Rasan’s subsidiary signs insurance brokerage agreement with SNB

Logo of Rasan Information Technology Co.

Rasan Information Technology Co.’s subsidiary, Tameeni Electronic Insurance Broker, signed an agreement, on July 31, with the Saudi National Bank (SNB) to provide insurance brokerage services and offer comprehensive insurance coverage for vehicles financed through the bank.

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In a statement to Tadawul, the company said, based on historical data, the agreement is expected to have an impact exceeding 5% of Rasan’s total revenue, as per the most recent audited annual financial statements.

Under the three-year contract, Tameeni will provide insurance brokerage services and manage the issuance and renewal of comprehensive vehicle insurance policies for SNB’s customers leasing vehicles through the bank’s financing program, using its digital platforms.

Rasan anticipates the agreement will positively impact its financial results starting from Q3 2025 through Q3 2028, noting that no related parties are involved in the contract.

This announcement follows a prior disclosure made by Rasan on Aug. 29, 2024, stating that Tameeni had obtained approval from the Insurance Authority (IA) to sell comprehensive insurance products for vehicles leased through financing to individuals.

Rasan’s revenue stood at SAR 358.33 million in 2024, of which 5% represents SAR 17.91 million, according to Argaam’s data.