Al Alamiya for Cooperative Insurance Co. received on May 13 Riyad Bank’s confirmation to provide life insurance for the lender, as well as insurance coverage on its mortgage program, the insurer said in a bourse statement.
The firm said that the contract value is 1 percent above the total gross sales of the latest audited annual financial statements for 2018.
The one-year contract is expected to have a positive financial impact on the firm’s results for 2019, it said.
Riyad Bank is a related party, as board members Khalid Hariry and Mohammed Al-Shakwan are representatives of the banks in the firm’s board.
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