Allianz SF signs SAR 63.6 mln contract with BSF

04/07/2023 Argaam

Allianz SF signs SAR 63.6 mln contract with BSF

Logo of Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF)

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) signed, on July 1, a contract worth SAR 63.6 million with Banque Saudi Fransi (BSF), a related party, to provide insurance coverage for the credit life insurance product.

 

The contract includes the issuance of BSF credit life policies for one year. The policy covers the borrowers against death or disability, the insurer said in a statement on Tadawul today, July 4.

 

The deal is expected to have a positive impact on the company’s financials for the period ending Dec. 31, 2023.

 

Bader AlSalloom, Vice Chairman of Allianz SF and CEO of BSF, is a related party but has no interest in the deal, the statement added.

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