MetLife AIG, Arab National Bank ink insurance agreements

MetLife AIG ANB Cooperative Insurance Company (ANB Insurance) said it has signed agreements with Arab National Bank, according to the insurer’s statement to Tadawul, Saudi Arabia’s bourse.

The agreements includes property insurance against all risks with an amount of SAR 2.57 billion, as well as a comprehensive general liability policy up to SAR 50 million. 

It also includes a group life and disability coverage with an amount of SAR 735.65 million, and a total annual premium of SAR 2.3 million for the benefit of Arab National Bank.

MetLife said the renewable policies had been accepted on Wednesday, with a one-year duration starting April 1.

MetLife board members Robert Eid and Abdulla Al Khalifa have direct interest in the policies, since both are representatives of the Arab National Bank in the company’s board. 

The insurer said no preferential treatment was given for the policies, and that the agreements are within the framework of the company's normal business activities.