Arabian Shield inks deal to provide mortgage life coverage to SNB

23/01/2023 Argaam

Arabian Shield inks deal to provide mortgage life coverage to SNB

Logo of Arabian Shield Cooperative Insurance Co.

Arabian Shield Cooperative Insurance Co. signed today, Jan. 23, a one-year agreement with Saudi National Bank (SNB) to provide the latter with mortgage life insurance coverage.

 

The agreement value and financial impact cannot be determined precisely due to the variation in the value of the monthly insurance applications received. However, it is expected to reflect on earnings starting from Q1 2023, the insurer said in a statement on Tadawul.

 

Meanwhile, contract revenues are estimated to exceed 5% of Arabian Shield’s gross written premiums (GWPs) for 2023, the statement added.

 

Arabian Shield’s board member, Saud Bajbair, who is also Head of Retail Business Group at SNB, is a related party.

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