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Alinma Tokio, Saudi Mohamed Yousuf Naghi ink SAR 18m insurance deal

Alinma Tokio, Saudi Mohamed Yousuf Naghi ink SAR 18m insurance deal
The deal came into effect on 1 August 2020
ALINMA TOKIO M
8312
3.64% 18.80 0.66

Riyadh – Mubasher: Alinma Tokio Marine Company on Tuesday, 28 July, has sealed an agreement with Mohamed Yousuf Naghi Motors Co. to provide general insurance products for SAR 18.3 million.

The insurer will provide property and marine insurance and will also cover miscellaneous accidents and public liability as per the agreed-upon terms and conditions, according to a stock exchange filing on Wednesday.

The contract term is extended over one year effective as of 1 August 2020. Gross premium reached more than 5% of the company’s total revenue as per the latest financial statements for 2019.

Moreover, the deal is likely to have a positive effect on Alinma Tokio’s financials for 2020.