SABB Takaful renews SAR 3.9 mln group care policy with SABB

16/09/2021 Argaam

Logo of SABB Takaful Co.

SABB Takaful Co. announced today, Sept. 16, the renewal of the group care policy worth SAR 3.9 million with Saudi British Bank (SABB), a related party, according to a bourse statement.

 

The insurance provider noted that the policy’s total contribution is more than 1% of total revenue as per its audited financial statement for 2020.

 

The group policy covers the employees in case of death or certain disability.

 

The policy coverage will start as of Oct. 1 for 12 months.

 

The contract’s financial impact will be reflected on the company’s financial results for 2021.

 

Board members Mohammed Al-Shayea, Bashar Al-Qunaibet, Yasser Al-Barrak, Fares Al Sharif, and Maha Alsudairi have a direct interest in the policy as they are representatives of SABB in the insurer’s board, the statement added.

 

SABB Takaful also confirmed that no preferential privileges were given on this policy and it is within the normal course of business.

 

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