Alinma Tokio inks insurance coverage contract worth SAR 27.9 mln with Alinma Bank

Logo of Alinma Tokio Marine Co.

Alinma Tokio Marine Co. inked, on Nov. 21, a group credit insurance contract with Alinma Bank, according to a statement to Tadawul.

Under the one-year contract, the insurer will provide insurance coverage for the bank’s borrowers portfolio.

The contract’s value may exceed 5% of FY2022 total annual revenue, estimated at SAR 27.9 million.  

The relevant financial impact may reflect on 2022 financial results.

Alinma Bank is a related party as it owns 28.75% of the company’s shares, and is represented in the board of directors by Abdullah Alkhalifa and Emad Al Butairi, who have indirect interests.

The contract was concluded within the normal course of business and did not include any preferential privileges.