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Alahli Takaful Co. (ATC) announced signing an agreement with National Commercial Bank (NCB) to renew group credit and care insurance coverage at an initial value of SAR 148 million, according to a bourse filing.

 

The coverage duration is one year starting Jan. 1, 2021.

 

The renewal agreement will have a relevant financial impact on the insurer’s FY2021 financial results.

 

Omar Mohammed Hashem and Khalid Mohammed Bashniny are indirectly related parties as NCB representatives on the insurer’s board of directors. 

 

The contract was approved by the insurer’s general meeting held on April 22, 2020, and it has no preferential privileges, the insurer added.

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