SAICO signs bancassurance deal with Banque Saudi Fransi

Logo of Saudi Arabian Cooperative Insurance Co. (SAICO)

Saudi Arabian Cooperative Insurance Co. (SAICO) signed today, April 5, a one-year bancassurance distribution agreement with Banque Saudi Fransi (BSF), according to a Tadawul statement.

Under the agreement, BSF will market and distribute SAICO’s insurance products, as per the rules governing bancassurance activities issued by the Saudi Central Bank (SAMA).

The contract value and related financial impact cannot be determined precisely at present due to the difference in the value of monthly insurance applications received by BSF, the insurer said.

The deal’s financial impact is expected to be reflected in SAICO's 2023 earnings.