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Arabian Shield Cooperative Insurance Co. Announces Contract Sign Off with AlAhli - SNB
8070
ARABIAN SHIELD
-6.50
%
1444/07/01 23/01/2023 15:56:55
| Element List | Explanation |
|---|---|
| Introduction | Arabian Shield Cooperative Insurance Company announces the signing of a insurance agreement with SNB which provides credit life residential finance coverage. |
| Date of Announcement of the Award | 2023-01-23 Corresponding to 1444-07-01 |
| Contract Subject Matter | Insurance coverage for credit life residential finance coverage. |
| Date of Signing the Contract | 2023-01-23 Corresponding to 1444-07-01 |
| Contract Value | The agreement value and financial impact cannot be determined precisely due to the variation in the value of the monthly insurance applications received. However, the company expect the contract revenues to exceed 5% of the company's gross written premiums for the year 2023. |
| Contract Details | Insurance coverage for credit life residential finance coverage. |
| Contract Duration | One year |
| Financial Impact and the Relevant Period | It is expected that the financial impact of this agreement will be reflected on company's financial performance starting from the first quarter of the year 2023 |
| Related Parties | There is a related party Mr. Saud Bajbair member of the Board of Directors of the Arabian Shield Insurance Company Group Head of Retail Business who occupies the position of Group Head of Retail Business in Alahli - SNB |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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