Riyadh –  Allianz Saudi Fransi Cooperative Insurance Company has signed an insurance agreement with Banque Saudi Fransi at a total cost of SAR 44.36 million.

Upon the contract signed on 1 July, Allianz Saudi Fransi will provide the bank with credit life insurance coverage in case of death or disability, according to a bourse filing on Sunday.

Meanwhile, the insurance firm expected a positive impact on its income statements for the period ending on 31 December 2022.

The contract holds a one-year duration period from the awarding date on 3 July this year.

In the first three months (3M) of 2022, the Saudi insurer posted net profits before Zakat worth SAR 3.19 million, down 32.72% from SAR 4.74 million during the same period a year earlier.

Banque Saudi Fransi logged net profits of SAR 875 million in the January-March 2022 period, an annual growth of 12.17% from SAR 780 million.

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