Riyadh – Mubasher: SABB Takaful Co on Thursday announced the awarding of general insurance policies programmes with The Olayan Group.

The total contribution is more than 1% of revenues as per the insurer’s audited financials for 2019. The subscription value amounts to SAR 12.660 million, according to a bourse filing.

The transaction’s material impact will reflect on SABB Takaful’s financial statements for 2020.  

Moreover, the chairwoman of Saudi British Bank (SABB), Lubna Soluman AlOlayan, is a related party. SABB Takaful is a 65%-owned subsidiary of SABB.