Al Alamiya signs bancassurance distribution agreement with Riyad Bank

Logo of Al Alamiya for Cooperative Insurance Co. 

Al Alamiya for Cooperative Insurance Co. signed, on June 30, a five-year bancassurance distribution agreement with Riyad Bank, which is a related party, according to a statement to Tadawul.

Under the agreement, Riyad Bank will market and distribute Al Alamiya’s insurance products, as per the rules governing bancassurance activities issued by the Saudi Central Bank (SAMA).

The contract value cannot be determined, as the value of written premiums arising from the contract is linked to future sales that cannot be identified.

The deal is expected to have a positive impact on the company's financial results during the agreement duration, starting from 2022.

Board members Abdulaziz bin Yousef and Amal Alluwaymi have a direct interest in the agreement, as representatives of Riyad Bank on the company’s board.

The company confirms that this policy has been issued within its usual course of business and no preferential treatment was given.