The results reflected an improvement in the Company’s technical performance, which was represented by the growth in reinsurance operations surplus by 139 percent compared to last year. The investment performance was affected by the rise in interest rates, and the decline in stock market and fixed income performance. The total shareholders’ equity also grew by the end of the period to $266.17 million, compared to $256.3 million last year, while the company’s technical reserves reached $612.2 million, exceeding the total assets of $1.11 billion by the end of the year.
In his comment on the Company’s financial results in 2022, Fahad Al-Hesni, the Managing Director and CEO of Saudi Re said: “The company continued the growth momentum, improved technical performance, and maintained its business diversification, which supports the company’s competitive position and reflects the progress Saudi Re is making towards achieving its strategic goals, and its vision to be among the top 50 global reinsurance companies.”
Al-Hesni explained that 2022 witnessed positive developments that reinforces the company’s growth potential, including obtaining a credit rating upgrade to A- level from S&P, the enforcement of the Inherent Defects Insurance Program, in addition to the introduction of new legislation that aims at improving the reinsurance premium retention in KSA.
