Arabia Insurance wins 1-year insurance contract from Aljomaih Group

Logo of Arabia Insurance

Arabia Insurance Cooperative Co. secured, on Feb. 28, 2021, a contract with Aljomaih Group of Companies to provide general and motor insurance services.

The company said in a bourse statement that the duration of the contract is one year, starting today, March 1, 2021.

It is currently difficult to determine the exact total value of the contract for general insurance and motor insurance policies, as the final value is subject to change due to the difference in the values of insurance applications received consecutively from Aljomaih Group.

The insurance premiums for this contract are expected to exceed 5% of the company's revenues for 2019.

The contract is expected to have a positive impact on the financial results of Arabia Insurance for 2021.

There are no related parties, the statement added.