S&P noted that Saudi Re has continued to strengthen its competitive position via profitable business growth and diversification in recent years, thanks to local and international expansion. At the same time, Saudi Re's exposure to catastrophe and other large risks is relatively modest and the company maintains capital adequacy above the 'AAA' level in S&P’s model.

As per S&P, the stable outlook reflects that Saudi Re will maintain excellent capital adequacy and continue to profitably expand and diversify its business over the next two years.

Saudi Re expects that obtaining this rating will further strengthen Saudi Re competitive position and support its growth plans.