AL-ETIHAD Signs Contract with AlRajhi Bank for Bancassurance Activities

Al-Etihad Cooperative Insurance Co. (Al-Etihad) announced on Sunday the signing of a contract with AlRajhi Bank to provide Bancassurance activities and quotations for Leased vehicle comprehensive insurance as part of the “Lease with a Promise to Own” programme.

The Company explained that the value of the contract and the financial impact cannot be accurately determined due to the difference in the value of monthly insurance requests received, expecting the total annual contract value to exceed 5% of the insurance Company’s premiums according to the latest annual financial statements published for the year 2023.

According to the announcement published on “Tadawul”, the contract includes providing quotes for insurance coverage on private vehicles owned by the bank and leased to its customers under the “Lease with a Promise to Own” programme, for a period of one year.

Al-Etihad expected the financial impact of this contract to appear on its financial performance starting from the first quarter of 2025.