Saudi Re’s net profit jumps 212%

Saudi Arabia-based reinsurer Saudi Re for Cooperative Reinsurance Co.’s pre-tax net profit surged by more than 212% year-on-year to 35.7 million Saudi Arabian riyals ($9.5 million) in the third quarter of the year, driven by 290% jump in reinsurance business, Middle East Insurance Review reported. For the first nine months, the reinsurer’s gross written premiums increased 7.5% year-on-year to SAR1.1 billion.