Logo of Al-Etihad Cooperative Insurance Co.
Al-Etihad Cooperative Insurance Co. (Al-Etihad) signed today, Feb. 1, a one-year insurance agreement with Saudi National Bank (SNB), to provide comprehensive insurance coverage for financial leasing vehicles to individuals, the company said in a statement to Tadawul.
The value of the agreement and the financial impact cannot be accurately determined due to the different value of the monthly insurance requests received, the statement said. However, the company expects the contract revenue to exceed 5% of gross written premiums for 2021.
The financial impact of the agreement is expected to reflect on Al-Etihad’s financial performance starting from Q1 2023.
There are no related parties to the agreement, the statement noted.
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