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Saudi Reinsurance Company "Saudi Re" announces its rating upgrade by Moody’s to A2 Insurance Financial Strength Rating (IFSR) with a stable outlook
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| Announcement Detail | Saudi Reinsurance Company "Saudi Re" announces its rating upgrade by Moody’s from A3 to A2 Insurance Financial Strength Rating (IFSR) with a stable outlook. As per Moody’s press release dated 23 April 2025, the rating upgrade of Saudi Re reflects the following: • Strengthened business and financial profiles following Saudi Arabia's Public Investment Fund’s acquisition of a significant minority stake in Saudi Re and the implementation of enhanced domestic cession regulations, which Saudi Re is well positioned to take advantage of to support its market position and growth prospects in Saudi Arabia. • The expectation that Saudi Re will continue to benefit from ongoing growth and diversification of the Saudi economy and government initiatives aimed at fostering growth in the local insurance industry. • Despite potential challenges arising from macroeconomic uncertainty and financial markets volatility, Moody’s expects Saudi Re's profitability to remain good over the next 12-18 months, supported by both underwriting performance and investment returns. Saudi Re’s good geographical mix along with the development of new products will positively contribute to the continued diversification, mitigating potential challenges. • The stable outlook reflects Moody’s expectation that Saudi Re's will maintain good underwriting discipline and profitability, while simultaneously keeping strong capital adequacy and assets quality. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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