Bupa Arabia for Cooperative Insurance signed a contract with National Commercial Bank (NCB) to provide health insurance to its employees and their families, the company said in a statement on Tadawul.
The agreement is for one year effective from Jan. 1, 2020, the statement said.
The insurer expects the contract to have a positive impact on Bupa Arabia's 2020 financial results as the initial value of the contract exceeds 1% of the firm’s annual gross written premium (GWP) for 2018.
The contract will be submitted to the next General Assembly meeting for approval.
Bupa Arabia also pointed out that there is a related party to the deal, Zaid Abdulrahman Algwaiz, who is a board member of the company and NCB.