Arabian Shield provides insurance coverage for SNB; Annual GWP is SR 215, 2 mln

Arabian Shield Cooperative Insurance Company announced on Thursday the Signing of the Insurance Coverage Agreement with SNB (Related Party) to provide insurance coverage for Group Credit and Group care for employees.

The initial value of the Annual Gross Written Premium (GWP) during the year is SR 215,152,692. The coverage starts on 1 January 2022 and for one year.

The financial impact of this contract is expected to appear in 2022.

Saudi National Bank has a direct relation where it is the largest shareholder with an ownership of 11.2% of the shares of Arabian Shield Company.

Arabian Shield confirms that the contract is in the ordinary course of business and has not been granted any special benefits.