Riyadh – Mubasher: The net profit before Zakat of Saudi Reinsurance Company (Saudi Re) reached SAR 49.68 million in the first nine months (9M) of 2022, a 3.73% rise from SAR 47.89 million in 9M-21.

Earnings per share (EPS) inched up to SAR 0.44 in 9M-22 from SAR 0.42 in the year-ago period, according to the interim financial results.

The net incurred claims edged down by 0.26% year-on-year (YoY) to SAR 417.66 million during the January-September 2022 period, compared to SAR 418.76 million.

Additionally, the net written premiums (NWP) amounted to SAR 808.19 million in 9M-22, an annual decline of 18.90% from SAR 996.57 million.

Income Statements during Q3-22

During the third quarter (Q3) of 2022, the Tadawul-listed firm recorded a 212.46% hike in net profit before Zakat to SAR 35.69 million, versus SAR 11.42 million in Q3-21.

The net incurred claims plummeted by 43.64% YoY to SAR 93.21 million in Q3-22 from SAR 165.40 million, whereas the NWP increased by 9.78% YoY to SAR 140.48 million from SAR 127.97 million.

On a quarterly basis, Saudi Re turned profitable in Q3-22, against net losses before Zakat worth SAR 4.84 million in Q2-22.

The Q3-22 net incurred claims shrank by 37.55% from SAR 149.27 million in Q2-22, while the NWP jumped by 72.53% from SAR 81.42 million.

In 6M-22, the company logged net profits before Zakat valued at SAR 13.99 million, an annual drop of 61.64% from SAR 36.47 million.