Saudi Re: strong performance in 2024

Saudi Re closed the 2024 financial year with insurance revenue of 1.2 billion SAR (319.3 million USD), up by 80.16% over one year. Written premiums rose by 48% to 2.36 billion SAR (628 million USD).

Net profit after zakat (Islamic tax) reached 475 million SAR (126.4 million USD) against 124.5 million SAR (33.2 million USD) in 2023, reflecting a 281.5% growth.

Net investment income climbed by 629% to 440 million SAR (117.1 million USD). This exceptional performance was mainly attributable to the finalization of Saudi Re's sale of its stake in Probitas Holdings (Bermuda).

The company's shareholders' equity stood at 1.6 billion SAR (425.7 million USD) at end-December 2024.