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Saudi Re inks reinsurance contracts worth nearly SAR 194.5m

Saudi Re inks reinsurance contracts worth nearly SAR 194.5m
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Riyadh – Mubasher: Saudi Reinsurance Company (Saudi Re) penned reinsurance deals with Probitas Corporate Capital Limited at an estimated gross written premium of SAR 194.40 million.

The agreements, which were signed on 30 November 2022, hold a one-year duration period starting from 1 January 2023, according to a bourse filing.

Saudi Re noted that the contracts will increase its gross written premium, adding that the financial impact will start reflecting on its income statements next year.

In the first nine months (9M) of 2022, the Tadawul-listed firm logged net profits before Zakat worth SAR 49.68 million, up 3.73% year-on-year (YoY) from SAR 47.89 million.

Moreover, the earnings per share (EPS) stood at SAR 0.44 in 9M-22, versus SAR 0.42 in 9M-21.

The net incurred claims inched down by 0.26% YoY to SAR 417.66 million in 9M-22 from SAR 418.76 million, while the net written premiums (NWP) plummeted by 18.90% YoY to SAR 808.19 million from SAR 996.57 million.