Riyadh – Mubasher: Saudi Arabian Cooperative Insurance Company (SAICO) will provide insurance coverage to Al Rajhi Bank for one year starting 1 September 2021.

The annual premiums for this contract are expected to exceed 5% of SAICO's revenues, according to a bourse disclosure on Tuesday.

SAICO will provide motor insurance coverage for the vehicles leased Al Rajhi through the approved lease financing programme.

The insurance firm was awarded and signed the contract on 30 August 2021.

The financial impact of this insurance deal is expected to reflect on the income statements of the full year 2021, starting from the third quarter (Q3).