Walaa Cooperative Insurance Co. signed, on May 21, 2020, an insurance agreement with Arab National Bank (ANB), to provide insurance coverage on the property program and group life, the insurer said in a statement to Tadawul on Tuesday.
The premium for the one-year agreement, which starts today, June 1, is valued at SAR 2.29 million.
The contract is expected to have a financial impact on the insurer’s financial statements for 2020.
In addition, board member Hesham Al Jabr, who represents ANB, is a related party in the contract, the statement noted.
No preferential treatment was given on this policy, which falls within the usual business activity.
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