Riyadh – The Company for Cooperative Insurance (Tawuniya) has received a firm order from Saudi Telecom Company (stc) on September 20, 2020 to provide health insurance services to stc employees and their families.
The value of the one-year contract exceeds 5% of the insurer’s gross written premiums (GWP) according to the latest audited financial statements for the year 2021, according to a statement from the stock market on Tuesday.
Additionally, the contract is expected to be signed on October 5, 2022 and is expected to positively impact Tawuniya’s GWPs for fiscal 2022.
It should be mentioned that 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 stc’s audit committee.
In the first half (H1) of 2022, Tawuniya recorded net profit before Zakat of SAR 252.19 million, up 2.21% pa at SAR 246.74 million.
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