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Metlife AIG ANB Cooperative Insurance Company announces finalizing the extension of insurance policies of a related party

METLIFE AIG ANB 8011 -7.74% 14.30 -1.20

Metlife AIG ANB Cooperative Insurance Company announces finalizing the extension of Property All Risk policy with face amount of SR 2,644,401,702 and Comprehensive General Liability Policy with face amount of SR 50,000,000 and Property Terrorism Policy with face amount of SR 75,000,000 and Group Life and Disability insurance Policy for ANB employees with face amount of SR 769,250,000 with a total premium of SR 211,785.65 which were approved by the General Assembly in favor of Arab National Bank, the proposals have been accepted on 27/4/2017 corresponding to 01/08/1438 . The duration of extension is one month with effect from May 01, 2017 and renewable based on mutual agreement thereafter. The Board members Robert Eid and Nizar Al Tuwaijri have direct interest in the policy as they are representatives of Arab National Bank in the Board of Directors of the company. The company hereby confirms that no preferential treatment was given on these policies and they are within the usual business activity of the company

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