Tawuniya wins 1-year contract to provide health insurance for stc employees

20/09/2022 Argaam
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Logo of Tawuniya Insurance

The Company for Cooperative Insurance (Tawuniya) received today, Sept. 20, a firm order from telecom major stc to provide health insurance services for the group’s employees and their families for one year starting from Oct. 5.

 

The contract value exceeds 5% of the gross written premium (GWPs) as per the latest audited financial statements for 2021, the insurer said in a bourse statement.

 

stc is a related party, given that Tawuniya Chief Financial Officer Ammr K. Kurdi has an indirect interest as he is an independent member of the audit committee for stc.

 

However, the policy was issued as per standard business procedures without any special or preferential terms, the statement noted.

 

The contract is expected to impact the company's GWP for 2022 positively.

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