Riyadh – Mubasher: The net profits after Zakat attributable to the owners of Saudi Reinsurance Company (Saudi Re) hit SAR 31.79 million in the first quarter (Q1) of 2024.

The quarterly net profits jumped by 183.87% from SAR 11.19 million in Q1-23, according to the interim financial results.

The higher amount was mainly driven by a 67% hike in net profits from net reinsurance results of SAR 12.50 million, which was due to a 55% growth in reinsurance revenue and a 5% drop in reinsurance expenses.

Saudi Re posted 60.06% year-on-year (YoY) higher insurance revenues at SAR 206.94 million as of 31 March 2024, compared to SAR 129.28 million.

In the first three months (3M) of 2024, the earnings per share (EPS) increased to SAR 0.36 from SAR 0.13 a year earlier.

Gross written premiums (GWP) stood at SAR 1.19 billion in Q1-24, marking an annual increase of 11% from SAR 1.07 billion.

Quarter-on-quarter (QoQ), the net profits in Q1-24 hiked by 65.62% from SAR 19.19 million in October-December 2023, while the revenues enlarged by 55.33% from SAR 133.22 million.

As of 31 December 2023, the Saudi company logged net profits attributable to the shareholders valued at SAR 124.42 million, up 63.61% from SAR 76.05 million.