AXA Cooperative Insurance Co. (AXA Cooperative) signed on Tuesday an auto insurance agreement with the National Commercial Bank (NCB), the insurer said in a statement to Tadawul.
Under the one-year agreement, AXA Insurance will provide auto insurance for the bank’s car leasing program starting next month.
The revenue generated from the contract is expected to exceed 5 percent of AXA’s annual premiums.
The deal’s financial impact is expected to show starting from Q2 2018; however, it cannot be specifically determined, as the value of the client’s monthly insurance requests will vary, the statement said.
The deal has no related parties, it added.
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