Riyadh – Mubasher: Walaa Cooperative Insurance Company and Arab National Bank (ANB) have signed an insurance agreement to provide coverage for the bank's group life insurance and property insurance programmes, for one year effective as of 1 June 2020.

The contract's premium value amounts to SAR 2.29 million, excluding the value-added tax (VAT), according to a stock exchange statement on Monday.

The deal is forecast to reflect positively on the insurer’s financial results for 2020.

Moreover, board member, Hesham Al Jabr has a direct interest in the contract as being ANB's representative, the statement said.

It is noteworthy that the said agreement was concluded within the normal business activity of Walaa Cooperative and no preferential benefits were granted.