Riyadh – Mubasher: Standard & Poor's (S&P) affirmed its rating on Saudi Re for Cooperative Reinsurance at “BBB+”, with a "Stable" outlook.

Moreover, the company got a “gcAA+” on the regional scale, the company published in a statement on Sunday, quoting S&P's report on Friday.

The Saudi-listed company added that the rating firm’s valuation was based on the strong financial position of the company, in addition to its competitive situation.

Saudi Re achieved SAR 18.46 million in net profits in 2016, compared to SAR 106,320 in 2015.