Riyadh - Mubasher: Al-Ittihad Cooperative Insurance Company announced signing a contract with Al-Rajhi Bank to practice banking insurance business and provide quotes for comprehensive insurance on leased vehicles under the “lease with promise to own ” program.

The company explained in a statement on "Tadawul" today, Sunday, that the contract signing process took place last Thursday, noting that the value of the agreement and the financial impact cannot be accurately determined due to the difference in the value of monthly insurance requests received, but the company expects the total annual contract value to exceed 5% of the insurance company's premiums according to the latest annual financial statements published for the year 2023 .

She explained that the contract period is one year, and she expected that the financial impact of this agreement would appear on the company’s financial performance starting from the first quarter of 2025, noting that there are no related parties involved in the signed agreement.