(Dubai/Riyadh): Saudi Reinsurance Company (Saudi Re) announced that SIMAH Rating Agency (Tassnief) affirmed its Insurance Financial Strength Rating (IFSR) at “AA+” with a stable outlook.
The AA+ rating is indicative of a very high prospect of meeting policyholder liabilities and minute risk factors, in addition to diversified business profile and sound enterprise risk management.
“We are pleased to have retained our rating with Tassnief acknowledging our low-risk profile, strong balance sheet strength and improving operating performance,” said Fahad Al-Hesni, Managing Director and CEO of Saudi Re.
“The ratings further reflect our strong corporate governance framework, sound risk management practices, as well as the enhanced focus on sustainability efforts along with development and implementation of measurable environment, social, and governance (ESG) goals,” Fahad stated.
Tassnief took into consideration Saudi Re’s increasing market share in the current year, strong brand strength and competitive advantages in the domestic market, as well as diversified operations with an increasing presence in its target markets of Asia, Africa and Lloyd’s.
The financial risk profile assessment incorporated strong risk-adjusted capitalization indicators as evident from healthy solvency buffers, leverage free balance sheet and access to capital markets with the ability to raise funds if needed.
Saudi Re’s focus on underwriting selection and discipline translated into improving underwriting performance, which needs to strengthened and sustained, according to Tassnief.
The Saudi Exchange (Tadawul)-listed reinsurer posted a net income of SAR 37.6 million for the first nine months of 2021, up 50% from SAR 25.1 million in the prior-year period, while Gross written premium (GWP) surged by 29.8% to SAR 1.11 billion during the period.
Saudi Re is a leading reinsurance company in the MENA region, providing risk transfer solutions to insurance companies in more than 40 markets. The company offers treaty and facultative reinsurance solutions in engineering, property, marine, casualty, motor, life and health.
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