SABB Takaful renews two policies with SABB

SABB Takaful renewed today, Sept. 28, Property All Risk Insurance policy and Group Care policy with Saudi British Bank (SABB), which is a related party.

According to two separate bourse statements, the SAR 3.17 million Property All Risk Insurance policy represents more than 1% of the revenue based on the audited financial statement for 2019.

Additionally, the SAR 3.58 million Group Care policy represents more than 1% of the revenue based on the audited financial statement for 2019.

The contracts will be signed on Oct. 1, 2020 with no special or preferential terms, the statement said.

The board members Mohammed Alshayea, Bashar Alquinabit, Yassar Albarrak, Faris Alshareef, and Maha Alsudairi have direct interest in the policy as they are representatives of SABB in the board of directors of the company.

The impact of the contract is expected to appear in the 2020 financial results.