Saudi Reinsurance Company "Saudi Re" Announces that S&P Global Ratings have affirmed its rating at ‘A-‘ and changed the outlook to positive from stable

The financial rating of Saudi Re reflects:

• Strong competitiveness over the past two years, fueled by the exponential growth in the top line

• Superior underwriting performance, outperforming many of the Company regional and international peers.

• Maintaining sufficient capital adequacy buffers above the 99.99% confidence level

• S&P considers Saudi Re a government-related entity, given PIF is a significant minority shareholder, and considering Saudi Re’s role as a national reinsurer that helps strengthen the Saudi insurance sector, support economic growth, and expand PIF's reach in the financial services industry

The positive outlook indicates that S&P could raise the ratings over the next two years if the Company continues to strengthen its competitive position while maintaining its current capital adequacy and underwriting performance.