Riyadh headquartered reinsurance company, Saudi Re, generated net profit after Zakat of SAR 115 million (USD 30.7m) in the second quarter of 2026, a year-on-year increase of a significant 118% from SAR 53 million (USD 14.2m) last year, driven by continued growth across the business.
Over the past year, Saudi Re continued to expand across multiple business lines locally and globally, leading to a 71% year-on-year rise in revenues to SAR 1.3 billion (USD 347m) for the first half of 2026.
Net profit for the six month period rose 84% year-on-year to SAR 162 million (USD 43.3m), as gross written premiums hit SAR 3.3 billion (USD 882m), an increase of 58% on the prior year’s SAR 2.1 billion (USD 561m).
Ahmed Al-Jabr, CEO of Saudi Re, said: “These results demonstrate our ability to consistently deliver profitable and sustainable growth, supported by our continued investment in strengthening our institutional and technical capabilities, which has enabled the Company to achieve exceptional growth in both revenue and profitability compared to the same period last year.
“Our focus remains on executing strategic initiatives that strengthen our capabilities, enhance our competitive position, and support the development of a diversified, high-quality portfolio, underpinned by disciplined underwriting and prudent risk management.”
The reinsurer operates in more than 40 markets across the Middle East, Asia, and Africa, and during the first half of this year, achieved a number of important, strategic milestones. This includes the establishment of a branch in India’s Gujarat International Finance Tec-City (GIFT City), and approval to acquire a 22.5% equity stake in UK-based AdA Risk Holding Co Limited, strengthening its Lloyd’s presence.
