Al Rajhi Company for Cooperative Insurance was awarded a contract by Alfanar Group to provide cooperative health insurance services to the company’s employees and their families.

 

The contract will extend to one year as of Dec. 31, 2018, the Saudi insurer said in a bourse filing today.

 

The contract’s initial value exceeds 1 percent of the Saudi insurer’s gross written premiums (GWPs) for 2018.

 

The relevant financial impact is expected to appear on FY19 earnings.

 

No related parties are involved in the deal, the statement added.

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