Al Ahli Takaful renews group insurance contract with NCB

20/02/2018 Argaam

 

Al Ahli Takaful Co. said it has receivedthe National Commercial Bank (NCB) approval to renew a group insurance contract for the bank and its debtors.

 

The coverage will be for one year from Jan. 1, 2018 until Dec. 31, 2018, the insurer said in a bourse statement.

 

The deal is a related party transaction that was provided without any favorable terms, the statement said, adding that it was previously approved by the company’s general assembly.

 

The premiums for the contract are expected to exceed 20 percent of Al Ahli Takaful’s estimated annual premiums for 2018.

 

Financial impact will be reflected on fiscal year 2018 results.

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