SAICO signs bancassurance agreement with Al Rajhi Bank

Logo of Saudi Arabian Cooperative Insurance Co.

Saudi Arabian Cooperative Insurance Co. (SAICO) signed a bancassurance agreement with Al Rajhi Bank on Oct. 10, for one year, the insurer said in a bourse statement today, Oct. 11.

Under this agreement, the company will submit quotations, upon the bank’s request, for insurance coverage on private motor vehicles owned by the bank and leased to its clients under the "Lease with a Promise to Own" program offered by the bank.

The financial impact of this agreement will appear on the company's FY2021 financials, the statement said.

The agreement’s value and financial impact cannot be determined precisely due to the difference in the value of the monthly insurance applications received by the bank.

There are no related parties in the deal, the company stated.