Al-Etihad Insurance signs vehicle insurance agreement with SNB

29/01/2024 Argaam

Al-Etihad Insurance signs vehicle insurance agreement with SNB

Logo of Al-Etihad Cooperative Insurance Co.

Al-Etihad Cooperative Insurance Co. signed today, Jan 29, a one-year vehicle insurance agreement with Saudi National Bank (SNB) to provide comprehensive insurance coverage for financially leased vehicles to individuals.

 

In a statement to Tadawul, Al-Etihad pointed out that the value of the agreement and the financial impact cannot be accurately determined due to the different value of the monthly insurance requests received.

 

However, the insurer expected the contract revenue to exceed by 5% of the company's gross written premiums for the latest published yearly financials for 2022.

 

The relevant financial impact will be reflected on the financial performance starting from Q1 2024, Al-Etihad highlighted, noting that there are no related parties to the deal.

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