Alinma Tokio inks group insurance coverage deal with Alinma Bank

20/09/2021 Argaam

Logo of Alinma Tokio Marine Co.

Alinma Tokio Marine Co. signed, on Sept. 19, a group credit insurance policy contract with Alinma Bank to provide insurance coverage for borrowers’ portfolio for a period of 12 months.

 

The company said in a bourse filing that the contract value may exceed 5% of gross annual sales for 2021 and is expected to have a positive impact on the financials for the current year.

 

The contract includes Alinma Bank as a related party as it owns 28.75% of the company’s shares, and is represented in the board of directors by Abdullah bin Ali Alkhalifa, Emad bin Abdulrahman Al Butairi, and Abdulmohsen Abdulaziz Al-Fares.

 

The company confirmed that the contract was made within the normal course of business and did not grant any preferential benefits.

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