Alinma Bank and Alinma Tokio Marine Co. have signed a deal to establish Alinma for Cooperative Insurance Agency, a new entity that will sell and market Tokio Marine services through the bank.
The three-year contract, effective as of March 10, will be automatically renewable. Agent fees will be based on the percentages of sales.
Alinma Bank currently has a 28.75 percent stake in Tokio Marine.
The Tadawul-listed insurer said the new agency will start operations as of the contract date. Tokio Marine expects the contract's financial impact to materialize by the end of the year.
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