Riyadh – Mubasher: Al Etihad Cooperative Insurance Company has reached a three-year bancassurance agreement with Saudi National Bank (SNB) to sell its insurance products.
The agreement's value has not been determined due to the variation in the value of the monthly insurance applications received by the bank, according to a bourse filing on Thursday.
The agreement will have a financial impact on the company's performance starting from the second half (H2) of 2022.
It is noteworthy to mention that in the first quarter (Q1) of 2022, SNB logged net profits worth SAR 4.50 billion, an annual hike of 32.10% from SAR 3.40 billion.
