Saudi Re is back to profits

Saudi Re has posted an after-tax profit of 8.98 million SAR (2.4 million USD) in 2012. Net earned premiums jumped by 190% at 219 million SAR (58 million USD), while gross written premiums grew by 54% at 245 million SAR (65 million USD). During the same year, the net claims increased by 58% at 92.2 million SAR (24.6 million USD), while the overhead expenses fell by 5%. In 2011, the Saudi reinsurer had incurred a net loss of 5.42 million SAR (1.4 million USD).