Logo of AXA Cooperative Insurance Co.
AXA Cooperative Insurance Co. announced that it received today, Dec. 29, a confirmation from Abdul Latif Jameel United Finance Co. and United Instalment Sales Co. Ltd. on renewing the contracts on providing motor insurance services for one year, starting from Jan. 1, 2022.
In a bourse statement, the insurer expects that the total value of the contracts resulting from this accreditation will exceed 5% of AXA's gross written premiums (GWPs) since the value of the contract cannot be determined.
The value of the GWPs arising from this contract is linked to the sales activity, which cannot be determined, the statement said.
The contracts will be reflected in the insurance firm's 2022 financial results.
There are no related parties in the contracts, AXA stated.
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