SABB Takaful renews $1.06mln contract with SABB

The contract has been extended for 12 months starting 1 October 2021

  
Image used for illustrative purpose. Close up shoot for saudi riyal and coins in sacks bag.

Image used for illustrative purpose. Close up shoot for saudi riyal and coins in sacks bag.

Getty Images/ imran kadir photography
Riyadh – SABB Takaful Company has renewed a Group Care policy worth SAR 3.9 million with the Saudi British Bank (SABB), according to a bourse disclosure.

The contract has been extended for 12 months starting 1 October 2021, covering the employees of SABB in case of death and certain disability.

The contract renewal value represents more than 1% of the revenue based on the audited financial statements for 2020, SABB Takaful noted.

The financial impact of extending the policy will reflect on the income statements of the insurance firm for the full year 2021.

Source: Mubasher

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