Riyadh – Mubasher: Allianz Saudi Fransi Cooperative Insurance Company inked a contract with Banque Saudi Fransi at a total value of SAR 63.61 million on 1 July 2023.
Under the one-year agreement, the listed firm will issue a credit life policy, which covers the borrowers against death or disability.
In a bourse filing, Allianz Saudi Fransi expected that deal will reflect positively on its income statements for the period ending on 31 December 2023.
In the first quarter (Q1) of 2023, the insurance company turned to net profits before Zakat valued at SAR 13.50 million, against net losses worth SAR 1.45 million in Q1-22.
Meanwhile, Banque Saudi Fransi recorded a 22.97% jump in net profit to SAR 1.07 billion as of 31 March 2023, compared to SAR 875 million in the year-ago period.
