MetLife AIG issues SAR 75 mln insurance policy to Arab National Bank

11/06/2015 Argaam

MetLife AIG ANB Cooperative Insurance Co. (ANB Insurance) issued a property policy of SAR 75 million and a total annual premium of SAR 160,000 to Arab National Bank (Arab National), the insurer said in a statement to Tadawul on Thursday.

 

The policy, which will expire on March 31, 2016, will be renewed upon mutual agreement.

 

Arab National's chief executive Robert Eid and chief financial officer Abdulla Al Khalifa were said to both have direct interest in the policy, serving as the bank's representatives on the insurer’s board.

 

The Saudi-based insurer is 29.94 percent-owned by Arab National Bank.

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