Walaa Cooperative Insurance renews $14.44mln insurance deal with ANB

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Upon the deal, the Saudi listed firm will provide insurance coverage on the mortgage programme

Staff Writer, Mubasher

October 3, 2022

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Riyadh – Walaa Cooperative Insurance Company has extended its insurance agreement with the Arab National Bank for one year at an estimated value of SAR 54 million.

Upon the deal, the Saudi listed firm will provide insurance coverage on the mortgage programme, according to a bourse disclosure.

Walaa Cooperative Insurance noted that the deal, which was awarded and signed on 29 September 2022, will reflect on its income statements this year.

In May 2021, the two entities penned a SAR 27 million insurance deal.

During the first half (H1) of 2022, the insurer suffered net losses before Zakat of SAR 27.62 million, an annual leap of 107.42% from SAR 13.32 million.

Meanwhile, ANB generated SAR 1.35 billion in net profit during January-June 2022, higher by 28.76% year-on-year (YoY) than SAR 1.05 billion.

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