SABB Takaful awarded contract for General Insurance Programs with Al Olayan Group amounting to SR17.3 mln

SABB Takaful announced on Sunday the awarding of General Insurance Programs with M/s. Al Olayan Group. (Related Party)
The total amount is SR17,318,667 which is more than 1% of the revenue based on the audited financial statement for the year 2021.
The company said in a statement on Tadawul that the related parties are the Chairman of the Saudi British Bank (SABB) Lubna bint Suleiman Al-Olayan, stressing that according to this, no preferential treatment has been granted in this policy and that it is within the company’s usual business activity.
It added that the impact of that contract will be shown in the current year’s financial results in 2022.