SAICO to provide 1-year insurance coverage for vehicles leased by Al Rajhi Bank

31/08/2021 Argaam

Logo of Saudi Arabian Cooperative Insurance Co.

Saudi Arabian Cooperative Insurance Co. (SAICO) received, on Aug. 30, a notification from Al Rajhi Bank to provide insurance coverage for the vehicles leased by the bank through its approved lease financing program.

 

The company said in a bourse filing that the coverage will start on Sept. 1, for a period of one year.

 

SAICO expects that the annual premiums for this contract will exceed 5% of the company's revenues, adding that there are no related parties.

 

The financial impact of this contract will appear on the performance of the company for 2021, starting from the third quarter.

 

The financial impact cannot be determined currently due to the difference in the value of the monthly insurance requests received by the customer.

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