Al Rajhi Takaful signs contract with Petro Rabigh to provide health insurance services

Logo of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful)

Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) signed a contract with Rabigh Refining and Petrochemical Co. (Petro Rabigh) to provide health insurance services to the latter's employees and their families.

In a statement to Tadawul, the insurer said the contract is effective for one year, adding that the contract revenues are expected to be 5% higher than 2021 annual gross written premiums.

The contract will likely reflect positively on 2023 financial results, Al Rajhi Takaful said, adding that there are no related parties to the deal.