RIYADH: Al Alamiya for Cooperative Insurance Company has signed an insurance agreement with Riyad Bank (a related party) to provide an insurance coverage on the mortgage program and group life for the bank.[the_ad id=”32940″]The agreed contract value is above 1.0% of the total gross sales of the latest audited annual financial statements for 2018G.
Al Alamiya for Cooperative Insurance Company announced that it received the confirmation from Riyad Bank (a related party) to provide insurance coverage on the mortgage program and group life for the Bank for a period of one year starting on 01/05/2019G.
The company expects this agreement will have a positive financial impact on its results for the year 2019G.
Al Alamiya posted a net profit of SAR 7.77 million for the quarter ended March 31, 2019, which is 26.26 percent lower than the profit of SAR 10.54 million recorded in the same period last year.