Riyadh – Mubasher: Alahli Takaful Co. (ATC) signed an agreement with the National Commercial Bank (NCB) to renew group credit and care insurance coverage.

The agreement includes a one-year coverage period starting from 1 January 2021 with a gross written premium of SAR 148 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The contract is expected to have a positive impact on the insurer’s financial results for 2021.

Omar Mohammed Hashem and Khalid Mohammed Bashniny have an indirect interest as representatives of NCB on the ATC’s board of directors.

The agreement was approved by the insurer’s shareholders on 22 April 2020.