SABB Takaful signed, on August 15, a new group life insurance contract with The Olayan Group and its subsidiaries for one year.
The company said in a bourse statement that the agreement represents more than 1% of the revenue based on the audited financial statements for 2019.
The SAR 1.63 million contract, awarded on August 13, will provide coverage to the employees of The Olayan Group in case of death and certain disability for one year.
The contract has been signed with no special or preferential terms, the statement said, adding that the impact will reflect in the 2020 financial results.
Lubna Suliman AlOlayan, chairman of Saudi British Bank (SABB), is a related party.
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