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Investor Presentaiton

25 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
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