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Arabian Shield inks insurance deal with SNB

Arabian Shield inks insurance deal with SNB
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1180.O
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ARABIAN SHIELD
8070
-2.19% 17.00 -0.38

Riyadh – Mubasher: Arabian Shield Insurance Company penned an insurance coverage agreement with the Saudi National Bank (SNB) on 23 January 2023, according to a bourse disclosure.

The Tadawul-listed firm expected the contract’s revenues to cross 5% of its gross written premiums (GWP) for 2023.

Under the one-year deal, Arabian Shield will provide credit life residential finance coverage. 

The company noted that the insurance contract’s value and financial impact cannot be determined accurately due to the variation in the value of the monthly received insurance applications.

Meanwhile, the agreement is forecast to reflect on Arabian Shield’s income statements starting from the first quarter (Q1) of 2023.

Last year, the two parties inked an insurance coverage deal at an initial value of the annual GWP of SAR 215.15 million.