MOD_MENU_ANNOUNCEMENTS_AND_MEETINGS / Announcements

Saudi Re for Cooperative Reinsurance Co

Saudi Reinsurance Co. “Saudi Re” announces appointment of its Board of Directors Chairman, Vice Chairman and Board Subcommittees

Element ListExplanation
Announcement Detail Saudi Reinsurance Co. “Saudi Re” announces appointment of the company’s Board of Directors Chairman, Vice Chairman and composition of Board Subcommittees for their term starting from 11/05/2020 until 10/05/2023. Appointment and committee’s composition are as follow: First: Appoint of Mr. Hesham Al Sheikh as Board of Director Chairman. Second: Appoint of Mr. Mishari Al Mishari as Board of Director Vice Chairman. Third: Composition of Executive Committee as follow: 1. Mr. Hesham Al Sheikh– Chairman 2. Mr. Jean-Luc Gourgeon– Member 3. Mr. Fahad Al Hesni (MD/CEO) – Member Fourth: Composition of Technical Committee as follow: 1. Mr. Jean-Luc Gourgeon– Chairman 2. Mr. Marc Maupoux– Member 3. Mr. Ahmed Sabaggh – Member. Fifth: Composition of Investment Committee as follow: 1. Mr. Hesham Al Sheikh– Chairman 2. Mr. Mishari Al Mishari– Member 3. Mr. Hussam AlSuwailem– Member. Sixth: Composition of Risk Management Committee as follow: 1. Mr. Mohamad AlOtaibi– Chairman 2. Dr. Peter F. Hugger– Member 3. Dr. Volker Lauff– External Member. Sixth: Composition of Nomination & Remuneration Committee as follow: 1. Mr. Marc Maupoux– Chairman 2. Mr. Mishari Al Mishari– Member 3. Mr. Mohamad Al Otaibi– Member 4. Mr. Ahmed Sabaggh– Member. It is worth noting that the Extraordinary General Assembly affirmed the composition of Audit Committee on its meeting dated 10/05/2020 for the perious started in 11/5/2020 and ends 10/5/20230 as follow: 1. Mr. Hisaham A. Alakil - Chairman 2. Mr. Abdullah A. Al Farraj – Member 3. Dr. Peter F. Hugger– Member. 4. Mr.Tarik H. Zaino – Member.

Saudi Re for Cooperative Reinsurance Co

Saudi Re Announces Signing an Exclusive Reinsurance Contract with Malath Cooperative Insurance Company to Cover the Inherent Defects Coinsurance Program

Element ListExplanation
Introduction Saudi Re is pleased to announce the signing of an exclusive reinsurance contract with Malath Insurance Company – Market leader, on behalf of Saudi Insurance industry - to provide reinsurance coverage on the Inherent Defects Coinsurance Program.
Date of Announcement of the Award 2020-08-08 Corresponding to 1441-12-18
Contract Subject Matter An exclusive reinsurance contract with Malath Cooperative Insurance Company to provide reinsurance coverage on the Inherent Defects Coinsurance Program for a duration of one year to be automatically renewed for additional four years.
Date of Signing the Contract 2020-08-08 Corresponding to 1441-12-18
Contract Value The value of the contract is expected to exceed 5% of the Saudi Re Gross Written Premium, with potential to increase based on the program execution phase and expansion of the geographical scope.
Contract Details Based on the contract, Saudi Re will provide reinsurance treaty protection, and additional Facultative protection for risks exceeding the treaty capacity. During the contact period, terms will be reviewed annually.
Contract Duration 1 year to be automatically renewed for four years.
Financial Impact and the Relevant Period The contract is expected to reflect positively on Saudi Re sales and financial performance, and will gradually impact the financial results of the company starting from the fourth quarter in 2020.
Related Parties There are no related parties involved.
Additional Information - By nature, IDI is a long-term (10-year) protection; therefore, it is a long tail business for the company. Hence, the company has arranged Retrocession protection to manage such risk. - The contract value is estimated based initial estimates considering the gradual implementation of the program and expansion of the geographical scope.

Saudi Re for Cooperative Reinsurance Co

Saudi Reinsurance Company "Saudi Re" Announces Maintaining A3 Insurance Financial Strength Rating (IFSR) By Moody’s

Element ListExplanation
Announcement Detail Saudi Re is pleased to announce maintaining A3 Insurance Financial Strength Rating (IFSR) by Moody’s Investor Service, with stable outlook according to the credit opinion announced on 28 July 2020. The A3 IFSR of Saudi Re reflects its: (i) strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer as well as a growing presence in its target markets of Asia, Africa and Lloyd’s, (ii) strong asset quality exemplified by its conservative investment portfolio, (iv) good capital adequacy, both in terms of capital levels, and relatively modest exposure to natural catastrophe risk, and (v) strong financial flexibility with non-existent leverage and good access to capital markets in Saudi Arabia, and broad investor base. The stable rating outlook reflects Moody’s expectation that Saudi Re will maintain its improved profitability whilst maintaining its strong assets quality, capital adequacy and adequate level of reserves. Maintaining the rating is expected to further strengthen Saudi Re competitive position and support its growth efforts in the international markets.

Saudi Re for Cooperative Reinsurance Co

Saudi Re Announcement in respect of General Traffic Department’s announcement regarding the automatic linking of vehicle insurance details with the National Information Center

Element ListExplanation
Announcement Detail Saudi Re would like to announce that following the announcement of the Traffic Department in respect of the automatic link of vehicle insurance details with the National Information Center and applying fines automatically in cases of absence of valid Motor Insurance starting from 22 July 2020, and pursuant to the announcements of a number of Saudi insurance companies, Saudi Re would like to announce that such procedure is likely have a positive impact on the company’s Gross Written Premium. Furthermore, it is difficult to estimate the size of the impact at the current stage, however the company will monitor the situation in this respect and will announce any material development in due course.

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 527,717,654424,320,56224.367116,350,720353.557
Net Written Premiums (NWP) 489,322,609402,696,53321.51175,044,082552.046
Net Incurred Claims 58,463,258121,278,747-51.794116,536,580-49.832
Net Profit (Loss) of Policy Holders Investment 1,777,7371,927,566-7.7723,195,245-44.363
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 3,566,9512,388,79449.322,826,66326.189
Net Profit (loss) of Shareholders Capital Investment 7,167,58922,830,686-68.605182,2793,832.207
Net Profit (Loss) before Zakat 10,824,35125,260,918-57.1493,162,360242.287
Total Comprehensive Income 6,625,40921,555,204-69.263-595,836-
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 881,696,348854,203,0773.218
Profit (Loss) per Share 0.090.26
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The reason for the decrease in the net income for the current quarter versus same quarter last year, was mainly due to the decrease in the shareholders net investments income by 69% and the decrease in the policyholders net investments' income by 8%.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for an increase in the net income for the current quarter versus previous quarter, was mainly due to increase in the shareholders' net investments income by 3,832%.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion It was mentioned in the auditors' review report that based on their review, nothing has come to their attention that causes them to believe that the accompanying

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. Announces the Results of the Extraordinary General Assembly Meeting, ( Second Meeting )

Element ListExplanation
Introduction Saudi Reinsurance Company "Saudi Re" announces the results of the extraordinary general assembly meeting (first meeting), due to the lack of a quorum at the first meeting at 50% at 10 pm, where the second meeting was held an hour after the first meeting after the completion of the necessary quorum of 25%, and presided over meeting the chairman Mr. Hisham bin Abdul Malik bin Abdullah Al Sheikh.
City and Location of the General Assembly's Meeting The meeting was held remotely in the city of Riyadh through means of modern technology in light of the circular issued by the Capital Market Authority on 21/07/1441H corresponding to 16/03/2020, suspending the conduct of general assemblies for companies listed in the financial market in attendance until further notice in support of the efforts and procedures and preventive measures issued by the relevant authorities to address the spread of corona virus (COVID-19).
Date of the General Assembly's Meeting 2020-05-10 Corresponding to 1441-09-17
Time of the General Assembly's Meeting 23:00
Percentage of Attending Shareholders 36%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees Names of Board members who attended are : Mr. Hesham Abdulmalik Al-Shaikh Mr. Mishari Al-Hussain Al-Mishari Al-Hussain Mr. Fahad Al-Hesni Mr. Ahmad Sabbagh Mr. Mohamad Al-Otaibi Mr. Jean-Luc Gourgeon Board members who did not attend: Mr. Hammam Badr Mr. Ismail Mahbob
Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf Mr. Hesham Al-Shaikh, Executive Committee and Investment Committee Chairman Mr. Ali Al-Qahtani Audit Committee Chairman Mr. Mishari Al-Mishari Al-Hussain ,Nomination And Remuneration Committee acting Chairman Mr. Jean-Luc Gourgeon, Technical Committee Chairman
Voting Results on the Items of the General Assembly's Meeting Agenda's 1. Approval on the Directors’ Report of the fiscal year ending on 31/12/2019. 2. Approval on the external auditor’s report of the fiscal year ending on 31/12/2019. 3. Approval on the annual financial statements of the fiscal year ending on 31/12/2019. 4. Approval on Discharge the members of Board of Directors from liability for their management of the Company during the year ending on 31/12/2019. 5. Approval on the Audit Committee recommendation to appoint the external auditors to audit the Company’s financial statements for the 2nd, 3rd, 4th QTR & annual of the fiscal year of 2020 and the 1st QTR of year 2021 and determine their fees, and their names are: - PKF Al Bassam & Co. - KPMG Al Fozan & Partner 6. Approval on a consultancy services contract for one year with the Board member Mr. Jean-Luc Gourgeon, who has a direct interest, noting that 2019 contract value amounted to SR 150,322, with no preferential conditions and to be renewed for the upcoming year. 7. Approval on investment in a Murabaha public mutual fund managed by Ashmore Investment Saudi Arabia with fees estimated at SR 147,000 in 2019, which has an indirect interest for the Chairman of the Board Mr. Hesham Al-Shaikh for being a board member in the company, with no preferential conditions.. 8. Approval on a reinsurance contract with the Islamic Insurance Company (Jordan) for one year with gross premium of SR 3,562,339, which has an indirect interest for the Board member Mr. Ahmed Sabbagh for being a board member in the company, with no preferential conditions. 9. Approval on a reinsurance contract with Iskan Insurance Company in Egypt for one year with gros

Saudi Re for Cooperative Reinsurance Co

No English translation, kindly refer to the Arabic version

Element ListExplanation
Announcement Detail No English translation, kindly refer to the Arabic version
Attached Documents

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. ANNOUNCES THE RECEIPT OF THE SHARIYAH COMPLIANT APPROVAL FROM ITS SHARIYAH ADVISOR

Element ListExplanation
Announcement Detail Saudi Re announces that it has received the annual Shariyah Audit Report for 2019 from its Shariyah Advisor i.e. Shariyah Review Bureau (SRB) on 16/04/2020, which confirmed that Saudi Re has complied with their Shariyah criteria standards.

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

Element ListCurrent YearPrevious Year%Change
Gross Written Premiums (GWP) 792,847,561721,604,8289.872
Net Written Premiums (NWP) 646,605,277616,896,1014.815
Net Incurred Claims 417,069,784404,054,3553.221
Net Profit (Loss) of Policy Holders Investment 9,138,7644,936,48085.127
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 26,040,6898,773,866196.798
Net Profit (loss) of Shareholders Capital Investment 36,340,6059,701,593274.583
Net Profit (Loss) before Zakat 59,317,69913,721,681332.291
Total Comprehensive Income 42,423,0663,855,0751,000.447
Total Share Holders Equity (after Deducting Minority Equity) 875,070,939832,647,8735.094
Perpetrating Expenses (First Operation Year) ---
Profit (Loss) per Share 0.560.01
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to The reason for the increase in net income for the current year versus last year, was mainly due to an increase in the shareholders net investments income by 275% and an increase in policyholders investments income by 85%. In addition, the net underwriting income has increased by 30% resulted by an increase of the net earned premiums by 5% which had a positive impact on the underwriting results.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion The joint independent auditors report on the annual financial statements states that '' the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2019, and its financial performance and its cash flows for the year ended in accordance with International Financial Reporting Standards (“IFRS”) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (‘‘SOCPA’’) (collectively referred to as “IFRS as endorsed in KSA”).
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform to the presentation of current year.
Additional Information The earnings per share have been calculated after Zakat and Tax.

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. Announces Calling Candidature for Board Members Elections

Element ListExplanation
IntroductionSaudi Reinsurance Company (Saudi Re) announces to its shareholders the opening of the nomination for membership of the Board of Directors of the company for the next three-year period beginning on 10/9/1441 H corresponding to 10/05/2020 and ending on 20/10/1444 H corresponding to 10/05/2023. For those who have the conditions and qualifications of membership system and in accordance with the conditions, controls and requirements contained in the statutory provisions, especially the Companies Law issued by the Ministry of Commerce and Investment, and the Corporate Governance Regulations issued by the Capital Market Authority, and directives issued by the Saudi Arabian Monetary Authority senior Positions The Saudi Arabian Monetary Authority (SAMA) governs the financial institutions under the supervision of the Saudi Arabian Monetary Authority (SAMA), as well as the Corporate governance issued by SAMA, as well as the policy, criteria and procedures for nomination to the Board of Directors of the Company, as well as the regulations applicable to the appointment of directors.
Type of AssemblyNew Session
Assembly Start Date2020-05-11 Corresponding to 1441-09-18
Assembly End Date2023-05-10 Corresponding to 1444-10-20
Number of members9
Application Start Date2020-01-01 Corresponding to 1441-05-06
Application End Date2020-01-31 Corresponding to 1441-06-06
Applications Submission MethodReceive nomination applications: handed at Saudi Re HQ at 4130 Northern Ring Rd, Al Wadi, Riyadh 13313 or via email at invest@saudi-re.com.
Application RequirementsConditions of Candidacy: 1. Each shareholder shall be entitled to nominate himself or another person or more to the membership of the Board of Directors within the limits of his ownership percentage in the capital. 2. Honesty, integrity and sincerity in his work and showing the highest standards of good conduct. 3. The candidate does not have a conflict of interest. 4. Integration of the candidate's experiences with the experiences of the rest of the council members. 5. Skill, experience, leadership, practical sense, integrity, wisdom, age, experience in the corporate field. 6. Experience in leading a listed company, majoring in insurance, reinsurance or the investment sector. 7. The ability to make decisions. 8. The approval of the Saudi Arabian Monetary Agency on the candidates 9. The candidate should have sufficient experience, honesty and managerial skills that contribute to enhancing the company's leading role 10. The candidate shall not serve on the board of directors of more than five listed companies simultaneously. 11. The candidate should not have been convicted by a judicial ruling or a crime of dishonesty. 12. He shall not be a government employee, unless he is a representative of a government entity, companies established by the State, or persons of public legal status. 13. The candidate should not be insolvent or bankrupt. 14. The candidate shall not be a member of a board of directors or a member of an emerging committee or occupy any of the leading positions in another Saudi insurance and / or reinsurance company. 15. An act by the candidate to conduct contrary behavior in financial markets or business. 16. The candidate should have scientific and practical experience. 17. The candidate must be in compliance with the provisions of the applicable laws, regulations and instructions. 18. The candidate shall be committed to allocate sufficient and appropriate time to carry out his competence and duties towards membership. 19. The candidate shall enjoy independence and non-conflict of interest. Contraindications: None of the following persons may be nominated for membership in a board of directors: 1. If he was previousl

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. Announces Resignation of a Board Member

Element ListExplanation
Introduction Saudi announce that Mr. Mansour Al Bosiliy (Independent member) has resigned from the Board due to private reason, the Board thanks Mr. Al Bosiliy for his efforts during his membership
Element ListExplanation
Resigning Member Name Mansour Al Bosiliy
Membership Type Independent
Resignation Submission Date 2019-12-02 Corresponding to 1441-04-05
Resignation Acceptance Date 2019-12-09 Corresponding to 1441-04-12
Resignation Effective Date 2019-12-31 Corresponding to 1441-05-05
Membership Starting Date for the Resigning Member 2012-05-01 Corresponding to 1433-06-10
Reasons of Resignation Due to private reasons

Saudi Re for Cooperative Reinsurance Co

Saudi Re Announces Maintaining an AA+ Insurance Financial Strength Rating (IFSR) By SIMAH's Credit Rating Agency (Tassnief)

Element ListExplanation
Announcement Detail Saudi Re is pleased to announce that it has maintained an AA+ Insurance Financial Strength Rating (IFSR) by SIMAH's Credit Rating Agency, Tassnief, with a stable outlook According to the report issued by (Tassnief), on 5th Nov. 2019, the rating of Saudi Re reflects its strong financial profile supported by its strong capitalization, with solvency levels of the company well above the requirement. It also incorporates the strength of the business profile having a well-established franchise in the key targeted markets that the company operates in, as well as the improved level of diversification for the international business, and a well-diversified GPW mix among the major lines of business. Furthermore, the report noted the strong governance framework, experienced management team, and sound financial profile and investment strategy. The rating also reflects the improvement in profitability and scale of the company that has been built over the years.

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 169,969,76783,274,213104.10882,206,513106.759
Net Written Premiums (NWP) 128,740,40151,044,388152.21240,124,263220.854
Net Incurred Claims 92,221,18296,054,749-3.99187,033,2745.96
Net Profit (Loss) of Policy Holders Investment 2,016,5092,393,816-15.7611,999,4420.853
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 15,175,8151,043,6801,354.0675,622,316169.921
Net Profit (loss) of Shareholders Capital Investment 13,0259,265,426-99.85913,314,613-99.902
Net Profit (Loss) before Zakat 13,586,21910,029,12035.46717,740,504-23.416
Total Comprehensive Income 10,708,66110,859,193-1.38612,736,754-15.923
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 676,496,841673,844,2720.393
Net Written Premiums (NWP) 571,561,195586,368,076-2.525
Net Incurred Claims 300,533,205301,967,401-0.474
Net Profit (Loss) of Policy Holders Investment 5,943,5183,428,00573.381
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 23,199,6928,102,375186.331
Net Profit (loss) of Shareholders Capital Investment 36,158,32419,517,76985.258
Net Profit (Loss) before Zakat 56,156,00524,060,731133.392
Total Comprehensive Income 45,000,61916,778,987168.196
Total Share Holders Equity (after Deducting Minority Equity) 877,648,492845,571,7853.793
Profit (Loss) per Share 0.570.18
All figures are in (Actual) Saudi Arabia, Riyals

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Written Premiums (GWP) 82,206,51362,187,70432.19424,320,562-80.626
Net Written Premiums (NWP) 40,124,26343,014,231-6.718402,696,533-90.036
Net Incurred Claims 87,033,27493,410,872-6.827121,278,747-28.236
Net Profit (Loss) of Policy Holders Investment 1,999,442555,292260.071,927,5663.728
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 5,622,3162,207,685154.672,388,794135.362
Net Profit (loss) of Shareholders Capital Investment 13,314,6135,601,657137.6922,830,686-41.681
Net Profit (Loss) before Zakat 17,740,5046,435,742175.65524,829,282-28.55
Total Comprehensive Income 12,736,754132,2779,528.8524,949,393-48.949
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Written Premiums (GWP) 506,527,074590,570,059-14.23
Net Written Premiums (NWP) 442,820,795535,323,688-17.279
Net Incurred Claims 208,312,021205,912,6521.165
Net Profit (Loss) of Policy Holders Investment 3,927,010295,1051,230.716
Profit (Loss) Insurance Operations Minus Policy Holders Investments Revenues (Operations Results) 8,023,8787,797,7832.899
Net Profit (loss) of Shareholders Capital Investment 36,145,29910,252,339252.556
Net Profit (Loss) before Zakat 42,569,78614,031,609203.384
Total Comprehensive Income 34,291,9585,919,792479.276
Total Share Holders Equity (after Deducting Minority Equity) 866,939,831834,712,5903.86
Profit (Loss) per Share 0.440.1
All figures are in (Actual) Saudi Arabia, Riyals

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. Announces Saudi Re Maintains A3 Insurance Financial Strength Rating (IFSR) By Moody’s

Element ListExplanation
Announcement Detail Saudi Re is pleased to announce maintaining A3 Insurance Financial Strength Rating (IFSR) by Moody’s Investor Service, with stable outlook according to the credit opinion announced on 8 July 2019. The A3 IFSR of Saudi Re reflects its: (i) strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer as well as a growing presence in its target markets of Asia, Africa and Lloyd’s, (ii) preferential position in Saudi market due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market, (iii) strong asset quality exemplified by its conservative investment portfolio, (iv) good capital adequacy, both in terms of capital levels, and relatively modest exposure to natural catastrophe risk, and (v) strong financial flexibility with non-existent leverage and good access to capital markets in Saudi Arabia, and broad investor base. The stable rating outlook reflects Moody’s expectation that Saudi Re will maintain its recent improvements in profitability whilst maintaining its strong assets quality, capital adequacy and adequate level of reserves. Maintaining the rating is expected to further strengthen Saudi Re competitive position and support its growth efforts in the international markets.

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces its interim Financial results for the period ending on 2019-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross written premiums (GWP) 424,320,562528,382,355-19.69447,760,556788.433
Net written premiums (NWP) 402,696,533492,309,457-18.20230,528,0251,219.104
Net incurred claims 121,278,747112,501,7817.801102,086,95218.799
Net profit (loss) of policy holders investment 1,927,566-260,186-2,247,558-14.237
Profit (Loss) Insurance Operations minus policy holders investments from operations 2,388,7945,590,423-57.269-67,922-
Net profit (loss) of shareholders capital investment 22,830,6864,650,681390.91-9,759,523-
Net Profit (Loss) before Zakat 24,829,2827,596,181226.865-10,339,372-
Total Comprehensive Income 24,949,3938,777,099184.255-9,297,689-
All figures are in (Actual) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after deducting minority equity) 854,203,077834,580,6372.351
Profit (Loss) per Share 0.310.094
All figures are in (Actual) Saudi Arabia, Riyals
Capital
810,000,000
Element ListExplanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year The reason for the increase in net income for the current quarter versus same quarter last year , was mainly due to increase in Shareholders Net Investments income by 391%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter The reason for the net income for the current quarter versus previous quarter , was mainly due to increase in net shareholders' investments income.
Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation It was mentioned in the auditors' review report that based on their review, nothing

Saudi Re for Cooperative Reinsurance Co

No English translation, kindly refer to the Arabic version

Element ListExplanation
Introduction No English translation, kindly refer to the Arabic version
City and Location of the General Meeting No English translation, kindly refer to the Arabic version
Date of the General Meeting 2019-04-29 Corresponding to 1440-08-24
Time of the General Meeting 20:00
Percentage of Attending Shareholders 20.69 %
Voting Results on the Agenda No English translation, kindly refer to the Arabic version
Additional Information No English translation, kindly refer to the Arabic version

Saudi Re for Cooperative Reinsurance Co

No English translation, kindly refer to the Arabic version

Element ListExplanation
Introduction No English translation, kindly refer to the Arabic version
City and Location of the General Meeting No English translation, kindly refer to the Arabic version
Hyperlink of the meeting location No English translation, kindly refer to the Arabic version
Date of the General Meeting 2019-04-29 Corresponding to 1440-08-24
Time of the General Meeting 19:00
shareholding Eligibility to attend general assembly meeting No English translation, kindly refer to the Arabic version
Quorum as percentage of shareholding No English translation, kindly refer to the Arabic version
General Meeting Agenda No English translation, kindly refer to the Arabic version
E-Vote No English translation, kindly refer to the Arabic version
Additional Information No English translation, kindly refer to the Arabic version
Attached Documents

Saudi Re for Cooperative Reinsurance Co

Saudi Re for Cooperative Reinsurance Co. announces its Annual financial results for the period ending on 2018-12-31

Element ListCurrent YearPrevious Year%Change
Gross written premiums (GWP) 721,604,828942,006,884-23.397
Net written premiums (NWP) 616,896,101636,921,477-3.144
Net incurred claims 404,054,355419,114,217-3.593
Net profit (loss) of policy holders investment 4,936,4806,472,176-23.727
Profit (Loss) Insurance Operations minus policy holders investments from operations 8,773,866-2,829,375-
Net profit (loss) of shareholders capital investment 9,701,59346,503,282-79.137
Net Profit (Loss) before Zakat 13,721,68138,887,885-64.714
Total Comprehensive Income 16,757,87736,926,305-54.618
Total Share Holders Equity (after deducting minority equity) 832,647,873828,792,7980.465
Pre operating expenses (first operation year) ---
Profit (Loss) per Share 0.170.48
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
Reason for increase (decrease) in net profit for current year compared to last year The reason for the decrease in net income for the current year versus last year , was mainly due to a decrease in net shareholders net investments income by 79% due to a decrease in the returns of the global equities and fixed income portfolios , although the increase in net underwriting income by 39% due to increase in net earned premiums by 3% and the decrease in claims incurred by 4% which had a positive impact on the underwriting results.
Type of the external auditor's opinion Unmodified opinion
External auditor's report containing reservation It was mentioned in the auditors' report that "In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2018, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”) as modified by the Saudi Arabian Monetary Authority (“SAMA”) for the accounting of zakat and income tax."
Reclassifications in annual financial results Certain comparative figures have been reclassified to conform to the presentation of current year.
Additional Information The earnings per share have been calculated before Zakat and Tax.

Saudi Re for Cooperative Reinsurance Co

Correction announcement from Saudi Re for Cooperative Reinsurance Co. in regards to the company’s interim Financial results for the period ending on 2018-09-30 ( Nine Months ) announcement.

Element ListExplanation
Date on which the incorrect announcement was published on Tadawul`s website 2018-11-11 Corresponding to 1440-03-03
Subject of the incorrect announcement the company’s interim Financial results for the period ending on 2018-09-30 ( Nine Months ) announcement.
Incorrect statements in the previous announcement .Accumulated Losses 29,467,928 Riyals
Correct Statement The Retained Earnings 29,467,928 Riyals and there are no Accumulated Losses