Saudi Re has reported a net profit after zakat attributable to shareholders of SAR 35.4 million for Q1 2025, up from SAR 31.8 million in the same period last year.
The company attributed the increase in net profit primarily to a 56% rise in reinsurance revenue, a 28% growth in net profit from reinsurance operations, and a 74% increase in investment income.
Insurance revenue for Q1 2025 rose to SAR 323.4 million, compared to SAR 206.9 million in Q1 2024.
This growth aligns with Saudi Re’s strategic expansion and business development plans.
The strong start to 2025 continues the momentum from last year, when the firm reported a net profit after zakat of SAR 475 million for the full year, marking a 282% increase over 2023, driven by improved underwriting performance.
In 2024, the reinsurer’s underwriting results improved significantly, with net reinsurance results up 19% year-on-year.
Additionally, gross written premiums rose by 48% to SAR 2.36 billion, supported by broad-based growth across both domestic and international markets.
