SABB Takaful secures SAR 18.1 mln insurance contract from Al Olayan Group

03/10/2021 Argaam

Logo of SABB Takaful

SABB Takaful Co. won a general insurance programs contract from Al Olayan Group on Sept. 30, the insurer said in a statement to Tadawul.

 

The total contract value is SAR 18.14 million, which is more than 1% of SABB Takaful’s revenue as based on 2020 audited financial statements.

 

Lubna Al Olayan, chairperson of Saudi British Bank (SABB), is a related party, the statement said, indicating that no special or preferential terms have been offered.

 

The financial impact of the contract will reflect on 2021 results.

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