SABB Takaful awarded SAR 12.7 mln insurance contract with Al Olayan Group

01/10/2020 Argaam

SABB Takaful Co. was awarded a general insurance programs contract with Al Olayan Group on Sept. 30, the insurer said in a statement to Tadawul. 

 

The total contract value is SAR 12.66 million, which is more than 1% of SABB Takaful’s revenue as based on 2019 audited financial statements. 

 

The contract is expected to be signed today. 

 

Lubna Suliman Al Olayan, chairperson of Saudi British Bank (SABB), is a related party, the statement said, indicating that no special or preferential terms have been offered.  

 

The financial impact of the contract will reflect on 2020 results. 

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