Alinma Tokio renews SAR 4.4 mln insurance agreement with Alinma Bank

27/05/2021 Argaam
Logo of Alinma Tokio Marine

Alinma Tokio Marine Co. received the renewal of an insurance agreement of banker blanket bond with Alinma Bank on May 26, 2021, the insurer said in a statement to Tadawul.

 

The one-year insurance coverage starts on June 1, 2021, with a value of SAR 4.4 million.

 

The deal is expected to have a positive impact on 2021 financial results.

 

Alinma Bank is a related party as it owns 28.75% of the company’s shares, represented by Abdul Mohsen Bin Abdulaziz Al Fares and Ibrahim Bin Sulaiman Al Sayyari. Mutlaq Bin Hamad Al Muraishid is a board member at Alinma Bank.

 

The company said that the contract was made within the normal course of business and did not grant any preferential benefits.

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