Saudi Re’s FY2019 financials reflect improved investment portfolio: CEO

Saudi Re For Cooperative Reinsurance Co.’s (Saudi Re) financial earnings for the fiscal year 2019 reflect improved underwriting procedures, pricing and operating activities procedures in addition to improved investment performance, CEO and managing director Fahad Al Hesni said in a statement to Argaam.

Al Hesni added that the company was able to boost its presence in the global markets, dominating around 60% of its insurance portfolio.

He also pointed out that the growing international presence supports diversification, balance and assists in achieving sustainable returns.

According to data compiled by Argaam, the insurer reported a net profit before Zakat of SAR 59.3 million for FY2019, up by more than four-fold year-on-year (YoY).