Riyadh, KSA: Massive Media: Saudi Reinsurance Company "Saudi Re" has completed all procedures for the sale of its entire 49.9% stake in Probitas Holdings (Bermuda) to Aviva Insurance Limited for £123 million.

On this occasion, Ahmad Al-Jabr, Acting CEO of "Saudi Re" stated: "This transaction aims to enhance the company's competitive position and financial position, enabling it to redirect investments to develop growth opportunities in both local and international markets." He added, "The transaction offered attractive terms, and the proceeds from the sale will strengthen the company's capital base and increase its solvency margin. This will create significant value for shareholders, generating a return more than five times the initial investment."

The company announced on the Tadawul website that the deal would support its growth and financial position, having a positive impact on its financial statements in the third quarter of the 2024 financial year. It noted that the book value of the asset as of the first quarter of 2024 was SAR 211 million.