AlinmaTokio Marine Company signed a group credit insurance contract with Alinma Bank at a value of SAR 27.87 million, which might exceed 5% of the total annual revenues in 2022.

The firm will secure insurance coverage for the borrowers’ portfolio of the bank for one year as of 21 November 2022, according to a bourse disclosure.

Alinma Tokio Marine expected that the contract will reflect positively on its income statements in 2022.

Meanwhile, the Saudi lender holds a 28.75% stake in the Tadawul-listed company.

The two entities penned a similar insurance deal in September 2021.

It is worth noting that in the first nine months (9M) of 2022, Alinma Bank achieved net profits worth SAR 2.73 billion, an annual surge of 31.03% from SAR 2.09 billion.

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