Saudi Reinsurance Company (Saudi Re) has reported net profit after Zakat of SAR 32.6 million, up 6% from SAR 30.7 million in the same period a year earlier.
Saudi Re attributed the year on year increase in net profit to balanced performance across its domestic and international markets.
For the first nine months of 2026, net profit after Zakat rose 63% to SAR 194 million, compared with SAR 118.7 million in the same period last year.
Insurance revenue increased 73% to SAR 2 billion, compared with SAR 1.2 billion.
Gross Written Premiums amounted to SAR 3.9 billion, up 50% from SAR 2.6 billion.
During the third quarter, the Saudi Marine Insurance Pool was established, led by Saudi Re under the supervision of the Insurance Authority, with the participation of insurance companies. This national public-private initiative is designed to expand insurance capacity for marine risks, support the continuity of trade and strengthen the Kingdom’s position as a global logistics hub.
The year also saw several key milestones, including the opening of Saudi Re’s branch in India, its second in Asia after Malaysia, and the strengthening of its presence in the Lloyd’s market through a strategic investment in AdA Risk Holding Co. Limited.
Ahmed Al-Jabr, CEO of Saudi Re, said, “This exceptional performance reflects the success of our strategy in delivering strong, profitable and sustainable growth, marked by Gross Written Premiums surpassing the USD 1 billion milestone. It demonstrates the strength and resilience of our business model, as well as our ability to maintain our growth trajectory, achieve our strategic targets, and consolidate our regional leadership.
“We remain agile in responding to evolving market conditions, with a clear focus on meeting our clients’ needs amid geopolitical developments and addressing emerging insurance protection gaps. In this context, we continue to develop innovative solutions that provide additional reinsurance capacity and address the evolving needs of the markets with greater efficiency and flexibility, particularly across marine, aviation, political violence and event cancellation, among other lines of business.”
