Riyadh – Mubasher: MetLife AIG ANB Cooperative Insurance renewed the Automobile Fleet Policy for Arab National Bank (ANB).

The policy is of face amount of SAR 4.16 million and total annual premium of SAR 179,307, and is subject to the general assembly approval, according to a bourse filing on Wednesday.

The duration of policy is one year starting from 31 March 2017 and renewable based on mutual agreement, the firm added.

Metlife noted that the financial impact of the policy will appear on the financial results of 2017 and 2018.

The board members Robert Eid and Nizar Al Twaijri have direct interest in the policy as they are representatives of ANB in the company’s board, the statement said.

The company confirmed that no preferential treatment was given on this policy and it is within the usual business activity of the company.