#1Q3 Investor Presentation Saudi Reinsurance Company TASI 8200 RIC 8200.SE ISIN SA1210540419 Saudi Re IR App: IOS, Android Public إعادة Saudi Re#2www.Saudi-re.com بتاريخ Reinsurance Company of the Year Saudi Re 8TH MIDDLE EAST INS AWARDS 2021 REINSURANCE COMPANY OF THE YEAR Public Saudi Reinsurance Company Regulated by Saudi Central Bank إعادة Saudi Re#33 Disclaimer إعادة Saudi Re This presentation has been prepared by the management of Saudi Reinsurance Co "Saudi Re" ("The Company"). It does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The information included in this presentation has been provided to you solely for your information and background and is subject to updating, completion, revision and amendment and such information may change materially. Unless required by applicable law or regulation, no person is under any obligation to update or keep current the information contained in this presentation and any opinions expressed in relation thereto are subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein. Neither the Company nor any other person accepts any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents. This presentation may include forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, performance, growth, strategies and the industry. These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company's actual results of operations, financial condition, liquidity, performance, prospects, growth or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's results of operations, financial condition, liquidity and growth and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company and each of its directors, officers and employees expressly disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking statements in this presentation or any change in the Company's expectations or any change in events, conditions or circumstances on which these forward- looking statements are based, except as required by applicable law or regulation. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. This document and any materials distributed in connection with this document are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Public www.saudi-re.com#40 000 0000000000 ....00000000 000000000 Profile and Strategic Direction Public 1000 0000 00 إعادة Saudi Re#55 Saudi Re Profile 1st Saudi Reinsurer Established 2008 SAR 891M Capital إعادة Saudi Re A A3 Rating by Moody's +300 Clients - B2B +100 Employees +40 Countries 56% International Business Ranks 3# Among Middle East Reinsurers HO: Riyadh Branch: Malaysia Public www.saudi-re.com#6Board of Directors Rich & Diversified Experiences إعادة Saudi Re 6 Hesham Al Shaikh, Chairman (2011) • 25+ years in financial services • Served as Vice President of Arab National Bank, and BoD member in in Samba Bank and AlJazirah Bank • BoD member in Ashmore Investments and Probitas Holding Bermuda Jean-Luc Gourgeon, Member of the Board (2011) • 25+ years of global reinsurance experience • Served as the European General Manager at Everest Re (UK), and CEO of Paris Re (France) and Group CUO • BoD member Probitas Holding Bermuda Marc Maupoux, Member of the Board (2020) • 25+ years of experience in the global reinsurance market and actuarial practice • Served as CEO of Exin Re, (Zurich), and SVP Head of Property and Engineering Worldwide in Axis Re Europe, (Zurich) Mishari Al Mishari, Vice Chairman (2009) • 30+ years in financial services Served as CEO of AlJazirah Bank, and aa BoD member of SAIB, Saudi Fund for Development, • BoD member in the Hana Food Co, and Durub Elm Co. Mohd Al-Otaibi, Member of the Board (2017) • 33+ years of experience in • the financial and investment industry Served as CFO of Bahri (KSA), and Chairman of, National Gas Co. • BoD member in Riyadh Bank Eng. Hussam AlSuwailem, Member of the Board (2020) • 10+ years of the banking and asset management • Worked in various positons in Samba, NCB and Riyadh Bank in addition to Salik (subsidiary of PIF) Public Ahmed M. Sabbagh, Member of the Board (2008) • 40+ years in KSA insurance sector • Former Founder and General Manager, Islamic Insurance Company of Jordan, and served as President od the International Federation of Takaful Insurance Companies and a BoD member in The Tunisian Takaful Co and Aman Takaful Co (Lebanon) Dr. Peter Hugger, Member of the Board (2020) • 30+ years of experience in the global reinsurance market (Europe, Middle East, Asia and Latin America) Served as CEO of Echo Re (Zurich), and Senior Executive Vice President and CUO of ACR (Singapore) Fahad Al-Hesni, Managing Director/CEO (2011) • 25+ years of insurance experience across underwriting, claims, and reinsurance • BoD member Probitas Holding Bermuda www.saudi-re.com#77 Executive Management Sound Industry Knowledge إعادة Saudi Re Nilmin Pieries Chief Financial Officer & Board Secretary (2010) • 30+ in accounting, finance, investment, and risk management • Worked in in Insurance and Reinsurance Companies • MBA from Nottingham University Associate of the Chartered Institute of Management Accountants, CIMA UK Abdelfattah Chami Chief Underwriting Officer (2019) 20+ in the reinsurance management field with specialty in the MENA region ⚫ Joined Saudi Re as Head of Non-Life Underwriting in in Sep 2018 Previously served Head of Treaty at Gulf Re, Dubai and Senior Underwriter in Hannover Re, Germany ⚫Holds an Insurance Diploma from Institut fuer Wirtschaft Ahmed Al-Jabr Chief Operating Officer (2011) • 20+ of experience in the KSA insurance sector with focus on strategy management, HR, and business development • Served as GM Strategy and GM HR & Support Services in Tawuniya • MBA from Bradford University in the UK Ahmad Al-Qarishi Chief Risk Officer & Chief Actuary (2014) 14 +in Banking and Insurance supervision, risk management and actuarial practice •Worked previously as a supervisor in SAMA • MA in actuarial science from Ball State University in USA ⚫ First GCC national to earn fellowship from the Society of Actuaries in USA (FSA) Fadi Al-Qutub Chief Investment Officer (2019) . 20+ in the investment and portfolio management fields. Previously served as CIO and Head of Asset mgmt. in Al Istithmar Capital, Al Bilad Investment Company, and SHUAA Capital Saudi Arabia. Bsc. and Diploma in Management and Finance from the University of Bahrain. • CEFA from FSA UK, International Diploma in financial services, CWM and CHP from AAFM. Public www.saudi-re.com#88 Strategic Direction Focus On Delivering Value To Stakeholders Strategic Pillars 1 Scale " Achieve economic scale Earnings and capital base resilient to loss events 2 Diversification 3 Capabilities 4 Relationship 5 Financial Soundness " Geographic spread: across region Risk type spread: across different underwriting classes Markets إعادة Saudi Re Home Market: KSA & Middle East Asian Market ■ Technical and risk management capabilities Technological and operational capabilities Human capital Strong relationships with cedants, brokers, partners and regulators Strong corporate brand Sustainable technical profitability Capital adequacy Favorable investment returns International via LLOYD'S Lloyd's, CIS Products Non-Life P&C, Treaty & FAC Life & Health Treaty & FAC Public www.saudi-re.com#9Saudi Re Future Growth Leveraging Competitive Advantage in Home Market to Grow and Diversify Internationally Saudi Re as the National Reinsurer Expansion in Middle East & Asia إعادة Saudi Re Leverage competitive advantage in home market Support local market retention and capitalize on potential growth in the Kingdom ■ Sustainable Local long term growth- Inherent Defects Insurance (IDI) ■ Continue expansion in target high growth market in the Middle East and Asia ■ Benefits from brand and cooperative model LLOYD'S International Expansion via Lloyd's Writing business from Lloyds market ■ 49.9% Ownership in Probitas Holding Bermuda 9 Public www.saudi-re.com#1010 Strategic Milestones Steady Growth Trajectory Reached 1B Premiums Lloyd's Participation A3 Rating Investing In Lloyds Probitas Holdings Exclusive Reinsurance Right For IDI insurance 60% International Business Enhanced Reserves First Branch outside KSA (Malaysia) Expanded in MENA Expanded in Asia Restructuring IPO BBB+ إعادة Saudi Re Capital Increase By 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Start Up Building Capability Regional Building Scale Public International Diversification 10% www.saudi-re.com#11000 0 000 0000000000.. 00000000s. 000000000 Performance 00000 0.00000 Public 0000000 1000 0000 00 إعادة Saudi Re#1212 Key Developments Saudi Re is well-positioned to benefit from favourable market conditions إعادة Saudi Re Saudi Re Capital Increase by 10% Through Bonus Shares to SR 891 M Shareholders Equity SAR 960 M Affirmation of Rating A3 by Moody's (Global) and A1.sa(National). 9M 2021: ▪ +36.5 % Net Profit Before Named "Reinsurance Company of Zakat: SR 47.9 M the Year 2021" 9M 2021: ■ +29.8% GWP Growth: ■ Highest on record GWP: SR 1,114 M 9M 2021: Net UW Results +30% SR 61M By MIIA Major Contract : SR 177 M Probitas Corporate Capital Ltd • SR 130 M Medgulf Implementing IFRS 17 Final Phase to meet Q1, 2023 Deadline Market Signs for market hardening globally as a reaction to losses e.g. Covid 19, which can affect capacity deployment and increase reinsurance pricing. ■ Local market indicates new trend in new lines and compulsory insurance enforcement, e.g. Motor TPL, Inherent Defects, Employers Default Liability, Event Cancelation Liability, Drones Liability, Covid-19 Covid-19 Travel Insurance, and Domestic Helpers Insurance, Third Party Liability on High Risks and Crowded Sites, Self Driven Motor Insurance ■ Approval of the classifications of risks which will be mandated to have a third party liability on properties ■ Amendment of Cooperative Insurance Control Law. Public www.saudi-re.com#13Portfolio Overview Diversified Growth Gross Written Premium (GWP) إعادة Saudi Re Portfolio Mix - Line of Business, 9 months 2021 SAR, MM 1,114 986 935 942 Others 12% 805 792 490 721 346 556 507 Speciality 16% 702 322 420 519 288 279 245 160 221 588 624 107 3 52 435 433 470 51 147 277 285 283 124 198 Health 16% 43 86 98 36 Protection 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 4% 2021 General Accident 4% ■International KSA Total Assets 2,195 2,081 1,932 1,730 1,129 1,196 1,256 1,287 1,036 2,808 2,629 2,654 2,459 Engineering 7% Motor 9% Fire 22% Marine 10% Portfolio Mix - Geographical,, 9 months 2021 3,359 Other 16% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 2021 13 Public Asia 29% KSA 44% Africa ME 3% 8% www.saudi-re.com#1414 Year on Year Comparison Sustainable profitability over 5 years إعادة Saudi Re SAR'000 30-Sep-21 31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16 Gross premiums written 1,114,292 Net premiums written 996,571 Net premiums earned 633,735 Net Claims (418,769) 935,114 792,848 772,639 646,605 647,121 642,535 (391,980) (417,070) (404,054) 721,605 942,007 985,510 616,896 636,921 938,184 613,615 595,833 1,131,098 (19,114) (908,631) Premium Deficiency reserve 0 Net Acquisition Costs (153,852) (185,992) (158,221) (158,001) (139,578) (166,638) Net underwriting results 61,113 69,149 67,244 51,560 37,141 55,829 Policyholder net investment income Other income 2,601 3,674 9,139 4,936 5,397 4,212 832 228 4 1,075 922 Underwriting - General and administrative expenses (38,800) (38,729) (41,203) (42,788) (39,970) (49,933) Net surplus/(deficit) from reinsurance operations 25,746 34,322 35,179 13,713 3,643 11,030 Shareholder net investment income Other income Shareholders' - General and administrative expenses Net income/(Loss) for the period Zakat & Tax Provision 33,824 33,765 36,341 9,702 46,465 19,964 125 6,485 1,000.00 904.85 0 (9224) (10,447) (9,684) (9,224) (10,856) (11,427) 50,471 64,124 62,836 15,095 39,252 19,567 (10,337) (14,774) (13,873) (12,865) (13,434) (15,300) Other comprehensive loss (988) 2,191 (3,021) 3,036 (1,962) 0 Policyholder surplus transfer Total comprehensive (Loss)/Income - Shareholders (2,575) (3,432) (3,518) (1,371) (364) (1,103) 36,571 48,109 42,423 3,895 23,492 3,164 Public www.saudi-re.com#15Key Operational Ratios Improved Performance Track Record إعادة Saudi Re 2021 2020 2019 2018 2017 2016 30-Sep-21 31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16 Premium Growth 30% 18% 10% -23% -4% 22% Retention Ratio 89% 83% 82% 85% 68% 95% Net Claims Ratio 66.1% 61% 65% 66% 70% 80% Net Acquisition cost ratio 24.3% 29% 25% 26% 23% 15% Technical Ratio 90.4% 89% 90% 92% 94% 95% G&A Expense Ratio 7.6% 8% 8% 8% 9% 5% Combined Ratio 97.9% 97% 97% 100% 102% 100% 15 Public www.saudi-re.com#16Investments Composition Comparison and Performance Breakdown Shareholders' Funds Total Portfolio (SAR m) Policyholders' Funds Total Portfolio (SAR m) إعادة Saudi Re 905 874 870 821 824 370 163.21 143 147 338 122 126.5 295 0 57 204 70 92.55 0 241 104 68 174 317 54 388.23 300 445 53 261 125 2017 2018 370 337.7 502.9 406 241 261 188 2019 2020 2021 2017 2018 2019 2020 ■Money Market Fixed Income Global Equities GCC/Saudi Equities Others Money Market Fixed Income Return Sept 2021 SAR (000,) % Return Sept 2021 SAR (000') % Probitas 16,373 13.06 Fixed Income 0 0.00 RE 368 1.42 GCC/Saudi Equity 2,795 6.80 Global Equity 0 0 Money Market 3,035 0.77 Fixed Income 9,373 2.68 Money Market 5,085 1.40 Total 3,035 0.77 Total 33,751 3.80 16 Public 521.63 10.12 511.51 2021 www.saudi-re.com#1717 Investment Maturity Profile 3Q 2021 Policyholders Investments <12M, 19.4% Daily Liquidity (incl cash), 78.7% Total Investments >10 yrs#, 9.6% 6-10 yrs, 3.0% 1-5 yrs*, 25.1% Shareholders Investments >10 yrs#, 15% 6-10 yrs, 4.7% 1-5 yrs*, 38.4% Daily Liquidity (incl cash), 42.4% Public <12M, 13.5% إعادة Saudi Re Daily Liquidity (incl cash), 21.4% <12M, 10.2% www.saudi-re.com#18IFRS 17 - Update 0 00000 Public ....... 1000 .... 00 إعادة Saudi Re#1919 Q3 2021 Financials "Note # 3" Overview إعادة Saudi Re ■This standard has been published on May 18, 2017, it establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 - Insurance contracts. ■ The new standard applies to insurance contracts issued, to all reinsurance contracts and to investment contracts with discretionary participating features provided the entity also issues insurance contracts. It requires to separate the following components from insurance contracts: i) embedded derivatives, if they meet specified criteria; ii) distinct investment components; and certain iii) any promise to transfer distinct goods or non- insurance services. These components should be accounted for separately in accordance with the related standards (IFRS 9 and IFRS 15). ■ IFRS 17 is a new accounting standard for (re)insurers that will be applicable to financial reporting periods beginning 1 January 2023. IFRS 17 is a significant development in accounting that will have a fundamental impact on the methodology, process, systems and results. ■ The new accounting standard will require a new approach to the measurement, reporting and disclosure of profitability for insurance and reinsurance contracts. Public www.saudi-re.com#2020 IFRS 17 Awareness Measurement Models Definitions إعادة Saudi Re There are three measurement models under IFRS 17: 1. 2. 3. General model (GM): Default model for all (re)insurance contracts Premium allocation approach (PAA): optional for short term contract with little variability. Variable fee approach: to deal with business where the payment to insured are linked to the underling items, e.g. assets. ■ Risk adjustment: reflects the compensation that Saudi Re requires for non-financial risks that are present in the contracts sold, ■ ☐ Discounting: adjusts the estimates of future cash flows to reflect the time value of money and the financial risks related to those cash flows, to the extent that the financial risks are not included in the estimates of cash flows. Expected value of future cash flows: An entity estimates future cash flows for insurance contracts based on the expected value of the full range of possible outcomes. Contractual service margin: Represents the unearned profit under the contract, i.e. the amount the entity expects to be compensated for providing insurance service. Public www.saudi-re.com#2121 IFRS17 Awareness Measurement Model for Non Life (Re)insurers إعادة Saudi Re Current IFRS General Model Expired Risk Risk adjustment Discounting New IFRS (17) PAA Risk adjustment Discounting Claim Reserve Expected value of future cash flows Expected value of future cash flows Contractual service margin Unexpired Risk Uneared Premuim Reserve less Deffered Aquastion Cost Discounting Expected value of future cash flows Risk adjustment Premium (less acquisition costs) unearned Public www.saudi-re.com#2222 IFRS17 Awareness Transition Comparative إعادة Saudi Re • Retrospective Approach: IFRS 17 is applied retrospectively to all contracts in-force at the transition date unless it is impracticable to do So. In this case either of the below approaches can be adopted: • Modified retrospective Approach: it is a modifications to full retrospective application. Fair value approach: uses the fair value of the contracts at the date of transition to determine a value for the contractual service margin ('CSM'). • IFRSS require an entity to present one year of comparative information., therefore, 2022 financial will be presented as a comparative information. IAS 8 requires entities to provide disclosures about the effect of applying IFRS 17 in the periods before IFRS 17's mandatory effective date. Therefore, Saudi Re discloses in its financial statement the effect of applying IFRS 17. Public www.saudi-re.com#2323 IFRS17 Awareness Saudi Re's IFRS17 Program Timeline Program Mobilization 2018 Impact assessment Completed Q1 2019 Design Complete technical policy, data assessment and vendor selection by end of Q4 2020 Solution development and build Complete by end of Q3 2021 Parallel run initiation Start Q2 2022 إعادة Saudi Re Go live Business as usual --2019 Q1 Q4-2020--- Q1 Q4 -2021- Q1 Q3 Q4--2022- Q2 Q1 Q4 ---2023--- Q1 Phase 1 Phase 2 Financial Impact Assessment Complete Financial Impact Assessment by end of Q1 2020 Phase 3 Phase 4 Parallel run - refine and iterate Design and business requirements ready Start Q3 2022 Testing Complete by end of Q1 2021 Complete by Q4 2021 Public Parallel run - final Commence final parallel run at Q4 2022 Business as usual www.saudi-re.com#24Business and Market Update 0 00000 1000 .... 00 Public إعادة Saudi Re#2525 Financial Strength Rating Reflecting Competitive Advantages and Solid Financial Position إعادة Saudi Re تصنيف TASSNIEF وكالة سمة SIMAH RATING MOODY'S The A3 IFSR of Saudi Re reflects its: A3 Stable (i) Strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer as well as a growing presence in its target markets of Asia, Africa and Lloyd's, (ii) Preferential position in Saudi market due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market, (iii) Strong asset quality exemplified by its conservative investment portfolio, (iv) Good capital adequacy, both in terms of capital levels, with gross underwriting leverage (GUL) of 2.1x and relatively modest exposure to natural catastrophe risk, and (v) Strong financial flexibility with nonexistent leverage and good access to capital markets in Saudi Arabia given its listing on the Saudi stock exchange, and broad investor base. *Moody's report on Saudi Re dated Jul 28, 2020, > Link to the Announcement AA+ Stable According to Tassnief,, the rating of Saudi Re reflects its strong brand strength, risk profile & competitive advantage in the KSA market and incorporates the strength of the business profile having a well-established franchise in the key targeted markets that the company operates in, as well as the improved level of diversification for the international business. The rating also incorporates the Company's leverage free balance sheet, strong risk adjusted capitalization levels, healthy liquidity buffers and improving underwriting performance. The rating is also underpinned by Saudi Re's strong corporate governance framework and sound risk management practices. The report also noted improving operating environment due to better pricing dynamics (market hardening after a lengthy soft cycle) particularly for loss making segments. * Tassniefs report on Saudi Re dated 9 November 2020 > link to the Announcement Public www.saudi-re.com#26Scale Profitable Growth Relative to Peers إعادة Saudi Re Middle East GWP Ranking USD M Technical Performance Benchmarking 2010 2020 Combined Ratio - Best Re 371 Company Rating Country Non - Life (%) SCR 295 2018 2019 2020 Trust Re 302 3yr Avg CCR * 276 Arig 240 Saudi Re 249 Compagnie Centrale Reinsurance (CCR) B+, AM Best Algeria 83.3 84.3 82.2 83.3 IGI 179 Societe Centrale Kuwait Re 189 Kuwait Re 119 Hannover... 143 ACR... 118 de Reassurance (SCR) Saudi Re B++, AM Best Morocco 93.2 81.8 92.5 89.1 A3, Moody's Arab Re Qatar Re 58 Saudi Arabia 98.1 95.5 94.7 96.1 81 Kuwait Re A-, AM Best Kuwait 96.2 96.5 97.3 96.7 Hannover... 80 Tunis Re * 55 CCR 78 Oman Re BBB-, Fitch Oman 93.7 106.6 102.8 101.0 Arig 17.3 Emirates Re 58 Best Re Arab Re 54 ACR ReTakaful Tunis Re 51 Hannover Re Takaful ARIG Tunis Re A+, S&P Bahrain 101.6 102.8 100.4 101.6 Takaful Re 36 Takaful Re Gulf Re Arab Re Gulf Re 35 Not in operation Milli Re Trust Re BBB, AM Best Bahrain AA, Fitch Tunisia BBB-, AM Best Lebanon B, AM Best Turkey ΝΑ Bahrain 118.3 96.4 90.5 101.7 113.2 99.2 96.2 102.9 105.4 105.7 104.0 105.0 128.9 122.4 123.9 125.1 102.9 150.0 126.4 -- Saudi Re 29 Emirates Re Source: AM Best, MENA Reinsurance Markets - Sep, 2021 Oman Re 17 *2019 26 Public www.saudi-re.com#27Saudi Re Geo Presence International Expansion & Diversification إعادة Saudi Re 43 MARKETS Serving clients in 43 countries in MENA, Asia and Africa UK 1 27 27 Africa 19 ALGERIA BOTSWANA CAMEROON Middle East SAUDI ARABIA BAHRAIN JORDAN KUWAIT EGYPT ETHIOPIA LEBANON GHANA IVORY COAST OMAN KENYA QATAR MADAGASCA TURKEY R UAE MALAWI MAURITIUS Asia 16 BANGLADESH BRUNEI CAMBODIA CHINA INDIA INDONESIA KAZAKHSTAN MALAYSIA PAKISTAN PHILIPPINES SINGAPORE SOUTH KOREA SRI LANKA TAIWAN THAILAND VIETNAM Direct Participation Indirect Participation / Lloyd's MOROCCO NIGERIA TANZANIA, UN ITED REP. TOGO TUNISIA ZAMBIA ZIMBABWE Public www.saudi-re.com#2828 ESG Framework Sustainability Framework National Contribution Serving the national strategy Sustainable procurement ■ Saudi Re sustainability framework has been developed in with national and line international strategic visions and objectives such as the Kingdom of Saudi Arabia Vision 2030, the National Sustainability Standards, the GRI Standards, and the United Nations Sustainable Development Goals (UNSDGs). People and Community Care Talent development Diversity and inclusion Health and wellbeing Community investment Sustainable Insurance Integrating ESG in insurance Investing responsibly Access to insurance ■ The framework builds on six pillars: national contribution, strong governance and economic performance, responsible customer relations, environmental protection, insurance, and community care. sustainable Public Influence on Stakeholder Assessment and Decisions إعادة Saudi Re إعادة Saudi Re Strong Governance and Economic Prreformance Corporate governance Ethics and compliance Financial preformance Responsible Customer Relations Date protection and cybersecurity Customer satisfaction Innovation and digitalization Sustainable products and services Enviromental Protection Climate change and energy transition Enviromental management Material Topic Rank 1 Corporate governance Data protection and cybersecurity Talent Development 2 3 1 Serving the national strategy 4 Climate change and energy transition 5 2 Ethics and compliance 6 8 Financial performance 7 4 9 Customer satisfaction 8 11 10 Diversity and inclusion 9 16 12 Integrating ESG in insurance 10 15 13 Innovation and digitalization 11 14 Investing responsibly 12 Access to insurance 13 18 17 Sustainable products and services 14 Community investment 15 Health and wellbeing 16 Significance of Impacts Environmental management 17 ◆ Most important ◆ More important Important Sustainable procurement 18 www.saudi-re.com#2929 Shariyah Compliant Shariyah Review Bureau إعادة Saudi Re 5 المراجعة الشرعية SHARIYAH REVIEW BUREAU Tel-966 12 2253424 PO Box 40469, Jeddah 21499 -SAUDI ARABIA- Tel +97144096974 PO Box 124342, Dubai - UNITED ARAB EMIRATES- Tel +973 17:235898 PO Box 21051, Al Manama, -BAHRAIN- فضيلة الشيخ د. محمد على القرى Shaikh D. Muhammad Ali Elgari قضيلة الشيخ د.صالح فهد الشلهوب Shaikh D. Salah Fahad Alshalhoob SHARIKADVISOR LICENSED BY THECENTRALBANK OF BAHRAIN www.shariyah.com بسم الله الجن اللحمة شهادة اعتماد شرعي SHARI'A CERTIFICATE الحمد لله رب العالمين والصلاة والسلام على سيدنا محمد وعلى آله وصحبه أجمعين، وبعد هذه الشهادة تشكل إعلانا من قبل هيئة الرقابة الشرعية ("الهيئة") للشركة السعودية This certificate constitutes as a Pronouncement by The Shari'a Supervisory لإعادة التأمين التعاوني "الشركة". Board (SSB) in its capacity as the SSB of Saudl Cooperative Reinsurance Company "Company". Certificate No: SRE-1567-01-01-04-20-01 The authenticity of this certificate may be verified at http://Shariyah.com/track-certificates/ تمت عملية مراجعة أنشطة الشركة وعملياتها من أجل الحصول على جميع المعلومات The Company's activities and operations were reviewed in order to obtain all والتفسيرات التي اعتبرناها ضرورية لتزويدنا بأدلة تكفي لإعطاء تأكيد معقول بأن information and explanations that we considered necessary to provide us الشركة لم تخالف الضوابط والمعايير الشرعية. This certificate endorses the mentioned product componenets only. Proper implementaion thereof is the sole responsibility of the end-user. Attention is drawn to the limitations, indemnifications and jurisdictional issues established in the Disclaimer at the back of this Certificate. Any unauthorized alteration, forgery or the falsification of the contentorthe appearance of this Certificate is considered unlawful and offenders may be persecuted to the fullest extent of the law. with sufficient evidence to ensure the Company did not breach the SSB guidelines. بناء على عملية المراجعة المنفذة وبعد الأخذ بالاعتبار جميع الملاحظات والتوصيات Based on our review and taking into consideration the recommendations set التي أقرتها الهيئة في شهادة الاعتماد الشرعي الأساسية (" الشهادة الأساسية") out by the SSB in the Maln Sharia certificate ("Main Certificate") holding والتي تحمل الرقم التسلسلي: -200-04-01-01-1567-SRE ، فإن المؤشرات الناتجة reference code: SRE-1567-01-01-04-20, it is our opinion that the reviewed عن هذه المراجعة تبين أن عمليات وأنشطة الشركة تمارس وفقا للضوابط والمعايير transactions and business activities are in compliance with the Sharia rules الشرعية التي أقرتها الهيئة للشركة، تجدر الإشارة إلى أن هذه الشهادة هي جزء لا principles, and guidelines. This Shari'a Certificate should be read in يتجزء من الشهادة الأساسية حيث يجب أن تقرأ معها بما تتضمنه من المعلومات conjunction with the information entailed in the Maln certificate Further, this Certificate is constituted as an integral part of the Shari'a Certificate. الواردة فيها. سوف تتولى دار المراجعة الشرعية بالنيابة عن الهيئة مسؤولية الرقابة والمراجعة على SRB will lead the supervision and monitoring of the company's transactions عمليات الشركة من الناحية الشرعية، بالإضافة إلى التدقيق الشرعي من أجل تقييم from a Sharia perspective on behalf of the SSB. It will also engage in the التزام الشركة مع السياسات والإجراءات الشرعية والمبادئ التوجيهية والإبلاغ عن أي Sharia Audit to investigate and evaluate the extent of the Company's adherence with directed Shari'a policies and report any defective processes. التطبيق. خلل في لا تعد صلاحية هذه الشهادة دائمة مدى الحياة، وبقاء صلاحيتها مشروط بإجراء عملية This Certificate's legitimacy does not constitute "lifetime validation' and التدقيق الشرعي الدوري وإصدار تقرير سنوي بنتائج تلك العملية، وتعد الشهادة منتهية remains valid subject to satisfactory periodical Sharia Audits and the الصلاحية في حال عدم صدور هذا التقرير. معتمد الاعتقال الشرة يمكن الاطلاع على الشهادة الرئيسية عبر زيارة الموقع أدناه ولا مال كوم الرئيسية في محرك البحث https://sharivah.com/track-certificates/ والله ولي التوفيق دار المراجعة الشرعية 22 ذو الحجة 1441 issuance of a Shan'a compliance report every year. SRB's approval entailed in this Certificate will automatically end should such Shari'a compliance report cease to be issued. *The main certificate can be viewed by visiting the website below and entering the main certificate code number in the search engine https://shariyah.com/track-certificates/ Allah is the Guide to Success. Shariyah Review Bureau 12th August 2020 ربي المراجعة 本 ٥٦٢٢١ المناعة BUREAU SHARIYAH Public www.saudi-re.com#3030 Inherent Defects Insurance (IDI) A Key Driver for Growth and Sustainable Profitability إعادة Saudi Re Background ■ Mandated by the Council of Ministers Resolution No. 509 issued on June 5, 2018 requiring all contractors involved in private sector construction projects to obtain an IDI policy. Model Premium ■ SAMA issued in March 2020 a standard policy wording for the IDI specifying a duration of 10 years for the cover. Link Insured Malath (Program Leader) ■ Saudi Re was assigned to exclusively provide the reinsurance protection to the program for a period of 5 years. ■ SAMA approved Malath to lead the program on behalf of the market for 5 year. Saudi Re Technical Inspection Services Coinsurance Program (13 Insurers) (Lead Reinsurer) Retrocession Market Client Insurer Reinsurer Construction Permits 129.35 129.32 113.52 Thousands 103.85 86.95 87.88 2014 2015 2016 2017 2018 2019 Source: Construction Permits data from MOMRA Claims Public www.saudi-re.com#31Thank you Investor Relations: Ahmad Al-Daham Assistant Manager - Investor Relations & Sustainability. [email protected] +966 11 510 2181 +966 11 510 2000 Saudi Re IR App: IOS, Android Public إعادة Saudi Re