudi Arabia. The company is looking for growth opportunities on the domestic market, given the improving regulation and the economic potential initiatives under “KSA Vision 2030”. The latter's objective is to diversify the country's economy away from the oil sector.
Read also | Standard & Poor's confirms Saudi Re's rating [5]