Riyadh – Mubasher: Saudi Reinsurance Company (Saudi Re) posted 46.12% lower net profits before Zakat at SAR 15.91 million in the first quarter (Q1) of 2023, versus SAR 29.53 million in Q1-22.

Gross written premiums (GWP) hiked by 78.87% to SAR 1.07 billion in Q1-23 from SAR 598.62 million during the same period a year earlier, according to the interim financial results.

The earnings per share (EPS) hit SAR 0.13 during the January-March 2023 period, marking a year-on-year (YoY) decline from SAR 0.29.

Additionally, the reinsurance revenue dropped by 20% YoY to SAR 129.28 million in Q1-23 from SAR 161.63 million.

Last year, the net profits before Zakat of Saudi Re amounted to SAR 56.74 million, up 6.43% from SAR 53.31 million in 2021.