Riyadh –  Moody's Investors Service (Moody's) has affirmed the A3 Insurance Financial Strength Rating (IFSR) and the A1.sa national scale IFSR of Saudi Reinsurance Company (Saudi Re), with a stable outlook.

Affirming the company's ratings reflect its strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer and a growing presence in its target markets of Asia, Africa, and Lloyd's, according to a recent press release.

Meanwhile, the company has strong asset quality exemplified by its conservative investment portfolio, good capital adequacy, and strong financial flexibility.

Meanwhile, the stable outlook shows Moody's expectation that Saudi Re would maintain its strong balance sheet and track record of underwriting discipline and ensure risk management while pursuing growth opportunities.

It is noteworthy to mention that in the first quarter (Q1) of 2022, the net profits before Zakat of Saudi Re rose by 3.95% to SAR 19.58 million, compared to AED 18.83 million in the year-ago period.

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