KSA - Alinma Tokio Marine renews ins. deal with Alinma Bank
Monday, 06 22 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Alinma Tokio Marine Company on Sunday renewed an insurance agreement with Alinma Bank to provide some general insurance products effective for one year and subject to the agreed terms and conditions.
The contract’s value exceeds 1% of the insurer’s total revenues according to the latest financial statements for fiscal year (FY) 2019, according to a bourse statement.
A positive impact is likely to reflect on the insurer’s financial statements for FY2020.
Alinma Bank is a related party that is represented in Alinma Tokio's Board of Director by Abdulmohsen Bin Abdel Aziz Al Fares, Mutlaq Hamad Al Morished, and Ibrahim AlSayari.
The contract was concluded within the normal business activity and no preferential advantages were granted, the statement concluded.