Saudi Re posted net income before Zakat and tax at SR28,951,773 in the last 12 months compared to net loss of SR34,305,879 for the same period the previous year. Net income after zakat and tax is SR8,984,174 compared to net loss SR54,423,325 for the same period previous year. Earnings per share is SR0.290, compared to loss per share of SR0.343 for the same period previous year. Surplus in reinsurance operations, excluding investment income from policyholders' investments, is SR8,636,509 compared to deficit SR37,386,230 for the same period previous year. The gross written premium (GWP) totaled SR245,031,947 compared to SR159,609,384 for the same period previous year, an increase of 54 percent. The net written premiums (NWP) reached SR219,285,679 compared to SR91,533,718 for the same period previous year, an increase of 140 percent. The net claims reached SR92,238,426 compared to SR58,452,018 for the same period previous year, an increase of 58 percent. The net investment income from policyholders' investments hit SR684,266, compared to SR303,091 for the same period previous year, an increase of 126 percent. The net investment income from shareholders' investments totaled SR30,919,199 compared to SR20,978,668 for the same period previous year, an increase of 47 percent. The net income is due to the increase in net earned premium by 190 percent compared with the same period previous year, which had a direct impact in the underwriting results improvement, and the decrease in general and administrative expenses by 5 percent, compared with the same period previous year, Also the net income from the shareholders investments portfolio increased by 47 percent compared with the same period previous year. Fahad Al-Hesni, MD-CEO of Saudi Re, said “Saudi Re efforts to grow and diversify its portfolio have resulted in achieving a growth rate of 54 percent in GWP in 2012 recording SR245.03 million. We remained focused on our technical performance and were able to mark a turnaround from a net loss of SR54.42 million in 2011 to a net profit of SR8.98 in 2012 and a positive EPS of SR0.290 in 2012 compared to a negative EPS of SR0.343 in 2011. The 2012 results clearly reflect the positive performance in underwriting, investment and expense management.” — SG
