The company recorded gross written premium (GWP) of SR920 million ($244.95 million) compared with SR955 million ($254.27 million) in the similar period of the previo.
Saudi Reinsurance Company (Saudi Re) on Sunday announced its financial results for the first half of the current financial year 2022 with improved operating results by 8%
RIYADH: The Saudi Reinsurance Company (Saudi Re) on Thursday announced plans to increase its capital in order to fund its expansion plans.
Saudi Re’s board recommended increasing the company’s capital from SR 810 million ($216 million) to SR 891 million and converting SR 81 million of retained earnings into capital, giving the company an extra SR 162 million to finance its expansion plans.
Fahad Al-Hesni, managing director and CEO of Saudi Re, said in a statement: “The capital increase will strengthen Saudi Re’s capital base and support the expansion plans in the domestic and international markets. The board’s recommendation comes in line with Saudi Re’s effort to generate better returns and create a greater shareholder value.”