Allianz SF Signs Contract with Banque Saudi Fransi worth SR44.4 mln

Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) announced on Sunday the signing of its contract with Banque Saudi Fransi (Related Party) to provide insurance coverage for the credit life insurance product.

The company said in a statement to the Saudi market, “Tadawul”on Sunday, that the contract is worth SR44.362 million, and is related to the issuance of the Banque Saudi Fransi document for the life insurance product.

It added that the contract duration is one year from 03.07.2022. The contract details are represented in the policy covers the borrowers against death or disability. The contract value is SR44, 361,872. The Date of Signing the Contract is 01.07.2022.

It also added the financial impact and the relevant period are expected to have a positive impact on the financial result of the company for the period ending 31/12/2022.

The related party is Mr. Mazen Al-Tamimi, a member of the Board of Directors of Allianz Saudi Fransi Cooperative Insurance Company and an Executive Director of Banque Saudi Fransi, has an indirect interest.