RIYADH — Saudi Reinsurance Company (Saudi Re), listed on the Saudi Exchange Market (TASI), recorded a net profit before Zakat of SR42.6 million in the six-month period ending June 30, 2019, an increase of 203 per cent from SR14.0 million in the same period last year.

The company achieved growth in operating results (the results of reinsurance operations) amounted to 2.9% in the first half of this year by SR8.0 million compared to SR7.8 million for the same period in the previous year. Moreover, the net profit of investments amounted to SR40.0 million in the first half compared to SR10.5 million for the same period in the previous year, with an increase of 280 %.

The total shareholders’ equity amounted to SR867 million for the first half, with an increase of 4% compared to the end of 2018, and the dividends of the current period amounted to SR0.44, compared to SR0.1 for the same period in the previous year.

As for the results of Q2 of this year, the company achieved growth by 176% as the before Zakat net profit rose to SR17.7 million compared to SR6.4 million for the same quarter of the previous year.

"Saudi Re" attributed the increase in net profits mainly to the decrease of net incurred claims, which had positive impact on the underwriting results, in addition to the increase in net investment income.

The shareholding of foreign investors in Saudi Re increased by more than 60% since the Saudi Stock Exchange has joined MSCI Emerging Market Index in its early phase, to reach 5.5%. Saudi Re has recently announced that it had maintained its A3 financial strength rating by Moody’s.

Fahad Al-Hesni, Managing Director and Chief Executive Officer of Saudi Reinsurance Company, emphasized that the company's positive performance during the first half of this year is a reflection of its effective business model and endeavors to improve the financial and operational performance and maximize the shareholders’ value. — SG