SABB Takaful Co on Thursday announced the awarding of general insurance policies programmes with The Olayan Group.
The total contribution is more than 1% of revenues as per the insurer’s audited financials for 2019. The subscription value amounts to SAR 12.660 million, according to a bourse filing.
The transaction’s material impact will reflect on SABB Takaful’s financial statements for 2020.
Moreover, the chairwoman of Saudi British Bank (SABB), Lubna Soluman AlOlayan, is a related party. SABB Takaful is a 65%-owned subsidiary of SABB.
Previously, SABB Takaful Co renewed the Property All Risk Insurance Policy with Saudi British Bank (SABB) on 28 September.
Total contribution exceeds 1% of the revenue as per the insurer’s audited financials for 2019 with the subscription value amounting to SAR 3.18 million, according to a recent bourse filing.
In a separate statement, SABB Takaful said it also extended the Group Care policy with SABB Bank.
Source Zawya