Al Rajhi Takaful renews motor insurance contract with Abdul Latif Jameel Finance, United Instalment Sales

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Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) announced that it renewed, on Dec. 29, the motor insurance services contracts with Abdul Latif Jameel United Finance Co. and United Instalment Sales Co. Ltd for one year, starting January 1, 2022.

In a bourse statement, the insurer expects that the total value of the contracts will exceed 5% of its gross written premiums (GWPs) for 2021.

The relevant impact will likely appear in 2022 financial results, Al Rajhi Takaful said, adding that there are no related parties in the contract.

The value of the contract cannot be determined, as the value of written premiums arising from the contract is linked to the sales activity, which cannot be set.