Saudi Reinsurance Company, known as Saudi Re, said its net profit rose 63% to SR194.16 million in the first nine months of 2026 from SR118.77 million a year earlier, helped by a 73% increase in reinsurance revenue, according to its results reported by Argaam on Sunday.
Profit for the third quarter rose about 6% to SR32.6 million ($8.69 million) from the same quarter of 2025, as reinsurance revenue for the quarter climbed 77% and other operating expenses fell 54%.
Gross written reinsurance premiums reached SR3.926 billion in the nine months, up 50% from SR2.619 billion a year earlier, the company said.
The company attributed the nine-month increase to the expansion of its business under its strategy, an 18% drop in other operating expenses, a 34% decline in net insurance finance expenses and a one-off reversal of SR53.5 million from its accumulated surplus.
Third-quarter profit was lower than in the second quarter, when results included that one-off reversal. Saudi Re also cited a 14% drop in net reinsurance results and a 21% fall in net investment income from the previous quarter.
Shareholders’ equity stood at SR2.387 billion at the end of the period, compared with SR2.161 billion a year earlier. The auditor issued an unmodified opinion.
