Al Ahli Takaful Co. (ATC) on April 17 received an approval from National Commercial Bank (NCB) to renew group insurance contracts for the bank.
The coverage will be for one year from Jan. 1, 2019, the insurer said in a bourse statement on Thursday.
The value of these contracts stands at nearly SAR 46 million annually.
"ATC expects a positive impact on its financials for the year 2019," the insurer added.
The related party transaction was concluded without any favorable terms, the statement said, adding that it was previously approved by the company’s general assembly held on April 23, 2018.
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