Al Rajhi Takaful renews auto insurance deal with ALJUF, UIS for 1 year

03/01/2021 Argaam

Al Rajhi Takaful logo

Al Rajhi Co. for Cooperative Insurance (Al Rajhi Takaful) received, on Dec. 31, 2020, an approval from Abdul Latif Jameel United Finance Co. (ALJUF) and United Installment Sales Co. Ltd. (UIS) to renew the motor insurance services contract.

 

The contract, whose value exceeds 5% of gross written premiums (GWPs) for fiscal year 2020, was renewed for one year, starting Jan.1, 2021, in accordance with the agreed terms and specifications, the insurer said in a bourse statement.

 

The deal is expected to have an impact on the company’s financial results for 2021, the insurer added, indicating that no related parties are included in the deal.

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