Tawuniya wins 1-year contract to provide medical insurance services for SNB staff

Logo of Saudi National Bank

The Company for Cooperative Insurance (Tawuniya) was awarded today, Dec. 6, a contract by Saudi National Bank (SNB) to provide health insurance services for the bank’s employees and their families, according to a bourse filing.

Tawuniya will start providing its services to SNB as of Jan. 1, 2022 (the expected signing date), which will extend for one year.

SNB clarified that the contract value exceeds 1% of the bank's total revenue, according to the latest audited annual financial statements for the fiscal year 2020.

In a separate statement, Tawuniya affirmed that the contract value exceeds 1% of total revenue, according to the latest audited annual financial statements for the fiscal year 2020, expecting a positive impact on its revenues for 2022.

The two parties indicated that SNB’s board member, Abdulrahman Mohammed Alodan has an indirect interest as a board member of Tawuniya, noting that the contract was made through competition without preferential terms or benefits.