MetLife AIG renews policies for Arab National Bank

MetLife AIG ANB Cooperative Insurance Co. has renewed several insurance policies for Arab National Bank (ANB), a related party, the insurer said in a statement to Tadawul on Thursday.

The renewed policies included an all-risk policy at SAR 2.64 billion, a comprehensive general liability policy at SAR 50 million, a property terrorism policy at SAR 75 million, as well as a group life and disability insurance policy at SAR 769.3 million for ANB employees with a total premium of SAR 211,785.

The one-month policies, which will come into effect on May 1, will be renewed upon mutual agreement. The policies were approved at the insurer’s extraordinary general assembly meeting held on March 23.

The insurer said no preferential treatment was given for the policies, and that the agreements are within the framework of the company's normal business activities.