Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) received on 20 September 2020 a firm order from Saudi Telecom Company (stc) to provide health insurance services for stc's employees and their families.
The value of the one-year contract exceeds 5% of the insurer's gross written premiums (GWPs) as per the latest audited financial statements for the year 2021, according to a stock exchange statement on Tuesday.
Moreover, the contract is expected to be signed on 5 October 2022 and is forecast to reflect positively on Tawuniya’s GWPs for fiscal year (FY) 2022.
Noteworthy to mention, stc is considered a related party as Tawuniya's Chief Financial Officer (CFO), Ammr K. Kurdi, has an indirect interest, being an Independent Member of the Audit Committee for stc.
During the first half (H1) of 2022, Tawuniya registered net profits before Zakat of SAR 252.19 million, higher by 2.21% yearly than SAR 246.74 million.
