Arabian Shield inks deal to provide mortgage life coverage to SNB

23/01/2023 Argaam
Logo of Arabian Shield Cooperative Insurance Co.

Logo of Arabian Shield Cooperative Insurance Co.

Arabian Shield Cooperative Insurance Co. signed today, Jan. 23, a one-year agreement with Saudi National Bank (SNB) to provide the latter with mortgage life insurance coverage.

 

The agreement value and financial impact cannot be determined precisely due to the variation in the value of the monthly insurance applications received. However, it is expected to reflect on earnings starting from Q1 2023, the insurer said in a statement on Tadawul.

 

Meanwhile, contract revenues are estimated to exceed 5% of Arabian Shield’s gross written premiums (GWPs) for 2023, the statement added.

 

Arabian Shield’s board member, Saud Bajbair, who is also Head of Retail Business Group at SNB, is a related party.

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.