Walaa signs SAR 25.95 mln insurance contract with ANB

01/10/2020 Argaam

Walaa Cooperative Insurance Co. signed today, Oct. 1, an insurance agreement with Arab National Bank (ANB), a related party, to provide an insurance coverage for the mortgage program for one year.  

 

The company said in a bourse statement that the approximate value of the contract is SAR 25.95 million.  

 

The insurer expects the contract to have a positive impact on its financial results for the fiscal year 2020. 

 

Meanwhile, board member Hesham Al Jabr, who represents ANB, is a related party in the contract, the statement noted, adding that the agreement falls within the usual business activities, with no preferential privileges. 

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