Saudi Reinsurance Company has posted a net profit before Zakat (a religious obligation for all Muslims who meet the necessary criteria of wealth), of SAR 42.6 million (USD 11.3 million) for the first half of 2019.
This figure represents a 203% increase from the SAR 14 million in the same period last year.
The firm also achieved a 2.9% growth in its reinsurance operating results, representing SAR 8 million compared to SAR 7.8 million for the same period in the previous year.
Net profit of investments amounted to SAR 40 million in the first half compared to SAR 10.5 million for the same period in the previous year, an increase of 280%.
In regards to Q2, the company achieved 176% growth before Zakat and an increased net profit of SAR 17.7 million against the SAR 6.4 million posted for the prior year quarter.
Saudi Re attributed this increase in net profits primarily to a decrease of net incurred claims, resulting in a positive impact on the underwriting results, in addition to the increase in net investment income.
Fahad Al-Hesni, Managing Director and Chief Executive Officer of Saudi Reinsurance Company, highlighted the Company’s positive performance during the first half of this year as a reflection of its effective business model.
