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Press Release

Saudi Reinsurance Company “Saudi Re” announces the sale of its shareholding in Probitas for GBP 120 million, to focus on other growth opportunities

Saudi Re announces an agreement with UK-headquartered insurance company Aviva Insurance Limited or the sale of Saudi Re’s entire 49.9% stake in Probitas Holdings (Bermuda) Limited including its subsidiaries, for a consideration of GBP 120 million subject to final closing adjustments.

Commenting on the transaction, Fahad Al-Hesni, Managing Director and CEO of Saudi Re, said “We believe the transaction will enable Saudi Re to strengthen its competitive position and reorient our financial resources towards new growth opportunities domestically and internationally.” Al-Hesni further noted that the transaction was agreed on terms very attractive to Saudi Re and creates a substantial shareholder value, generating nearly five times return on the initial investment. As Saudi Re embarks on an ambition growth journey, the proceeds will further reinforce Saudi Re's capital base and provide ample support for future expansion and diversification.

The transaction is subject to customary closing conditions, including regulatory approvals from relevant authorities and is expected to close in mid-2024.


Tadawul Announcement  

Saudi Re 2023 first half results records SR 82 million profits with an increase of 135%

Saudi Reinsurance Company (Saudi Re) has unveiled a robust financial performance for the first half of the current financial year 2023, recording a net profit before Zakat of SAR 82 million compared to SAR 34.8 million last year, with an increase of 135%. The Company’s first half year results also recorded an increase in its gross written premium by 32%, reaching SAR 1.2 billion driven by strong growth in the local market and the international markets.

The six months results underscore improvement in the Company's underwriting as well investment performance with positive contribution from the second quarter. Notably, reinsurance service results leaped by an impressive 397% in contrast to the previous year recording SAR 73 million. Similarly, investment income recorded a profit of SAR 26 million compared to recording loss from the previous period, driven by the reallocation of investment classes and interest rate hikes. Noteworthy, the total shareholders' equity showed a growth of 13%, culminating at SAR 1.094 billion at the close of the period compared to last year period.

Fahad Al-Hesni, the Managing Director and CEO of Saudi Re, stated that the first half result witnessed continued improvement in our performance across the various sectors we operate in, which reflects our effective strategy and efforts to grow profitably and diversify our book  of business while maintaining a solid financial position. He further mentioned that Saudi Re focused on harnessing the opportunities in light of the enhanced credit rating of the Company, the improvements in market conditions and the developments in the regulatory environment.   

 

"Saudi Re" announces the appointment of its Board of Directors Chairman and Vice Chairman

"Saudi Re" announces that it has received on Sunday 15/11/1444 H corresponding to 04/06/2023 the Saudi Central Bank’s no-objection, via e-mail, to appoint the Chairman and Vice-chairman of the Board of Directors for the term of the Board of Directors that began on 11/05/2023 and ends on 10/05/2026 according to the following:

 

First: Appointment of Mr. Abdulltaif Al Fouzan as Chairman of the Board of Directors.

 

Second: Appointment of Mr. Turki Al Sudairy as Vice-Chairman of the Board of Directors.

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