Al Alamiya signs SAR 72 mln insurance agreement with Riyad Bank

16/06/2022 Argaam

Logo of Al Alamiya for Cooperative Insurance Co. 

Al Alamiya for Cooperative Insurance Co. signed a SAR 72 million agreement with Riyad Bank, a related party, to provide an insurance coverage on the mortgage program and the bank’s group life. 

 

The agreement is valid for one year starting today, June 16, and is expected to positively impact the 2022 financials, the company said in a statement to Tadawul.

 

Abdulaziz Bin Yousef and Amal Alluwaymi have direct interests as they represent Riyad Bank on the insurer’s board.

 

The agreement was concluded as part of Al Alamiya’s normal business activities without any preferential terms, the company concluded.

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