Saudi Arabia: Tawuniya renews health insurance deal with national airline
Source: Middle East Insurance Review | Mar 2019
The Company for Cooperative Insurance (Tawuniya) has renewed a contract with state-owned Saudi Arabian Airlines (Saudia) to provide health insurance services for a year, according to a statement on the Saudi Stock Exchange (Tadawul).
The renewal period will start from 1 March. The value of the deal was not disclosed, but its impact is expected to show in the financial results for the first quarter of 2019. The value of the contract accounted for more than 5% of the insurer’s annual premiums for fiscal year 2017.
Tawuniya reported a net loss of SAR22.87m for 3Q18, against a profit of SAR159.71m in the same quarter in 2017. During the first nine months of 2018, the firm’s net profit slumped 89.9% to SAR57.33m, from SAR568.77m in the prior-year period. M