Saudi Reinsurance (Saudi Re) reported its financial performance for the nine-month period ending Sept. 30, showing significant growth across key metrics compared to the same period last year.
Insurance revenues for the third quarter reached SAR 341.5 million ($91 million), marking a 64.7% increase from SAR 207.3 million ($55 million) in the same quarter last year and a 23.8% rise from SAR 275.7 million ($73.5 million) in the previous quarter.
The result of insurance services, however, showed a loss of SAR 42.2 million ($11.3 million) for the current quarter, a sharp decline from a loss of SAR 3.1 million ($830,000) in the third quarter of 2023.
Net profit from insurance results stood at SAR 53.7 million ($14.3 million), up 87.8% from SAR 28.6 million ($7.6 million) a year earlier, though reflecting a 4.1% drop from SAR 56 million ($14.9 million) in the previous quarter.
Net profits from investment results surged to SAR 389.7 million ($104 million), representing an increase of 2,438.9% from SAR 15.3 million ($4 million) in the same period last year and a 4,111.9% jump from SAR 9.3 million ($2.5 million) in the previous quarter.
Net insurance financing expenses were SAR 19.8 million ($5.3 million) for the current quarter, a 136% increase from SAR 8.4 million ($2.2 million) in the same quarter of 2023 and up 336.8% from SAR 4.5 million ($1.2 million) in the prior quarter.
Net profit attributable to shareholders after zakat reached SAR 399.7 million ($106.6 million), up 1,072.9% from SAR 34.1 million ($9.1 million) a year ago and an 819.1% rise from SAR 43.5 million ($11.6 million) in the previous quarter.
Total comprehensive income for the period was SAR 398.7 million ($106.2 million), marking a 1,172.7% increase from SAR 31.3 million ($8.3 million) in the same quarter last year and a 977.6% rise from SAR 37 million ($9.9 million) in the previous quarter.
For the nine-month period, insurance revenues totaled SAR 824.2 million ($220 million), a 66.8% increase from SAR 494 million ($132 million) in the same period last year. The result of insurance services grew to SAR 144.3 million ($38.5 million), a 31.3% increase year-over-year, while net profit from insurance results reached SAR 140.8 million ($37.5 million), a 39.1% increase.
Net profit from investment results for the nine months rose to SAR 417.3 million ($111.3 million), reflecting a 947.1% increase from SAR 39.8 million ($10.6 million) in the previous year.
Net insurance financing expenses decreased by 11% to SAR 31.2 million ($8.3 million) from SAR 35.1 million ($9.3 million) the year prior. Net profit after zakat attributable to shareholders reached SAR 474.9 million ($126.6 million), representing a 351.3% increase from SAR 105.2 million ($28 million) in the same period of 2023.
Total comprehensive income for the nine months was SAR 468.3 million ($124.8 million), up 332.9% from SAR 108.2 million ($28.9 million) in the previous year.
Shareholders’ equity, after accounting for minority equity, totaled SAR 1.6 billion ($430 million), up 43.5% from SAR 1.1 billion ($300 million) a year ago. The profit per share stood at SAR 5.33, compared to SAR 1.18 in the prior period.
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