Saudi Re for Cooperative Reinsurance Co. announced that the board, in a meeting held on January 29, 2013, gave a nod to appointing Hammam M. Badr as an independent board member, to replace Mohammed A. Al Alshaikh.

Saudi Reinsurance Company, Board Meeting, Jan 29, 2013. Agenda: To give a nod to appointing Hammam M. Badr as an independent board member, to replace Mohammed A. Al Alshaikh.

Saudi Reinsurance Company announced unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, net earned premiums were SAR 50,553,797, net underwriting results was SAR 1,887,873 and net income for the period was SAR 3,395,051 or SAR 0.034 per basic and diluted share against net earned premiums of SAR 15,069,189, net underwriting loss of SAR 7,187,946 and net loss for the period of SAR 12,402,592 or SAR 0.124 per basic and diluted share for the same period a year ago. For the full year, net earned premiums were SAR 159,177,308, net underwriting results was SAR 22,050,288 and net income for the period was SAR 28,951,773 or SAR 0.290 per basic and diluted share against net earned premiums of SAR 54,886,163, net underwriting loss of SAR 19,035,018 and net loss for the period of SAR 34,305879 or SAR 0.343 per basic and diluted share for the same period a year ago. Net cash used in operating activities was SAR 12,918,496 and purchase of property and equipment was SAR 29,784,000 against net cash used in operating activities of SAR 40,614,632. Net income after Zakat and tax is SAR 8,984,174 compared to net loss SAR 54,423,325 for the same period previous year.