Riyadh – Mubasher: Saudi Arabian Cooperative Insurance Company (SAICO) signed a contract on 4 May 2020 with Al Rajhi Bank.

The deal involves renewing the vehicle insurance coverage sold by the bank through its leasing programme, the company said in a disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.

The instalments of the one-year contract are expected to be equivalent to 5% of the company’s revenues.

The contract’s financial impact is forecasted to reflect on the company’s performance this year, starting from the second quarter (Q2) of 2020.