SABB Takaful renews SAR 3.9 mln group care policy with SABB

16/09/2021 Argaam

Logo of SABB Takaful Co.

SABB Takaful Co. announced today, Sept. 16, the renewal of the group care policy worth SAR 3.9 million with Saudi British Bank (SABB), a related party, according to a bourse statement.

 

The insurance provider noted that the policy’s total contribution is more than 1% of total revenue as per its audited financial statement for 2020.

 

The group policy covers the employees in case of death or certain disability.

 

The policy coverage will start as of Oct. 1 for 12 months.

 

The contract’s financial impact will be reflected on the company’s financial results for 2021.

 

Board members Mohammed Al-Shayea, Bashar Al-Qunaibet, Yasser Al-Barrak, Fares Al Sharif, and Maha Alsudairi have a direct interest in the policy as they are representatives of SABB in the insurer’s board, the statement added.

 

SABB Takaful also confirmed that no preferential privileges were given on this policy and it is within the normal course of business.

 

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.