Saudi Reinsurance Company · TADAWUL:8200
Saudi Reinsurance — H1 2024 Earnings Presentation
32 slides from Saudi Reinsurance's earnings presentation, 2024
Slide 1: 1st Half 2024 Investor Presentation
1st Half 2024 Investor Presentation Saudi Reinsurance Company TASI 8200 RIC 8200.SE ISIN SA1210540419 Saudi Re IR App : 1 www.saudi-re.com
Slide 2: Value Drivers 1H 2024 At A Glance
Value Drivers 1H 2024 At A Glance NET PROFIT GROSS WRITTEN PREMIUM REINSURANCE REVENUE REINSURANCE SERVICE RESULTS 1H 2024 6% 1H 2024 19% 1H 2024 68% 1H 2024 20% SR 75 million SR 1.46 billion SR 482.69 million SR 87.08 million 1H 2023 – SR 71 million 1H 2023 – SR 1.21billion 1H 2023 – SR 286
Slide 3: Positive Progress of PIF & PHBL Transaction
Positive Progress of PIF & PHBL Transaction Support the Company's growth and strengthen its financial position PIF Transaction Probitas Divestment ▪ The PIF is to subscribe to new cash shares representing a significant ▪ Signed an SPA to sell remaining share of Saudi Re. minority in Saudi Re, issued
Slide 4: Strategic Partnership with PIF
Strategic Partnership with PIF: Signing of a SSA with PIF • New Capital: Increased from SAR 891m to SAR 1.158bn through the issuance of Initial non-binding MoU with PIF 26.73m new shares. • MoU Duration: 3 months • Share Details: Each share is valued at SAR • PIF Investment: Subscription to 10, with
Slide 5: Sale of Saudi Re Share in Probitas at GBP 123 M, 6x Return
Sale of Saudi Re Share in Probitas at GBP 123 M, 6x Return on Initial Investment Enabling Development of New Growth Opportunities Deal Summary Deal Value Sale of 49.9% of Saudi Re's share, including management’s stake, to Aviva ▪ Shareholder value created: Insurance Limited. ̶ 6x Return on initial i
Slide 6: 2028 Strategy
2028 Strategy 6 www.saudi-re.com
Slide 7: 2028 Strategy & Sustainable Performance
2028 Strategy & Sustainable Performance Strategy Sustainable Performance ▪ Developed a new Strategy Towards 2028, in light of the recent ▪ Demonstrating robust growth, GWP recorded a 16% 5-year CAGR, reaching developments. SAR 1.46 billion in the first half of 2024 passing 2023 GWP. ▪ Clear roadmap
Slide 8: Strategy Towards 2028
Strategy Towards 2028 To evolve into a large and diversified reinsurer Vision contributing to the growth of our economy aiming to be ranked among the top 50 global reinsurers ▪ Becoming a prominent ▪ Supporting Saudi vision 2030, exporter of reinsurance strengthening and de-risking businesses Mainta
Slide 9: Sustainable Track Record of Profitable Growth
Sustainable Track Record of Profitable Growth Gross Written Premium SR ‘M 2019 - 2023 CAGR 16% 1,597 19% 1,445 1,403 1,115 1,217 935 783 771 788 716 482 596 322 346 588 633 615 814 620 729 470 - 2019 2020 2021 2022 2023 1H 2023 1H 2024 International KSA Net Profit After Zakat SAR M Reinsurance Ser
Slide 10: Financial Performance
Financial Performance 10 www.saudi-re.com
Slide 11: Income Statement
Income Statement SAR Million Income Statement Q2-24 Q2-23 % 1H-24 1H-23 % Reinsurance revenue 275.75 157.34 75% 482.69 286.63 68% Reinsurance expenses -176.88 -49.03 261% -296.19 -173.54 71% Net income / (expenses) from retrocession -42.88 -46.18 -7% -99.42 -40.50 146% 482.69 REINSURANCE Reinsurance
Slide 12: Key Ratios
Key Ratios Q2-24 Q2-23 +/- 24YTD 23YTD +/- Key Ratios Net UW Exp 79.7% 60.5% 19% 82.0% 74.7% 7% Non attributable G&A Ratio 1.8% 6.4% -5% 2.4% 5.6% -3% Net Combined Ratio 81.4% 66.9% 15% 84.3% 80.3% 4% Finance Expense/(Income) Ratio 1.6% 11.5% -10% 2.4% 9.3% -7% Total Combined Ratio 83.1% 78.4% 5% 86
Slide 13: GWP per LOB and GEO
GWP per LOB and GEO SAR Million 19% 1446 1217 4% 416 400 13% 64% 24YTD 268 237 14% 113% 170 199 236 32% 28% 77% 20% 75% 23YTD 144 130 61 74 56 65 51 48 27 32 40 7 4 Total I.D.I Fire Special Risk Others Engineering General Marine MOTOR Health Protection Accident 19% 1446 1217
Slide 14: Reinsurance Results per LOB and GEO
Reinsurance Results per LOB and GEO SAR Million 59.0 21.8 23.8 8.5 6.8 7.2 9.8 8.8 8.9 7.0 8.5 5.0 4.2 FY24 3.9 1.5 FY23 -0.1 -3.5 -0.2 -15.3 -6.1 Engineering FIRE Marine General Speciality Others Motor Protection Health I.D.I Accident 61.7 40.0 20.4 23.4 14.2 14.5 6.9 1.4 6.2 FY24 FY23 -30.4 KSA Mi
Slide 15: Investment Performance
Investment Performance 15 www.saudi-re.com
Slide 16: Investments 1st Half 2024
Investments 1st Half 2024 Quality Investment Assets and Robust Returns Shareholders’ Funds Policyholders’ Funds Total Portfolio (SAR Mn.) Total Portfolio (SAR Mn.) 900 1200 759.44 779.05 1012.91 1006.60 800 920.2 932.9 46 46 1000 870 700 642.77 824 208.99 211.34 163.9 156.8 560.2 800 147 8.30 8.02 6
Slide 17: Investments 1st Half 2024
Investments 1st Half 2024 Quality Investment Assets and Robust Returns Total Investments (SAR Mn.) 2,000.00 1,772.35 1,785.65 1,800.00 1,575.66 208.99 211.34 1,600.00 1,480.40 8.02 0 8.30 0 156.8 1,400.00 1,240.00 163.9 50.53 0 383.49 383.49 1,161.50 91.6 1,200.00 0 147 126.5 0 540.66 1,000.00 20.4
Slide 18: Investment Maturity 1st Half 2024
Investment Maturity 1st Half 2024 Flexible and Diversified Profile Policyholders Investments Shareholder Investments Total Investments Daily Liquidity Listed Equity, 1% Listed (incl cash), Daily Equity, 0.4% Daily Liquidity (incl 6-10 yrs, 0.0% 0.9% >10 yrs, >10 yrs, 0% Liquidity (incl cash), 5.9% c
Slide 19: Supplementary
Supplementary 19 www.saudi-re.com
Slide 20: Saudi Re Profile
Saudi Re Profile 1st Saudi 2008 Established 891 SAR Mn. A- Rating by Reinsurer Capital S&P Head Office 300+ Clients Riyadh Branch 40+ Countries 51% International B2B Malaysia Business 20 www.saudi-re.com
Slide 21: Board of Directors
Board of Directors Mr Abdullatif Al Fouzan Mr Turki Al Sudairy Mr Ahmed M. Sabbagh Mr Abdulaziz Al Bassam Mr Abdulrahman Al Jalal Chairman of The Board Vice Chairman of The Board Member of the Board Member of the Board Member of the Board Mrs Kubra Shahabi Eng Abdulaziz Al Shiekh Mr Mosa bin Akresh
Slide 22: Executive Management
Executive Management Mr Ahmed Al Jabr Mr Waleed bin Ateeq Mr Fadi Al Qutub Chief Investment Officer Acting Chief Executive Officer Chief Financial Officer Mr Fadi joined Saudi Re in 2019 and Mr Al-Jabr joined the Company in Mr Waleed is a CFA Charter holder with a previously held several positions i
Slide 23: Executive Management
Executive Management Mr Isa Ebrahim Ali Mr Ahmed Al Qarishi Mrs Dana Barhoumeh Chief Strategy & Technology Officer Chief Underwriting Officer Chief Actuary Mr. Isa joined the company in 2009 Appointed in 2022, Mr Ahmed joined Ms Dana joined Saudi Re in 2023, and has over 20 years of experience the C
Slide 24: Saudi Re Growth Journey
Saudi Re Growth Journey Moody’s assigns Saudi Re its insurance financial Acquired 49.9% of the shares of Probitas strength rating of A3, with stable outlook; Holdings (Bermuda) Limited, which invests indicating robust asset quality with a in Probitas Syndicate 1492, a syndicate of conservative inves
Slide 25: Market Recognition
Market Recognition ▪ Saudi Re took third place for Best IR Reporting in ▪ In 2023, Saudi Re was recognized as General Reinsurance Company of the Year, for the third the Digital Category, at the 2023 Middle East consecutive year. Investor Relations Association (MEIRA) Awards. ▪ Ranked 15th for ESG pe
Slide 26: Financial Strength Rating
Financial Strength Rating Reflecting Competitive Advantages and Solid Financial Position A- Stable A3 Positive S&P noted that Saudi Re has continued to strengthen its The A3 IFSR of Saudi Re reflects its: competitive position via profitable business growth and diversification in recent years, thanks
Slide 27: Saudi Re Geo Presence
Saudi Re Geo Presence International Expansion & Diversification 01 40+ Markets UK 16 Asia Serving clients in Bangladesh 40+ countries in Brunei MENA, Asia and Cambodia China Africa 19 India Indonesia Africa Kazakhstan Malaysia Pakistan Algeria Botswana 09 Philippines Singapore Cameroon Middle East S
Slide 28: Shariyah Compliant
Shariyah Compliant Shariyah Review Bureau Certificate # SRE-1567-01-01-04-20-03 28 www.saudi-re.com
Slide 29: Sustainability Framework
Sustainability Framework NATIONAL CONTRIBUTION PEOPLE AND COMMUNITY CARE 1 Contribute to Saudi Vision 2030 ▪ Saudi Re 2 Carry out sustainable procurement sustainability 14 Develop talent of workforce and sector framework has been 15 Create a diverse and inclusive work developed in line environment w
Slide 30: Saudi Re's Sustainability Report and ESG Scoring
Saudi Re’s Sustainability Report and ESG Scoring Company Sector Rank FY2023 Saudi Telecom Co. Telecommunication 1 Almarai Company Food and Beverages 2 Saudi Arabian Oil Co. Energy 3 Saudi Electricity Company Utilities 3 Saudi Basic Industries Corp. Chemicals 5 Mobile Telecommunications Company Saudi
Slide 31: Disclaimer
Disclaimer This presentation has been prepared by the management of This presentation may include forward-looking statements that presentation or any change in the Company's expectations or Saudi Reinsurance Co “Saudi Re” (“The Company”). It does not reflect the Company's intentions, beliefs or curr
Slide 32: Thank You!
Thank You! Investor Relations Department: Invest@saudi-re.com +966 11 510 2000 Ext: 181 Saudi Re Director’s Report 2023 32 www.saudi-re.com
Saudi Reinsurance Company — H1 2024 Earnings Presentation on 6ix