Riyadh – Mubasher: Walaa Cooperative Insurance Company has entered into an insurance agreement with Saudi Arabian Oil Company (Aramco) to provide insurance services to the latter's energy, property, motor, marines, and other products.

The value of the agreement, with a one-year duration starting on 1 April 2021, exceeds 5% of Walaa's gross written premiums for 2020, according to the company's disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.

The contract will have an impact on Walaa's financial results for 2021.

It is noteworthy to mention that in October 2020, Arab National Bank (ANB) penned an insurance deal with Walaa Cooperative Insurance to receive insurance coverage for the mortgage programme for one year.