Riyadh – Mubasher: The Arabian Shield Insurance Company has signed an insurance coverage contract with the Saudi National Bank (SNB) at an initial value of the annual gross written premium (GWP) of SAR 215.152 million.

The Saudi listed company will offer insurance coverage of group credit and care for employees, according to a bourse filing on Thursday.

Under the one-year contract, the coverage starts on 1 January 2022.

The company noted that the agreement’s financial impact is expected to be registered during 2022.

SNB is the largest shareholder of Arabian Shield with an ownership of 11% of the company’s shares.

It is worth noting that in the first nine months (9M) of 2021, Arabian Shield achieved net profits worth SAR 34.86 million, up 4.5% from the same period of 2020.