Saudi Arabian Cooperative Insurance Co. (SAICO) on April 30 has renewed an auto insurance coverage contract with Al Rajhi Bank, the insurer said in a bourse filing.
Under the contract, insurance will likely cover the vehicles which Al Rajhi Bank sells via the finance lease program.
The one-year contract will start as of May 1, 2019.
The contract's annual premiums are expected to exceed 5 percent of the company's revenue.
The relevant financial contract will reflect on the company's earnings for Q2 2019.
No related parties are involved in the deal, the statement added.
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