Alinma Tokio Marine inks insurance deal with Alinma Bank

The contract value is expected to surpass 5% of gross annual sales during the year 2021

  
A man leaves an automated teller machine (ATM) outside Alinma Bank in Riyadh, Saudi Arabia, April 25, 2016.

A man leaves an automated teller machine (ATM) outside Alinma Bank in Riyadh, Saudi Arabia, April 25, 2016.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: Alinma Tokio Marine Company has signed a group credit insurance policy agreement with Alinma Bank to provide insurance coverage for the borrowers’ portfolio of the bank.

The contract value is expected to surpass 5% of gross annual sales during the year 2021, according to a bourse filing on Monday.

The duration of this agreement is 12 months starting from the date of signing the policy on 19 September 2021.

Alinma Tokio Marine expected this contract to have a positive impact on the financial results this year.

It is worth noting that Alinma Bank owns a 28.75% stake in Alinma Tokio Marine.

Source: Mubasher

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