Riyadh – Mubasher: SABB Takaful Co signed a new group life insurance contract with The Olayan Group and its subsidiaries for one year.

The contract's value exceeds 1% of revenue as per the insurer’s audited financial statements for 2019 with a subscription value of SAR 1.628 million, according to a bourse filing on Sunday.

The chairman of the Saudi British Bank (SABB) that owns 65% in SABB Takaful, Lubna Bint Suliman Saleh Al Olayan, is a related party.

The material effect of the deal will reflect on SABB Takaful's financial statements for 2020.