Tawuniya renews 1-year health insurance contract with Tahakom's Kafa'at

Logo of The Company for Cooperative Insurance (Tawuniya)

The Company for Cooperative Insurance (Tawuniya) renewed today, March 2, its contract with Kafa'at Co., a subsidiary of Tahakom Investments Co. (TICOM) to provide health insurance services to its employees and family members for another year, the insurer said in a statement to Tadawul.

The contract term is one year starting March 5, 2023. Its value exceeds 1% of the company's total revenue, as per the latest audited financial statements for 2021, Tawuniya added.

The deal is expected to positively impact the insurer’s gross written premiums (GWPs) and 2023 financial results. Tawuniya Chairman, Abdulaziz Alnowaiser, has indirect interest in this contract, being CEO of TICOM.

Tawuniya, however, affirmed the contract was conducted with no special or preferential terms awarded.

Tawuniya's total revenues amounted to SAR 8.07 billion in 2021, of which 1% is equal to about SAR 80.7 million.